Best Trading Platforms in South Africa Reviewed

Trading with brokers that offer all the markets and assets traders need makes investing convenient. To provide investors with those choices, we scoured the market to find the all-round best trading platforms in South Africa.

We examined each broker’s features, fees, regulations and more, to end up with a shortlist of South African trading platforms that can be considered a one-stop-shop. Let’s get into their reviews, and we’ll also include other factors that investors need to analyse when choosing the best trading platform for beginners.

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

Best South African Trading Platforms Reviewed

We carefully looked at all of the best trading platforms for beginners and determined that eToro came out on top. Let’s get into the details of what makes this broker the best South African trading platform.

1. eToro – Overall Best Online Trading Platform

Whether investors choose to trade stocks, forex, cryptos, ETFs or commodities on eToro, they will be pleased to know that this trading platform is regulated. Several financial bodies such as CySEC, ASIC, the US SEC, FCA and FINRA watch over eToro to make sure it abides by high ethical standards and looks out for the best interests of its clients.

Beginner and advanced traders will benefit from the convenient platform eToro designed. It’s simple to navigate, yet pro traders can combine advanced chart tools to get the most out of their technical analysis. Trying out the platform is available by downloading a free demo account. The app is also available on iOS and Android.

Investors trading stocks will not incur a commission, and crypto traders pay 1% on trades. Deposits are free for South Africans funding a USD account, otherwise, a conversion fee of 0.5% applies. Several payment options are available such as bank transfer, cards, PayPal, Skrill, Neteller and Webmoney. The minimum to fund an account is $50, which is around R750. Withdrawing funds incurs a $5 fee. Traders who are inactive will pay $10 monthly after being inactive for 12 months. Ever wondered what the best forex broker in South Africa is? eToro has built a reputation as one of the leading brokers for forex, stocks, cryptos and many more financial assets.

Two great features that make eToro the best trading app in South Africa are CopyTrades and Smart Portfolio. Beginner traders can mimic the trades of professionals by copying their trades. The feature also enables traders to swap ideas and interact. Smart Portfolio is perfect for investors wanting to diversify their portfolios. Whether it’s cryptos or stocks, traders can invest in a Smart Portfolio, managed by a fund manager and doesn’t incur management fees. The minimum to deposit into a Smart Portfolio is $500.

eToro provides one of the best crypto wallets in South Africa.

What We Like

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

2. Capital.com – Popular Platform Offering 1:5 Leverage

The reason that Capital.com is so popular is that it offers a platform perfectly suited for beginners and advanced traders. It’s simple to place a trader, but advanced traders can use various strategies and tools on charts to get the most out of their analysis.  One of the things that make Capital.com the best trading broker is that it offers 24/7 support. A demo account is available. Free educational material is also available.

This South African trading platform is also regulated. The watchdogs involved in Capital.com are CySEC, FCA, FSA, ASIC and NBRB.

More than 5,000 securities are available for trading at 0% commission on this platform. Investors wanting to trade cryptos on this platform will pay only the bid/ask spread. Capital.com doesn’t charge fees for deposits and withdrawals but overnight fees for certain assets apply.

Advanced traders can increase their positions if they take advantage of the 1:5 leverage on this platform. That can significantly increase profits if a trade is favourable, but losing trades are also magnified.

What We Like

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

3. Crypto.com – Crypto Exchange Offering Numerous Coins

One of the things that make Crypto.com the best Bitcoin trading platform in South Africa is that it offers 250 cryptocurrencies. Altcoin investors will most likely find the coins they’re looking for. After all, 50 million users are on this platform. But that’s also because the platform caters to traders of all skill levels.

Crypto.com requires investors to fund at least 100 USDC, which is equivalent to $100. Payment options include bank wires, cards and ACH. Funding an account with a card will incur a 2.99% fee. Investors can deposit cryptos for free, but withdrawing them incurs a charge, varying per coin. Trading fees are 0.4% for a monthly volume of $25,000. Once traders exceed that level, fees decrease.

