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ZA · Country profile

Best brokers in South Africa

South Africa has an active regulator in the FSCA but no compensation scheme. Local investors must also work within exchange control rules that cap how much capital can be moved offshore each year.

The ranking

Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.

Brokers available
35of 72
With a local licence
13
Tier-1 regulated
33
Avg. score
4.0

Market in figures

South Africa: the broker market in figures

35 of the 72 brokers in our dataset accept clients resident in South Africa. The figures below count only what a record documents — a missing entry never counts as a yes.

ZAR as an account currency
5of 35
Customer support in English
35of 35
Commission on a €5,000 share order
€0 – €510 providers with a comparable price
No custody fee (documented)
17of 35

Run your own numbers

Country profile

Market profile

Supervision, investor protection and tax — the three points that decide the account.

South Africa

ZA · Country profile

Local currency
ZAR
Local regulator
FSCA
Recorded providers
35 of 72

Investor protection

No general compensation scheme; the FAIS Ombud handles complaints

The part that decides

Tax notes

Capital gains enter taxable income through an inclusion rate. Tax-free savings accounts allow untaxed returns up to annual and lifetime caps.

Brokers that withhold tax locally

Our dataset records no provider as a tax withholding agent for this country. How you declare the income is governed by the country's tax law.

Orientation based on the general legal position — not tax advice. Your personal situation and the legislation in force at the time govern.

Available here

The ranking

Ranked by our overall score across ten weighted criteria. Only providers that accept clients resident here.

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Where you live decides which brokers and promotions are open to you. The page language is independent of it.

Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.

Rank 1IG logo

IG

The most complete leveraged-trading operation in Europe — and it prices like it knows that.

  • Experienced CFD and spread bet traders
  • Multi-asset traders who want one account

Volume rebate — CFD volume rebate at the Bermuda entity

Stocks (per order)
Free
Minimum deposit
None
FX conversion
0.8 %
StocksETFsOptionsFutures+9
  • Pros: Around 17,000 tradable markets in a single account — shares, indices, FX, commodities, bonds, ETFs, turbo warrants and crypto CFDs, subject to regional restrictions
  • Cons: The 0.8% currency conversion mark-up on foreign-currency CFD and spread bet trades is where much of the real cost hides — on a USD position round-trip it comfortably exceeds the spread
Group index 100/100
FCABaFin, FINMA, ASIC, MAS, JFSA, DFSA
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 2Interactive Brokers logo

Interactive Brokers

The cheapest serious route to almost every market on earth — if you can live with the learning curve.

  • Active and professional traders
  • Multi-currency investors

Up to USD 1,000 in stock — Referral programme with share credit

Note: this button leads to the Interactive Brokers home page and is not a referral link. The share credit is only available if you open the account through an invitation from an existing Interactive Brokers client.

Stocks (per order)
0.05 %
Minimum deposit
None
FX conversion
0 %
StocksETFsOptionsFutures+8
  • Pros: US stocks from USD 0.0035 per share on the Tiered plan, minimum USD 0.35 per order and capped at 1% of trade value
  • Cons: Customer support is the most common complaint: many requests go through the ticket system, and public reviews (e.g. on Trustpilot) often cite slow replies and template answers
Group index 90/100
SECFCA, CBI, ASIC, MAS
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 3CMC Markets logo

CMC Markets

One of the best charting packages in retail CFD trading, wrapped around a narrower product range than the market count suggests.

  • Technical and chart-driven traders
  • UK and Irish spread betting
Stocks (per order)
Free (CFD)
Minimum deposit
None
FX conversion
0.7 %
StocksETFsOptionsForex+6
  • Pros: Next Generation is one of the strongest charting suites bundled with a retail CFD account —115+ indicators, 70 chart patterns, 12 chart types and pattern-recognition scanners, at no extra cost
  • Cons: None of CMC's derivatives is exchange-traded: the options it quotes are OTC and cash-settled, and there are no cleared futures at all, so CMC is the counterparty on every derivative contract and no clearing house stands behind it
Group index 94/100
FCAASIC, BaFin, MAS
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 4

Pepperstone

Raw spreads and five platforms for traders who care about execution cost, not about owning the asset.

