Top South African Brokers for 2023
We found 11 online brokers that are appropriate for Trading South African.
Best South African Brokers Guide
Updated March 29, 2023
South Africa Financial Markets
South African Brokers
South Africa is one of the few countries with an economic system that constantly shows its growth. Recently, the state has seen a significant increase in trading activities that have made it the most progressive economy in the region.
The financial market may still be in the development phase in South Africa, but the sector is quite liberated and holds great potential that increases its demand as more international brokers conduct trading operations in South Africa.
It has been estimated that South Africa consists of more than 650,000 active traders. By 2023, the number of active South African traders is expected to have reached over 1 million. Because of the growing rise in online trading in South Africa, many new trading platforms traditionally serving European clients have started to open their trading platforms to South Africans.
Which Broker Is Best In South Africa
South African traders are spoilt for choice with many highly regulated advanced trading platforms available. Many South African brokers offer fast live trading account opening, a range of financial instruments, funding and withdrawal methods and low fees. We list some of the best trading platforms for South Africans below.
If you are interested in trading financial markets in South Africa, the first step is to find a suitable online broker. There is a high possibility of trading in South Africa using different brokers operating in the region or brokers offering access to JSE.
You can decide to open an account with a local broker in the country you plan on trading in, or you can choose to trade using an international broker located in your country that can quickly provide you access to the foreign stock exchange that you need.
Most brokers in South Africa or any country are regulated by an advanced trading platform or a reputable agency to ensure public safety and security. There may still be unregulated brokers that target the local populace, especially in areas where the public lacks sufficient knowledge of trading and finance.
Not only should you be careful when choosing a South African broker or trade with, but you should also consider the possibility of an unregulated broker in other regions. Taking preventive measures will be advised to avoid being in financial difficulty and losing your assets.
Top South African Brokers
| Broker | Summary | ||
|---|---|---|---|
| 1 |  |
IC Markets | IC Markets offer South African tight spreads and extremely fast buy and sell order execution speeds and is used by many professional traders worldwide. |
| 2 |  |
RoboForex | RoboForex has trading spreads from 0 pips, high leverage available up to 1:300 on CFD trades available to South African traders on the MT4, MT5 and cTrader platforms. |
| 3 |  |
Pepperstone | Pepperstone provides access to a wide range of financial instruments, including shares, indices, forex, commodities, and cryptocurrencies. It also offers a variety of trading tools, including technical analysis charts and live news feeds. |
| 4 |  |
XTB | XTB is a full-service brokerage firm that offers a range of investment products, including shares, ETFs, and unit trusts. It also offers research and analysis tools to help traders make informed decisions. |
| 5 |  |
XM | The XM platform provides access to a wide range of financial products, including stocks, ETFs, forex, commodities, and bonds. It also offers advanced trading tools and educational resources to help traders make informed decisions. |
| 6 |  |
AvaTrade | AvaTrade is a user-friendly platform that allows traders to buy and sell shares, exchange-traded funds (ETFs), and other investment products with no minimum investment amounts. It also offers fractional share ownership, making it accessible to traders with smaller amounts of capital. |
Why South Africa Is Experiencing Record New Levels Of Traders
Irrespective of the economic challenges that have been experienced in South Africa and worldwide, Forex trading has increased and also strengthened in South Africa.
As a result of the lockdown that led to the constraint of many people forcing them to work remotely and seeking an alternative way of making income, so many people have looked to dabble into Forex trading, which has led to a tremendous increase in the number of people who have signed on legal electronic trading platforms.
One of the biggest reasons behind the rapid growth of forex traders in South Africa is the existing regulations. The region houses a strong financial sector that has compelled traders to establish South Africa as their hub of operations in trading. Many brokerages in South Africa have opened local offices in the country, all following South Africa's regulatory body.
The Financial Sector Conduct Authority, or the FSCA, is behind the licensing and regulation of trading in South Africa. The FSCA has laid down well-organised and trade-friendly regulations, resulting in South Africa's status as a forex trading hub. The agency is the oldest and most respected regulator on the continent. The FSCA has registered more than 1,000 financial entities.
Forex trading is one of the largest financial markets, with great potential for high gains at fast returns. The larger volume of currency trading at convenient times opens many liquidity opportunities. Another reason why trading in South Africa is popular for many. Forex trading markets are less risky than markets of the stock exchange. Risks can not be avoided, but with the right strategies, investors can reap the benefits of trading with minimum risks.
Apart from the high liquidity offered by forex markets with reduced transaction costs, trading is also convenient. Anyone can trade Forex using a plethora of mobile apps and websites. In some cases, they may not need to buy or sell real currencies to enter forex exchange markets as it allows ample opportunities to trade in different ways. Despite the challenges it's facing, Africa's economy is booming at a fast rate. The African continent remains one of the most lucrative continents worldwide.
Trading In South Africa
The trading industry has developed in South Africa with many new traders. Demand for safe trading platforms and activity among South African investors has increased, and the regulated South African finance sector has grown.
South Africa is leading the way in the local retail Fx trading demand; one of the primary reasons is the strong and tightly regulated financial sector, which is paired with a local demand from investors.
With the interest of foreign investors in the South African economy and currency. At the same time, Nigerian traders rank second, and Kenyan traders rank Fourth.
The South African population and economy are increasing quickly. Causing an increasing consumer base for SA traders. There are many business and investment opportunities in South Africa. South Africa has a very young population, mostly educated on the internet and technology. The population has a growing middle class and a lot of potential for investors.
The South African financial market is very liquid and volatile. The most important reason for investing in South Africa is the low-cost market and the steady growth.
The other reasons are political stability, good investor relations, etc. The people of South Africa speak English, so you don't have to communicate much with the locals when transacting in Forex trading. You can buy and sell from anywhere in the world with just a few keystrokes via the best forex broker. Most importantly, most of the transactions are done online through trading tools.
