Best South Africa Trading Platforms & Brokers Regulated by FSCA

South 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.

Regulator	Financial Sector Conduct Authority (FSCA)
Maximum Leverage of Forex	500:1
Maximum Leverage of Stocks	20:1
Maximum Leverage of CFDs	200:1

The Best South Africa Brokers

If 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.

TRADE NOWREAD REVIEW
Regulators
Financial Services Authority of Seychelles (FSA)
Vanuatu Financial Services Commission (VFSC)
Australian Securities and Investments Commission (ASIC)
Platforms
MetaTrader 4, MetaTrader 5, WebTrader, DupliTrade
1. Fusion Markets
Min Deposit
£0
Fees
No deposit and cashout fees
Deposit Methods
Commissions
$2.25 per lot commission
Spread
average spreads of 0.0
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1
Instruments
Forex, commodities, precious metals, equity indices, share CFDs, cryptocurrency CFDs, and energy
All financial products involve risk and you should ensure you understand the risk involved as certain financial products may not be suitable for everyone. Trading in margin foreign exchange and derivatives carries a high level of risk and you may incur a loss that is far greater than the amount you invested. Past performance of any product described on this website is not a reliable indication of future performance.
Fusion Markets is a broker that seeks to ensure that gaining access to the world’s markets will be easy and fast for all their clients, no matter the jurisdiction they reside in, and even traders from South Africa are offered a smooth experience.
What Fusion Markets is mainly known for is that the broker dramatically reduces the costs at which their clients trade Forex, precious metals, share CFDs, energies, equity indices, and commodities. Clients of the brokerage can access all these products in the most convenient way for them, as they will be at hand no matter which platform traders will pick.
The wide variety of instruments the broker offers might not be the main reason traders might pick the broker over other brokerages that cater to traders from the jurisdiction, as its clients can start trading with as little as they desire. Additionally, they will not face extra charges when topping up their accounts or withdrawing funds from their balance. Copying the trades of other investors is also possible through Fusion+.
To guarantee that trading will not be overly complex for its clients, the broker has decided not to give them a choice from too many account types. Instead, when traders decide to join the community of Fusion Markets, they can opt for a Zero or Classic account. Those who are new to the trading platform do not necessarily need to go for a live account right away, as using a demo account is also an option.
Before they register for an account with Fusion Markets, traders should make sure that the broker is properly regulated and provides a safe trading environment. The broker ensures high levels of protection and security for its customers and operates under licenses from the Financial Services Authority (FSA), the Australian Securities and Investment Commission (ASIC), and the Vanuatu Financial Services Commission (VFSC).
TRADE NOWREAD REVIEW
Regulators
Financial Conduct Authority
Cyprus Securities and Exchange Commission
Financial Services Authority of Labuan Malaysia
Financial Sector Conduct Authority (FSCA)- FSP 49464
Seychelles Financial Services Authority (FSA)
Platforms
MetaTrader 4, MetaTrader 5, WebTrader
2. Tickmill
Min Deposit
$100 for Classic and Pro accounts
$50,000 for VIP accounts
Fees
No deposit and withdrawal fees
Deposit Methods
Commissions
No commission for Classic accounts
Spread
1.6 pips for Classic accounts
0.0 pips for Pro and VIP accounts
Withdrawal Methods
Leverage EU
30:1 for retail clients
300:1 for professional clients
Leverage non-EU
500:1 for all account types
Instruments
Commodities, Forex, stocks, bonds, cryptocurrencies, stock indices
Risk Warning: Trading Contracts for Difference (CFDs) on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade Contracts for Difference (CFDs), you should carefully consider your trading objectives, level of experience and risk appetite. It is possible for you to sustain losses that exceed your invested capital and therefore you should not deposit money that you cannot afford to lose. Please ensure you fully understand the risks and take appropriate care to manage your risk.
Tickmill is a broker with a global reach that has made a name for itself in over 200 countries around the globe. The award-winning broker is one of the best choices for traders from South Africa, as Tickmill gives its clients access to premium-quality trading services and products while using up-to-the-minute technology and ensuring transparency.
While using the services of the broker, traders will be able to access some of the most popular instruments on the market, including metals, bonds, cryptocurrencies, Forex, stocks, stock indices, and oil. The best thing is that clients of the brokerage are given the freedom to use any strategy they might prefer. Tickmill has also made sure that some of the best trading platforms will be at traders’ disposal as they can go for MetaTrader 4 and MetaTrader 5.
The broker promises to offer clients premium trading conditions, no matter if they will opt for a Pro, VIP, or Classic account. The broker stands out from the crowd with the superior processing speed it offers, as the average execution time is 0.20 seconds.
