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Best South Africa Trading Brokers

The Best South African BrokersSouth Africa is a country with a long history known by many investors for its stable, relatively strong, and well-established banking and financial system. The country has a mature infrastructure, and is home to the Johannesburg Stock Exchange (JSE), which is among the oldest and largest stock exchanges.

Trading is now becoming more and more popular with locals, and its constantly increasing acceptance can mainly be ascribed to the liberal stance of the authorities. The legislation of the country is updated on a regular basis in order to ensure that it keeps up with all the latest developments in the trading world, and the fact that crypto assets were brought under the aegis of the national financial regulator not long ago goes to prove this.

In order for brokers to accept clients from South Africa, they are first required to acquire a license from the Financial Sector Conduct Authority (FSCA), which is the conduct regulator in the country and oversees the financial institutions market.

Trading can potentially be a lucrative practice, especially if traders find a reliable broker that lives up to all their requirements. We have conducted an extensive research and testing of a number of brokers that cater to traders from the country to ensure that traders will be offered superior trading conditions, the range of introduced instruments is up to scratch, and that there is a sufficient variety of accepted payment methods.

To make it easier for traders from South Africa to compare and select the best broker for their needs and requirements, we have created a list of ten brokerages that accept clients from the jurisdiction and offer premium services.

RegulatorFinancial Sector Conduct Authority (FSCA)
Maximum Leverage of Forex500:1
Maximum Leverage of Stocks20:1
Maximum Leverage of CFDs200:1

The Best South Africa Brokers

The Best South Africa BrokersIf you are interested in trading stocks, Forex, or other financial instruments, your first step will be finding a broker that lives up to all the requirements you might have as a trader. The brokers authorized to operate in the region are thick on the ground, so traders are unlikely to face challenges while looking for a top-quality brokerage.

The brokers in our top list are all dedicated to providing their customers with premium-quality services, no matter if they are beginners or seasoned traders. Additionally, they are in the habit of offering a wide variety of markets and asset classes to cater to the preferences of all traders.

The broker selection also includes looking into the costs traders from the jurisdiction might need to pay for their trades. We focus on all the fees traders might face when making payments, the commission, spreads, and the other trading costs that might incur.

The used trading platforms, accepted payment methods, and the quality of the customer support are also on the list of aspects we pay close attention to.

Trading Regulation in South Africa

The Best South Africa Brokers
Trading activities conducted on the territory of South Africa are offered to traders under a set of rules outlined in the Financial Sector Regulation Act and the Financial Advisory and Intermediary Act (FAIS) of 2002.

In 1990, the Financial Services Board (FSB) was established to regulate the financial markets in the country. Several years later in 2018, the regulator’s name changed to Financial Sector Conduct Authority (FSCA). As a successor to the FSB, the FSCA is South Africa’s financial institutions market conduct regulator. All institutions that provide financial services or financial products that are set out as such in the Financial Sector Regulation Act fall under the purview of the authority.

The FSCA’s main role is to foster an efficient, fair, and resilient financial system, ensure the stability of the financial markets within the country, and maintain the efficiency and integrity of financial markets. Through the introduction of a robust regulatory framework, the authority also aims at promoting fair treatment of financial customers.

Financial service providers cater to the South African market under the rules and regulations set out in the Financial Advisory and Intermediary Act (FAIS) of 2002. The Act was introduced as a result of the government’s efforts to enhance the integrity of the financial services industry and provide higher levels of consumer protection.

The Act was introduced with the aim to affect the way financial services providers (FSP) offer their services and treat their customers. Under the provisions of the Act, all providers of financial services need to be licensed to operate in South Africa.

The Financial Sector Regulation Act (FSRA) of 2017, on the other hand, set out the rules according to which derivatives such as Forex, can be offered to traders from South Africa. The main purpose of the Act is to extend the jurisdiction of the authority to ensure that financial products and services that are left outside the scope of FSB banking will also be covered. These include the buying and selling of foreign exchange, as well as all services related to credit.

Although South Africa’s stance on trading at overseas brokers that are not locally regulated is relatively liberal, traders are advised to stick to platforms that are authorized and regulated because of the better protection and security they offer.

Forex Trading Regulation in South Africa

Forex Trading Regulation in South AfricaForex trading is a legal venture in South Africa, and the number of traders who grow interested in it increases by the minute. Brokers can only accommodate traders from South Africa, provided that they are licensed as financial service providers by the Financial Sector Conduct Authority.

