country flag
  1. Home
  2. Day Trading in South Africa

Best Day Trading Platforms and Brokers in South Africa 2024

Contributor Image
Written By
James Barra
Contributor Image
Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
Contributor Image
Fact Checked By
Jemma Grist
Contributor Image
Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
Updated
Oct 9, 2024

The best day trading brokers in South Africa provide intuitive platforms with excellent charting features, competitive fees, fast execution speeds, and margin trading.

Many also offer accounts in a convenient currency like the South African Rand (ZAR), are regulated by a credible body like the South African Financial Sector Conduct Authority (FSCA), and facilitate trading on popular markets such as the Johannesburg Stock Exchange (JSE).

Find the top day trading platforms in South Africa. All the online brokers we list below accept clients from South Africa.

Top 10 Platforms For Day Trading In South Africa

After testing, reviewing, and rating 265 brokers, our exhaustive analysis reveals that these are the 10 best day platforms and brokers in South Africa:

Click a broker for details
  1. 1
    AvaTrade
    20% Welcome Bonus up to $10,000
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  2. 2
    XM
    $30 No Deposit Bonus When You Register A Real Account
    Ratings
    3.8 / 5
    4.3 / 5
    4 / 5
    3.8 / 5
    3.3 / 5
    4 / 5
    4.3 / 5
    4.3 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, IFSC
    CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
    MT4, MT5, TradingCentral
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, JPY
    Go To XM
  3. 3
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  4. 4
    Deriv
    Ratings
    3.5 / 5
    4 / 5
    4.8 / 5
    3.3 / 5
    4.5 / 5
    3.8 / 5
    2.5 / 5
    3.8 / 5
    4.2 / 5
    4.5 / 5
    $5
    0.01 Lots
    1:1000
    MFSA, LFSA, BVIFSC, VFSC, FSC, SVGFSA
    CFDs, Multipliers, Accumulators, Synthetic Indices, Forex, Stocks, Options, Commodities, ETFs
    Deriv Trader, Deriv X, Deriv Go, MT5, cTrader, TradingView
    Neteller, Visa, Skrill, WebMoney, FasaPay, Perfect Money, Diners Club, Banxa, Paytrust, Wire Transfer, Mastercard, Credit Card, JCB Card, Sticpay, Trustly, Volet, Paysafecard, AstroPay, Maestro, Airtm, Boleto, JetonCash, Przelewy24, Bitcoin Payments
    USD, EUR, GBP
    Go To Deriv
  5. 5
    Exness
    Ratings
    3.8 / 5
    4.3 / 5
    3.5 / 5
    3.8 / 5
    3.8 / 5
    3.8 / 5
    4.3 / 5
    1.5 / 5
    4.4 / 5
    4.3 / 5
    $10
    0.01 Lots
    1:Unlimited
    CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral
    Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel, Debit Card, Neteller, Skrill, Perfect Money, Sticpay, AstroPay, Cashu, FasaPay, WebMoney, M-Pesa
    USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY
    Go To Exness
  6. 6
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  7. 7
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  8. 8
    RoboForex
    $30 No Deposit Bonus
    RoboForex Ltd and its affiliates do not target EU/EEA/UK clients. Please be aware that you are able to receive investment services from a third-country firm at your own exclusive initiative only, taking all the risks involved.
    Ratings
    3 / 5
    4 / 5
    4 / 5
    3.5 / 5
    4.1 / 5
    4.3 / 5
    3.8 / 5
    3.8 / 5
    4.7 / 5
    4.4 / 5
    $10
    0.01 Lots
    1:2000
    IFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
    R StocksTrader, MT4, MT5, TradingView
    Visa, iDeal, Trustly, Neteller, Skrill, Giropay, Sofort, Wire Transfer, Rapid Transfer, Alipay, POLi, Perfect Money, MoneyGram, Cashu, SafeCharge, WeChat Pay, Vietcombank Transfer, Volet, ecoPayz, AstroPay
    USD, EUR
    Go To RoboForex
  9. 9
    FOREX.com
    20% Welcome Bonus Up To $5000
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  10. 10
    InstaForex
    Choose between: Club Bonus, 30 %, 55 % and 100 % bonuses
    All investments involve a degree of risk of some kind. Trading financial derivative products comes with a high risk of losing money rapidly due to leverage. You should not engage in trading these instruments unless you fully understand the nature of the transactions you are entering into, and the true extent of your exposure. These types of investments may be suitable for some investors, but they are not for everyone.
    Ratings
    4 / 5
    3.9 / 5
    4.2 / 5
    4 / 5
    3.9 / 5
    3.7 / 5
    3.5 / 5
    3.6 / 5
    3.6 / 5
    3.6 / 5
    $1
    0.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica)
    1:1000
    BVI FSC
    Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures
    MT4, MT5
    Skrill, Mastercard, Visa, Neteller, Wire Transfer, Przelewy24, Giropay, Rapid Transfer
    USD, EUR, GBP, PLN, CZK
    Go To InstaForex