  • Active FX traders
  • Scalping and day trading

From 0.0 pips — Raw spreads from 0.0 pips with commission

Stocks (per order)
0.1 % (CFD)
Minimum deposit
US$10
FX conversion
n/a
StocksETFsForexCFDs+5
  • Pros: Razor all-in EUR/USD cost of about 0.8 pips - a 0.0 to 0.1 pip raw spread plus USD 3.50 per lot per side
  • Cons: Everything is a CFD. You never own the share or ETF, so there are no voting rights, no transferable holdings and no dividend tax reclaim
Group index 82/100
FCAASIC, BaFin, CySEC, DFSA, SCB, CMA
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 5XTB logo

XTB

One of the strongest trading platforms in the commission-free bracket - xStation 5 is a professional workspace attached to a zero-commission share account.

  • Serious charting on a budget
  • Commission-free European stocks

0% — 0% commission on stocks and ETFs up to the monthly volume cap

Stocks (per order)
Free
Minimum deposit
None
FX conversion
0.5 %
StocksETFsOptionsForex+4
  • Pros: xStation 5 is one of the strongest platforms in the commission-free bracket - a real screener, market heat map, sentiment data, economic calendar and news in one workspace, on web, desktop and mobile with near-identical features.
  • Cons: The 0.5% currency conversion charge (0.8% at weekends and on public holidays) applies whenever the instrument currency differs from your account currency. For a EUR investor buying US stocks it is charged on the way in and again on the way out, and it dwarfs the commission it replaces.
Group index 72/100
FCAKNF, CySEC, CNMV, DFSA, FSCA, FSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 6CapTrader logo

CapTrader

Interactive Brokers' market access wrapped in German regulation, German support and a German phone number.

  • German-speaking options and futures traders
  • Active traders who want IBKR pricing with German support
Stocks (per order)
0.1 %
Minimum deposit
€2,000
FX conversion
0 %
StocksETFsOptionsFutures+7
  • Pros: BaFin-supervised German investment firm (institution number 10156708) with a Düsseldorf address, German contract law and a free German hotline until 20:00
  • Cons: No Abgeltungsteuer is withheld. German investors gain a compounding advantage but must declare everything themselves via Anlage KAP, and a Freistellungsauftrag is not possible — for many people that alone rules CapTrader out
Group index 81/100
BaFinCBI, FCA
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 7

IC Markets

One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.

  • Algorithmic and EA traders
  • Scalping and high-frequency FX
Stocks (per order)
0.1 % (CFD)
Minimum deposit
€200
FX conversion
n/a
StocksFuturesForexCFDs+5
  • Pros: All-in EUR/USD cost of roughly 0.6 to 0.8 pips on Raw Spread - a 0.0 to 0.1 pip raw spread plus USD 3.50 per lot per side
  • Cons: Most non-EU, non-Australian clients contract with Raw Trading Ltd under Seychelles licence SD018 - an offshore regulator with no investor compensation scheme behind it
Group index 70/100
ASICCySEC, FSCA, FSA, SCB, CMA
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 8Admirals (Admiral Markets) logo

Admirals (Admiral Markets)

The rare CFD broker that also settles real shares — broad, well-priced and unusually forgiving about dormant accounts.

  • Real share investing
  • MetaTrader users
Stocks (per order)
US$0.02/share
Minimum deposit
€100
FX conversion
0.3 %
StocksETFsForexCFDs+4
  • Pros: Real share and ETF ownership through Invest.MT5 — roughly 4,800 listed companies and 200-plus ETFs from USD 0.02 per share with a USD 1.00 minimum, with no custody or platform fee.
  • Cons: Support is weekday office hours only, with no weekend desk — a genuine gap for anyone holding crypto CFDs over a Saturday.
Group index 72/100
FCAASIC, CySEC, FSCA, JSC, CMA, FSA
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 9Kraken logo

Kraken

The most heavily licensed venue in crypto — and the only one that is also a chartered US bank.

  • Traders who prioritise regulatory quality
  • Crypto derivatives and margin traders
Stocks (per order)
Share trading not offered
Minimum deposit
€1
FX conversion
n/a
StocksETFsOptionsFutures+3
  • Pros: Wyoming SPDI bank charter through Kraken Financial — a full-reserve institution required to hold 100% unencumbered liquid assets against customer fiat, with a Federal Reserve limited-purpose master account
  • Cons: Entry-tier spot pricing of 0.40% maker and 0.80% taker is the most expensive base rate among major regulated venues, and you need USD 10,000 of 30-day volume before it drops below 0.40% taker
Group index 78/100
CBIFCA, SEC, CFTC, WY DoB, CySEC, VARA, BVI FSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 10

OANDA

Thirty years, six top-tier licences and one of the strongest mobile apps in FX - attached to spreads you have to work around.