The economic growth in South Africa is expected to keep on rising. There is more investment in the financial sector. The professionals are well equipped and trained to successfully conduct and close transactions. The brokers help you buy and sell in the financial market. The brokers also provide you with information about the different sectors and new trends in the market.
Growth Of South African Brokers And Investment Platforms
Economic conditions are becoming more favourable for South Africa Stock, Forex, commodities, and cryptocurrency traders. Trading platforms from Europe are shifting their bases and turning their attention towards the economy and trading opportunities in South Africa.
South Africa offers a lucrative economy and comparatively low operating expenses. However, it is important to note that although South Africa has become an attractive proposition for Forex traders, you should not think the same will be true across the continent. Rather, certain rules apply to each country and region. For example, trading in South Africa requires following all applicable laws.
The first factor to consider when you start Forex trading in South Africa is knowing what you want from your investment decisions. You should know what you want to accomplish from the venture and how much risk you are willing to face. Will you take a short-term position (selling your currency when it reaches a lower price), or do you want to hold out and wait for better times? Many investors find they can make good money trading in South Africa when they buy the local currency at a low price and then sell for a profit when things pick up. Others prefer to hold out and hope that the market will eventually turn, but they still make money by buying and selling regularly.
Another important fact you should bear in mind is the market regulations. The FSCA oversees the local trading platforms and ensures the safety of traders and investors. The agency supervises and regulates forex traders in South Africa and platforms associated with Forex. Understanding the complete regulations firsthand is crucial to your success. It is the most organised and regulated region in the entire African continent.
What Instruments Can You Trade Online In South Africa?
Telecommunications and low-cost transactions are the highlights of South African traders. Various financial instruments can be used to trade in forex markets. Each instrument's risk and return, tenure, and investment amount decide its selection. And in South Africa, there are quite a few instruments you can trade online.
Stocks In South Africa
The shares of a company made available for trading publicly on the South African stock exchange are called stocks. The allotment of shares happens when a company decides to go public. The shares are launched on the exchange, which will be traded in the stock exchange or stock market.
Bonds In South Africa
The units of the total debt the South African government or investors raise from corporates are called bonds. Bonds tend to be less risky than buying shares because buying shares as a bond repayment has more priority than shareholder payments.
Derivatives In South Africa
Derivatives are financial contracts whose value depends on a group of assets, benchmarks, or underlying assets. They are used in the diversification of portfolios and risk management but can also be used to speculate on any movements in the market. Trading derivatives is huge in South Africa as many investors can transfer financial risks and diversify their investment portfolio with additional products.
ETFS In South Africa
Exchange Traded Funds, ETFs track the performance of shares, bonds, and commodities in groups or baskets. They can be bought and sold the same as shares. Investors use ETFs to gain exposure to different sectors, types of shares, asset classes, government bonds, and commodities. For those new to the investment world, ETFs are the ideal instruments as they enable an investor in South Africa to invest in a wide range of asset classes via a single investment product.
Debentures In South Africa
Instruments used for Loan issuing are called debentures; the capital for debentures can be raised during the ongoing business cycle; they also have higher rates than bonds because they have no collateral backing. They are also riskier than bonds and should be invested by experienced South African investors.
Crypto Trading In South Africa
South Africa possesses the most sophisticated financial sector on the continent; the country was now walking a different path when it sensed a significant increase or boom in the crypto trade in the county, Africa, and the financial market. The country recognises cryptocurrencies as a growing investment sector and taxable asset.
South Africa Economy And COVID
The South African economy is expected to grow by 2.5%, while the unrest effect in July 2021 may reduce the gross domestic product estimates for 2023.
The disturbance in the worldwide economy during 2020 from the Coronavirus pandemic keeps having delayed repercussions that sway the monetary recovery in South Africa and the rest of the world.
In the interim, South Africa is falling behind its developing business sector peers in carrying out Coronavirus inoculations. Before the end of July, the nation had wholly immunised just 4.8% of the populace.
South African Investment Strategies
When looking for a suitable broker to assist you in your South African trading plans, it is worth investigating some trading investment strategies and trying some South African trading platforms and their analysis tools. One of the most important factors in determining the success of a South African broker is the quality of service and education they can offer.
South African Financial System
The financial system in South Africa has been the centre of global financial establishments for countless centuries.
South Africa, also known as SA or Republiek van Suid-Afrika, has several established reputable financial markets.
The main South African securities markets include the Johannesburg Stock Exchange (JSE) which allows the exchange of official stocks and shares, stock index options, commodities, and futures.
The South African financial markets have seen a period of restructuring and deregulation in the last ten years. Johannesburg Stock Exchange (JSE), insurance, banking, shipping, and commodity markets.
The South African Reserve Bank is responsible for issuing monetary policy in South Africa.
The South African Financial Market
The South African Financial Market has experienced growth in recent years due to a sharp increase in infrastructure development around the country. Even though this constitutes only a small portion of the global Forex market, it is nonetheless a market increasing in magnitude and popularity across the African region, particularly in South Africa. Retail Forex trading offers a particularly appealing opportunity in South Africa, given that even small investors (you and I) can access this highly profitable market via retail Forex brokerage, creating a wide scope for significant investment potential. Retail Forex brokers in South Africa are usually intermediates who make trades on your behalf, helping you gain regular exposure to this exciting trading market. The great news is that brokers like these do not need to be big-name firms. They often work just as well as those who operate from high-profile offices, simply from their homes.
The Cape Town Stock Exchange (Capex) is South Africa's largest stock market and one of the biggest financial markets in the world. Like the rand, the stock market has been affected by inflation. However, unlike the rand, which is set by the rate of the company's shares turnover, the stock market is largely controlled by non-financial companies, like mining companies. The rates are set by regulatory bodies, which determine the companies' profitability based on the market's overall health and the state of the economy. Regulators usually intervene once the market starts to become unevenly balanced. One of the reasons why the government encourages private investment in the country's economy.