Tickmill is a fully-regulated broker and operates in a wide array of jurisdictions, including South Africa, where the broker has the approval of the Financial Sector Conduct Authority. The broker has a proven track record, and makes every effort to ensure that traders’ stay will be worry-free, even when they want to top up their accounts. Traders can deposit and withdraw their funds using digital wallets, cryptocurrencies, debit/credit cards, and various online payment gateways.
If traders face any difficulties while using the services of Tickmill, they can get in touch with the multilingual customer support department.
TRADE NOWREAD REVIEW
Regulators
Central Bank of Ireland (No.C53877)
B.V.I Financial Services Commission
ASIC (No.406684)
the South African Financial Sector Conduct Authority (FSCA No.45984)
the Financial Services Agency (License No.: 1662), the Financial Futures Association of Japan (License No.: 1574)
Abu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA) (No.190018)
Cyprus Securities and Exchange Commission (No. 347/17)
Israel Securities Authority (No. 514666577)
Platforms
MetaTrader4, MetaTrader 5, WebTrader, Automated Trading platforms: DupliTrade, Capitalise.ai, and AvaSocial
3. AvaTrade
Min Deposit
£100
Fees
$50 inactivity fee after three months of non-use
$100 administration fee
Deposit Methods
Commissions
No commission
Spread
0.13% typical spread
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
200:1
Instruments
Forex, stocks, bonds & treasuries, ETFs, stock trading, precious metals, energies, agriculture, indices
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
Operating since 2006, AvaTrade is a broker with a global reach with a slew of accolades to its name and operates in a wide array of countries. The broker is friendly to traders from South Africa as it has a license issued by the South African Financial Sector Conduct Authority (FSCA No.45984. To offer increased security, the broker holds all traders’ funds in segregated bank accounts.
AvaTrade is so preferred by traders because the broker constantly seeks to improve and expand its offerings and currently gives them access to over 1,200 instruments, including Forex, stocks, commodities, indices, bonds, and cryptocurrencies, among others. Another reason traders might pick the brokerage is that it offers fixed and competitive spread accounts. The fact that ZAR is offered as a base account currency is also worthy of attention.
The broker wants to give its clients as many ways to trade as possible, and, because of this, allows them to trade on their computers and smartphones through MetaTrader 4, MetaTrader 5, and WebTrader. Additionally, the broker offers a range of automated trading platforms like AvaSocial, DupliTrade, and ZuluTrade.
With over 400,000 happy customers and counting, AvaTrade strives for perfection in every aspect of traders’ experience. To ensure that its customers will be able to sharpen their skills and knowledge, the broker offers a comprehensive education section. AvaTrade’s customer support agents are ready to assist traders in 14 languages via live chat, email, and by phone.
TRADE NOWREAD REVIEW
Regulators
Cyprus Securities and Exchange Commission
Financial Sector Conduct Authority (FSCA) of South Africa
Financial Conduct Authority with license number 777911
Financial Services Commission of the Republic of Mauritius
Platforms
MetaTrader 4 and MetaTrader 5
4. FXTM
Min Deposit
₦10,000 for Micro accounts
₦80,000 for Advantage and Advantage Plus accounts
Fees
No deposit and withdrawal fees
Deposit Methods
Commissions
Zero commission for Micro and Advantage Plus accounts
Average of $0.4-$2 based on volume for Advantage accounts
Spread
Spreads from 1.5 for Micro and Advantage Plus accounts
Spreads from 0.0 for Advantage accounts
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
Up to 2000:1 (floating) for Advantage and Advantage Plus accounts
FX – 1:3 to 1:1000 (fixed) Metals – 1:500 (fixed) for Micro accounts
Instruments
Forex, metals, commodities, stocks, indices
Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
FXTM is a globally available broker that allows its customers to dive into trading Forex, commodities, indices, metals, and stocks. The broker allows its clients to use two of the universally popular trading platforms MetaTrader 4 and MetaTrader 5 that allow traders to explore the preferred financial markets on their computers and portable devices.
The broker serves truly national audiences as its services are available to traders from over 150 countries, among which is South Africa. Although the broker has only been operating for ten years, FXTM already boasts over 1 million clients and more than 40 industry awards.
If traders decide to start their investment journey at FXTM, they will be given a choice from several account types that are designed to meet their trading requirements and levels of experience. Clients of the brokerage can also skill up and practice zero-risk trading if they opt for a demo account.
If traders prefer to create a live account, they will be allowed to fund it with ease because they can make use of several deposit methods, including Visa and Mastercard-branded credit and debit cards, digital wallets, wire transfers, as well as several local banking solutions. What makes payments to and from FXTM all the more hassle-free is that ZAR is included in the list of offered base account currencies.