Here is a short overview of each broker's pros and cons

  1. AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
  2. XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It’s also highly regulated, including by ASIC and CySEC and offers a comprehensive MetaTrader experience.
  3. IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
  4. Deriv - Established in 1999, Deriv is an innovative broker now serving over 2.5 million global clients. The firm offers CFDs, multipliers and more recently accumulators, alongside its proprietary derived products which can't be found elsewhere, providing flexible short-term trading opportunities.
  5. Exness - Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
  6. Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
  7. Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
  8. RoboForex - RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
  9. FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
  10. InstaForex - InstaForex is a forex and CFD broker founded in 2007. The broker offers diverse market coverage to millions of clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs.

Best Day Trading Platforms and Brokers in South Africa 2024 Comparison

Best Day Trading Platforms and Brokers in South Africa 2024 Comparison
Broker ZAR Account Minimum Deposit Markets Platforms Leverage
AvaTrade logo
- $100 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade 1:30 (Retail) 1:400 (Pro)
XM logo
- $5 CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies MT4, MT5, TradingCentral 1:1000
IC Markets logo
- $200 CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Deriv logo
- $5 CFDs, Multipliers, Accumulators, Synthetic Indices, Forex, Stocks, Options, Commodities, ETFs Deriv Trader, Deriv X, Deriv Go, MT5, cTrader, TradingView 1:1000
Exness logo
✔ $10 CFDs, Forex, Stocks, Indices, Commodities, Crypto Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral 1:Unlimited
Pepperstone logo
- $0 CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade 1:30 (Retail), 1:500 (Pro)
Eightcap logo
- $100 CFDs, Forex, Stocks, Indices, Commodities, Crypto MT4, MT5, TradingView 1:500
RoboForex logo
- $10 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures R StocksTrader, MT4, MT5, TradingView 1:2000
FOREX.com logo
- $100 Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral 1:400
InstaForex logo
- $1 Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures MT4, MT5 1:1000

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
RegulatorASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30 (Retail) 1:400 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • Day traders can access stable spreads and zero commissions with no hidden fees

Cons

  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • Traders from the US are not accepted
Visit AvaTrade
AvaTrade Review

XM

"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."

Christian Harris, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
RegulatorASIC, CySEC, DFSA, IFSC
PlatformsMT4, MT5, TradingCentral
Minimum Deposit$5
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, EUR, GBP, JPY

Pros

  • XM’s customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.
  • XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
  • XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.

Cons

  • While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
  • Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
  • XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.
Visit XM
XM Review

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
RegulatorASIC, CySEC, FSA, CMA
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Minimum Deposit$200
Minimum Trade0.01 Lots
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.

Cons

  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
Visit IC Markets
IC Markets Review

Deriv

"Deriv is ideal for active traders seeking alternative and unique ways to speculate on global financial markets, from multipliers and accumulator options to its bespoke synthetic indices, which mimic real market movements and are available 24/7, allowing for continuous trading opportunities regardless of market hours."

Christian Harris, Reviewer

Deriv Quick Facts

Demo AccountYes
InstrumentsCFDs, Multipliers, Accumulators, Synthetic Indices, Forex, Stocks, Options, Commodities, ETFs
RegulatorMFSA, LFSA, BVIFSC, VFSC, FSC, SVGFSA
PlatformsDeriv Trader, Deriv X, Deriv Go, MT5, cTrader, TradingView
Minimum Deposit$5
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, EUR, GBP

Pros

  • Account funding is a breeze with a very low minimum deposit of $5 and a huge selection of payment options, plus Tether was added to the cashier in 2023.
  • Although response times trail alternatives in our personal experience, Deriv offers 24/7 support and is one of the few brokers to offer WhatsApp assistance.
  • After integrating TradingView and adding MT5 web trader, Deriv now offers a first-class selection of charting tools across desktop, web and mobile devices.

Cons

  • Although there’s a basic blog, there's little in terms of technical analysis or market reports which could help active traders identify potential opportunities.
  • While the Academy launched in 2021 is a step in the right direction, there is limited education on advanced trading topics for seasoned traders and no live webinars to upskill new traders.
  • Leverage up to 1:1000 will appeal to traders with a large risk appetite but frustratingly there is no ability to flex the leverage in the account area.
Visit Deriv
Deriv Review

Exness

"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."

Christian Harris, Reviewer

Exness Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorCySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC
PlatformsExness Trade App, Exness Terminal, MT4, MT5, TradingCentral
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:Unlimited
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY

Pros

  • Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips with low commissions from $2 per side.
  • Fast and dependable 24/7 multilingual customer support via telephone, email and live chat based on hands-on tests.
  • Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.

Cons

  • Retail trading services are unavailable in certain jurisdictions, such as the US and the UK, limiting accessibility compared to top-tier brokers like Interactive Brokers.
  • Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
  • MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
Visit Exness
Exness Review

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
RegulatorFCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.