Trading In South Africa
South African Forex trading is profitable for experienced traders, but it can also come with high risk. Due to political and economic issues in South Africa, currency trading is done through South African brokers or agents. There are different types of Forex trading that are done through brokers.
Forex Brokers In South Africa
Forex brokers in South Africa are ideal for buying and selling foreign currencies at a convenient pace. In a region like South Africa, where regulatory bodies are strict, the financial system is stable and does not stop even amidst a global pandemic, forex trading thrives. With a broker on hand, forex trading becomes easier, and traders may enlist services for speculating the direction of currencies and the forex market as well.
Follow All Licensing And Regulations In South Africa
Forex Broker refers to those in the financial industry facilitating trade in foreign currency exchange. Although the popularity of Forex Brokers has declined because of recent legislation cracking down on trading activities, the industry is still growing steadily. This industry is high-risk; hence, brokers are expected to follow all governmental regulations and standards. All brokers must register with the Commodity Futures Trading Commission and follow all applicable financial regulatory guidelines. Forex brokers in South Africa must also keep updated with all market movements and developments.
The role of a broker in the South African Forex industry is extremely important. Brokers play an important role in the Forex industry because they provide valuable tools and assistance to traders, thereby facilitating transactions. But these brokers must follow all regulations and rules laid down by financial regulatory law. The role of the South African Financial Sector Conduct Authority and Financial Services Board. The South African regulatory bodies govern a code of conduct that all brokers must strictly observe.
All the information about the brokerage house employees needs to be kept in strict confidence. All the employees who interact with the public must be trained and monitored regularly. This way, brokers can ensure complete safety and efficiency in all their dealings.
Adequate Customer Service From South African Brokers
South African broker firms are well-regulated and offer plenty of high-level services to clients. The only thing that distinguishes them is their business models. Many of these brokerage firms are highly specialised in providing service to a small number of traders. In contrast, other firms with large customer bases specialise in providing service to everyone.
This is where you need to be careful. If the South African broker you have considered trying out does not provide good customer service, they will not be around for long in the market. Gone are the days when the biggest brokerage firm was the best to work with. Nowadays, the market is competitive and very hard to survive unless you have years of experience. You also need to ensure that your trading in Forex or stocks is done through a broker willing to provide outstanding service.
It can often be difficult to determine whether an FX firm is good or bad since many of them are available. Most people join one because friends tell them it's a great place to make money. Unfortunately, this often leads to bad decision-making. People often make the fatal mistake of joining a company that charges outrageous service fees. Many discussions have been held over how South African brokers charge clients for high fees and how they should provide decent customer service. Brokers should strive for customer satisfaction and make the fees count for their services.
Offers A Demo Account to South Africans
The best Forex brokers in South Africa have come up with a novel way to give their clients a taste of world financial markets. All of the best South African brokers offer a free demo account to new traders. Free demo trading accounts allow new investors to get a feel for how brokerage firms operate and allow brokers to gauge interest before committing themselves financially.
To obtain a demo account, you must open a brokerage account with the South African broker of your choice. Once you have chosen a South African brokerage firm, you must open a demo account. A separate account from your primary account. Learn how trades are executed and allow you to learn without investing any actual money.
Nowadays, Forex brokers in South Africa have a variety of different ways in which you can open a demo account. These brokers have great customer support that will help you with any problems.
Ease Of Deposits And Withdrawals For South Africans
Many trading platforms are available in South Africa, all offering their services to traders in buying and selling currencies. These trading platforms offer the ease of making deposits and withdrawing your trading portfolio profits. These trading platforms will offer a range of deposit and withdrawal methods available to local South Africans.
Some South African brokerages will allow you to open multiple accounts at the same time as well. Choose the account that best suits your needs.
Apart from the traditional financial industry offering various online brokers, some specialise in specific areas. For example, Forex brokers deal with only the Forex Market, whereas others deal with Stocks, commodities, indices, ETFs, cryptocurrencies, and CFDs. They also offer various tips on how you can make the most out of your investment.
Forex brokers also offer various tools and calculators to help you assess the present market. They also guide you on various things, such as market trends and how different currencies and markets affect each other. These calculators are quite helpful for beginners as they can use them to understand the complex and fluid nature of the Forex market. Many news websites and articles are available that would guide you on the latest happenings in the industry. It is not difficult to keep up with the latest developments in the Forex Market.
South African CFD Trading
CFD trading, short for Contracts for Difference, is a high-risk leverage trade that is growing popular in South Africa. The terms of CFDs describe the complex systems that allow foreign investors and traders to earn profits from speculating the movements of prices without owning the underlying assets. CFDs are contracts between the trader and the broker that allow traders and investors to speculate on changes in the value of contracts. CFDs are not traded on traditional exchanges; instead, they are traded over the counter (OTC). CFDs allow you greater exposure to the market than your deposited amount but are very high risk.
Opportunities Of Trading In South Africa
In commodity trading, South Africa offers an excellent opportunity. The country has a huge potential for developing its economy as it is one of the fastest developing countries in the world. South Africa faces numerous challenges from internal and external factors, such as political and economic turmoil and insecurity. Although these issues are not significant on a macro scale, the country faces them due to its failure to implement the necessary reforms that will boost its economy.
Therefore,Opportunities for Trading in South Africa are many. There are many moments when you will be offered the chance to buy low-price stocks and sell them when the prices go up. However, there are risks involved in this kind of trading. Since this is a very speculative business, you may face many unforeseen issues or risks that can jeopardise your trading. Therefore, you must be equipped with the right information and strategies regarding risks and use appropriate trading techniques.
One of the major risks of trading in South Africa is the high level of widespread corruption in the country. There are various reports and news articles about the corrupt dealings in the country, which makes traders avoid doing business with this country altogether. In addition, the country's non-transparent and inefficient administration can also bring about unnecessary risks to traders. It is important to note that despite all these risks and disadvantages that you have to face, you still have the chance to earn great profits by trading in South Africa. Opportunities for Trading in South Africa include gold mining, diamonds, and oil exploration and production.