Besides NFTs, Crypto.com enables investors to make money from their coins. Locking in coins on an exchange for a specific period is known as staking coins. Investors simply buy coins and lock them in to earn interest. Capital.com offers 14.5% interest per annum on certain coins and 10% per annum on stablecoins. Staking CRO, the platform’s native token, will yield a return of only 4%.

What We Like

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

4. Coinbase – Globally Popular Exchange

Almost everyone in the crypto community has heard of Coinbase since it is positioned in 100 countries and has more than 100 million users. The thing that makes Coinbase one of the best Bitcoin trading platforms in South Africa is that it offers two trading platforms: a standard and a pro version. Coinbase Pro is free for advanced traders to position themselves well in the market by using various indicators.

More than 100 coins are available for trading on this exchange. But Coinbase has also offered no transaction fees for NFTs, but it’s for a limited period. As for trading, South African investors need to deposit at least $25 via bank wire, cards and even Apple Pay is available for crypto purchases. Trading fees vary between takers and makers. Takers have to pay 0.6% and makers pay 0.4%. Those rates apply for trading volume up to $10,000. Coinbase lowers the fees for highly active traders.

Day trading cryptos can be risky, so investors can reduce their risk by staking coins. Coinbase enables investors to stake coins, but it offers interest up to 5.75% per annum.

What We Like

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

5. AvaTrade – Best Forex Trading Platform

AvaTrade is another South African trading platform that enables investors to access cryptos, stocks, forex, indices, commodities and ETFs. Traders can choose between Meta Trader 4 and 5, as well as mobile trading and automated trading, which consists of DupliTrade and ZuluTrade. DupliTrade enables traders to follow the signals and strategies of experienced traders. ZuluTrade uses recommendations by pro traders to open positions in an investor’s account.

This platform appeals to beginner and advanced traders. Investors who are uncertain about how to trade or use the platform can access a vast range of free videos and guides. The platform even offers a blog and ebook about trading. Getting started with the platform requires traders to deposit $100 via bank transfer and credit card. Other options to fund an account are Neteller, Skrill and Webmoney.

AvaTrade doesn’t charge commissions on any type of trade. But inactivity fees of $50 are applicable after 3 months of inactivity. The platform also charges an administration fee of $100 for inactivity after 12 months, and overnight fees are applicable to certain assets.

What We Like

6. Binance – Highest Trading Volume Exchange

Considering Binance has listed more than 600 coins, it’s easy to see why it’s the best crypto trading platform in South Africa. This exchange is an altcoin investor’s dreamland because it features all the main altcoins and also provides a platform that caters to traders of all skill levels. It’s no wonder that it has the highest trading volume of all exchanges.

Investors who want to stake coins will find that Binance is one of the best trading apps in South Africa for it. Not only has Binance enabled investors to stake more than 100 coins, but it offers high returns. Some coins provide more than 100% returns within 90 days. Binance also offers shorter lock-in periods, but that results in lower returns.

The great thing about using Binance is that it charges 0.1% trading fees. Investors can choose numerous options to fund their accounts, and Binance has also introduced fiat funding for South Africans via Silvergate. It’s a SWIFT transfer made in USD to Binance’s Silver bank account in the US. A deposit fee of $10 is applicable for that option.

Although Binance is regulated in some countries, it could improve its applications by submitting and ensuring it’s regulated by strict financial bodies.

What We Like

7. Libertex – Multi Award-Winning Platform

Libertex is another South African trading platform that offers investors access to various markets such as forex, crypto, indices, commodities, stocks, precious metals and even crypto mining. Libertex enables traders to three platforms:  app, Metatrader 4 and 5. Beginner traders can use the free demo account of $50,000 to practise, but the site does offer a 3-hour trading course.

The platform offers a sign-up bonus, which is 100% of an investor’s deposit. The welcome bonus is converted to an investor’s trading account, and they can withdraw the funds. Also available is a loyalty program that entitles investors to rewards such as investment ideas and VIP manager support. Some of the other features on this platform are trading signals, an action plan for Noble Portfolios and real-time news.