Depending on the account type traders will opt for, they might benefit from leverage of up to 2000:1. Whether they will be required to pay a commission also depends on the selected account type.
FXTM has also made sure that there will be help when traders need it most, as its customer support department operates 24/5.
TRADE NOWREAD REVIEW
Regulators
FSCA
FSA
Platforms
MetaTrader 4
WebTrader
COPYCAT Trading
Expert Advisors
5. CMTrading
Min Deposit
$100
Fees
No deposit and cashout fees
Deposit Methods
Commissions
No commission
Spread
as low as 1.9 for Gold and Premium accounts Regular for Silver and Bronze accounts
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
200:1
Instruments
Forex, stocks, indices, commodities, and cryptocurrencies
General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease, and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.
Established in 2012, CMTrading is considered one of the most innovative brokers that cater to traders from South Africa. The tradable assets the broker offers are in no way limited in number, as the range of options includes Forex, stocks, indices, commodities, and cryptocurrencies.
The broker promises to offer the best trading conditions to its clients and to ensure that they will have nothing to complain about, allows them to pick from four account types, including Bronze, Silver, Gold, and Premium. Islamic accounts are also supported, and the best thing about them is that they offer the same privileges and superior trading conditions as the other account types.
The broker gives its clients access to some of the most innovative trading tools they might find out there, including trading signals, Trading Central, and daily market reviews. If you decide to start your trading journey with CMTRading, you will be able to execute your trades using the powerful MetaTrader 4 platform that is further improved by features introduced by the broker. Using Copycat Trading and Expert Advisors is possible as well.
The broker accepts multiple currencies among which are USD, EUR, GBP, and ZAR, and has made sure that wherever its clients are in the world, there will be enough payment processors to take advantage of. Making deposits and cashouts is secure, quick, and easy, and traders can wrap up their payments through their credit/debit card, bank transfers, digital wallets, and Internet banking-based payment solutions.
TRADE NOWREAD REVIEW
Regulators
Financial Sector Conduct Authority in South Africa (FSP Number 50926)
Cyprus Securities and Exchange Commission (CySEC License number 371/18)
Platforms
MetaTrader 4
MetaTrader 5
cTrader
WebTrader
Mobile Trading Apps
6. FP Markets
Min Deposit
$100
Fees
The broker only covers deposit and withdrawal fees for MT4 and MT5
Deposit Methods
Commissions
Commission per Lot USD $3 per side for Raw accounts
Zero commission for Standard accounts
Spread
starting from as low as 0.0 pips
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
500:1
Instruments
Forex, commodities, shares, indices, shares, cryptocurrencies, bonds, futures, and ETFs
Trade Responsibly: Derivative products are highly leveraged, carry a high level of risk and are not suitable for all investors. Features of our products including fees and charges are outlined in the relevant legal documents available on our website. The legal documents should be considered before entering into transactions with us.
Operating since 2005, FP Markets is a trusted and well-regulated provider of trading services that welcomes clients from South Africa. The broker prides itself on having tight spreads, lighting-fast execution speed, and flexible leverage. The broker allows its clients to open their accounts with as little as $100 and use platforms like MetaTrader 4, MetaTrader 5, and the newly added cTrader. FP Markets allows its clients to use various trading tools like Autochartist, MAM/PAMM managed accounts, and Traders Toolbox, among others.
The Forex account types traders can decide between are Standard and Raw, and the best thing about them is that traders from South Africa can give them a try in demo mode. Depending on the account type traders will go for, they will benefit from low or no commissions. Swap-free accounts are also on offer and will be at hand, no matter if traders will go for MT4 or MT5. Yet, if traders opt for the IRESS platform, they will not be allowed to go for an Islamic account.
The broker is also celebrated for its ultra-low spreads and leveraged trading on 10,000 instruments across global markets. Clients of the brokerage are given the chance to trade commodities, Forex, future CFDs, and share CFDs across seven global exchanges among which are the New York Stock Exchange (NYSE) and the Australian Stock Exchange (ASX).
Another thing that sets the broker apart is that its mobile apps give traders the chance to trade even when they are out and about without missing the opportunities the markets might offer.
TRADE NOWREAD REVIEW
Regulators
Cyprus Securities and Exchange Commission
Jordan Securities Commission (JSC)
Financial Conduct Authority (FCA) – registration number 595450
Financial Sector Conduct Authority
Platforms
MetaTrader 4
MetaTrader 5
WebTrader
Admirals mobile apps
7. Admirals
Min Deposit
$/€1 and $/€100, depending on the account type and the used platform
Fees
No fees on deposits
Traders can request one fee-free withdrawal per month
Deposit Methods
Commissions
TradeMT5:
Single Share & ETF CFDs - from 0.02 USD per share
Zero.MT5:
Forex & Metals - from 1.8 to 3.0 USD per 1.0 lots 3
Cash Indices - from 0.05 to 3.0 USD per 1.0 lots 3