You can also invest in various industries in the country, such as textiles, petroleum, cement, and entertainment. All these present the perfect opportunities for trading in South Africa. Now you can choose the option that best suits your needs and financial objectives. You can do research online for more details on different trading options.
Best South African Brokers
South Africa is filled with various lucrative opportunities, and it is best to do so with a reputable broker. Take advantage of the best brokers in South Africa and begin developing your business.
IC Markets - Fast Order Execution In South Africa
The IC Markets platform has been developed by veteran investors who have spent years in the industry. The IC Markets team has created an innovative and robust system that is constantly refined and updated for speed, security, scalability, and profitability. The system is a free, fully automated trading platform available immediately after registering. A unique feature of this Forex trading platform is that it can trade both major and minor currencies simultaneously.
The Forex trading platform has a powerful and robust customer service department to assist customers with any questions about this exceptional product. This outstanding trading system has two basic settings: standard and test. With the standard setting, you will be able to trade in twenty-four international markets. You can also use this platform on a demo account for one week.
The IC Markets Forex trading platform is designed with two different settings: standard and practice. Suitable for new and experienced traders alike. The IC Markets platform allows you to customise your risk level and the number of trades you want to place throughout the day. The practice setting is the way to go if you are a new trader and want to trade one or two markets. Perfect for honing your skills and gaining confidence before entering into the bigger markets.
The customer service provided on this platform is top-notch. You will never feel overwhelmed or short-changed when using this service. You will always have access to an experienced technical trader who can answer any questions you may have. This service also provides traders with up-to-date news and information on any major or minor currency pairs worldwide.
The IC Markets platform provides South African traders with the tools and information they need to succeed in the financial markets. They are easy to use and very intuitive. They provide an extremely high level of security as well. Scalability is one of the best selling points of the mature trading platform.
AvaTrade – Best Fixed Spreads Broker
If you are looking for a trusted and reliable online trading platform, AvaTrade is a great choice. AvaTrade is a leading online brokerage firm that provides its clients full access to CFD trading on equities, derivatives, currencies, indexes, and commodities. The company also offers free spread betting to its UK and Irish members.
What makes Avatrade stand out from other online trading platforms in South Africa is its ability to offer its clients many online trading strategies from which they can choose. Avatrade provides technical analysis tools that can be directly applied to your chosen pair of stocks.
Many South African traders look towards Avatrade as their primary platform for trading because it is free, secure, and easy to use. To start trading, all you need to do is open an account at AvaTrade - regardless of your current experience level. You will only need your details to sign up. Once you have established an account with the broker, you will be able to start trading. There are a variety of ways to manage your trading accounts, and the accounts are easy to log in to. You can set up alerts to notify when an ideal time to trade has come along.
The fixed spreads make Avatrade stand out from other online trading platforms. These are the minimum losses you should incur when buying and selling a stock. Some traders want to minimise their losses as much as possible. However, Avatrade has no margin requirements, so this is not an issue. With its risk management features, you can still maximise your profits and minimise your losses.
One of the many features that makes Avatrade stand out from other financial asset traders is its risk management system. Since spreads are how traders make money, they are also considered risky. Traders want to minimise their losses but risk losing all of their capital if they do not. Avatrade has a risk management system through which trades are made using predetermined spreads. Each trade will only pay out the amount of money that was originally invested.
Avatrade provides a high level of protection to its members. Their software has anti hackers features, which can help protect your private information from thieves. There are various security protocols included in their software to ensure maximum security. Aside from that, their advanced account monitoring system will monitor your trading activities and prevent any misuse or fraud. These features make Avatrade among the most reliable of its competitors.
Forex Trading In South Africa
Forex trading is booming in South Africa. The foreign exchange market is a significant contributor to the country's economy. Some citizens of the country engage in everyday Forex trading as one of their primary sources of income.
How Much Tax Do Forex Traders Pay In South Africa?
Trading with a South African broker is taxable.
Any earnings you make from trading with a South African broker will be subject to tax, which must be reported to the South African Revenue Service. https://www.sars.gov.za/ is the website of the South African Revenue Service.
If you make trading earnings, you must file a Personal Income Tax form with SARS. The tax rate varies from 18% to 45%, depending on the profit you make. Profits can also be reported as foreign income on your ITR12. Consult a registered South African tax professional if you're unsure how to file your taxes to the South African Revenue Service. We list the 2023 South African tax rates below. This data was taken from the SARS website and may be subject to change.
How Much Tax Do Forex Traders Pay In South Africa?
Trading with a South African broker is taxable.
Any earnings you make from trading with a South African broker will be subject to tax, which must be reported to the South African Revenue Service. https://www.sars.gov.za/ is the website of the South African Revenue Service.
If you make trading earnings, you must file a Personal Income Tax form with SARS. The tax rate varies from 18% to 45%, depending on your profit. Profits can also be reported as foreign income on your ITR12. Consult a registered South African tax professional if you are not sure how to file your taxes to the South African Revenue Service. We list the 2023 South African tax rates below. This data was taken from the SARS website and may be subject to change.
South African 2023 Tax Year (1 March 2023 - 28 February 2024)
| Trading Taxable income in Rand | Rates of tax in Rand |
|---|---|
| 1 - 237,100 Rand | 18% of taxable income |
| 237,101 - 370,500 Rand | 42678 + 26% of taxable income above 237100 Rand |
| 370,501 - 512,800 Rand | 77,362 + 31% of taxable income above 370,500 Rand |
| 512,801 - 673,000 Rand | 121 475 + 36% of taxable income above 512 800 Rand |
| 673,001 - 857,900 Rand | 179,147 + 39% of taxable income above 673,000 Rand |
| 857,901 - 1,817,000 Rand | 251,258 + 41% of taxable income above 857,900 Rand |
| 1,817,001 and above | 644,489 + 45% of taxable income above 1,817,000 Rand |
How To Check A South African Brokers Regulation
Regulation is important because it ensures the protection of your assets and protects you in the event of any unethical behaviour by the broker, such as fraud or manipulation. In South Africa, you must determine whether or not the broker is regulated by the Financial Services Commission of South Africa (FSCA).
