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Best international online brokers in South Africa in 2023

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81% of retail CFD accounts lose money
4
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86% of retail CFD accounts lose money
7
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80% of retail CFD accounts lose money
8
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75% of retail CFD accounts lose money
9
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76% of retail CFD accounts lose money
10
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78.3% of retail CFD accounts lose money
  1. Interactive Brokers is the best international online brokers in South Africa in 2023. - Low trading fees and high interest (up to 4.58% for USD) on cash balances. Wide range of products. Many great research tools.
  2. XTB - Commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  3. Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
  4. Plus500 - Easy-to-use platform. Great account opening. Quick and helpful customer support.
  5. TradeStation - Great web and mobile trading platform. Low trading fees. High-quality research and education tools.
  6. tastytrade - Low trading fees. Great educational materials. Good research tools.
  7. Admirals (Admiral Markets) - Low forex CFD fees. Free and fast deposit and withdrawal. Straightforward account opening.
  8. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  9. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
  10. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.

Best international online brokers in South Africa in 2023
International online brokers' key info

While many international online brokers catering to clients in South Africa offer an excellent service, the ones in our toplist go the extra mile. These international online trading platforms offer a broad range of markets and asset classes and are suitable for beginners and experienced traders alike.

Broker
Overall score
Minimum deposit
Interactive Brokers
4.9
$0
$0 for non-margin client accounts, $2,000 for margin accounts. (A margin account is where you trade with borrowed money, also known as leverage.)
XTB
4.8
$0
No minimum deposit for individual accounts but £15,000 for corporate accounts.
Alpaca Trading
4.7
$0
$0 for retail account, $30,000 for business accounts
Plus500
4.7
$100
$100 for credit/debit cards and electronic wallets; $500 for bank transfers
TradeStation
4.7
$0
$1 for cash accounts, $2,000 for margin accounts, and $5,000 for futures accounts
tastytrade
4.7
$0
No minimum account balance
Admirals (Admiral Markets)
4.7
$100
100 EUR/GBP/USD/CHF or 200 BGN or 1000 CZK or 750 HRK or 25000 HUF or 250 PLN/RON
IG
4.6
$0
No minimum deposit for bank transfers; $300 minimum for credit/debit cards and PayPal
Tickmill
4.6
$100
$100 minimum deposit
Oanda
4.5
$0
No minimum account balance
Best online brokers in 2023

Popularity of the best online 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 international online brokers in South Africa in 2023
Trading fees

In most cases the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important fees for you in the table below.

Broker
US stock
UK stock
Interactive Brokers
$1.0
Fixed pricing: $0.005 per share, min. $1, max. 1% of trade value. Free for US clients choosing IBKR Lite plan.
$3.7
Fixed £3 for trade value less than £6,000, 0.05% of trade value for more than £6,000
XTB
$0.0
Real stocks available only in a few EU countries. US stock fee: 0% up to monthly €100,000, and 0.2% with a minimum of €10 after
$0.0
Real stocks available only in a few EU countries. US stock fee: 0% up to monthly €100,000, and 0.2% with a minimum of €10 after
Alpaca Trading
$0.0
Commission-free stock trading
-
Not available
Plus500
-
Available through Plus500 Invest account: $0.006 per share
-
Available through Plus500 Invest account: 0.045% of trade value with min £2
TradeStation
$0.0
Commission-free up to the first 10,000 shares per trade for US clients. $5 per trade for non-US clients
-
Not available
tastytrade
$0.0
Free stock and ETF
-
Not available
Admirals (Admiral Markets)
$0.0
One commission-free trade per day. Outside the allowance, the fee is $0.02 per share with a minimum of $1
$0.0
One commission-free trade per day. Outside the allowance, 0.1 % of trade value, minimum of £1.
IG
$15.0
Real stocks available only in a few countries, like UK, Ireland, or Australia. US stock fees: $0.02 per share with $15 min
$9.9
Real stocks available only in a few countries, like UK, Ireland, or Australia. UK stock fee: £8 per trade
Tickmill
-
Not available
-
Not available
Oanda
-
Not available
-
Not available
Fees at the best international online brokers in June 2023
All commissions, spreads and financing rates (if applicable) for opening a position, holding for a week, and closing.

Best international online brokers in South Africa in 2023
Other fees at international online brokers

Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.