Besides offering leverage of 1:500, Libertex charges a 0% commission for trading stocks, cryptos, deposits and swap for overnight positions. Payment options include bank wire, card and Paypal. A minimum of $10 is required to deposit.

What We Like

8. Khwezi Trade – South African Forex Platform

Khwezi Trade provides one of the best forex trading platforms in South Africa. It specializes in offering beginners and advanced traders a Metatrade 4 platform for trading forex. Beginner traders can try out the free R100,000 demo account. Otherwise, to fund a live account, at least R500 is necessary.

Khwezi is also approved as an over-the-counter provider and holds clients’ funds in segregated and personalised South African bank accounts. Traders don’t pay a commission to trade forex on this platform and spreads start from 0.4 pips, and investors receive maximum leverage of 400. After funding their account, investors will also receive educational material, free unlimited withdrawals, daily flexi analysis and a weekly newsletter.

Mobile traders can use Khwezi’s app to trade forex on one of the best trading apps in South Africa. Traders can also opt for commodities and indices.

What We Like

9. Absa – South African Bank Offering Trading

Absa is one of the biggest banks in Africa, but it also provides one of the best South African trading platforms. The platform enables traders to access 30,000 shares and ETFs. Absa enables traders to pick stocks and ETFs on the Johannesburg Stock Exchange but allows account funding in USD, GBP and EUR.

Traders will be glad to know that Absa offers tax-free savings by enabling them access to local and offshore approved ETFs. Brokerage fees are 0,2%, and a minimum amount doesn’t apply. Absa also doesn’t charge a monthly fee for the account.

A mobile app is available, as well as seminars and workshops to teach beginners how to trade. Traders will also receive 24/5 customer service and the ability to fund an account with an African bank account.

What We Like

10. Tickmill – Popular Exchange Offering Various Markets

Tickmill offers one of the best trading platforms in South Africa by enabling access to stocks, forex, cryptos, indices, precious metals and bonds. Traders can also choose between the different accounts such as classic, pro, VIP and Islamic. Beginner traders can also test out the platform with a demo account.

Opting for a classic account means that traders need to fund it with at least $100. Some of the ways traders can fund their accounts are via bank transfers, cards, Skrill, Neteller and Sticpay.  Maximum leverage of 1:500 is available, and the spreads are 1.6 pips. Opting for stock trading means doing it with 0% commissions and receiving a leverage of 1:20.

The great thing about choosing Tickmill is that beginner traders can access free educational content such as videos, ebooks, seminars and webinars. The platform also offers a $30 welcome account.

What We Like

Top Online Trading Platforms in South Africa Compared

While searching for the best trading platform in South Africa, we found 10 brokers. So we compared their features, fees and more.

How We Select the Best South African Trading Platforms

During our search for the best trading platforms in South Africa, we used several factors to ensure that a broker met our stringent standards.

Regulation

It’s vital that a broker is regulated, especially one that offers stocks, forex, precious metal and commodities. Investors are concerned about their funds, so a regulated broker has to abide by high financial standards. That’s vital because investors need to know that a broker is looking out for their best interests.

The Financial Service Board (FSB) is the watchdog for the non-banking services industry in South Africa. Some brokers in South Africa have received licenses from FINRA and FCA.

Range of Stocks

When wanting to invest with the best trading platform in South Africa, investors want one that offers a lot of stock options. Some traders prefer to trade foreign stocks while others want access to companies with low market capitalizations. The more stocks a broker offers, the easier it is for traders to invest.

The last thing that traders want is to go through the trouble of setting up an account and funding it, then find out that the stock they want to trade is unavailable.

Fees

The fees are possibly the most important aspect that we examined when we searched for the best trading platforms in South Africa. This is essentially a make-or-break-criteria because high fees can significantly lower profits and make losses larger. Although brokers charge fees for trading, they can’t be exorbitant.

