Best South African Online Trading Brokers

We completed the research for you to uncover the best South African online trading brokers in 2022. We conducted interviews with novice traders who had never traded before. We put 100 brokers to the test and only five cuts.

The best South African online trading brokers serve as a vital link between you and the financial market of your choice. As a result, regardless of whether you're interested in stocks, FX, commodities, or cryptocurrencies, you will need to choose the free best South African online trading brokers that suit your requirements.

First, we have to prepare the list of only the most reputable and licensed best South African online trading brokers. Then we signed up with each broker and looked at various parameters such as the minimum deposit, trading fees, maximum leverage, trading platform convenience (mobile and desktop), withdrawal easiness, and technical support. We also take into account actual user reviews and ratings from real traders.

List of Best South African Online Trading Brokers

The following is a complete list of the best South African online trading brokers. We compared their Tier-1 and Tier-2 regulations, fees (spread and non-trading fees), time spent to depositing and withdrawing funds, trading execution time, and customer service.

Above all, there are two things to look for best South African online trading brokers: reasonable fees and a great mobile trading platform. The service should be tailored to your requirements and make everything as simple as possible. It should also provide excellent educational resources, such as a demo account or educational materials.

All of this is simple to list but difficult to comprehend. That's why we put brokers through their paces using real accounts and real money, based on roughly 500 factors.

Tickmill- Best South African online trading broker with minimal spreads and FSCA regulation

Tickmill was founded in 2014, and we consider it a safe broker because it is regulated by multiple top-tier regulators, including the Financial Services Commission of Australia (FSCA), the FCA, and the Cyprus Securities Exchange Commission.

Tickmill charges an average spread with their Classic Account, which starts at 1.6 pips for EUR/USD. However, their spreads are extremely low with a Pro account, starting at 0.1 pips for EURUSD + $2 commission per Standard Lot on both sides ($4/Standard lot for both sides). Tickmill also doesn't impose fees for deposits or withdrawals.

Advantages

• No Deposit and withdrawal fees
• More than 62 currency pairs are available for trading.
• Stock, Indices, Metal, Crypto CFDs are available.

Disadvantages

• There is no local phone number for help in South Africa.
• English Live Chat operators are not accessible 24*7.

OctaFX- Low-spread forex broker with copy trading

OctaFX was established in the year 2011. Because they are licensed by only one Tier-1 regulator, CySEC, we consider them to be moderate risk forex and CFD broker. OctaFX charges a variable spread for each trade it executes.

With their MT4 and MT5 Trading Accounts, their usual EUR/USD spread is 0.7 pips (as per OctaFX's spread statistics), which is very competitive compared to other South African authorized brokers. They also don't impose any inactivity fees or fees for deposits or withdrawals. As a result, their fees are relatively reasonable.

Advantages

• Copytrading and the Metatrader platform are also accessible.
• No fees for deposits or withdrawals.
• When it comes to replying to questions, Live Chat assistance is prompt and helpful.

Disadvantages

• FSCA does not apply to OctaFX.
• There is no local phone number for help in South Africa.
• There is no ZAR base currency available.

BDSwiss- Best Forex broker with a 0 pip spread

BDSwiss is a reputable forex broker that was created in 2012 in Zurich. Since May 31, 2013, they have been governed by CySEC under license number 199/13. NFA has also approved BDSwiss LLC.

BDSwiss has an average spread of 1.5 pips for EUR/USD with their Classic account. However, the Raw Account spread is very competitive, averaging 0.3 pips (plus $5 commission per normal lot on Forex). At competitive costs, they also offer CFD trading on Gold, famous indexes like the NASDAQ, and 20 Crypto CFDs.

Advantages

• All means of funding are completely free of charge.
• BDSwiss Group is regulated by CySEC and the National Futures Association (NFA).

Disadvantages

• Account Inactivity Fees
• BDSwiss does not provide accounts in ZAR as a base currency.

HotForex- Low Fees, No Deposit/Withdrawal Charges, and FSCA-Regulated Broker

HotForex, often known as HF Markets, is a 100% STP forex broker based in South Africa. They were established in 2010 and have been regulated by the Financial Services Commission of South Africa (FSCA) as HF MARKETS SA (PTY) LTD since 2016.

HotForex boasts the lowest spreads with their Zero account, and there are no fees on deposits or withdrawals. With a Premium account, the average EUR/USD spread is around 1.2 pips (depending on market conditions), while with a Zero account, it is usually around 0.3 pips. With all account types, the typical spread for CFDs like XAU/USD is 0.29.

Advantages

• For new accounts, there is a 100% deposit bonus.
• There are no fees for deposits or withdrawals.
• With a very short hold time, the Live Chat Support is quite helpful.
• HotForex offers trading accounts with ZAR as the base currency.

Disadvantages

• Wire transfers are available at a high cost, and they can take anywhere from 2 to 7 days to be credited.
• CFDs on cryptocurrency are not available.

XM Trading: Low spreads and quick execution broker

Financial Instruments Ltd trading points, which was created in 2009, owns the XM Group. In terms of regular trading volume, they are currently one of the biggest forex brokers. We believe Trading Point of Financial Instruments Ltd to be secure because it is regulated by CySEC and ASIC (Trading Point of Financial Instruments Pty Ltd since 2015).

They have one of the quickest trade execution times of any forex broker we've examined and compared, with nearly no re-quotes and rejection. Their costs for their Ultra-Low Account are likewise among the lowest of all the brokers we've looked. They also include a negative balance safeguard feature.

Advantages

• Ultra-Low Account has a very low average EUR/USD spread of 0.8 pips.
• Orders are processed quickly, and there are no re-quotes.
• Protection against Negative Balance is offered.
• No Deposits and withdrawals Fees

Disadvantages

• There is no support phone number for XM in South Africa.
• XM does not provide cryptocurrency CFDs.

InvestBY- A Legit Broker

InvestBy is the top forex broker with a reputation for offering a pleasant trading experience. TechFX LLC operates the brokerage company regulated by the National Bank of the Republic of Belarus (NBRB).

InvestBy makes you able to trade a variety of financial instruments, including Forex, stocks and indexes, cryptocurrencies, and commodities. InvestBy clients offer a vast range of trading platforms to choose. They have access to MT4, Webtrader, and Mobile trading platforms (Mobile App). Take a look at the Investby Review.

Advantages

• There are over 350 assets accessible.
• Spreads as little as 0.03 pips are available.
• A leverage of up to 1:500 is possible.
• There will be no commission.
• There are no hidden fees or charges.

Disadvantages

• MetaTrader 5 is not available
• There is no support contact number in South Africa.

Conclusion

We evaluated, graded, and ranked many worldwide forex brokers for Best South African online trading brokers 2022. Our unique Trust Score methodology was used to rate each broker on 113 distinct characteristics.

This unique score method assigns a trustworthiness rating to the best South African online trading brokers based on licensing, regulation, and business structure (read about Trust Score here).

All the best South African online trading brokers had the chance to offer updates and major milestones as part of our yearly review process and complete an in-depth data profile that we hand-checked for correctness.