Traders should also keep in mind that a limit is imposed on the amount they are allowed to invest and spend overseas. Traders from the jurisdiction who are over the age of 18 have two types of allowances, Single Discretionary Allowance and Foreign Investment Allowance, which is also known as Capital Allowance.

When the Single Discretionary Allowance (SDA) is concerned, it introduces a limit of up to R1 million in a calendar year. This allowance can be used by citizens of South Africa for overseas investments and payments, including for investment purposes like buying shares, for example. With this allowance, no foreign Tax Clearance Certificate is required.

With the Capital Allowance, there is a limit of up to R10 million in a calendar year, and can be used when citizens of the country have already exceeded their SDA. It may be invested in offshore investment portfolios or assets. In case the amount traders invest overseas exceeds the R10 threshold, they will be required to obtain a Foreign Tax Clearance Certificate from SARS.

In addition to trading major and minor currency pairs, many brokers that cater to South Africa are now allowed to trade cryptocurrencies. This was made possible in 2019 when the South Africa Financial Sector Conduct Authority declared these assets as financial products. The FAIS Act gives a description of cryptocurrencies as non-central bank-issued tradeable digital units of value.

Stocks Trading Regulation in South Africa

Stocks Trading Regulation in South AfricaStocks remain one of the most well-known and preferred financial instruments that are offered by a huge number of brokers authorized by the FSCA. Alternatively, traders who live in South Africa can dive into trading stocks using the Johannesburg Stock Exchange (JSE). The JSE gives sellers and buyers the chance to trade on five different markets, equities (shares/stocks) included. Other than this market, the JSE allows South Africans to trade interest rate products, equity derivatives, currency derivatives, and equity derivatives.

The taxes investors need to pay when trading stocks are also of mention, especially if they are new to trading. Although not all assets attract a Capital Gains Tax, and some gains and losses are not taken into consideration, this is not the case with shares, more specifically, the ones that are held as trading stock. In other words, when traders buy trading stocks with the aim of reselling it at a profit, their revenue gains will be subject to income tax at their marginal rate.

If a gain occurs after traders dispose of a share they have held as a trading stock, they will be taxed at their marginal rate, which might be as low as 18% and up to 40%. The income tax that will apply will be determined by the level of traders’ taxable income.

When a share is held as a capital asset, meaning that it is a long-term dividend-producing investment, the losses or gains traders will face when they dispose of it will be considered capital gains and will therefore be subject to lower taxes.

CFDs Trading Regulation in South Africa

CFDs Trading Regulation in South Africa
In order for a broker to offer CFDs to citizens of South Africa, the company must first acquire a license from the FSCA. Under the current legislative framework, traders from South Africa are also allowed to take part in over-the-counter transactions with derivatives. Yet, the providers of such derivative products are not allowed to offer them to traders from the jurisdiction without authorization from the regulator. Over-the-counter derivative markets are regulated by the Financial Markets Act of 2016.

Another thing traders should be aware of is that under the rules and regulations in the jurisdiction, master traders also need to acquire a license. As it turns out, many investors consider that copy trading, which is also known as mirror trading, can be offered without authorization from the regulatory body, but earlier in 2023, the FSCA explained that this is not the case.

The Financial Sector Regulation Act defines the administrative penalties that will be imposed when a broker or another financial services provider breaks a financial sector law or contravenes an enforceable undertaking introduced by the regulatory body.

South Africa Trading Regulation FAQ

1. What is the maximum leverage South Africa-friendly brokers offer to traders from the jurisdiction?

The trading industry of South Africa is well-regulated, and the legislation of the country is constantly updated to keep up with all the changes that occur on it. The amount of leverage will only depend on what traders’ broker of choice offers as no ceiling is imposed by the legislation. The account type traders have picked might also have an impact on the offered leverage.

2. Are traders required to pay taxes in South Africa?

Yes. Traders are required to declare their profits and losses to the South African Revenue Service (SARS), as Forex trading is subject to taxes. Although the guidance on taxes is limited, traders should be aware that they need to pay a Capital Gains Tax or Income Tax. The type of tax traders will be required to pay depends on the intentions of their investment activities and transactions. It is important to note that residents of the country need to pay a Capital Gains Tax, no matter whether the asset is located outside or inside the jurisdiction.