Broker
Account fee
Inactivity fee
Interactive Brokers
No account fee
No inactivity fee
XTB
No account fee
€10 per month after 1 year of trading inactivity and if no deposit was made in the last 90 days
Alpaca Trading
No account fee
No inactivity fee
Plus500
No account fee
$10 per month after 3 months of inactivity. Inactivity means that you don't log in to your account
TradeStation
No account fee
$50 per year if your balance is less than $2,000 or if you make less than 5 trades per year
tastytrade
No account fee
No inactivity fee
Admirals (Admiral Markets)
No account fee.
€10 per month after 2 years of inactivity. Only charged if your account balance is greater than zero
IG
No account fee
$/£12/€14 per month after 2 years of inactivity
Tickmill
No account fee
No inactivity fee
Oanda
No account fee
£10 per month after one year of inactivity
Non-trading fees at the best international online brokers in June 2023

Best international online brokers in South Africa in 2023
Our assessment of best international online brokers for residents in South Africa in 2023

At BrokerChooser we do our best to make it easier for you to compare and select the best broker for your needs. Here is a summary of our scores in the most important aspects of these trading platforms' services.

Broker
Overall score
Fees score
Interactive Brokers
4.9
4.4
XTB
4.8
4.3
Alpaca Trading
4.7
4.9
Plus500
4.7
4.0
TradeStation
4.7
4.1
tastytrade
4.7
4.3
Admirals (Admiral Markets)
4.7
4.0
IG
4.6
3.6
Tickmill
4.6
4.4
Oanda
4.5
4.1
Score summary of best international online brokers for residents in South Africa

If you are unsure how brokerage fees are charged, check out this article on the various fees, charges and costs.

Best international online brokers in South Africa in 2023
Are these brokers reliable?

Absolutely. You can be sure none of them is a scam. They are all regulated by at least one top-tier regulator.

Online brokers in South Africa are overseen by the Financial Sector Conduct Authority (FSCA), which is responsible for overseeing the conduct of financial institutions in the country. This includes ensuring that online brokers comply with laws and regulations related to the financial industry, as well as protecting consumers from fraud and other financial crimes.

Pro tip: To avoid scam brokers, open an account with a brokerage regulated by a top-tier regulator, such as the FCA in the UK or BaFin in Germany. All the brokers in our top list are regulated by top-tier national authorities.

Best international online brokers in South Africa in 2023
Is profit from trading taxable in South Africa?

Yes, you need to pay tax on any profits you made from trading during the tax year. In South Africa, profit resulting from trading is considered gross income and as such it is taxable. Under South Africa's Income Tax Act, the capital gains tax (CGT) is not a separate tax, but rather forms part of the income tax. Any capital gains you make are added to your taxable income and taxed at your marginal tax rate.

What is a capital gain? In simple terms, if you sell an asset (i.e. a stock or an ETF) for more money than what you paid for it, you have attained a capital gain. The South African Revenue Service (SARS) will require you to pay taxes after your capital gains. For individual traders, the maximum CGT rate is 18%.

Individuals may exclude up to R40 000 of capital gain or capital loss from their taxable income per year.

Is there tax-free investment in South Africa? South Africa introduced Tax Free Investments to encourage household savings. You don’t have to pay income tax, dividends tax or capital gains tax on the returns from these investments. You can get tax-free savings products including cash deposits and ETFs through nearly all banks, investment companies and stockbrokers.

Need more info on taxation in South Africa? SARS has a step-by-step guide to help individuals calculate their taxable income, including any capital gains tax that may be applicable.

Interactive Brokers Logo

#1 Best international online broker in South Africa in 2023
Interactive Brokers

Recommended for traders looking for broad market access and a professional trading environment

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Interactive Brokers snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer
Withdrawal method Bank transfer
Withdrawal fee $0
Time to open account 1-3 days
Inactivity fee No
Read review For a detailed analysis of Interactive Brokers services, check out our review for 2023
XTB Logo

#2 Best international online broker in South Africa in 2023
XTB

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

Visit broker
81% of retail CFD accounts lose money

XTB snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer, Credit/debit cards, Paysafe, Skrill
Withdrawal method Bank transfer
Withdrawal fee $0
Time to open account 1 day
Inactivity fee Yes
Read review For a detailed analysis of XTB services, check out our review for 2023
Alpaca Trading Logo

#3 Best international online broker in South Africa in 2023
Alpaca Trading

Recommended for traders interested in algorithmic stock trading

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Alpaca Trading snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer
Withdrawal method Bank transfer
Withdrawal fee $0
Time to open account 1 day
Inactivity fee No
Read review For a detailed analysis of Alpaca Trading services, check out our review for 2023
Plus500 Logo