Any broker in South Africa can claim to be regulated. Check this is true on the Financial Sector Conduct Authority website https://fsca.co.za and the Financial Conduct Authority of South African https://fca.org.uk to check a brokers regulation is valid.
If the broker you are planning to deal with is not regulated, has a genuine complaint against it, or has been punished for some unethical behaviour, you should avoid them. Also, never use a broker not regulated by at least one top regulator, such as the FSCA, FCA, CySEC, or ASIC.
You can do this by searching for your broker's name or regulatory number on the websites of the related financial regulators, as most of them have public search capabilities.
What Forex Leverage Limits Are Available In South Africa?
The amount of leverage a South African broker is authorized to offer is not regulated by South African financial regulators. As a result, the leverage available will differ from one South African Forex broker to the next, with the majority giving a norm of 30:1, 200:1, 400:1, or 500:1. Your trading history and the discretion of the South African broker regulate your leverage.
Minimal Age Requirements For Forex Trading in South Africa?
In South Africa, the legal age to join a regulated trading platform is 18, as this is the age allowed by the majority of respectable and regulated South African Forex brokers, as well as the age that allows you to send money overseas without parental authorization.
The South African Rand In Forex Trading
For South African Forex traders, the South African Rand is a popular choice due to the volatility and liquidity of the Rand currency. South Africa's economy belongs to a group of rising economies, which have a better chance of earning good returns on official currencies than other, more established markets. The Reserve Bank of South Africa stabilizes the Rand versus other currencies to some extent, giving it some free-floating space that can be exploited for profit as it fluctuates more wildly against other, more stable currencies.
The Rand is a widely traded currency on Forex markets and includes various currency pairs. The GBP/ZAR and the USD/ZAR pairs are the most common as the two currencies are more easily compared and analyzed against the Rand, unlike other options. Many South African traders are interested in Forex trading: they not only have a wealth of resources regarding the USD and GBP, but they also have a better understanding of their own country's economy than traders from other countries.
South Africa Brokers Common Questions
Which South African Broker Is The Best?
IC Markets broker is one of the best for trading in South Africa. IC Markets Company is at the forefront of the industry with more than 15 years of experience in FX trading and services for both online and offline Forex trading. In its relentless pursuit to remain at the forefront, IC Markets Company constantly improves and upgrades its platform.
With an exclusive technology called IC Markets Company, clients can have a real-time execution experience. Made possible through an exclusive web-based interface, eliminating the need for expensive internet connection fees and other expenses. IC Markets also makes various features and services available for their traders, including live streaming news and information, managing multiple accounts, customer support, and deposit features. There are many more features, which you can check out on their website.
If you need help with anything related to trading or have any problems with your account, there are various ways that you can get access to customer support from IC Markets. Most of the time, their customer support service is prompt and efficient, as most of their clients rely on them. IC Markets does not charge any fees for this service, which is uncommon in this industry. Also, they offer different currency pairs for their clients so that they can make the most out of their investments. They also provide their clients with technical and fundamental analysis tools, which are invaluable in making sound trades.
One of the things that most new traders ask about is whether or not the broker offers a demo account. The reason why it's important to have a demo account is that it allows one to learn the various aspects of trading without having to risk any money. It is ideal for those who do not want to lose money while still learning. Most successful traders recommend that traders open a demo account before they start trading with real money. You can learn how to track the various indicators, read the news and signals, and so on.
Which South African Broker Is The Best For Forex?
IC Markets is arguably one of the best Forex trading platforms available to traders. With many years of experience in the industry, IC Markets has compiled a huge library of profitable strategies for you to use. It's important to note that the IC Markets are based on a simple concept: stop loss and take profit. With this setup, you can let your trades dictate when you get out while at the same time keeping a close eye on your profits to ensure you don't go too far in the loss department.
Can I Trade Without A Broker In South Africa?
No, this is not possible. South African brokers not only organize the buying and selling of trades but can also combine trades in bulk to get better prices on financial instruments. As a result, South African brokers can buy and sell trades in a faster and more cost-effective way than an individual trader can.
Which South African Brokers Are Legal?
Most South African traders use trading platforms approved by foreign regulatory bodies, the most well-known being European regulatory agencies.
For a broker to be legal in South Africa, it has to be regulated by the FSCA (Financial Services Conduct Authority) and FSB (Financial Services Board) of South Africa or a central European financial regulator like the UK Financial Conduct Authority, Australian Securities and Investments Commission (ASIC) or Cysec. The FSB is a government board that regulates financial services in South Africa that are not banking-related. The FSCA regulates financial institutions in South Africa.
We List Brokers That Are Legal In South Africa Below
The best South African brokers have good financial regulation, customer service, fast account opening, and reputable funding and withdrawal methods. Low spreads and super-fast order execution and spreads from 0 pips with fast order execution. These are the ideal aspects investors in South Africa look for when searching for brokers to assist them in buying and selling foreign currencies.
We have conducted extensive research and analysis on over multiple data points on South African Brokers to present you with a comprehensive guide that can help you find the most suitable South African Brokers. Below is a list of what we consider to be the best south african brokers after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching South African Brokers.
Trading in South Africa
When trading in South Africa you will need to know what your options with your South Africa trading broker are.
We list below the trading account types available in South Africa. If you are looking for brokers in South Africa that are suitable for trading in the Forex, CFD's, Indices and ETFs, Cryptocurrencies (availability subject to regulation) or commodity markets; this South Africa broker guide will explain the things you should check and be aware of before you invest.
