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The South African Best Online Trading Platform Revealed
Use our interactive tool to find your perfect trading platform, whether you want to trade bonds, ETFs, forex, crypto, stocks or anything else
- We only featured licensed & regulated trading platforms
- Our experts reveal all the fees & spreads you need to know about
- Compare top brokers with advanced trading tools
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If you’re based in South Africa and looking for the best trading platform in 2023 – you’ve got dozens of providers to choose from.
Many of these platforms give you access to thousands of financial markets at low or even zero commission. You do, of course, also need to consider the safety of your funds – so always pick a platform that is regulated.
In this guide, we reveal the best and cheapest online trading platform South Africa. We also show you how to select a South Africa trading platform for your needs and how to get started with an account today.
Best Online Trading Platforms South Africa 2023 List
Looking to start buying and selling financial instruments with the best trading platform in South Africa right now? Check out our list of the best providers below!
- FXVC – Overall Best Stock Broker in South Africa
- AvaTrade – Trusted South Africa Trading Platform with MT4/5
- AXI– Forex Trading Platform With Competitive Spreads
- VantageFX – Best Forex Trading Platform in South Africa
- Plus500 – Best Trading Platform for South African Stock CFDs
- Skilling – Best Trading Platform in South Africa for Cryptocurrencies
- CM Trading – Best Broker in South Africa with FSCA License
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Payment methods
Features
Customer service
Classification
Mobile App
Fixed commissions per operation
Account Fee
Rating
- No spreads
- Educational content
- User-friendly platform
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.3% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Fees per operation
Rating
- Low fees
- Supports algo trading
- High quality charting
66% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Fees per operation
Rating
- Flexible leverage options
- Free deposits and withdrawals
- Easy-to-use platform
Account Info
Fees per operation
Best Brokers in South Africa Reviewed
As noted above, there are dozens of online trading platforms available to South Africa. Some of these providers cover a wide variety of assets – so this might include stock trading platforms, CFD trading platforms, and even Bitcoin trading platforms.
Either way, there are many considerations to make when finding the best trading platform in South Africa – such as fees, payments, support, and safety.
Taking all of these important metrics into account, below you will find which providers made the cut as the best trading platform in South Africa for 2023!
1. FXVC – Overall Best Stock Broker in South Africa
FXVC is a great choice if you’re looking for a South African stock broker with low fees, a wide range of shares, and some great trading tools. It offers loads of different stock CFDs from different exchanges, so you can trade on the price of major companies like Amazon and Apple.
You can do this with very low fees, too, thanks to FXVC’s competitive spreads. This broker also comes up trumps when it comes to execution speeds, offering some of the fastest in the industry with extremely low latency.
You can trade via the FXVC web platform or via the mobile app, which is very well designed and user-friendly. Both provide access to a wide range of technical and fundamental analysis tools to help you execute your trading strategies. There is also a wide range of research and analysis resources available, including daily market reviews, analysis, and even ebooks.
FXVC caters to both novice and experienced traders with five account types, so you can choose the one that best suits you.
Pros:
- Wide range of shares to trade
- Low spreads
- Extremely fast execution
- Useful research & trading tools
- Choose from five accounts
- Intuitive mobile app
Cons:
- Doesn’t accept PayPal
Your capital is at risk.
2. AvaTrade – Trusted South Africa Trading Platform with MT4/5
If you’re looking for the best trading platform in South Africa that is compatible with the MetaTrader series, AvaTrade might be the best option on the table. In fact, not only is the platform compatible with MT4, but also MT5. This allows you to trade from the comfort of your home in a fully-immersive manner.
By this, we mean that MT4/5 via AvaTrade supports dozens of technical indicators, trading signals, chart drawing tools, and connectivity with forex EAs. As well as allowing VIX trading, making it our best volatility 75 index broker as you can automate a VIX trading approach. AvaTrade also offers its own native trading platform that is available online or via an iOS/Android app.
There is even the AvaOptions platform that is dedicated exclusively to options trading. When it comes to supported markets, everything at AvaTrade is packaged as a CFD instrument. Once again, this means you’ll benefit from low fees, leverage, and short-selling capabilities. No commissions are charged by this platform, as everything is built into the spread.