#4 Best international online broker in South Africa in 2023
Plus500

Recommended for experienced traders looking for an easy-to-use platform and a great user experience

Visit broker
86% of retail CFD accounts lose money

Plus500 snapshot
Minimum deposit $100
Fees class Low
Deposit method Bank transfer, Credit/debit cards, PayPal, Skrill
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Skrill
Withdrawal fee $0
Time to open account 1 day
Inactivity fee Yes
Read review For a detailed analysis of Plus500 services, check out our review for 2023
TradeStation Logo

#5 Best international online broker in South Africa in 2023
TradeStation

Recommended for traders focusing on us markets and buy-and-hold investing

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TradeStation snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer
Withdrawal method Bank transfer
Withdrawal fee $0
Time to open account 1 day
Inactivity fee Yes
Read review For a detailed analysis of TradeStation services, check out our review for 2023
tastytrade Logo

#6 Best international online broker in South Africa in 2023
tastytrade

Recommended for options and futures traders focusing on us markets

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tastytrade snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer
Withdrawal method Bank transfer
Withdrawal fee $0
Time to open account 1 day
Inactivity fee No
Read review For a detailed analysis of tastytrade services, check out our review for 2023
Admirals (Admiral Markets) Logo

#7 Best international online broker in South Africa in 2023
Admirals (Admiral Markets)

Recommended for forex traders who are familiar with the metatrader trading platforms

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80% of retail CFD accounts lose money

Admirals (Admiral Markets) snapshot
Minimum deposit $100
Fees class Low
Deposit method Bank transfer, Credit/debit cards, Skrill, PayPal, Klarna, Neteller, SafetyPay, AstroPay, Trustly, Rapid Transfer, NganLuong
Withdrawal method Bank transfer, Credit/debit cards, Skrill, PayPal, Klarna, Neteller, SafetyPay, AstroPay, Trustly, Rapid Transfer, NganLuong
Withdrawal fee $0
Time to open account 1 day
Inactivity fee Yes
Read review For a detailed analysis of Admirals (Admiral Markets) services, check out our review for 2023
IG Logo

#8 Best international online broker in South Africa in 2023
IG

Recommended for traders of any experience level looking for an easy-to-use trading platform

Visit broker
75% of retail CFD accounts lose money

IG snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer, Credit/debit cards, PayPal
Withdrawal method Bank transfer, Credit/debit cards
Withdrawal fee $0
Time to open account 1-3 days
Inactivity fee Yes
Read review For a detailed analysis of IG services, check out our review for 2023
Tickmill Logo

#9 Best international online broker in South Africa in 2023
Tickmill

Recommended for forex traders looking for low fees who are familiar with the metatrader 4 platform

Visit broker
76% of retail CFD accounts lose money

Tickmill snapshot
Minimum deposit $100
Fees class Low
Deposit method Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal
Withdrawal method Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal
Withdrawal fee $0
Time to open account 1 day
Inactivity fee No
Read review For a detailed analysis of Tickmill services, check out our review for 2023
Oanda Logo

#10 Best international online broker in South Africa in 2023
Oanda

Recommended for forex traders who value a user-friendly platform and great research tools

Visit broker
78.3% of retail CFD accounts lose money

Oanda snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal fee $0
Time to open account 1-3 days
Inactivity fee Yes
Read review For a detailed analysis of Oanda services, check out our review for 2023

Best international online brokers in South Africa in 2023
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Best international online brokers in South Africa in 2023
How did we select the best international online brokers in South Africa in 2023?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fees, commissions),
  • We checked and compared every aspect of their services,
  • Opened an account and tested the platform (charting, features, usability) with real money.
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Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

Author of this article

Adam Nasli

Author of this article

Adam is a motivated finance expert. He is one of the first hires at BrokerChooser and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

Adam Nasli

Analyst Head

Adam is a motivated finance expert. He is one of the first hires at BrokerChooser and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

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
81% of retail CFD accounts lose money
Visit Plus500
86% of retail CFD accounts lose money
Visit Admirals (Admiral Markets)
80% of retail CFD accounts lose money
Visit IG
75% of retail CFD accounts lose money
Visit Tickmill
76% of retail CFD accounts lose money
Visit Oanda
78.3% of retail CFD accounts lose money

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