Forex Trading in South Africa
Forex trading is growing in popularity in South Africa. The volume of Forex traded in South Africa has increased year on year over the last five years.
Across the world $5.1 trillion USD in volume is traded every single day. This is a huge amount in comparison with other financial market sectors.
Advances in online technology, higher internet coverage in South Africa and increased competition among brokerages have made Forex trading more accessible and reduced the costs of trading generally.
Is Forex Trading Legal in South Africa?
Their is a misconception that trading Forex on the financial market in South Africa is considered unsafe. This is not the case, Forex trading in South Africa is very active.
Trading in Forex is allowed in South Africa as to conduct business currency must be exchanged. Forex is an integral part of import and export and investing internationally. The important thing is that when trading Forex you pick a safe and reputable broker that is regulated. South Africa Forex trading is not banned, their are many international online brokers offering favourable trading conditions.
Do Forex Traders Pay Tax in South Africa?
Once a traders profits reach a level where the income on the Forex trading can be taxed in South Africa the trader should make sure all taxes owed for a financial year are paid. South Africa taxes should be filed even if there were losses on the year. If Trading losses cannot be claimed against personal income taxes. A trader should file them with the proper government agency in South Africa. You should seek advice with a South Africa tax professional to ensure they are abiding by all proper tax laws in South Africa. In South Africa Islamic accounts do not have additional restrictions on trades.
Cryptocurrencies in South Africa
Cryptocurrency markets in South Africa are relatively new and their availability are subject to local financial regulation. Because Cryptocurrency works on decentralised assets in South Africa things like interest rate changes and political instability do not affect cryptocurrencies as much as the currency markets in South Africa for example.
Due to a large young population in South Africa with growing income levels and wide spread adaptation of online technology cryptocurrency trading volume is increasing greatly in South Africa. $6 billion USD worth of Bitcoin is traded daily around the world.
Commodity Trading in South Africa
In South Africa commodity trading includes the trade in precious metals, energies and agricultural commodities.
Some commodities like metals are seeing exponential growth in South Africa since 2002.
Fast growing countries like China and India have been growing rapidly over the last 3 decades. This has meant that countries like China and India have a vast requirement for many basic commodities and raw materials for their populations. Crops to feed people and metal to build infrastructure for example. This means countries like South Africa are able to take advantage of this demand.
We list brokers that allow you to trade commodities in South Africa here.
Islamic Accounts in South Africa
South Africa brokers support Islamic accounts or swap-free accounts. South Africa Islamic accounts have no rollover interest on overnight positions to comply the Muslim faith. Traders of Islamic faith are forbidden to pay interest. Brokers in South Africa offer accounts that are suitable for Islamic traders. These South Africa brokers complies with Sharia law.
Benefits of Trading in South Africa
South Africa economy and population is growing. The middle class population in South Africa is increasing which means a growing consumer base. Many business and financial opportunities exist in South Africa. South Africa has a young population educated in technology and the internet.
Concerns of Trading in South Africa
South Africa digitisation of financial trading has made it easier to defraud unsuspecting investors across the internet. Make sure the broker you trade with is regulated and passes the checklist in this South Africa guide. Educate yourself as much as possible open a demo account if necessary be you open a live trading account.
Learn about leverage when trading. South Africa Brokers offering high leverage trades in South Africa can mean high profit margins. But this goes both was it can also mean huge losses. There are things like negative balance protection and stop loss accounts which some South Africa brokers offer as a level of protection. you can learn more about further below on this guide.
Reputable South African Brokers Checklist
There are a number of important factors to consider when picking an online South African trading brokerage.
- Check your South African broker has a history of at least 2 years.
- Check your South African broker has a reasonable sized customer support of at least 15.
- Does the South African broker fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
- Check your South African broker has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
- Does your South African broker have an international presence in multiple countries. This includes local seminar presentations and training.
- Make sure your South African can hire people from various locations in the world who can better communicate in your local language.
It is not essential that your brokerage is local but they must have regulation from a Tier 1 reputable country. In fact the brokers international regulation could be more reputable than your local region.
When deciding to trade and find a suitable South African broker if you wish your broker to be 100% local check they are governed and regulated by the below.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
Our brokerage comparison table below allows you to compare the below features for brokers offering South African Brokers.
We compare these features to make it easier for you to make a more informed choice.
- Minimum deposit to open an account.
- Available funding methods for the below South African Brokers.
- What you are able to trade with each brokerage.
- Trading Platforms offered by these brokers.
- Spread type (if applicable) for each brokerage.
- Customer support levels offered.
- We show if each brokerage offers Micro, Standard, VIP and Islamic accounts.
Top 15 South African Brokers of 2023 compared
Here are the top South African Brokers (ZA).
