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Best CFD brokers in South Africa in 2023

XTB Logo
1st place
XTB
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76% of retail CFD accounts lose money
Admirals (Admiral Markets) Logo
2nd place
Admirals (Admiral Markets)
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81% of retail CFD accounts lose money
Plus500 Logo
3rd place
Plus500
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79% of retail CFD accounts lose money

How did BrokerChooser select the best CFD brokers in South Africa?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fee, commission),
  • Specifically compared CFD fees,
  • Checked minimum deposit requirements,
  • Looked at the range of CFDs available,
  • Opened an account and tested the platform (charting, features, usability) with real money.
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology. Let's jump straight to the results!

Top 5 CFD brokers in South Africa in 2023:

  1. XTB is the winner, the best CFD broker in South Africa in 2023. - Commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  2. Admirals (Admiral Markets) - Low forex CFD fees. Free and fast deposit and withdrawal. Straightforward account opening.
  3. Plus500 - Easy-to-use platform. Great account opening. Quick and helpful customer support.
  4. nextmarkets - Commission free real stocks and ETFs. Quick and easy account opening. Great email and phone support.
  5. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 500 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 50,000 data points overall.

Best CFD brokers
Summary of CFD trading in South Africa

Summary of CFD trading in South Africa
Top regulated CFD brokers in South Africa in 2023XTB, Admirals, Plus500, nextmarkets, IG
Is it legal to trade CFDs in South Africa?CFD trading is 100% legal in South Africa.
What is the minimum deposit on average needed to start trading CFDs in South Africa?There is no set minimum deposit but pro traders recommend starting with at least $100.
Is profit from CFD trading taxable in South Africa?The South African Revenue Service (SARS) treats profits from CFD trading as gross income, meaning tax may be payable under the Income Tax Act.
What is the best time to trade during market hours?Pro traders suggest the following best times to execute trades: 09:00 - 11:00 am and 15:00 - 16:00 pm

Best CFD brokers
Overview of the top CFD trading platforms in South Africa

While many CFD brokers and trading platforms catering to South African investors offer an excellent service, the ones in our toplist go the extra mile.

Best CFD brokers in South Africa in 2023
Broker Negative balance protection Minimum deposit Account activated in Credit/debit card deposit Leverage can be set manually
XTB Yes $0 1 day Yes No
Admirals (Admiral Markets) Yes $100 1 day Yes Yes
Plus500 Yes $100 1 day Yes No
nextmarkets Yes $0 1 day Yes Yes
IG Yes $0 1-3 days Yes No

Best CFD brokers
Trading fees at the top CFD brokers in South Africa

How much you pay in fees for a given CFD trade is a key broker selection criteria. See the most important CFD costs in the table below for key assets.

Fees at the top CFD brokers in South Africa in December 2022
XTB Admirals (Admiral Markets) Plus500 nextmarkets IG
S&P 500 index CFD fee $4.0 $2.3 $3.5 $2.3 $2.6
Europe 50 index CFD fee $3.3 $1.6 $3.3 $1.7 $2.3
Apple CFD fee $10.1 $4.6 $13.3 $6.7 $32.7
Vodafone CFD fee $10.6 $12.1 $17.0 - $25.2
EURUSD spread 0.9 0.1 0.8 0.6 0.6
GBPUSD spread 1.5 0.5 1.2 0.5 1.5

Best CFD brokers
Product selection at the top CFD brokers in South Africa

The brokerages in our toplist offer a range of products in addition to CFDs. See what else you can trade at the best CFD brokers.

Product selection at the top CFD brokers in South Africa in 2023
XTB Admirals (Admiral Markets) Plus500 nextmarkets IG
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes No Yes Yes
Forex Yes Yes No Yes Yes
Funds No No No No No
Bonds No No No No No
Options No No No No Yes
Futures No No Yes No No
Crypto Yes Yes No Yes No

Best CFD brokers
CFD trading in South Africa

CFD, short for contract for difference, is a derivative product used to speculate on price movements. If you buy a CFD, you will bet on the price movements of a financial asset (i.e. stock or currency pair) without actually owning the particular asset. If you are new to CFD trading, we recommend you read our guide to trading these assets.

CFD trading is fully legal in South Africa. The national regulator, called Financial Sector Conduct Authority (FSCA), oversees CFD trading and the brokers that provide these products. South African residents can trade CFDs with brokers regulated either by the FSCA or other national regulators.

To avoid scams, we recommend that you open an account with a brokerage regulated by a top-tier regulator, such as the FCA in the UK or BaFin in Germany.

Best CFD brokers
How to choose the best CFD brokers in South Africa

A great selection of CFD products and low CFD trading fees are the most important selection criteria beyond the safety profile of the broker. Our experts also put great emphasis on the overall service quality, the account opening experience and deposit/withdrawal options and fees.

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And now, let's see the best CFD brokers for South Africans one by one, starting with the winner, XTB.

XTB Logo

#1 Best CFD broker
XTB

XTB is a global CFD broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to regularly disclose its financials.