3. What is the maximum amount I am allowed to transfer to overseas brokers?

The maximum amount traders from South Africa are allowed to transfer overseas stands at R10 million per year. The allowance is only available to citizens of the country who are over the age of 18 and are in good standing. The funds can only be transferred to overseas brokers, provided that traders have already obtained a SARS tax compliance status verification result.In case traders want to invest more than the R10 million limit per calendar year, their authorized dealer is required to submit an application to the Financial Surveillance Department of the SARB for approval. A SARS tax compliance status verification result is also needed when applying for a higher limit.

4. How can I make sure that the broker I am using is authorized to operate in South Africa?

Making sure that the brokerage traders have picked is trustworthy and has the license required to operate in the jurisdiction should be quick and easy as most South Africa-friendly brokers provide this information below the fold on their websites. Traders can verify the legitimacy of the broker also by using the register of authorized financial service providers available on FSCA’s website. Another way to make sure that the broker is authorized to render financial services is to use the toll-free number 0800 110 443.

5. Can I trade with overseas brokers that are not regulated by the FSCA?

Although the legislation of the country does not envisage penalties for traders who use the services of overseas operators that are not licensed and regulated in South Africa, doing this is not recommendable. While using the services of a broker that is not authorized by the regulator, traders might not be offered the same levels of protection and security as with domestically-approved brokers.

Funding and Withdrawing from South Africa Trading Account

Funding and Withdrawing from South Africa Trading AccountMost brokers that operate on South African soil provide their customers with an assortment of payment methods in order to guarantee that picking the payment processor that is right for traders will be problem-free, which is understandable, considering that payments tend to be the most stressful aspect of traders’ experience.

The processing times for payments are not only determined by the deposit or cashout method traders have selected but also by the account type they have picked. Thus, card payments and payments through digital wallets are normally wrapped up on the stop, but with some account types, such payments might take up to one business day to clear.

Whether ZAR is on the list of base account currencies traders are allowed to use only depends on the South African-facing broker they have picked. Opting for a broker that does not accept the currency means that traders will face currency conversion fees each time they add funds to their accounts or request a cashout.

Traders should know that typically, brokers do not charge extra fees on deposits and cashouts. Additionally, they are also in the habit of covering the additional fees that are charged when using some payment processors like bank transfers, for example. Yet, this is normally the case if the extra fees do not exceed a specific amount, which is normally in the range of $50. The deposited amount should also exceed a preset limit.

Another important thing traders should be aware of is that the brokers that are friendly to clients from the jurisdiction do not accept payments from third-party sources. Instead, traders will only be allowed to make deposits and cashouts using payment methods that are under their name.

Depositing at South Africa Trading Accounts

DepositingMost brokers that operate in South Africa allow their clients to top up their accounts using their credit or debit, given that it is branded by Mastercard or Visa. Normally, deposits through digital wallets are lightning-fast, and this goes to explain why they are so favored by traders. PayPal, Skrill, and Neteller are the three digital wallet brands that are normally added to the deposit and cashout pages of the brokers that operate in the jurisdiction.

Traders can use a number of locally available payment processors, including Ozow and EFTPay. The former is employed by millions of users and makes for lightning-fast bank-to-bank payments. This payment method is so hugely preferred because traders do not need to possess a debit card in order to use it. Additionally, it allows traders to make payments no matter the time or the place using their smartphone or tablet. EFTPay, on the other hand, is exceptionally easy to use, and can be employed not only when purchasing goods and paying for services but also when traders want to top up their balance.

The deposit minimums and maximums vary between the brokers that accept clients from the jurisdiction, and traders should keep in mind that their chosen account type might also have an impact on the limits. Some brokers allow their clients to acquire VIP accounts and thus to enjoy even higher deposit and cashout limits or faster processing times.

Common Deposit Methods Offered by South Africa Brokers
Type of MethodUsual Limits per TransactionProcessing TimeframesProcessing Fees
VisaBetween $10 and $1,000InstantFree of charge
MastercardBetween $10 and $1,000InstantFree of charge
Bank transferBetween $50 and $1,000Up to 3 daysVaries
NetellerBetween $10 and $1,000InstantFree of charge
SkrillBetween $10 and $1,000InstantFree of charge
PayPalBetween $10 and $1,000InstantFree of charge
EFTPayBetween $10 and $1,000Up to several hoursFree of charge
STICPAYBetween $10 and $1,000InstantFree of charge
OzowBetween $10 and $1,000InstantFree of charge

Withdrawing from South Africa Trading Accounts

WithdrawingAlthough traders will get instant access to their funds when topping up their accounts, they should be in the know that this will not be the case when withdrawing their funds. Yet, most brokers go the extra mile to ensure that cashing out their funds will be quick and easy for traders, no matter if they prefer to trade on the go or on their computers. Normally, funds can be withdrawn using a wide array of banking methods, including digital wallets, debit cards, online banking-based payment solutions, and wire transfer, among others.