Compare South African Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are south african brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more south african brokers that accept south african clients
| Broker |
IC Markets
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Roboforex
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XM
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Pepperstone
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NordFX
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XTB
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AvaTrade
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FP Markets
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Trading212
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EasyMarkets
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SpreadEx
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| Rating | |||||||||||
| locality | IC Markets accept South African clients | Roboforex accept South African clients | XM accept South African clients | Pepperstone accept South African clients | NordFX accept South African clients | XTB accept South African clients | AvaTrade accept South African clients | FP Markets accept South African clients | Trading 212 accept South African clients | easyMarkets accept South African clients | SpreadEx accept South African clients |
| Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) | Financial Conduct Authority (FCA) |
| Min Deposit | 200 | 1 | 5 | 200 | 1 | No minimum deposit | 100 | 100 | 1 | 100 | 1 |
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| Used By | 180,000+ | 1,000,000+ | 3,500,000+ | 400,000+ | 10,000+ | 581,000+ | 300,000+ | 10,000+ | 15,000,000+ | 142,500+ | 10,000+ |
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| Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
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| Learn More |
Sign
Up with icmarkets |
Sign
Up with roboforex |
Sign
Up with xm |
Sign
Up with pepperstone |
Sign
Up with nordfx |
Sign
Up with xtb |
Sign
Up with avatrade |
Sign
Up with fpmarkets |
Sign
Up with trading212 |
Sign
Up with easymarkets |
Sign
Up with spreadex |
| Risk Warning | Losses can exceed deposits | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74-89 % of retail investor accounts lose money when trading CFDs | Losses can exceed deposits | 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | Your capital is at risk | Losses can exceed deposits |
| Demo |
IC Markets Demo |
Roboforex Demo |
XM Demo |
Pepperstone Demo |
NordFX Demo |
XTB Demo |
AvaTrade Demo |
FP Markets Demo |
Trading 212 Demo |
easyMarkets Demo |
SpreadEx Demo |
| Excluded Countries | US, IR, CA, NZ, JP | US, JP, IR, RU | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, YE, ZW | US, CA, EU, RU, SY, KP, CU | US, IN, PK, BD, NG , ID, BE, AU | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US, CA | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, TR |
All South african brokers in more detail
You can compare South African Brokers ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top South African Brokers for 2023 article further below. You can see it now by clicking here
We have listed top South african brokers below.
South African Brokers Table of Contents
- Financial Markets in South Africa
- Online Trading in South Africa
- Forex Trading in South Africa
- Is Forex Trading Legal in South Africa
- Do Forex Traders Pay Tax in South Africa
- Cryptocurrencies in South Africa
- Commodity Trading in South Africa
- Islamic Accounts in South Africa
- Benefits of Trading in South Africa
- Concerns of Trading in South Africa
- South African Brokers Explained
- 6 Factors to Consider when Choosing South African Brokers
- Are Your South African Brokers Trusted And Established?
- Are The South African Brokers World Leading?
- What are the South African Brokers Commissions and Fees?
- What are the South African Brokers Funding and Withdrawl Methods?
- Find South African Brokers with Round-the-clock support?
- Make sure the South African Brokers Offer Comprehensive Trader resources?
- Why South African Brokers needs to be regulated?
- South African Brokers FAQ
- What are the best South african brokers?
- What is the best South african broker?
- Is Forex Trading Legal in South Africa?
- Do Forex Traders Pay Tax in South Africa?
- How do you trade Forex or CFDs in South Africa?
- Related South African Brokers Reviews
- Related South African Brokers Alternatives
- Related South African Brokers Comparisons
South African Brokers Explained
Trading the financial markets with South African Brokers when conditions are volatile can be difficult, even for experienced traders.
Apart from the educational and other resources made available online, another important factor for traders to consider when looking for South African Brokers is the platform that a South African Brokers offer.
Choose South African Brokers that's at the forefront of innovation and generally considered an industry-leader.
To gain access to the financial markets, you'll need South African Brokers that you can rely on.
6 Factors to Consider when Choosing South African Brokers
Follow these five rules for selecting a broker that's right for you:
Are Your South African Brokers Trusted And Established?
Look for a broker that has a good track record/longevity in the market so that your strategy is your primary concern for navigating the markets. The top rated South African broker is IC Markets. Established in 2007, and in operation for 12 years IC Markets have a head office in Australia.
IC Markets is regulated. This means IC Markets are supervised by and is checked for conduct by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies.
Another top rated broker is Roboforex.
Roboforex was established 2009, and in operation for 9 years Roboforex have a head office in Cyprus.
Roboforex is regulated. This means Roboforex are supervised by and is checked for conduct by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies.
| Broker |
IC Markets
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Roboforex
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XM
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Pepperstone
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NordFX
|
XTB
|
AvaTrade
|
FP Markets
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| Year Established | 2007 | 2009 | 2009 | 2010 | 2008 | 2002 | 2006 | 2005 |
| Head Office | Australia | Cyprus | Cyprus | Australia | Mauritius | Poland | Ireland | Australia |
| Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926) |
| Used By | 180,000+ | 1,000,000+ | 3,500,000+ | 400,000+ | 10,000+ | 581,000+ | 300,000+ | 10,000+ |
| Negative balance protection | Yes | No | Yes | Yes | Yes | No | Yes | |
| Guaranteed Stop Loss | No | No | No | No | No | No | No | |
| Learn More | Visit IC Markets | Visit Roboforex | Visit XM | Visit Pepperstone | Visit NordFX | Visit XTB | Visit AvaTrade | Visit FP Markets |
| Risk Warning | Losses can exceed deposits | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74-89 % of retail investor accounts lose money when trading CFDs | Losses can exceed deposits | 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits |
Are The South African Brokers World Leading?
Choose a broker that's at the forefront of innovation and generally considered an industry-leader. IC Markets Segregates clients funds and offers over 2250 instruments. IC Markets offers both an online trading platform as well as a mobile platform giving clients easy access to markets.
In addition, the IC Markets platform enables access to a variety of financial markets worldwide. IC Markets is a world-leader when it comes to innovation and they are always looking at ways to improve and to maintain their competitive advantage.
