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Top 5 picks for best international online brokers in South Africa in 2023:
- Interactive Brokers is the best international online brokers in South Africa in 2023. - Low trading fees. Wide range of products. Many great research tools.
- XTB - Commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
- Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
- Plus500 - Easy-to-use platform. Great account opening. Quick and helpful customer support.
- TradeStation - Great web and mobile trading platform. Low trading fees. High-quality research and education tools.
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.
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
Now let's jump straight to the results.
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.
| Interactive Brokers | XTB | Alpaca Trading | Plus500 | TradeStation | |
|---|---|---|---|---|---|
| Overall score | 4.9 stars | 4.8 stars | 4.7 stars | 4.7 stars | 4.7 stars |
| Minimum deposit | $0 | $0 | $0 | $100 | $0 |
| Time to open account | 1-3 days | 1 day | 1 day | 1 day | 1 day |
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.
| Interactive Brokers | XTB | Alpaca Trading | Plus500 | TradeStation | |
|---|---|---|---|---|---|
| US stock | $1.0 | $0.0 | $0.0 | - | $0.0 |
| UK stock | $3.4 | $0.0 | - | - | - |
| EURUSD benchmark fee | $14.7 | $15.2 | - | $18.7 | - |
| US stock index options | $6.5 | - | - | - | $6.0 |
| Mutual fund | $15.0 | - | - | - | $15.0 |
| S&P 500 index CFD fee | $3.3 | $4.0 | - | $3.5 | - |
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.
| Interactive Brokers | XTB | Alpaca Trading | Plus500 | TradeStation | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
| Deposit fee | $0 | $0 | $0 | $0 | $0 |
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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.
| Interactive Brokers | XTB | Alpaca Trading | Plus500 | TradeStation | |
|---|---|---|---|---|---|
| Overall score | 4.9 stars | 4.8 stars | 4.7 stars | 4.7 stars | 4.7 stars |
| Fees score | 4.5 stars | 4.3 stars | 4.8 stars | 4.0 stars | 4.1 stars |
| Mobile platform score | 3.5 stars | 4.4 stars | 4.2 stars | 5.0 stars | 4.8 stars |
| Deposit and withdrawal score | 3.0 stars | 4.5 stars | 1.8 stars | 5.0 stars | 2.2 stars |
| Account opening score | 3.2 stars | 5.0 stars | 4.8 stars | 5.0 stars | 5.0 stars |
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.
#1 Best international online broker in South Africa in 2022
Interactive Brokers
Recommended for traders looking for broad market access and a professional trading environment
| 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 |
#2 Best international online broker in South Africa in 2022
XTB
Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service
| 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 |
#3 Best international online broker in South Africa in 2022
Alpaca Trading
Recommended for traders interested in algorithmic stock trading
| 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 |
#4 Best international online broker in South Africa in 2022
Plus500
Recommended for experienced traders looking for an easy-to-use platform and a great user experience
| 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 |
#5 Best international online broker in South Africa in 2022
TradeStation
Recommended for traders focusing on us markets and buy-and-hold investing
| 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 |
Best international online brokers in South Africa in 2023
What makes a good online broker
Now that you know the top 5, you probably want to know how we came up with this list. Let's go through a few points quickly.
How did BrokerChooser pick the best online brokers?
At BrokerChooser, we test online brokers based on more than 500 criteria, with real accounts and real money. We don't want to overwhelm you, so we will list only the top 5 criteria.
| 1. Fees | Trading fees for a given stock trade can be 50 times higher at one online broker compared to another. The brokers listed here all have low fees. |
| 2. Deposit and withdrawal | At some online brokers, funding and withdrawing funds can take much longer and be much more expensive than at others. |
| 3. Trading platform | A user-friendly and well-equipped trading platform can significantly increase your trading comfort. |
| 4. Account opening | Some online brokers require a minimum deposit to start investing while others don't ask for a fix first-time deposit. Check these requirements before opening an account. |
| 5. Markets and products | Want to invest in Japanese stocks or trade Bitcoin? They are not be available at each broker. We selected brokers with a wide range of products so you can trade many asset types. |
Still unsure? For a tailored recommendation, check out our broker finder tool. If you enter the name of your country, it will show only the brokers that are relevant to you. Want more details? Compare brokers with the help of this detailed comparison table.