Energies - 1 USD per 1.0 lots 3
Invest.MT5
Stocks & ETFs - from 0.02 USD per share
TradeMT4:
Single Share & ETF CFDs - from 0.02 USD per share
ZeroMT5:
Forex & Metals - from 1.8 to 3.0 USD per 1.0 lots 3
Cash Indices - from 0.05 to 3.0 USD per 1.0 lots 3
Energies - 1 USD per 1.0 lots
Spread
From 0.5 Trade.MT5 and Trade.MT4
0.0 for Invest.MT5, Zero.MT5, and Zero.MT4
Withdrawal Methods
Leverage EU
Forex:
Retail Clients: 1:30 - 1:20 2
Professional Clients: 1:500 - 1:10
Indices:
Retail Clients: 1:20 - 1:10 2
Professional Clients: 1:500 - 1:10
Leverage non-EU
1000:1
Instruments
Indices, Forex, commodities, stocks, bonds, ETFs, and cryptocurrencies
Investments involve risks and are not suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Admirals is a broker whose presence spans over more than 20 years. The broker is mainly known for the attractive trading services it provides and the vast array of tradable instruments its customers can access after they create their accounts. As clients of the brokerage, traders will be given access to global markets and dive into trading indices, Forex, shares, stocks, bonds, commodities, and cryptocurrencies.
The broker goes out of its way to empower every trading journey, whether investors already have plenty of experience under their belts or are total novices. To ensure their satisfaction with the services on offer, the broker gives its clients a choice from several robust platforms, including MetaTrader 4, MetaTrader 5, and WebTrader. When the time comes to open an online trading account, investors can go for Trade.MT5, Invest.MT5, Zero.MT5, Trade.MT4, and Zero.MT4. Professional clients of the brokerage will benefit from a leverage of up to 500:1
If traders want to have unlimited access to an extensive product offering no matter the time or the place, they can make use of Admirals’ dedicated apps. The apps are designed for handheld devices running on iOS and Android and make it possible for Admirals’ clients to trade all the available financial instruments in real-time, benefit from a simple and intuitive interface and payment card and document scan depositing in-app. If traders need assistance with the apps or another aspect of their stay, they can contact the support agents via email, live chat, or by the phone.
Admiral clients are given access to various customer care policies and financial security arrangements, and the broker gives additional funds insurance of a maximum of 100,000 EUR. Traders who want to level up their knowledge will be able to do so without effort, as Admirals has a comprehensive education section.
TRADE NOWREAD REVIEW
Regulators
Financial Sector Conduct Authority (in South Africa)
Financial Conduct Authority (in the UK)
Platforms
MetaTrader 4
ProRealTime
8. IG
Min Deposit
R4000
Fees
2.1% transaction fee charge for Visa and Mastercard
R150 inactivity fee
Deposit Methods
Commissions
Trading shares: commission per side from 0.10% for most markets
Spread
from 0.6 points on key Forex pairs
1 point on major indices
0.3 points on commodities
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
30:1
Instruments
Forex, shares, indices, cryptocurrencies, commodities, options, and futures
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
IG claims to be home to more brokers from South Africa than any other brokerage that caters to the market, and this is anything but surprising, considering that the broker entered the market in 2010. The broker offers accounts tailor-made for institutional and retail corporate clients.
There are a slew of reasons why traders might opt for IG, and first and foremost, they might pick the broker because it is fully licensed and regulated by the FSCA. In addition to being trusted and regulated, the broker is also preferred because it gives its clients problem-free access to thousands of financial markets. Traders who lack experience can dive into their trading experience without getting stressed, as they can first go for a demo account.
Throughout the years, the broker has received a number of awards in recognition, and today, IG is preferred by traders who want to dive into trading Forex, commodities, cryptocurrencies, indices, and shares, among others. In addition to the markets to trade on, clients of the brokerage should also pay attention to the platforms they can use, and if they join IG’s community, they go for ProRealTime or MetaTrader 4.
The broker also provides award-winning services on the go, and traders are given the freedom to execute their traders on devices running on iOS and Android. The apps offer full dealing functionality, full-screen charts, alerts, and options for advanced trading like saving their last stake size and stop distance. No matter the device traders might choose to use, they will be able to access comprehensive educational resources, thanks to which they can maximize their trading success.
If traders face any difficulties during their stay at IG, they can get in touch with the support hosts who operate around the clock.
TRADE NOWREAD REVIEW
Regulators
FCA, CySEC, FSCA, and SCB
Platforms
MetaTrader 4
MetaTrader 5
cTrader
FxPro Trading Platform
9. FxPro
Min Deposit
R200 for Visa, Mastercard, and e-wallets
R500 for bank transfers
No minimum deposit for cryptocurrencies
Fees
Deposit Methods
Commissions
$3.50 on Forex and metals when traders open and close positions for MT4 Raw Spread accounts
FX & Metals, there is a commission fee of 35USD for every 1 million USD traded upon opening a position, and 35USD upon closing the position on cTrader