Another good choice when looking for South African Brokers is Roboforex. Roboforex Segregates clients funds and offers over 100 instruments.
| Broker |
IC Markets
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Roboforex
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XM
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Pepperstone
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NordFX
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XTB
|
AvaTrade
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FP Markets
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| Instruments Available | 2250 | 100 | 1000 | 1200 | 50 | 5600 | 1250 | 290 |
| Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps |
| Excluded Countries | US, IR, CA, NZ, JP | US, JP, IR, RU | US, CA, IL, KR, IR, MM, CU, SD, SY, PT | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, YE, ZW | US, CA, EU, RU, SY, KP, CU | US, AU, CA, JP, KR, KP, SG, MU, IL, TR, IN, PK, BA, ET, UG, CU, SY, BD, NG, ID, BE, LY, MO, KE, YE, VU, GY, CD, CG, AF, LA, MZ, IQ, IR | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ |
| Forex pairs offered | 61 | 35 | 55 | 70 | 57 | 55 | 70 | |
| Forex pairs offered | 61 | 35 | 55 | 70 | 57 | 55 | 70 | |
| Major forex pairs | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Exotic forex pairs | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Cryptocurrencies (availability subject to regulation) | Yes | No | No | Yes | Yes | Yes | Yes | Yes |
| Commodities Offered | 20 | 21 | 15 | 16 | 0 | 21 | 17 | 18 |
| Metals | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Energies | Yes | No | Yes | Yes | No | Yes | Yes | Yes |
| Agricultural | Yes | No | No | Yes | No | Yes | Yes | Yes |
| Stocks Offered | 2100 | 0 | 160 | 1100 | 1696 | 1000 | 10000 | |
| UK Shares | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| US Shares | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| German Shares | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| Japanese Shares | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
What are the South African Brokers Commissions and Fees?
Ensure that your broker is transparent with fees and those dues are competitive.
The best rated South African broker IC Markets offers competitive offers for Forex, CFDs, Spread Betting, Share dealing, Cryptocurrencies. IC Markets minimum deposit is 200.
Another top rated South African broker Roboforex offers Forex, CFDs. Roboforex minimum deposit is 1. Please note that any cryptocurrency availability with any broker is subject to regulation.
| Broker |
IC Markets
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Roboforex
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XM
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Pepperstone
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NordFX
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XTB
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AvaTrade
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FP Markets
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| Min Deposit | 200 | 1 | 5 | 200 | 1 | 0 | 100 | 100 |
| Withdrawl Fees | No | Yes | No | No | No | varies | No | No |
| Inactivity Fees | No | No | Yes | No | No | Yes | No | No |
| Deposit Fees | Varies | No | No | No | No | No | No | Yes |
| CFD Commission Fees | Yes | No | No | Yes | Yes | Yes | No | Yes |
What are the South African Brokers Funding and Withdrawal Methods?
When dealing with South African Brokers having convenient funding and withdrawl facilities makes the trading process and your trading experience smoother.
| Broker |
IC Markets
|
Roboforex
|
XM
|
Pepperstone
|
NordFX
|
XTB
|
AvaTrade
|
FP Markets
|
| Bank transfer | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Credit Cards | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| Paypal | Yes | No | No | Yes | No | Yes | Yes | Yes |
| Skrill | Yes | No | No | Yes | No | Yes | No | Yes |
| Payoneer | No | Yes | No | Yes | No | Yes | Yes | No |
| Neteller | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Find South African Brokers with Round-the-clock support?
Customer service is very important when dealing with South African Brokers.
When investing and dealing with brokers customer support can be a range of customer services to assist customers in making cost effective and correct use the brokers services. It can include assistance in installation, training, troubleshooting, upgrading, and cancelation of a product or service.
South African Brokers customer support can include Phone answering services, Live chat support and Email customer service support.
IC Markets support a wide range of languages including English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more
Roboforex support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian
IC Markets and Roboforex offer support where clients are able to call or contact the helpdesk via email or a chat service.
| Broker |
IC Markets
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Roboforex
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XM
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Pepperstone
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NordFX
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XTB
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AvaTrade
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FP Markets
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| Support |
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| Languages | English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more | English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian | Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish | English, Spanish, Portuguese, Thai, Russian, Italian, French, German, Polish, Chinese, Vietnamese, and Arabic | Indian, Chinese, Arabic, Brazilian, English, Spanish, Russian | English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish | Arabic, Simplified Chinese, Traditional Chinese, Dutch, English, Finnish, French, German, Hungarian, Italian, Indonesian, Japanese, Mongolian, Polish, Portuguese, Russian, Spanish, Swedish, Thai, Malay, Korean and Turkish | English, Arabic, Indonesian, Italian, Spanish, French, Russian, Chinese, Japanese, German, Portuguese, Thai, French, Malay, Greek, Vietnamese, Romanian, Turkish, Slovenian, Dutch, Polish, Finnish, Norwegian, Swedish, Serbian, Lithuanian, Hungarian, Galician, Estonian, Danish, Czech, Croatian, Bulgarian, Basque |
| Learn More | Visit IC Markets | Visit Roboforex | Visit XM | Visit Pepperstone | Visit NordFX | Visit XTB | Visit AvaTrade | Visit FP Markets |
| Risk Warning | Losses can exceed deposits | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74-89 % of retail investor accounts lose money when trading CFDs | Losses can exceed deposits | 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits |
Make sure the South African Brokers Offer Comprehensive Trader resources?
Make sure your broker offers free resources like analysis, education and risk-management tools. With a wealth of knowledge from top analysts, IC Markets and Roboforex work together to bring the latest news and insights to traders.
For most traders, the first – and sometimes only – concern is pursuing their 'edge'. While that is surely important, along with sound money management habits, to navigating the markets; that step alone does not represent the full preparation. As each trader dives into this important venture, it is important not to forget the most rudimentary yet crucial steps such as selecting the best broker to access the markets.
Why South African Brokers needs to be regulated?
A regulated South African broker lowers your risk.
Broker regulation protects consumers. Too little broker regulation can lead to poor services and possibly financial harm.
South African brokers are regulated to stop fraud. The agent's working capital and clients funded account have to be separated. This amounts to fraud if client money is used to conduct the business. Regulation is required to make sure this does not happen.
South African Brokers List
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, AndroidCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Mac, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account XM Zero account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account Pro Account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, Mirror Trader, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5Customer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
MT4, MT5, Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Funding methods
Bank transfer Credit Card PaypalPlatforms
Web Trader, Tablet & Mobile appsCustomer support
Live chat Phone support Email supportAccount Types
Micro account Standard account ECN accountIslamic account VIP account
Learn more
Losses can exceed deposits