Intro and winners
- 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.
- Admirals (Admiral Markets) - Low forex CFD fees. Free and fast deposit and withdrawal. Straightforward account opening.
- Plus500 - Easy-to-use platform. Great account opening. Quick and helpful customer support.
- IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
- Spreadex - Low forex fees. Good web platform. Helpful customer service.
- ActivTrades - Low trading fees. Excellent account opening. Free deposit and withdrawal.
- MultiBank - Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
- XM - Low stock CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
- AvaTrade - Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
- FxPro - Superb account opening process. Great customer service. Free deposit and withdrawal.
Best CFD brokers
Trust level of the best CFD brokers in South Africa in 2023
Choosing a legit broker is the single most important step in anyone’s trading career. In the table below you can assess the trustworthiness of these brokers by checking the following information: regulation, foundation date, investor protection, and brokers' involvement in scandals.
| Broker | Top-tier regulators | Trusted broker |
|---|---|---|
| XTB | FCA in the UK | |
| Admirals (Admiral Markets) | FCA in the UK and ASIC in Australia | |
| Plus500 | FCA in the UK, ASIC in Australia, or MAS in Singapore | |
| IG | FCA in the UK, BaFin in Germany, or ASIC in Australia | |
| Spreadex | FCA in the UK | |
| ActivTrades | FCA in the UK FCA and CSSF in Luxembourg | |
| MultiBank | ASIC in Australia and BaFin in Germany | |
| XM | ASIC in Australia | |
| AvaTrade | CBI in Ireland and ASIC in Australia | |
| FxPro | FCA in the UK |
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.
| Broker | Negative balance protection for any product | Minimum deposit |
|---|---|---|
| XTB | $0 No minimum deposit for individual accounts but £15,000 for corporate accounts. | |
| Admirals (Admiral Markets) | $100 100 EUR/GBP/USD/CHF or 200 BGN or 1000 CZK or 750 HRK or 25000 HUF or 250 PLN/RON | |
| Plus500 | $100 $100 for credit/debit cards and electronic wallets; $500 for bank transfers | |
| IG | $0 No minimum deposit for bank transfers; $300 minimum for credit/debit cards and PayPal | |
| Spreadex | $0 No minimum deposit for bank transfer, but 10 minimum deposit for credit/debit card | |
| ActivTrades | $0 There is no minimum deposit | |
| MultiBank | $200 $200 for Standard accounts, $1,000 for MultiBank Pro accounts, and $10,000 for ECN Pro accounts | |
| XM | $5 $5 minimum deposit for standard account, $100 for Zero account | |
| AvaTrade | $100 $100 minimum deposit for credit/debit cards, bank transfer and electronic wallets | |
| FxPro | $100 $100 minimum deposit |
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.
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.
| Broker | S&P 500 index CFD fee | Euro Stoxx 50 index CFD fee |
|---|---|---|
| XTB | $4.0 | $3.3 |
| Admirals (Admiral Markets) | $2.3 | $1.6 |
| Plus500 | $3.5 Fees were calculated on Nov 4, 2022 between 2 pm and 4 pm CET, fees could be a subject to change | $3.3 Fees were calculated on Nov 4, 2022 between 2 pm and 4 pm CET, fees could be a subject to change |
| IG | $2.6 | $2.3 |
| Spreadex | $3.0 | $1.6 |
| ActivTrades | $2.4 | $1.4 |
| MultiBank | $1.2 | $1.9 |
| XM | $2.5 | $3.1 |
| AvaTrade | $2.6 | $2.0 |
| FxPro | $2.7 | $2.1 |
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.
| Broker | Stocks | ETFs |
|---|---|---|
| XTB | Available for some European. To access stocks, you need to open an account with the Polish branch. | Available for some European. To access stocks, you need to open an account with the Polish branch. |
| Admirals (Admiral Markets) | ||
| Plus500 | ||
| IG | ||
| Spreadex | ||
| ActivTrades | ||
| MultiBank | FALSE | |
| XM | ||
| AvaTrade | ||
| FxPro |
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 2023 | XTB, Admirals (Admiral Markets), Plus500, IG, Spreadex |
| 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
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.
#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.
XTB is considered safe because it has a long track record, is listed on a stock exchange and publishes its financial statements transparently.
HEADS UP: Recent feedback about deposit and withdrawal – The details of depositing by wire transfer might be unclear for some of our users according to recent feedback we received. If you have problems, head to the 'Deposit and withdrawal' section of the review, where we explain how to make a free wire deposit to your XTB account under the section's 'Deposit and fees and options' heading.
Disclaimer: 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.
| XTB snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 4.4 stars |
| Stock CFDs | 1,900 |
| Stock index CFDs | 40 |
| Commodity CFDs | 21 |
| Deposit methods | Bank transfer, Credit/debit cards, Paysafe, Skrill |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of XTB services, check out our review for 2023 |
#2 Best CFD broker
Admirals (Admiral Markets)
Admirals (Admiral Markets) is a Global forex and CFD broker founded in 2001. It is overseen by multiple regulators in the various regions it serves. These regulators are the UK's 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). Of these, the FCA and the ASIC are top-tier financial authorities.
Admirals is considered safe because it has a long track record, discloses its financials, and its parent company, the Admirals Group is listed on a stock exchange.
