Intro and winners
Find below the strengths of the best brokers available in South Africa, updated for 2024:
- Interactive Brokers is the best international online brokers in South Africa in 2024. - Low trading fees and high interest on cash balances. Wide range of products. Many great research tools.
- Saxo Bank - Great trading platform. Outstanding research. Broad product portfolio. Interest paid on uninvested cash.
- 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.
- Plus500 - Well-designed platform. Great account opening. Quick and helpful customer support.
- Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
- Webull - Free stock/ETF trading and high 5% interest on uninvested cash. Fast and easy account opening. Great trading platforms.
- Admirals (Admiral Markets) - Low forex CFD fees. Free and fast deposit and withdrawal. Straightforward account opening.
- IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
- Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
- Intro and winners
- International online brokers' key info
- Trading fees
- Other fees at international online brokers
- Our assessment of best international online brokers for residents in South Africa in 2024
- Are these brokers reliable?
- Is profit from trading taxable in South Africa?
- Interactive Brokers
- Saxo Bank
- XTB
- Plus500
- Oanda
- Webull
- Admirals (Admiral Markets)
- IG
- Forex.com
- IC Markets
- Didn't find the best broker for you?
- How did we select the best international online brokers in South Africa in 2024?
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 Bank | 4.9 /5 | $0 |
XTB | 4.8 /5 | $0 |
Plus500 | 4.5 /5 | $100 |
Oanda | 4.5 /5 | $0 |
Webull | 4.6 /5 | $0 |
Admirals (Admiral Markets) | 4.5 /5 | $100 |
IG | 4.5 /5 | $0 |
Forex.com | 4.5 /5 | $100 |
IC Markets | 4.5 /5 | $200 |
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 Bank | $1.6 | $5.0 |
XTB | $0.0 | - |
Plus500 | - | - |
Oanda | $0.0 | - |
Webull | $0.0 | - |
Admirals (Admiral Markets) | $0.0 | - |
IG | $15.0 | - |
Forex.com | - | - |
IC Markets | - | - |
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 Bank | ||
XTB | ||
Plus500 | ||
Oanda | ||
Webull | ||
Admirals (Admiral Markets) | ||
IG | ||
Forex.com | ||
IC Markets |
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 Bank | 4.9 /5 | 3.0 /5 |
XTB | 4.8 /5 | 4.5 /5 |
Plus500 | 4.5 /5 | 3.7 /5 |
Oanda | 4.5 /5 | 4.1 /5 |
Webull | 4.6 /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 |
IC Markets | 4.5 /5 | 4.4 /5 |
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
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
Saxo Bank 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 Bank services, check out our review for 2024 |
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, 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 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 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
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
Visit broker
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 |
Recommended for traders of any experience level looking for an easy-to-use trading platform
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69% 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 | Yes |
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
Visit broker
68% of retail CFD accounts lose money
Forex.com snapshot | |
---|---|
Minimum deposit | $100 |
Fees class | Low |
Deposit method | Bank transfer, Credit/debit cards, Skrill, Neteller |
Withdrawal method | Bank transfer, Credit/debit cards, Skrill, Neteller |
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 forex and CFD traders who value easy account opening and free deposit/withdrawal options
Visit broker
74.32% of retail CFD accounts lose money
IC Markets snapshot | |
---|---|
Minimum deposit | $200 |
Fees class | Low |
Deposit method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna |
Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna |
Withdrawal fee | $0 |
Time to open account | 1 day |
Inactivity fee | No |
Read review | For a detailed analysis of IC Markets 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.
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.