If you like the sound of this top-rated MT4 broker, AvaTrade accounts take minutes to open. The minimum deposit is just $100 and you can add funds via a South African bank account, debit card, and a number of e-wallets. Finally, AvaTrade is authorized to operate in multiple jurisdictions – including full regulation by the South African Financial Sector Conduct Authority (FSCA).
Pros:
- Supports MT4/5
- Wide range of tradable instruments
- Educational materials
- Islamic trading account
- ASIC and FSCA regulated
Cons:
- Does not offer traditional stock ownership – CFDs only
72% of retail CFD accounts lose money with this provider.
3. Axi- Forex Trading Platform With Competitive Spreads
Axi is an online forex trading platform that offers tight spreads and fast execution speads. The broker is a popular option with over 60,000 traders already signed up to the platform worldwide. Furthermore, Axi has a free demo account which is a great way to test out the platform and try new trading strategies
without putting your money at risk.
Traders who want to delve into forex will be able to access over 70 different forex currency pairs through the Axi platform. As well as this, Axi doesn’t charge any brokerage fees which makes it a great option for those looking to start FX trading on a budget. Furthermore, Axi does not charge any commission for withdrawing funds.
Axi Broker 3 different trading softwares for FX trading: MetaTrader 4, PsyQuation and Autochartist. Each software has its own unique pros and cons and a good idea is to test out each one to which which suits your trading style the best.
As well as currency pairs, Axi also offers CFDs, commodities, cryptocurrencies, and indices. This is ideal for diversifying your trading and maximizing your chances of profit in the market.
Pros:
- Trusted by 100 different countries aroung the globe
- Commission-free trading with tight spreads
- Integrates with MT4, PsyQuation and AutoChartist
- Free Demo trading account available
- Offers over 70 different FX pairs
Cons:
- Is not regulated by an official regulatory bodies.
Your capital is at risk.
4. VantageFX – Best Forex Trading Platform in South Africa
VantageFX is an international forex broker that allows you to trade major forex pairs with leverage up to 500:1. The broker offers CFDs for more than 40 currency pairs to trade. While this might not be the widest selection among forex brokers in South Africa, there are a lot of things that help VantageFX stand out.
To start, VantageFX offers commission-free trading accounts with a minimum deposit of just $200. Spreads start from 1.4 pips, which is fairly inexpensive. In addition, VantageFX offers ProECN and RawECN trading accounts. These send your orders directly to liquidity pools for execution, and they don’t carry any spreads. Instead, you pay a commission from $2 per trade for the ProECN account or $3 per trade for the RawECN account.
VantageFX offers traders the popular MetaTrader 4 and MetaTrader 5 trading platforms. That means you can use powerful trading tools like forex signals, create custom technical indicators, and backtest your indicators against historical price data.
On top of that, VantageFX integrates with Myfxbook, ZuluTrade, and Duplitrade. These social trading platforms give you unique insight into the forex market. Plus, all 3 platforms enable you to copy other forex traders, so you can easily automate your trading. Between the 3 platforms, you’ll have thousands of traders to choose from to copy.
VantageFX is regulated by the UK FCA and ASIC. The broker doesn’t charge deposit, withdrawal, or inactivity fees,. You can fund your account using a debit card, credit card, or bank transfer.
Pros:
- Offers ECN trading accounts
- Commission-free trading with spreads from 1.4 pips
- Integrates with MT4 and MT5
- Supports Myfxbook, ZuluTrade, and Duplitrade
- FCA and ASIC regulated
Cons:
- Limited selection of currency pairs to trade
Your capital is at risk.
5. Plus500 – Best Trading Platform for South African Stock CFDs
If you’re looking for the best trading platform in South Africa to trade stock CFDs – look no further than Plus500. Not only does this top-rated provider allow you to trade stocks listed in the US, UK, Australia, Japan, and much of Europe – but South Africa, too.
