Best Share & Forex Trading Platforms in South Africa

The right trading platform depends entirely on what you are actually doing. If you are a long-term investor buying shares and ETFs, a low-cost local platform wins and nothing else matters much. If you are an active trader in forex or CFDs, you need a specialist broker with tight spreads — but go in clear-eyed, because most retail CFD accounts lose money. This guide compares South Africa's leading platforms, and covers the two things trading guides usually skip: what you really pay, and how SARS taxes the profits.

First rule: check the regulator, not the marketing

Trading is a magnet for scams, and the branding is always excellent. Only use platforms regulated by South Africa's FSCA or a top-tier global regulator. Crucially, do not take the website's word for it — every authorised provider has an FSP number you can look up on the FSCA's own register. Check that the name on the register matches the entity you are about to pay, because a common trick is a legitimate FSP number displayed by a company that does not hold it.

A broker offering CFDs or forex to South African clients generally needs to be licensed as an Over-the-Counter Derivative Provider (ODP), which is a higher bar than a basic FSP licence. If a forex broker cannot tell you its licensing status plainly, that is your answer.

Warning signs worth taking literally: guaranteed or fixed daily returns, pressure to deposit before an "opportunity closes", an "account manager" who wants to trade on your behalf via WhatsApp or Telegram, screenshots of other people's profits as proof, and any requirement to recruit others. No legitimate broker guarantees returns, because none can.

How we chose

We compared platforms on total trading cost, the markets available, regulatory standing and how usable they are for a beginner. Figures are indicative and move often — confirm the live schedule before you fund an account. Ratings are Rateweb's editorial opinion, not advice to trade.

The best platforms at a glance

• Best for beginners — EasyEquities. Fractional JSE and US shares from very small amounts. See our EasyEquities review.
• Best bank platform — Standard Bank Online Share Trading. A well-established platform for shares and ETFs.
• Best for active traders — IG Markets. Very wide market access and professional tooling.
• Best forex/CFD broker — AvaTrade. FSCA-regulated forex and CFDs with MetaTrader.

Compare costs, markets and regulation for every platform in the table below.

What trading actually costs you

The advertised commission is rarely the biggest number. Add up all of these for the way you actually trade:

• Brokerage — a percentage or flat fee per trade, often with a monthly minimum that punishes small, infrequent trades.
• The spread — the gap between buy and sell price. On a "zero commission" forex or CFD account this is the fee, and it widens in volatile markets, which is exactly when you are most likely to be trading.
• Securities transfer tax — SARS levies STT at 0.25% on transfers of listed shares. Your broker is liable but recovers it from you, so it appears on JSE share purchases. It does not apply to ETFs in the same way, or to CFDs, since you never own the underlying share.
• Overnight financing (swap) — leveraged positions are borrowed money, and you pay to hold them open overnight. A position held for weeks can bleed out in financing alone even if the price never moves against you.
• Currency conversion — the margin on converting rands to dollars is a real cost, often larger than the trading commission on offshore trades.
• Inactivity fees — several CFD brokers charge dormant accounts monthly.

How SARS taxes your trading — the expensive misunderstanding

Many traders assume profits are capital gains, taxed gently. Often they are not, and the difference is large: capital gains cost an individual at most about 18% of the gain, while revenue profits are taxed at your marginal rate, up to 45%.

The dividing line is the nature of the profit, not the size of it:

• Shares held for three years or more. Under section 9C of the Income Tax Act, proceeds on disposal are deemed to be of a capital nature. This is an objective rule — hold long enough and the argument is settled in your favour.
• Shares sold within three years. Capital or revenue is decided by case-law principles, chiefly your intention. Shares bought mainly to resell at a profit are trading stock, and the gain is revenue in nature, taxed as income.
• Forex and CFDs. These are derivative contracts, not equity shares, so section 9C does not shelter them. Short-term speculative trading profits are revenue in nature and taxed at your marginal rate.
• Dividends are taxed separately at 20%, withheld before you receive them.

Two practical consequences. Losses on revenue-account trading may be deductible against other income, which cuts both ways and is worth understanding properly. And frequency matters: someone placing trades weekly should not assume the R50,000 annual capital gains exclusion applies to them. If you trade actively, get advice specific to your situation — our tax help guide covers finding it.

Investing or trading? Be honest about which you are doing

Investing means buying shares or ETFs to hold for years. It is cheap, requires little attention, benefits from section 9C, and is how most wealth is actually built. Trading means short-term positions, usually leveraged, and it is a skill-based activity competing against professionals with better information and lower costs.

Leverage is the part that deserves plain language. At 10:1, a 10% move against you wipes out your entire deposit on that position — and a 10% move is unremarkable. Leverage does not make a good trade better; it makes every trade faster in both directions. That is the mechanism behind "most retail accounts lose money", not bad luck.

If you want to try it anyway, the sane version: start on a demo account for long enough to see a losing streak, risk a small fixed percentage of capital per position, decide your exit before you enter, and keep trading money entirely separate from your long-term investments. If you would rather build wealth without any of this, our guide to investment platforms is the better starting point.

Frequently asked questions

What's the cheapest platform for shares?

For everyday share and ETF investing, a fractional low-cost platform like EasyEquities is usually cheapest. Compare on your own pattern, though — a platform with a monthly minimum brokerage can be expensive if you trade rarely.

Is forex trading legal in South Africa?

Yes, through properly regulated brokers. Brokers offering CFDs or forex locally generally need an ODP licence, and you can verify any provider's FSP number on the FSCA register. Legal does not mean low-risk: most retail accounts lose money.

Do I pay tax on trading profits?

Yes. Shares held three years or more are deemed capital under section 9C and fall under capital gains tax. Shares bought mainly to resell are trading stock, taxed as income at your marginal rate. Forex and CFD profits are revenue in nature and do not get capital gains treatment.

What is securities transfer tax?

A 0.25% tax on transfers of listed securities. Your broker is liable and recovers it from you, so you see it on JSE share purchases. It does not apply to CFDs, because you never own the underlying share.

How much money do I need to start?

For share investing, very little — fractional platforms start at a few rand. For leveraged trading, the honest answer is different: only money whose total loss would not change your life.

How do I avoid trading scams?

Verify the FSP number on the FSCA register rather than the website, never accept guaranteed returns, and never let anyone trade on your behalf through a messaging app. If withdrawing your money is harder than depositing it, treat that as the warning it is.

Are CFDs the same as owning the share?

No. A CFD is a contract on a price movement — you never own the share, receive no shareholder rights, pay overnight financing to hold the position, and no securities transfer tax applies.

Next steps

Compare the platforms below, and check any provider's FSP number on the FSCA register before you deposit. For long-term wealth building instead, see our guides to investment platforms, retirement annuities and tax-free savings accounts. This is general information, not financial advice — capital is at risk, and leveraged trading can lose more than your deposit.