Sometimes, broker-to-broker payments might also be an option, and if traders want to make use of this way of payment, they will be required to fill in a form and send it to the transferring brokerage.

An important thing traders should keep in mind is that when requesting a cashout, they need to make use of the same banking method they went for when transferring funds to their accounts. The cashout processing times of brokers should also be taken into consideration, and in most cases, it takes between 24 and 48 hours until traders’ requests are approved.

While the lion’s share of the brokers that accept traders from South Africa do not cap the amount their clients can withdraw per transaction, there might be daily and weekly cashout limits traders might need to comply with. In some cases, brokers restrict the amount traders can cash out to their debit cards, while payments to bank accounts are not limited. Sometimes, there might not be a minimum withdrawal requirement either.

Making a withdrawal when traders have open positions is allowed by most brokers, but before they request a cashout, traders are advised to ensure that they have sufficient margin in their accounts to complete the payment.

Common Withdrawal Methods Offered by South Africa Brokers
Type of MethodUsual Limits per TransactionProcessing TimeframesProcessing Fees
VisaBetween $5 and $5002 to 10 daysDepends on the broker
MastercardBetween $5 and $5002 to 10 daysDepends on the broker
Domestic bank wire$100.00Up to 1 dayVaries
International bank wire$100.00Up to 5 daysVaries
NetellerBetween $5 and $500Up to 1 business dayFree of charge
SkrillBetween $5 and $500Up to 1 business dayFree of charge
STICPAYBetween $5 and $500Wallet – instant Bank wire – up to 2 daysFree of charge

South Africa Trading Platforms

South Africa Trading PlatformsThe brokers that accommodate traders from the jurisdiction come in all shapes and sizes, and because of this, traders can expect to see various ranges of tradable instruments, accepted banking options, and used platforms.

Although no two brokers are alike, traders will see that MetaTrader 4 and MetaTrader 5 are offered by the lion’s share of the brokers that cater to the South African market. This is not to say that these are the only available options as with some brokerages, traders might also be offered the chance to use platforms like cTrader, DupliTrade, TradingView, and Protrader, among others.

Some South Africa-friendly brokers also offer proprietary platforms, which is the case with FXPro, for example.

MT4 and MT5

MetaTrader 4Also known as MT4, MetaTrader 4 is an electronic trading platform employed by bulk of the brokers that are friendly to traders from South Africa. The platform is tailor-made for trading Forex and CFDs and offers great possibilities for various trading styles.

MT4 is incredibly user-friendly and allows its users to trade while being out and about after they download the apps that are designed for Android and iOS-powered devices. Trading in any financial market is also possible via any browser and operating system, which makes the platform all the more preferred.

No matter which app they will choose to use, traders will be given access to all types of execution models. The full set of trading orders is also within reach on portable devices, including pending ones.

The platform not only allows investors to trade but can also be used when they want to analyze and better understand financial markets. Automated trading is on offer too, and if you prefer, you can let an Expert Advisor analyze the market and trade for you. MT4 also offers multiple technical analysis tools, and while using the platform, traders can analyze the market at any level of complexity, as there are 2 000 free custom indicators and 700 paid ones, and 30 built-in indicators.

Traders are given better chances of forecasting the future price dynamics as the platform offers 24 analytical objects, including the Gann and Fibonacci tools, shapes and arrows, lines, and channels. While using the platform, traders will find it exceptionally easy to stay abreast of the latest market events as MT4 offers financial news and alerts tools.

The platform gives traders quick and easy access to advanced trading operations in a reliable and secure environment. Additionally, the platform is fully-customizable and offers multi-language support.

MetaTrader 5 is the latest version of MT4, and it is preferred by traders from various parts of the globe for trading Forex, exchange-traded instruments, futures, and CFDs. MT5 is a number-one choice for so many traders because it offers options for automated trading and advanced trading and charting tools. Another benefit of using MT5 is that traders are offered Free market data and news, as well as superior charting.


cTraderAnother platform preferred by traders from the jurisdiction is cTrader, and this is understandable, considering how efficient and fast it is. It is a multi-asset platform that can be used for trading CFDs and Forex by traders from South Africa and many other parts of the globe.