Maker / taker fees via Coinbase trading platform

Fees cannot be hidden, and the broker has to stipulate all the fees involved from depositing to withdrawing profits.

Tool & Analysis

Some of the best trading platforms in South Africa offer a platform that’s convenient for beginners and advanced traders. Exchanges such as Coinbase have developed a pro version to enable traders to incorporate advanced tools so they can optimize their strategies.

But a platform should also cater to beginners. It shouldn’t be too complicated that beginner traders get frustrated because they don’t know how to work the platform. It’s often best that brokers develop two platforms to cater to traders of all skill levels.

Minimum Deposit

We wanted to find platforms that don’t require investors to deposit a specific amount to get started. We found a few, but some good brokers did require a minimum deposit amount. The reason that a minimum deposit should be low, preferably zero, is that it enables all traders to open an account.

If a broker requests a high deposit, some traders may not have sufficient funds. Even if a trader does have the funds, they might not want to risk a lot of money.

Demo Account

A demo account is especially useful for beginners. It enables them to test out a broker before they deposit money. Each broker’s platform offers something unique, so users should have a chance to test it out before funding any money.

Even advanced traders will want to check it out the platform so they can be certain it offers all the tools they need to get the most out of the technical analysis.

Mobile App

In today’s day and age, most people use their phones instead of desktops. That’s the reason it’s crucial that the best trading platform in South Africa offers a mobile app for its platform.

Moreover, the mobile app should have the same features as the desktop version and be designed conveniently for a mobile screen. We found several such brokers.

Payment Methods

Investors prefer brokers that offer several payment methods, the more options available, the easier it is for investors to fund their accounts. Some traders like having numerous payment options, even if they have access to all of them. Options allow them to compare the fees associated with depositing money, so they can choose the cheapest method.

Customer Service

Nothing frustrates beginner traders more than getting stuck on a platform and not having help. Brokers need to reply promptly to queries and preferably offer support around the clock. Some of the brokers we listed offer 24/5 help.

Types of Trading Platforms 

During our search for the best trading platforms in South Africa, we wanted to find brokers that provide access to various markets and assets. Below are the platforms that the brokers on our list offer.

Crypto Trading Platforms

Exchanges such as Crypto.com, eToro, Capital.com and Binance offer investors numerous cryptocurrencies. Those platforms also enable investors to earn interest by locking-in coins for a specific period on the exchange, known as staking coins.

That’s the reason we searched for the best crypto exchanges in South Africa.

Stock and ETF Trading Platforms

Trading stocks goes hand-in-hand with trading ETFs, so we searched for platforms that offer both. We also took it a step further and ensured that a broker also offered indices.

Forex Trading Platforms

Platforms offering forex trading have to offer the major currency pairs, along with the minors and exotics. Many forex traders like a variety of pairs so that they can have consistent trades if a setup isn’t available on the majors.

Options Trading Platforms

Options trading has become increasingly popular but is risky. Option traders speculate on the future value of an asset without owning it. Although traders can be handsomely rewarded for getting a trade right, they can also lose significantly if a trade doesn’t pan out.

Commodities Trading Platforms

Investors who want to take advantage of price movements in wheat and oil can opt for commodity platforms. Several of the brokers we reviewed offered commodities trading.

Day Trading Platforms

Many traders wish to make a full-time living from trading, so they seek day-trading platforms. The brokers we reviewed offer a platform perfect for beginners and advanced traders. They contain advanced tools but are also simple enough to place a trade with a few clicks.

Conclusion

We analyzed the fees, features and benefits of brokers from our shortlist. After comparing all the best trading platforms in South Africa, we found that the best broker is eToro.

Not only does eToro provide one of the best crypto wallets in South Africa, but it offers CopyTrading and 0% commission on stocks. It also enables traders access to indices, ETFs, commodities and forex. Etoro offers a platform convenient for beginners but is also packed with indicators for advanced traders to use.

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

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