Best Brokers South Africa
Here you will find our best South African brokers list according to many hours of broker research, testing, analysis and comparison across hundreds of South African brokers. By having all of the best brokers in South Africa listed in one place, we aim to make it simple for you to quickly identify the best South Africa brokers according to your own individual trading needs.
Top 5 Brokers South Africa
ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA
Min $100 Deposit
FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF
Min $250 Deposit
ASIC, FCA, DFSA, SCB, CySEC, BaFin, CMA
Min $200 Deposit
ASIC, CySEC, IFSC, DFSA
Min $5 Deposit
We have chosen these as our best brokers in South Africa as they are regulated and have passed our strict broker reviews with flying colours. We have awarded them a top broker rating for the online trading services that they provide to traders located in South Africa.
How did we choose our best brokers in South Africa?
First and foremost, the Trading Brokers review team ensured that the South African broker was regulated and authorised to provide online trading services to traders in South Africa. We then conducted many hours of thorough research and analysis into the brokers services. From there, we were able to collate what we consider to be amongst the most important factors to consider when choosing the best South African brokers and allocated them an unbiased broker rating based on our findings.
In order for an online broker to make it into our best brokers South Africa list, they should be regulated and offer top trading conditions, including tight spreads, low commissions and reliable trade execution speeds.
The broker should also have easy to use trading platforms that are compatible with multiple devices along with trading tools and educational resources to assist traders with their daily trading activities.
Other factors that we consider to be important for a broker to make it on to the best brokers South Africa list include the variety of funding options provided, account types, minimum deposit, customer support and range of trading instruments available to trade online.
South African Broker Regulation
Any trading broker that is offering services to traders in South Africa should be authorised and regulated. Using a regulated broker can give investors some protection that unregulated brokers cannot.
South African Broker Trading Platforms
The best South African brokers should have a variety of different trading platforms for multiple devices including desktop, web and mobile trading apps. The brokers trading platforms should be user friendly, with plenty of trading tools and advanced functionality for all types of trading strategies.
South African Broker Trading Instruments
The brokers should provide South African traders with a wide range of trading instruments across multiple asset classes including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, ETFs, CFDs. The more choice that the broker has, the easier it would be to expand your portfolio in the future, should you wish to do so.
South African Broker Spreads
When you place a trade position with a broker, you will usually need to pay the spread which is the difference between the bid and ask prices at the time of executing your order. In general, the lower the spreads, the cheaper the trading costs can be and the better the prices you may have your trade executed at. Although, this can also be dependent on other factors such as the brokers liquidity, slippage and execution model.
South African Broker Commission
Many South African brokers will charge a small commission fee for each trade that you place with them. The lower the commission fee per trade, the lower your overall trading costs can be in the long term. Some trading strategies actually depend on low commissions. Thus, the best South African brokers should have the most competitive commissions.
South African Broker Fees
In addition to the spreads and commissions that brokers may charge, there can be additional fees. These include overnight swap fees, funding fees, platform fees, trading tool fees, educational resource fees, etc. Any other fees charged by the broker should be competitive and transparent to the trader.
South African Broker Execution Speeds
The execution speed can determine the price your order will be executed at. Instant execution should mean that the order is placed as close to your desired price as possible. The best South African brokers should have rapid execution speeds with minimal slippage so that traders get the best available prices more often than not. Some trading strategies such as scalping are dependent on reliable execution speeds.
South African Broker Liquidity Providers
The best brokers South Africa should have top liquidity providers (LPs) with deep liquidity pools so that they can offer competitive bid/ask prices along with reliable trade execution speeds.
South African Broker Trading Tools
Whilst the trading platforms offered by brokers will usually have more than enough trading tools for the average trader, there are some brokers who offer additional trading tools such as economic calendars, trading calculators, market analysis, trading signals and more. The best brokers in South Africa will usually offer some additional trading tools to support traders with their daily trading activities.
South African Broker Educational Resources
Educational resources can help traders to improve their trading skills and knowledge. They also encourage informed trading. The best brokers will usually offer clients a range of free educational materials such as tutorial videos, trading guides, eBooks, trading glossary, FAQs, webinars and seminars.
South African Broker Account Types
Trading brokers can have a variety of different account types that are designed to cater to the differing needs of clients. The accounts can vary according to the minimum deposit required, leverage offered, execution type, spreads, commissions, instruments, additional services and more.
The best South African brokers should have a selection of account types for different experience levels and trading strategies. Demo accounts can be useful to practice trading online with virtual funds whilst Islamic accounts that comply with Sharia law support Muslim traders.
South African Broker Account Funding Options
In order to trade online, you will need to be able to deposit and withdraw funds to and from your trading broker account. Brokers can offer a range of different account deposit and withdrawal methods. This will often include bank transfers, credit/debit card and online payment processors such as Skrill, Neteller and PayPal. The best brokers in South Africa should have a variety of convenient funding options. It is worth considering the time taken and any fees involved for processing funds.
South African Broker Customer Support
Most South African brokers can be reached via telephone, email and live chat. It is worth ensuring that the broker can be reached in a way that is convenient for your needs. The brokers customer support team should be prompt, polite and efficient in their responses to all clients general and technical questions. You may wish to consider if there is any different between your time zone and the brokers support hours, as this could have an impact on response times.
Best South African Brokers Summary
Whilst these are what we consider to be amongst the most important things to consider when choosing a South African broker, it can differ depending on individual needs. Thus, it is important that you choose a broker that meets your needs and use the above information only for educational purposes and not as advice. You may also refer to our list of the best forex brokers South Africa and best stock brokers South Africa.
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