Best CFD brokers in South Africa in 2024

Written by
Krisztián G.
Fact checked by
Tamás D.
Updated
3w ago
Dive into our toplist of regulated and trusted brokers that we tested with real money. Every broker is available in South Africa.

Find below the strengths of the best CFD brokers available in South Africa, updated for 2024:

  1. XTB is the winner, the best CFD broker in South Africa in 2024. - Commission-free stocks and ETFs (for trades up to €100k per month). Free and fast deposit and withdrawal. Easy and fast account opening. High interest paid on cash.
  2. Saxo Bank - Great trading platform. Outstanding research. Broad product portfolio. Interest paid on uninvested cash.
  3. Admirals (Admiral Markets) - Low forex CFD fees. Free and fast deposit and withdrawal. Straightforward account opening.
  4. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
  5. Capital.com - Low forex CFD fees. Great account opening experience. Excellent email and chat support.
  6. Spreadex - Low forex fees. Good web platform. Helpful customer service.
  7. FXTRADING.com - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  8. Pepperstone - Fast and fully digital account opening. Great customer service. Seamless and free deposit and withdrawal.
  9. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  10. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
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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.

Broker
Minimum deposit
Time to open account
XTB
$0
1 day
Saxo Bank
$0
1 day
Admirals (Admiral Markets)
$100
1 day
IC Markets
$200
1 day
Capital.com
$20
1 day
Spreadex
$0
1-3 days
FXTRADING.com
$200
1 day
Pepperstone
$0
1 day
Forex.com
$100
1-3 days
Oanda
$0
1-3 days
Best CFD brokers in South Africa in 2024

Popularity of the best CFD brokers in South Africa

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

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. Check the spreads in the table below. In case of stock CFD, we calculate the fees for a $2,000 trade held for 1 week.

Broker
S&P 500 CFD spread
Apple CFD fee
XTB
0.5
$9.4
Saxo Bank
0.5
$11.6
Admirals (Admiral Markets)
0.4
$3.7
IC Markets
0.2
$1.6
Capital.com
0.8
$5.0
Spreadex
0.4
$11.7
FXTRADING.com
0.3
-
Pepperstone
0.4
$4.5
Forex.com
0.6
$23.1
Oanda
0.3
$3.3
Fees at the top CFD brokers in South Africa in March 2024

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.

Broker
Stocks
ETFs
XTB
Saxo Bank
Admirals (Admiral Markets)
IC Markets
Capital.com
Spreadex
FXTRADING.com
Pepperstone
Forex.com
Oanda
Product selection at the top CFD brokers in South Africa in 2024

Summary of CFD trading in South Africa

Summary of CFD trading in South Africa
Top regulated CFD brokers in South Africa in 2024XTB, Saxo Bank, Admirals (Admiral Markets), IC Markets, Capital.com
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

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.

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

XTB Logo

XTB

Visit broker
76-85% of retail CFD accounts lose money

XTB snapshot
Minimum deposit$0
Mobile app score 4.4 stars
Stock CFDs2,022
Stock index CFDs33
Commodity CFDs27
Deposit methodsBank transfer, Credit/debit cards, Paysafe, Skrill, ecommpay, PayU, PayPal
Withdrawal fee$0
Read reviewFor a detailed analysis of XTB services, check out our review for 2024

Visit broker

Saxo Bank snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Stock CFDs7,800
Stock index CFDs20
Commodity CFDs20
Deposit methodsBank transfer, Credit/debit cards
Withdrawal fee$0
Read reviewFor a detailed analysis of Saxo Bank services, check out our review for 2024

Visit broker
80% of retail CFD accounts lose money

Admirals (Admiral Markets) snapshot
Minimum deposit$100
Mobile app score 4.3 stars
Stock CFDs3,445
Stock index CFDs40
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 2024

Visit broker
74.32% of retail CFD accounts lose money

IC Markets snapshot
Minimum deposit$200
Mobile app score 3.3 stars
Stock CFDs2,100
Stock index CFDs25
Commodity CFDs28
Deposit methodsBank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna
Withdrawal fee$0
Read reviewFor a detailed analysis of IC Markets services, check out our review for 2024

Visit broker
80.84% of retail CFD accounts lose money

Capital.com snapshot
Minimum deposit$20
Mobile app score 4.9 stars
Stock CFDs2,760
Stock index CFDs20
Commodity CFDs30
Deposit methodsBank transfer, Credit/debit cards, Apple Pay, PayPal, Neteller, Skrill, Sofort, Trustly
Withdrawal fee$0
Read reviewFor a detailed analysis of Capital.com services, check out our review for 2024

Visit broker
64% of retail CFD accounts lose money

Spreadex snapshot
Minimum deposit$0
Mobile app score 4.5 stars
Stock CFDs3,000
Stock index CFDs37
Commodity CFDs15
Deposit methodsBank transfer, Credit/debit cards
Withdrawal fee$0
Read reviewFor a detailed analysis of Spreadex services, check out our review for 2024

Visit broker
74-89% of retail CFD accounts lose money

FXTRADING.com snapshot
Minimum deposit$200
Mobile app score 3.3 stars
Stock CFDs10,000
Stock index CFDs17
Commodity CFDs13
Deposit methodsBank transfer, Credit/debit cards, PayPal, Neteller, UnionPay, Poli
Withdrawal fee$0
Read reviewFor a detailed analysis of FXTRADING.com services, check out our review for 2024

Visit broker
74-89% of retail CFD accounts lose money

Pepperstone snapshot
Minimum deposit$0
Mobile app score 3.3 stars
Stock CFDs1,400
Stock index CFDs23
Commodity CFDs32
Deposit methodsBank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay, MPESA+FaceID
Withdrawal fee$0
Read reviewFor a detailed analysis of Pepperstone services, check out our review for 2024

Visit broker
68% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit$100
Mobile app score 4.5 stars
Stock CFDs4,500
Stock index CFDs17
Commodity CFDs26
Deposit methodsBank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal fee$0
Read reviewFor a detailed analysis of Forex.com services, check out our review for 2024

Visit broker
78.3% of retail CFD accounts lose money

Oanda snapshot
Minimum deposit$0
Mobile app score 4.9 stars
Stock CFDs1,600
Stock index CFDs15
Commodity CFDs31
Deposit methodsBank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal fee$0
Read reviewFor a detailed analysis of Oanda services, check out our review for 2024

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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,
  • Looked at the range of CFDs available,
  • Opened an account and tested the platform (charting, features, usability) with real money.

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BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 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 60,000 data points overall.

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 in South Africa?

Similarly to other investments, CFD trading carries the potential of generating hefty profits in South Africa. 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.

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Engage with our growing community of traders and investors like you to find your answers.
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Author of this article

Krisztián Gátonyi

Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My 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.

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