Admirals was formerly called Admiral Markets, but it is currently going trough a rebranding process. This should be of no concern to clients, as this doesn't affect the broker's services in any negative way.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 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.
| Admirals (Admiral Markets) snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8 stars |
| Stock CFDs | 3,445 |
| Stock index CFDs | 40 |
| Commodity CFDs | 28 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, PayPal, Klarna, Neteller, SafetyPay, AstroPay, Trustly, Rapid Transfer, NganLuong |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Admirals (Admiral Markets) services, check out our review for 2023 |
#3 Best CFD broker
Plus500
Plus500 is a London Stock Exchange-listed global CFD broker that was founded in 2008 in Israel. It is regulated by several international financial authorities, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Plus500 has three different platfroms, Plus500 CFD, where you can trade CFDs, Plus500 Invest, where you can trade stocks and Trade Sniper, where you can trade futures. Trade Sniper is only available for US citizens.
Being listed on a stock exchange, regulated by several top-tier financial authorities, and disclosing its financials publicly are all good signs for Plus500's reliability.
| Plus500 snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 5.0 stars |
| Stock CFDs | 1,900 |
| Stock index CFDs | 29 |
| Commodity CFDs | 22 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Skrill |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Plus500 services, check out our review for 2023 |
#4 Best CFD broker
IG
IG, established in the UK in 1974, is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the UK's Financial Conduct Authority (FCA) and Germany's Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.
IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.
Disclaimer: 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. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.
| IG snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Stock CFDs | 10,500 |
| Stock index CFDs | 78 |
| Commodity CFDs | 47 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of IG services, check out our review for 2023 |
#5 Best CFD broker
Spreadex
Spreadex is a global CFD and forex broker founded in 1999. It is regulated by the top-tier UK Financial Conduct Authority (FCA). The company also operates a separate sports betting service.
Spreadex is considered safe because it has a long track record and is regulated by a top-tier financial authority.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% 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.
| Spreadex snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 4.5 stars |
| Stock CFDs | 3,000 |
| Stock index CFDs | 37 |
| Commodity CFDs | 15 |
| Deposit methods | Bank transfer, Credit/debit cards |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Spreadex services, check out our review for 2023 |
#6 Best CFD broker
ActivTrades
ActivTrades is a global forex broker founded in 2001. It is regulated among others by the UK's Financial Conduct Authority (FCA) and the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg.
ActivTrades having a long track record and being regulated by the FCA, a top-tier financial authority, are all good signs for its safety.
ActivTrades operates both UK and EU websites (under the co.uk and .eu domains), as well as an international one (.com). Some products, fees and conditions may differ depending on the entity concerned.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-85% 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.
| ActivTrades snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.9 stars |
| Stock CFDs | 1,000 |
| Stock index CFDs | 31 |
| Commodity CFDs | 22 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, AstroPay, Sofort |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of ActivTrades services, check out our review for 2023 |
#7 Best CFD broker
MultiBank
MultiBank is a global CFD and FX broker. MultiBank Group was established in California, USA, in 2005 with headquarters in Hong Kong. They are a global financial group whose member companies are active in areas from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities, regulated by the Australian Securities and Investments Commission (ASIC) and other financial authorities. In this review, we will use MultiBank as a name for the brokerage service.
MultiBank is considered safe because it is regulated by the top-tier ASIC and has a reasonably long history, dating back to 2005.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| MultiBank snapshot | |
|---|---|
| Minimum deposit | $200 |
| Mobile app score | 3.8 stars |
| Stock CFDs | 20,000 |
| Stock index CFDs | 27 |
| Commodity CFDs | 13 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, Sepa, Praxis, Bitcoin, tether, myFatoorah, pagsmile,Paytrust, PlusWallets, Thai QR payment, PaymentAsia, GlobePay, korapay, Boletol, Pay Retailers, pix, SPE, dragonpay, GCash |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of MultiBank services, check out our review for 2023 |
#8 Best CFD broker
XM
XM is an online broker whose parent company is Trading Point Holding, a global CFD and FX broker founded in 2009.
XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Commission of Belize (FSC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.89% 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.
| XM snapshot | |
|---|---|
| Minimum deposit | $5 |
| Mobile app score | 3.8 stars |
| Stock CFDs | 1,261 |
| Stock index CFDs | 24 |
| Commodity CFDs | 15 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller for withdrawal, Sticpay for Deposit (under IFSC) |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of XM services, check out our review for 2023 |
#9 Best CFD broker
AvaTrade
AvaTrade is a global CFD and forex broker founded in 2006. It is regulated by several top-tier financial authorities, including the Central Bank of Ireland.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.
| AvaTrade snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 4.7 stars |
| Stock CFDs | 612 |
| Stock index CFDs | 31 |
| Commodity CFDs | 19 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, Klarna, Webmoney, POLi, Boleto, Perfect Money |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of AvaTrade services, check out our review for 2023 |
#10 Best CFD broker
FxPro
FxPro is a global CFD and forex broker founded in 2006. It is regulated by several financial authorities globally, including the UK's top-tier Financial Conduct Authority (FCA).
FxPro is considered safe because it is regulated by the top-tier FCA and it has a relatively long track record.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% 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.
| FxPro snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 4.3 stars |
| Stock CFDs | 1,700 |
| Stock index CFDs | 29 |
| Commodity CFDs | 25 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, UnionPay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of FxPro services, check out our review for 2023 |
Best CFD brokers
Didn't find the best broker for you?
Answer a few questions and get a personalized broker list!
Your broker toplist will be selected based on your answers.
Best CFD brokers
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.
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
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
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.
Comments