For example, Plus500 lists companies such as Sasol, Nedbank Group, Gold Fields, Anglo American, Impala Platinum, Old Mutual, and many others. As you will be trading these stocks via CFD instruments, you’ll benefit from being able to place more sophisticated positions. For example, Plus500 offers buy and sell orders on all its supported markets – so you can go long and short on your chosen stock CFD.
Additionally, this platform offers leverage, so you can amplify your account balance at the click of a button. Perhaps most importantly, you can trade stock CFDs on Plus500 without paying any commission. We also like the ‘Trader’s Sentiment’ tool provided by the platform. This tells you in percentage terms how many Plus500 traders are long on the stock CFD and how many are short.
For example, at the time of writing, 76% of traders are long on Old Mutual, with just 24% short-selling. Although Plus500 is our top-rated South Africa trading platform for stocks, the provider offers heaps of other CFD markets. This includes everything from forex and indices to ETFs and cryptocurrencies. Once again, these alternative markets on Plus500 can be traded commission-free.
If you want to get started with this trading platform, you can open an account online or via the Plus500 mobile app. You will need to meet a minimum deposit of $100 and the platform supports South African debit/credit cards and bank transfers. When it comes to the safety of your money, Plus500 has a great reputation. Its parent company is publicly-listed in the UK and it holds a variety of licenses. Crucially, it is authorized to accept South African traders on its platform.
Pros:
- A commission-free trading policy
- Tight spreads
- Thousands of CFD markets – including stocks, forex, and commodities
- In-house trading platform, available on web browsers and mobile phones
- Plenty of features including risk management tool, price alerts, and trader’s sentiment tool
- Heavily regulated including various licenses
Cons:
- No social trading tools
- CFDs only
76.4% of retail CFD accounts lose money.
6. Skilling – Best Trading Platform in South Africa for Cryptocurrencies
Although most traders in South Africa stick with established asset classes like stocks or forex, some prefer more volatile marketplaces. If this sounds like you, Skilling is arguably the best crypto trading platform in South Africa. In total, you can trade 10 popular crypto assets against the US dollar.
This includes everything from Bitcoin, Ethereum, and Ripple to NEO, Dash, and EOS. As Skilling specializes in CFD instruments, you won’t own the underlying crypto asset. But, this does give you the option of shorting your chosen digital currencies – should you believe their value will decline.
Plus, Skilling offers leverage of up to 1:500, albeit, you’ll get significantly less when trading cryptocurrencies. Nevertheless, another benefit of using this top-rated trading platform is that you will not need to pay any commission. Instead, it’s only the spread that needs to be taken into account.
This starts at just over 63 pips when trading Bitcoin against the US dollar – which is very competitive. Although Skilling is great for cryptocurrencies, the trading platform also hosts other CFD markets. This includes heaps of US-listed stocks, indices, forex, and commodities like gold and oil.
When it comes to the trading platform itself, Skilling covers all bases. This is because you trade via the Skilling platform online or via a mobile app. Or, you can trade via popular third-party platforms MT4 and cTrader.
Skilling requires a minimum deposit of just $100 to get started, and many payment methods are supported. This includes debit and credit cards, e-wallets, and bank transfers. Finally, although Skilling was launched as recently as 2019, it holds fully-fledged licenses with CySEC and the FSA.
Pros:
- More than 800 financial instruments
- Commission-free share trading with tight spreads
- Great for newbies
- Supports algorithmic trading
- Compatible with MT4 and cTrader
- User-friendly mobile app for iOS and Android
Cons:
- Does not support ETF trading
67% of retail investor accounts lose money when trading CFDs with this provider.
7. CM Trading – Best Broker in South Africa with FSCA License
Launched in 2021, CM Trading is an online trading platform supervised by the FSCA. With more than 1 million clients on its books, this popular trading platform gives you access to a variety of markets. This includes forex, hard metals, energies, and indices. The platform also offers CFD Expirations, which are similar in nature to futures.