The platform is mainly preferred because of the lightning-fast execution it offers but the premium charting solutions that are at hand for seasoned traders and investors alike are worth mentioning as well. The platform welcomes a number of trading styles, and is a great option for long-term investors and active day traders.

The platform is designed to meet the needs and requirements of traders of all experience levels as its users can pick from a wide array of timeframes to work with.

When traders want to view price data, they can decide between a number of chart types including HLC, Line, Heikin, Dots, Dots, and Candlesticks, among others. The ability to work on split screens is yet another great benefit of cTrader traders from the country are sure to appreciate. Last but not least, cTrader offers Level 2 pricing.


ProtraderThis is a professional multi-asset platform that gives traders problem-free access to all major markets, including stocks, Forex, options, bonds, and equities. The trading platform was initially rolled out in 2003, and today, traders are given access to its third version. It is preferred by traders from South Africa, especially the professional ones, because it offers a good range of order types and a slew of standout features.

Some of the tools traders will find inside the platform include Market Depth, Scalper panel, Matrix, T&S, and Chart featuring market depth. While creating Protrader, its designers have made sure that it will be easily accessible on desktop and portable devices alike, and in addition to its all-in-one trading application designed for computers, traders will never miss an opportunity when they are out and about thanks to the native mobile applications for iOS and Android.

When traders access the platform on their handheld devices, they will still be given the functionality to analyze market trends. To ensure an accurate analysis directly on the chart, the platform offers an array of indicators and drawing tools.

In case traders do not want to deal with the installation of the dedicated apps, they can instead go for Protrader Web, which is an intuitive and light app that works like a charm across a wide variety of web browsers.

Traders will find it exceptionally easy to keep up with their performance even when they are out and about as reports by balance, history, traders, and account statement, among others are all on offer.

The platform has an exceptionally user-friendly interface that is also easily customizable, thus making it a breeze for traders to adjust it according to their requirements.


ProRealTimeProRealTime is one more trading platform frequently offered by the brokers that accommodate investors from South Africa. The platform gives traders access to a number of markets, including commodities, CFDs, stocks, rates, bonds, options, and precious metals, among others.

The platform is preferred by traders because of its efficient interface. Depending on their preferences, traders can place their trades using one of the four book display modes or directly from the charts.

There are many reasons why traders from the jurisdiction might pick ProRealTime over other platforms, and the powerful decision support tools are among its biggest advantages. While using the platform, traders can considerably improve their performance, thanks to over 100 tools that will be at their disposal. These can be used for market scanning, technical analysis, charting, automatic trend detection, tick and volume detection, and market alerts, among others.

Among the other benefits of using the trading platform are fast order execution, real-time financial news, personal indicators creation, detailed trading reports, scalping mode, multi-monitor orientation, and securities comparison.

South Africa Trading FAQ

1. Are there FSCA-authorized brokers that accept payments in ZAR?

The South Africa-friendly brokers that allow their clients to use ZAR as a base currency are not that many, but this is not to say that traders will be left without any options. Yet, if ZAR is not on the list of accepted currencies, traders are advised to look into the currency conversion fees they will face.

2. Do the brokers that accept traders from South Africa offer demo accounts?

Yes. Many brokers that accommodate traders from South Africa allow them to set up demo and live accounts. Depending on traders’ broker of choice, their demo account might have a balance with a preset amount of virtual credits. There are even brokers that provide unlimited demo accounts, which means that traders can use it for as long as they prefer and go live when they feel ready.

3. Which is the best trading platform South Africa-friendly brokers offer?

The trading platforms traders from the jurisdiction can opt for are not the same for all brokers that accommodate clients from South Africa. Depending on traders’ broker of choice, they might be presented with well-known platforms like MetaTrader 4 and MetaTrader 5, TradingView, cTrader, ProRealTrade, among others. Automated trading systems like DupliTrade might also be on offer.

4. How old do I need to be to trade in South Africa?

Traders in South Africa will only be allowed to open live trading accounts if they are over the age of 18.

5. Do brokers that accept clients from South Africa charge fees on deposits and withdrawals?

Normally, the brokers that are friendly to traders from the country do not charge extra fees on deposits and cashouts. Even if payments incur additional costs, the reliable and worthwhile brokers will make sure that their clients are aware of these.An important thing traders should know regarding payments is that brokers might cover the extra fees some payment methods might incur if the additional costs do not exceed a preset amount and the deposited amount complies with the specific limits. Yet, if traders prefer to use their credit or debit card, they should be in the know that some brokers might charge a progressive fee.