  • Beginners
  • Mobile-first traders
Stocks (per order)
0.06 % (CFD)
Minimum deposit
None
FX conversion
1 %
StocksETFsForexCFDs+6
  • Pros: Regulated by six tier-1 authorities - CFTC/NFA, FCA (542574), CIRO, ASIC (AFSL 412981), MAS and the JFSA - a licence footprint almost nobody in retail FX matches
  • Cons: The default spread-only account is expensive: EUR/USD has been measured at 1.4 to 1.7 pips against roughly 0.8 pips all-in at raw-spread competitors
Group index 89/100
CFTC/NFAFCA, ASIC, CIRO, MAS, JFSA, KNF, BVI FSC
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 11

ThinkMarkets

Raw-spread pricing, six licences and a strong mobile app - held back by its withdrawal record.

  • Active FX traders
  • Mobile-first traders
Stocks (per order)
in the spread (CFD)
Minimum deposit
None
FX conversion
n/a
StocksETFsForexCFDs+4
  • Pros: ThinkZero all-in EUR/USD cost of about 0.8 pips - raw spreads from 0.0 pips plus USD 3.50 per lot per side on forex and metals
  • Cons: 75 percent of ThinkMarkets UK retail accounts lose money trading CFDs, and disclosures across the group's entities have ranged from roughly 68 percent to 89 percent
Group index 79/100
FCAASIC, JFSA, CySEC, FSCA, FSA
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Rank 12

Webull

A desktop-grade trading terminal wrapped in a zero-commission app — with a support desk that lags badly behind the software.

  • US options traders
  • Chart-driven active traders
Stocks (per order)
Free
Minimum deposit
None
FX conversion
n/a
StocksETFsOptionsFutures+5
  • Pros: USD 0 commission on US-listed stocks, ETFs and equity options, with no per-contract fee — index options are the only equity-derivative exception at USD 0.50 per contract
  • Cons: Customer support is the standing complaint: Trustpilot sits at roughly 1.3–1.4 out of 5, with transfers and account access the most common themes
Group index 86/100
FINRACFTC/NFA, FCA, ASIC, MAS, AFM
Protection depends on your legal entity
Visit brokerRead review

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

By trading style

Best broker per category

Every category weights the rating criteria differently — which is why the same provider rarely wins everywhere.

Transparency

Not available here

Transparency means showing the gaps too. These recorded providers do not accept clients resident here.

Head to head

The top 8, row by row

Fees apply to retail accounts under normal market conditions. Each provider's data date is on its review.

The top 8, row by row — South Africa
Rank#BrokerOverall scoreStocks (per order)Minimum depositFX conversionLocal licenceTax withheldAsset classesAction
1IG logoIGFCA · BaFin · FINMA4.5FreeNone0.8 %Local licenceTax withheld13Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

2Interactive Brokers logoInteractive BrokersSEC · FCA · CBI4.50.05 %None0 %Local licenceTax withheld12Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

3CMC Markets logoCMC MarketsFCA · ASIC · BaFin4.4Free (CFD)None0.7 %Local licenceTax withheld10Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

4PepperstoneFCA · ASIC · BaFin4.40.1 % (CFD)US$100.8 pipsLocal licenceTax withheld9Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

5XTB logoXTBKNF · FCA · CySEC4.3FreeNone0.5 %Local licenceTax withheld8Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

6CapTrader logoCapTraderBaFin · CBI · FCA4.20.1 %€2,0000 %Local licenceTax withheld11Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

7IC MarketsASIC · CySEC · FSA4.20.1 % (CFD)€2000.8 pipsLocal licenceTax withheld9Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

8Admirals (Admiral Markets) logoAdmirals (Admiral Markets)FCA · CySEC · ASIC4.1US$0.02/share€1000.3 %Local licenceTax withheld8Visit broker

Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Provider holds a licence from a supervisory authority of this country. Our dataset records the provider as a tax withholding agent for this country.

Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.

Countries

Frequently asked questions

35 of the 72 providers recorded in our dataset accept clients resident in South Africa. The highest rated right now are IG, Interactive Brokers and CMC Markets. The full ranking with fees and regulation is at the top of this page.

Content on Brokaro is for information purposes only and is not investment, legal or tax advice. All information is provided without guarantee; only the provider's own statements are authoritative.

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Guides and calculators for investors in South Africa

Background on tax, fees and regulation — and calculators for your own amounts.

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