No commission on the other instruments
Spread
Standard accounts:
Spreads from 1.2 pips and 1.5 pips for FX
Spreads from 25 cents for Gold
Spreads from 30 USD
Pro accounts:
Spreads from 0.6 pips and 1 pips for FX
Spreads from 20 cents for Gold
Spreads from 15 USD for Bitcoin
Raw+ accounts
Spreads from 0 pips and 0.2 pips for FX
Spreads from 10 cents for Gold
Spreads from 15 USD for Bitcoin
Elite accounts
Spreads from from 0 pips and 0.2 pips for FX
Spreads from 10 cents for Gold
Spreads from 15 USD for Bitcoin
Withdrawal Methods
Leverage EU
30:1
Leverage non-EU
500:1
Instruments
Forex, indices, shares, metals, cryptocurrencies, energy, futures
Trade Responsibly: CFDs are complex instruments and come with a high risk of losing money due to leverage. Please ensure that you understand how CFDs work before committing any capital.
Since its establishment, the broker has considerably expanded its footprint, and today, FxPro caters to traders from 170 countries and counting. With more than 100 UK and international awards, the broker is among the most recognizable providers of trading services in South Africa.
FxPro promises to offer something to meet everyone’s demands, and because of this, its clients can access over 2,100 assets in more than 6 classes. The broker started operating 15 years ago, and now, it is preferred by traders from the jurisdiction who are interested in trading cryptocurrencies, Forex, indices, metals, energy, futures, and shares. One of the biggest advantages of trading with FxPro is that traders can decide upon a wide range of trading platforms and account types. Depending on their level of experience and preferences, traders can set up a Standard, Pro, Raw+, or Elite account.
The fast execution is another thing the broker brags about, and trades are wrapped up for less than 13 milliseconds. Additionally, users of the brokerage will benefit from a number of advanced trading tools. The broker also provides a range of top-grade trading platforms, and depending on their needs and requirements, traders can go for cTrader, MetaTrader 4, MetaTrader 5, as well their proprietary FxPro Trading Platform.
Payments to and from FxPro are executed quickly and in a stress-free manner, and clients of the brokerage can make use of Neteller, PayPal, bank transfers, Mastercard, and Visa. Traders can handle their payments also using cryptocurrencies, and if they go for this option, they will not need to comply with any requirements in terms of the least amount they can add to their balance.
FxPro is undoubtedly a broker that traders can trust as it is licensed and regulated by the FSCA since 2015. Additionally, the broker has seals of approval issued by the FCA, CySEC, and SCB.
TRADE NOWREAD REVIEW
Regulators
Financial Sector Conduct Authority (“FSCA”) of South Africa under license number 47490
Financial Services Authority of Seychelles with License No. SD144
Platforms
Pro Trader
MetaTrader 4
WebTrader
DupliTrade
ZuluTrade
10. Moneta Markets
Min Deposit
$50
Fees
No deposit fees
Deposit Methods
Commissions
$3 per lot per side for Prime ECN
No commission on Direct STP accounts
$1 per lot per side for Ultra ECN
Spread
spreads from 0 pips for Prime ECN and Ultra ECN accounts
1.2 for Direct STP
Withdrawal Methods
Leverage EU
30:1
100:1
Leverage non-EU
1000:1
Instruments
Forex, shares, commodities, indices, ETFs, and bonds
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Trading derivatives is risky. It isn't suitable for everyone; you could lose substantially more than your initial investment. You don't own or have rights to the underlying assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't consider your personal objectives, financial circumstances, or needs. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.
Moneta Markets is a South Africa-friendly broker that is committed to offering next-generating trading services to its clients. The broker offers MetaTrader 4 and Pro Trader, as well as a number of trading tools that will help traders improve their performance.
The brokerage has been designed from the top to bottom to provide traders of all experience levels with access to CFDs and Forex markets. Moneta Markets makes it a breeze for traders to access more than 900 of the most sought-after tradable instruments, including bonds, shares, indices, commodities, Forex, and ETFs.
Moneta Markets seeks to provide account types for all styles of traders and allows them to go for Prime ECN, Direct STP, and Ultra ECN accounts. Depending on the option they will pick, the commission traders will face might up to $3 per lot side, while the spread starts from 1.2 pips for Direct SPT accounts. No matter which account type traders will settle on, the maximum leverage they will benefit from is 1000:1 and they can go for hedging.
The broker has more than ten years of industry experience and knows that the quality of the customer support also makes a difference. Because of this, clients of Moneta Markets can rely on 24/5 customer support via live chat, email, and by phone.
The broker also seeks to meet and exceed the expectations of its clients when it comes to their protection, and all their funds are kept in a segregated bank account. Additionally, the accounts of traders are covered with a negative balance protection. The broker is fully licensed to operate on South African soil as Moneta Markets has a stamp of approval from the Financial Sector Conduct Authority.