The only difference is that you will not be liable to settle the underlying contract on expiry. These futures-like CFD markets cover a selection of indices – such as the Down Jones and DAX, alongside commodities like natural gas and crude oil. There are three platforms to choose from on CM Trading. This includes Sirix – which was built by the platform itself. MT4 is also supported, as is a fully-fledged CM Trading mobile app.
When it comes to trading fees, CM Trading builds everything into the spread. We should, however, note that this platform is on the high side. For example, EUR/USD averages 1.5 pips while GBP/JPY stands at 5.6 pips. There are also overnight financing fees to take into account, should you keep a position open past market hours. CM Trading offers high leverage limits, especially on forex.
For example, major pairs come with leverage of 1:200, which is huge. If you opt for this South African trading platform, you can deposit funds easily. The provider supports wire transfer, debit/credit cards, Neteller, and M-pesa. Finally, we should make reference to the CopyKat feature at CM Trading. This is a social trading tool that allows you to select one of the platform’s top-rated traders, and then copy all of their ongoing positions.
Pros:
- Regulated by the South African FSCA
- Trade stock indices, forex, and commodities
- Minimum deposit of just $250
- CopyKat feature allows automated trading
- MT4 supported
Cons:
- Only 150+ financial markets supported
Your capital is at risk when trading at this platform
How to Choose the Best Trading Platform South Africa for You
If you read through each of our reviews of the best online trading platforms South Africa, you’ll note that no two providers are the same. For example the likes of CM Trading offer just 250.
Similarly, while some trading platforms in South Africa offer really tight spreads, others are on the high side. With this in mind, it’s best to perform some research on your chosen trading platform before taking the plunge.
The most important factors to cross-check when comparing the best brokers in South Africa are discussed in more detail below.
Regulation and Safety
All of the best online trading platforms that we reviewed on this page are authorized and regulated by at least one financial body. For example CM Trader and AvaTrade are licensed by the FSCA.
Either way, it’s absolutely crucial that you only open an account with a trusted provider that is regulated. In doing so, you’ll benefit from various safety nets that unlicensed brokers cannot rival.
For example:
- All of the best brokers South Africa discussed on this page are required to keep client funds in segregated bank accounts. In Layman’s terms, this means that there cannot use your money to settle its debts.
- You and your fellow traders will need to provide documents as part of a KYC process. This usually includes your South African passport or driver’s license, alongside a proof of address.
- Regulated online trading platforms South Africa must offer a level playing field for all clients. This means safe, secure, and transparent trading facilities – irrespective of how much capital you have.
Ultimately, by opening an account with a regulated trading platform, you can ensure that you avoid unsavory providers, and thus – your money is kept safe.
Tradable Assets
You then need to think about which assets you wish to trade from the comfort of your home – and whether or not the platform supports it. Additionally, you’ll need to check how extensive each asset class offering is. For example, the platform might very well support stocks, but does it offer the specific exchange or market that you want to access?
Fees
Once you are sure that your chosen provider is regulated and supports your preferred financial markets, it’s then time to explore what fees will be expected of you.
This can be a complicated process – as not all trading platforms in South Africa are transparent about what they charge. Additionally, although some platforms offer a commission-free service, these fees are often countered by the spread.
Below we discuss the most important fees to look out for in your search for the best trading platform in South Africa.
Commission
All of the best online trading platforms South Africa discussed on this page offer a commission-free service. This means that you won’t pay a fee when you enter and exit a trade. You will, however, need to factor in the spread – which we cover shortly.
With that said, many trading platforms in South Africa do charge a commission – especially if you plan on investing in traditional assets like stocks. This is often charged as a flat fee – so you always pay the same irrespective of how much you invest.
Spreads
If your chosen trading platform is commission-free, you should expect the spread to be slightly higher than that of a commission-charging provider.
Other Fees
In addition to spreads and commissions, you should also check to see what the provider charges in other areas of its platform.
In particular, look out for the following:
- Swap Fees: Otherwise referred to as overnight financing, trading platforms in South Africa will charge you a swap fee when you keep a CFD position open overnight. This should once again highlight that CFDs are best suited for short-term strategies.