South African investors are served by XTB International Limited, a legal entity of XTB regulated by the International Financial Services Commission of Belize (IFSC). The broker has obtained a license from the FSCA in South Africa and is working on setting up conditions to start onboarding South African clients through its local entity. XTB provides negative balance protection.

XTB snapshot
Minimum deposit$0
Mobile app score 4.4 stars
Stock CFDs1,900
Stock index CFDs40
Commodity CFDs21
Deposit methodsBank transfer, Credit/debit cards, Paysafe, Skrill
Withdrawal fee$0
Read reviewFor a detailed analysis of XTB services, check out our review for 2023

Visit broker
76% of retail CFD accounts lose money

Admirals (Admiral Markets) Logo

#2 Best CFD broker
Admirals (Admiral Markets)

Estonia-based Admirals is regulated by multiple financial authorities: the UK Financial Conduct Authority (FCA), the Estonian Financial Supervision Authority (EFSA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC) and the Jordan Securities Commission (JSC). We consider the FCA and the ASIC top-tier regulators.

Admirals provides negative balance protection to its clients.

Admirals (Admiral Markets) snapshot
Minimum deposit$100
Mobile app score 3.8 stars
Stock CFDs3,252
Stock index CFDs43
Commodity CFDs28
Deposit methodsBank transfer, Credit/debit cards, Skrill, PayPal, Klarna, Neteller, SafetyPay, AstroPay, Trustly, Rapid Transfer, NganLuong
Withdrawal fee$0
Read reviewFor a detailed analysis of Admirals (Admiral Markets) services, check out our review for 2023

Visit broker
81% of retail CFD accounts lose money

Plus500 Logo

#3 Best CFD broker
Plus500

Plus500 is listed on the London Stock Exchange and is regulated by more than one top-tier financial authority.

All clients at Plus500 are entitled to negative balance protection when trading CFDs.

Plus500 snapshot
Minimum deposit$100
Mobile app score 5.0 stars
Stock CFDs1,900
Stock index CFDs29
Commodity CFDs22
Deposit methodsBank transfer, Credit/debit cards, PayPal, Skrill
Withdrawal fee$0
Read reviewFor a detailed analysis of Plus500 services, check out our review for 2023

Visit broker
79% of retail CFD accounts lose money

nextmarkets Logo

#4 Best CFD broker
nextmarkets

All customers are served by nextmarkets Trading Limited, which is regulated by the Malta Financial Services Authority (MFSA). Customer assets and cash are protected up to €20,000 per account. nextmarkets provides negative balance protection.

nextmarkets snapshot
Minimum deposit$0
Mobile app score 4.8 stars
Stock CFDs7,000
Stock index CFDs8
Commodity CFDs6
Deposit methodsBank transfer, Credit/debit cards
Withdrawal fee$0
Read reviewFor a detailed analysis of nextmarkets services, check out our review for 2023

Visit broker
52.55% of retail CFD accounts lose money

IG Logo

#5 Best CFD broker
IG

IG is regulated by several financial authorities globally, including top-tier regulators like the FCA in the United Kingdom. IG Group, the parent company of IG, is listed on the London Stock Exchange.

Non-EU clients are not entitled to investor protection or negative balance protection.

IG snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Stock CFDs10,500
Stock index CFDs78
Commodity CFDs47
Deposit methodsBank transfer, Credit/debit cards, PayPal
Withdrawal fee$0
Read reviewFor a detailed analysis of IG services, check out our review for 2023

Visit broker
79% of retail CFD accounts lose money

Best CFD brokers
FAQ

Can I trade CFDs in South Africa?

Yes, CFD trading in South AFrica is fully legal and the market is well regulated by the Financial Sector Conduct Authority (FSCA). South African residents can trade CFDs with brokers regulated either by the FSCA or other national regulators. To be on the safe side and avoid scam brokers, we recommend that you open an account with a brokerage regulated by a top-tier regulator, such as the FCA in the UK or BaFin in Germany.

Can you get rich trading CFDs?

Similarly to other investments, CFD trading carries the potential of generating hefty profits. At the same time, experience shows that retail investor accounts tend to lose money on CFD investments, mostly due to trading with leverage. Even though you can profit from both rising and falling asset prices when you trade CFDs, your best bet may be to build a diversified portfolio instead of targeting stellar returns on a single type of investment.

Is trading CFDs a good idea?

CFDs are increasing in popularity as a form of investment that is not capital intensive. Most people trade CFDs on leverage meaning they borrow money from their broker to invest. Trading CFDs can prove a good investment decision if you tread with caution and do not rely on these products as the only asset in your portfolio. Pro traders usually have various assets in their portfolios and spend a considerable amount of time honing their trading skills.

Author of this article

Krisztián Gátonyi

Author of this article

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Krisztián Gátonyi

Senior Broker Expert

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit XTB
76% of retail CFD accounts lose money
Visit Admirals (Admiral Markets)
81% of retail CFD accounts lose money
Visit Plus500
79% of retail CFD accounts lose money
Visit nextmarkets
52.55% of retail CFD accounts lose money
Visit IG
79% of retail CFD accounts lose money

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