Trading Regulation in South Africa

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 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 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

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?

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

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

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

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

Funding and Withdrawing from South Africa Trading Account

Most 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

Most 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 Method	Usual Limits per Transaction	Processing Timeframes	Processing Fees
Visa	Between $10 and $1,000	Instant	Free of charge
Mastercard	Between $10 and $1,000	Instant	Free of charge
Bank transfer	Between $50 and $1,000	Up to 3 days	Varies
Neteller	Between $10 and $1,000	Instant	Free of charge
Skrill	Between $10 and $1,000	Instant	Free of charge
PayPal	Between $10 and $1,000	Instant	Free of charge
EFTPay	Between $10 and $1,000	Up to several hours	Free of charge
STICPAY	Between $10 and $1,000	Instant	Free of charge
Ozow	Between $10 and $1,000	Instant	Free of charge

Withdrawing from South Africa Trading Accounts

Although 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 Method	Usual Limits per Transaction	Processing Timeframes	Processing Fees
Visa	Between $5 and $500	2 to 10 days	Depends on the broker
Mastercard	Between $5 and $500	2 to 10 days	Depends on the broker
Domestic bank wire	$100.00	Up to 1 day	Varies
International bank wire	$100.00	Up to 5 days	Varies
Neteller	Between $5 and $500	Up to 1 business day	Free of charge
Skrill	Between $5 and $500	Up to 1 business day	Free of charge
STICPAY	Between $5 and $500	Wallet – instant Bank wire – up to 2 days	Free of charge

South Africa Trading Platforms

The 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

Also 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.

cTrader

cTrader Another 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.

Protrader

This 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.

ProRealTime

ProRealTime 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.

Best South Africa Trading Brokers