- Inactivity Fees: Even the best trading platforms in South Africa charge inactivity fees after a period of dormancy. This is often after 12 months of inactivity and results in a monthly fee until you start trading again.
- Transaction Fees: Some platforms will charge you a fee on deposits and withdrawals. This can vary wildly depending on the platform and the specific payment method you wish to use.
- Maintenance Fees: You also need to check whether the trading platform charges a maintenance fee. This is simply a fee that is charged for using the platform. It might be charged as a flat fee or a viable fee that is calculated against the amount of capital you have invested.
If you can’t find a specific fee at your chosen trading platform – this should be viewed as a red flag. After all, regulated trading platforms are required to be transparent about what they charge – so it shouldn’t be difficult for you to find the information you seek.
Trading Tools, Resources & Features
Some trading platforms in South Africa allow you to buy stocks and sell – and nothing more. At the other end of the scale, some providers give you access to a full host of trading tools and features.
Some of the best resources that we came across are discussed below:
Fractional Ownership
If you’re looking to invest in traditional assets like bonds, ETFs, and stocks – it’s always useful when the platform offers fractional ownership. This means that you can invest in your chosen asset without needing to invest in a full security. For example, instead of needing to fork out $40,000 on a single Bitcoin, fractional ownership allows you to invest from just $25 upwards. If you proceeded to invest $40, this would mean that you own 1/1000th of a Bitcoin.
Passive Investing
A lot of South Africans want to invest in the financial markets, but they have virtually no experience of trading. If this sounds like you, it’s best to use a trading platform that offers an assortment of passive investment tools.
As we discussed earlier, AvaTrade offers a Copy Trading service that allows you to actively trade without lifting a finger. All you need to do is select a pro-trader that you wish to mirror, and the platform takes care of the rest.
Education and Training
The best traders in the online space understand the ins and outs of technical and fundamental analysis. These are skills that can take a long time to truly master, so we find the best trading platform for beginners offers an array of educational materials.
For example, you’ll want access to market insights and trading ideas. Plus, guides, webinars, and podcasts. Essentially, you’ll want to extract as much key information as you can to take your trading knowledge to where it needs to be.
Charting Tools and Analysis
If you’re an experienced trader then you will know the importance of being able to read pricing charts. In order to do this effectively, you need to choose a trading platform in South Africa that offers advanced technical analysis tools. On top of indicators and trading signals, you’ll want to be able to customize your screen.
Financial News
In addition to technical analysis, long-term investors in the room will point to the importance of financial news. This is especially the case when investing in stocks – so you’ll want a trading platform that gives you access to company reports and key accounting ratios.
Some of the best trading platforms in South Africa that we came across also offer real-time news developments. They do this through an integrated news feed with the likes of Morningstar and Thomson Reuters.
Demo Account
If you are looking to join a top-rated trading platform in South Africa for the very first time – you might want to hold back before you make a deposit. Instead, why not consider trading via a demo account that mirrors real-world market conditions?
Not only does this allow you to get a feel for the broker, but you can also get to grips with how the trading scene works. Additionally, you can also try out trading strategies without needing to risk any funds.
User Experience
All of the top-rated providers discussed on this page offer a native trading platform. This means that they built the trading platform themselves – typically with a specific type of investor in mind. For example, Skilling have clearly designed their web-trading platforms with newbies in mind.
Not only is it is to find your chosen asset, but placing entry and exit orders are a breeze. On the other hand, some of the best online trading platforms South Africa that we came across are best suited for experienced pros. This is because the platform will come packed with heaps of market data (such as depth and order book volume), advanced pricing charts, and enhanced order types.
These features are going to be great for those of you that know your way around a trading platform – but not if you are a beginner. This is why we prefer the best brokers in South Africa that offer a demo account. This way, you can test the user experience out risk-free before making a deposit.
Payments
When you feel ready to make a deposit and thus – start trading assets with real money, you will need to make a deposit. Most trading platforms in South Africa allow you to make a bank account transfer. This will, however, often take several days to arrive. As such, if the platform supports instant payment methods like a debit/credit card or e-wallet, this is much more convenient.
