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Best international online brokers in South Africa in 2024

Written by
Adam N.
Fact checked by
Updated
2w 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 brokers available in South Africa, updated for 2024:

  1. Interactive Brokers is the best international online brokers in South Africa in 2024. - Extremely low fees. Wide range of products. Many great research tools.
  2. Saxo - Great trading platform. Outstanding research. Broad product portfolio. Interest paid on uninvested cash.
  3. XTB - 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.
  4. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
  5. Webull - Free stock/ETF trading and high 5% interest on uninvested cash. Fast and easy account opening. Great trading platforms.
  6. Admirals (Admiral Markets) - Low forex CFD fees. Free and fast deposit and withdrawal. Straightforward account opening.
  7. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  8. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  9. Plus500 - Well-designed platform. Great account opening. Quick and helpful customer support.
  10. Optimus Futures - Low trading fees and free ACH withdrawal. Great platform and research. Fast customer service.
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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
/5
$0
Saxo
4.9
/5
$0
XTB
4.8
/5
$0
Oanda
4.5
/5
$0
Webull
4.5
/5
$0
Admirals (Admiral Markets)
4.5
/5
$100
IG
4.5
/5
$0
Forex.com
4.5
/5
$100
Plus500
4.5
/5
$100
Optimus Futures
4.5
/5
$500
Best online brokers in 2024

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.

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
South African stock
Interactive Brokers
$1.0
-
Saxo
$1.6
$5.0
XTB
$0.0
-
Oanda
$0.0
-
Webull
$0.0
-
Admirals (Admiral Markets)
$0.0
-
IG
$15.0
-
Forex.com
-
-
Plus500
-
-
Optimus Futures
-
-
Fees at the best international online brokers in May 2024
All commissions, spreads and financing rates (if applicable) for opening a position, holding for a week, and closing.

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
Saxo
XTB
Oanda
Webull
Admirals (Admiral Markets)
IG
Forex.com
Plus500
Optimus Futures
Non-trading fees at the best international online brokers in May 2024

Our assessment of best international online brokers for residents in South Africa in 2024

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
/5
4.3
/5
Saxo
4.9
/5
3.0
/5
XTB
4.8
/5
4.5
/5
Oanda
4.5
/5
4.1
/5
Webull
4.5
/5
4.6
/5
Admirals (Admiral Markets)
4.5
/5
3.7
/5
IG
4.5
/5
3.5
/5
Forex.com
4.5
/5
3.7
/5
Plus500
4.5
/5
3.6
/5
Optimus Futures
4.5
/5
4.6
/5
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.

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.

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.

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 2024

Recommended for investors and traders looking for a great trading platform and solid research

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Saxo snapshot
Minimum deposit $0
Fees class Average
Deposit method Bank transfer, Credit/debit cards
Withdrawal method Bank transfer
Withdrawal fee $0
Time to open account 1 day
Inactivity fee No
Read review For a detailed analysis of Saxo services, check out our review for 2024
XTB Logo

XTB

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

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76-85% of retail CFD accounts lose money

XTB snapshot
Minimum deposit $0
Fees class Low
Deposit method Bank transfer, Credit/debit cards, Paysafe, Skrill, ecommpay, PayU, PayPal
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 2024

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

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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 2024

Recommended for investors and traders looking for zero-commission trading and easy platforms

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Webull 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 Webull services, check out our review for 2024

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 2024
IG Logo

IG

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

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71% of retail CFD accounts lose money

IG snapshot
Minimum deposit $0
Fees class Average
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 No
Read review For a detailed analysis of IG services, check out our review for 2024

Recommended for forex traders looking for low fees and great research tools

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69-77% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit $100
Fees class Low
Deposit method Bank transfer, Credit/debit cards, Skrill, Neteller, PayPal
Withdrawal method Bank transfer, Credit/debit cards, Skrill, Neteller, PayPal
Withdrawal fee $0
Time to open account 1-3 days
Inactivity fee Yes
Read review For a detailed analysis of Forex.com services, check out our review for 2024

Recommended for experienced traders looking for an innovative platform and a great user experience

Visit broker
82% of retail CFD accounts lose money

Plus500 snapshot
Minimum deposit $100
Fees class Low
Deposit method Bank transfer, Credit/debit cards, PayPal, Skrill, Google Pay, Apple Pay, iDeal, POLi, PayNow, Blik, BPay, Klarna, GiroPay
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Skrill, Google Pay, Apple Pay, iDeal, POLi, PayNow, Blik, BPay, Klarna, GiroPay
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 2024

Recommended for day traders focusing on futures and technical trading

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Optimus Futures snapshot
Minimum deposit $500
Fees class Low
Deposit method Bank transfer
Withdrawal method Bank transfer
Withdrawal fee $20
Time to open account 1 day
Inactivity fee No
Read review For a detailed analysis of Optimus Futures services, check out our review for 2024

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How did we select the best international online brokers in South Africa in 2024?

  • 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.
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

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Author of this article

Adam Nasli

Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

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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