You also need to remember that even the best forex brokers with ZAR accounts have a minimum deposit in place. Usually displayed in US dollars, this averages a minimum of $100-$200. That equates to around 1,500 ZAR to 3,000 ZAR. Additionally, certain deposit or withdrawal fees might apply – especially if you are using an international brokerage firm.
Customer Service
All of the platforms discussed on this page offer a smooth and seamless trading experience. However, there might come a time when you need to speak with a member of the customer service team. If the matter is urgent, you’ll want to choose a trading platform that offers live chat.
Telephone support is also an option, albeit, you’ll need to check whether or not a local South African tool number is offered. We also find that the best trading platforms in South Africa have a presence on social media. This ensures that the provider has to answer questions in the public domain.
How to Start with the Best Trading Platform South Africa
You should now know the ins and outs of how to choose a trading platform in South Africa. Once you have selected a provider, you’ll need to open an account.
Step 1: Open a Trading Account
You’ll first need to visit the trading account website and open an account. This will require you to provide some personal information, contact details, and a very brief overview of your trading experience.
You will also need to choose a username and a strong password, and verify your mobile number.
Step 2: Confirm Identity
You will also need to upload a couple of documents so that the platform can verify your identity.
This includes your:
- Valid passport or driver’s license
- Utility bill or bank account statement (issued within the last 3 months)
Step 3: Deposit Funds
Once you feel ready to make a deposit, you can choose from the following payment methods:
- Visa credit/debit card
- MasterCard credit/debit card
- Bank Transfe
Step 4: Search for a Trading Market
It’s now time to search for the asset that you wish to trade. The easiest way to do this is to use the search box at the top of the screen.
In our example above, we are looking to trade the South African rand against the Japanese Yen – so we search for ‘ZAR/JPY’.
Step 5: Place a Trade
To finalize your first trade you will need to set up an order.
This is a simple process, as you simply need to select from a buy or sell order – depending on whether you think the asset will rise or fall. In our example, we replacing a buy order on ZAR/JPY, meaning we think the exchange rate will increase in value.
We also enter our stake at $100 with leverage of 10x.
Finally, you need to click on the ‘Open Trade’ button to execute your commission-free position.
What is a bear and bull market?
Before you start trading with a trading platform, it is important to understand market conditions and how they can affect the price of stocks. The two main conditions to be aware of are bull and bear markets.
A bull market is a market condition in which the price of assets and shares are rising. Bull markets are signified by an increase of 20% over a period of time. This increase must occur after two declines of 20% each. In a bull market, prices are often predicted to continue increasing.
Alternatively, a bear market is a market condition in which prices are falling for a prolonged period of time. To be categorized as a bear market, prices but fall by at least 20% after previous highs.
Latest News To Consider Before Choosing A Trading Platform
Updated February 28th 2023- Before investing into the stock market or placing any trades it is a good idea to get up-to-date with the latest stock market news. The news is a great source of education that you could use as part of your analysis to make educated decisions. Here are some of the latest stories to consider.
- The Robinhood Trading platform has recently been suspended by the SEC. The nature of the Robinhood inquiry remains unclear, but the company has a past association with the collapsed cryptocurrency exchange FTX and its founder Sam Bankman-Fried.
- After weeks of losses, market signals indicate a potential revival of the rand. The rand has been one of the poorest performing emerging market currencies this year, burdened with a significant risk premium due to concerns over the country’s growth prospects. The state-owned power company, Eskom Holdings, has caused unprecedented rolling blackouts, further exacerbating these worries.
- The FTSE 100 continues to stay low amidst worries of inflation. During midday trading on Tuesday, the FTSE 100 (^FTSE) and European stocks displayed a mixed performance as investors reevaluated the global economic landscape, driven by expectations of increased interest rates. The FTSE 100 declined by 0.36% to 7,906 points.
Best Trading Platform in South Africa – Conclusion
Never before has it been so easy to trade from the comfort of your home in South Africa. As we have discussed in this guide, the best online trading platforms South Africa allow you to buy and sell thousands of financial instruments without you needing to pay any commission.
FAQs
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