Cons

  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
Visit Pepperstone
Pepperstone Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorASIC, FCA, CySEC, SCB, CNMV
PlatformsMT4, MT5, TradingView
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
  • Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.

Cons

  • Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
Visit Eightcap
Eightcap Review

RoboForex

"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."

Christian Harris, Reviewer

RoboForex Quick Facts

Bonus Offer$30 No Deposit Bonus
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
RegulatorIFSC
PlatformsR StocksTrader, MT4, MT5, TradingView
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:2000
Account CurrenciesUSD, EUR

Pros

  • RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
  • RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
  • The broker offers leverage up to 1:2000 for certain account types, which is among the highest in the industry. This high leverage allows day traders to maximize their trading potential, albeit with a corresponding increase in risk.

Cons

  • Despite 15+ years in the industry and registering with the Financial Commission, RoboForex is authorized by one ‘Red-Tier’ regulator – the IFSC in Belize, lowering the level of regulatory protections for traders.
  • RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
  • Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
Visit RoboForex
RoboForex Review

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
Demo AccountYes
InstrumentsForex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
RegulatorNFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:400
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.

Cons

  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
Visit FOREX.com
FOREX.com Review

InstaForex

"InstaForex maintains its position as a top forex broker, with more currency products than most rivals. The tight spreads and low minimum deposits make it accessible to all experience levels, especially those familiar with the MT4 and MT5 platforms."

William Berg, Reviewer

InstaForex Quick Facts

Bonus OfferChoose between: Club Bonus, 30 %, 55 % and 100 % bonuses
Demo AccountYes
InstrumentsCurrencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures
RegulatorBVI FSC
PlatformsMT4, MT5
Minimum Deposit$1
Minimum Trade0.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica)
Leverage1:1000
Account CurrenciesUSD, EUR, GBP, PLN, CZK

Pros

  • The broker is a particularly good pick for serious forex traders, with over 100 currency pairs, tight spreads from 0.0 pips and a market-leading selection of curated forex market resources
  • InstaForex delivers a superb day trading environment, with the powerful MT4 and MT5 platforms offering dozens of technical analysis tools, automation capabilities and multiple order types
  • The broker is accessible for beginners, with low minimum deposits and zero-commission trading available.

Cons

  • The broker provides trading instruments only in the form of CFDs.
  • Customer support is available only in EN, CZ, PL, and SK.
  • The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
Visit InstaForex
InstaForex Review

Choosing A Day Trading Broker In South Africa

Our extensive experience in the day trading sector has revealed that there are several crucial elements to take into account when choosing a broker:

Trust and Regulation

It’s essential to select a trusted brokerage.

Doing so safeguards your funds against harmful trading practices, such as price manipulation and even fraud. Opting for a trustworthy broker is especially crucial considering South Africa’s history with trading scams.

One prominent example is Forex International, a company which offered guaranteed returns. Its scammer operators, Peter and Louis Henderson, who have since been jailed following an investigation by the South African Reserve Bank, were found to have stolen R 1.6 million before transferring the money to offshore bank accounts.

As a result, we routinely verify that day trading brokers are regulated by a credible authority, such as South Africa’s Financial Sector Conduct Authority (FSCA). The FSCA oversees brokers and permits popular short-term trading instruments like contracts for difference (CFDs).

Alternatively, we recommend global brokers regulated elsewhere that we trust, an assessment we make by verifying the number and quality of their regulatory licenses, their track record of treating day traders fairly, and their standing in the industry. It’s important to continue adhering to the FSCA’s regulations and local tax rules if you do opt for an overseas broker.

💡
Tip: Check that the broker is authorized using the relevant regulator’s directory. For example, you can search for registered brokers in all of South Africa using the FSCA database.
The South African FSCA register showing AvaTrade authorization
AvaTrade – FSCA License
  • AvaTrade earns our trust year after year owing to its regulation in 9 jurisdictions including South Africa. The over 400,000 traders and long row of industry awards also underscore its reliability.

Trading Fees

Choose a trading platform with low fees for both trading and non-trading activities.

For day traders, who typically engage in a high volume of transactions, it’s crucial to minimize transaction costs as they can significantly erode profits.

We recommend South African day trading brokers who offer attractive pricing, something we determine by recording and comparing their spreads on popular assets like the ZAR/USD.

We also evaluate any additional fees, such as those for deposits and withdrawals which can impact active traders, plus inactivity penalties which penalize casual investors.

Importantly, we then balance pricing with the quality of the broker’s tools and overall trading environment, as we know from first-hand experience that the cheapest brokers aren’t always the best.

  • IC Markets stands out as one of the lowest-cost day trading platforms based on our tests using real money, with 25 liquidity providers helping to ensure ultra-tight spreads from 0.0 pips. There are also no deposit and withdrawal charges or inactivity fees.

Trading Platforms and Tools

Select a user-friendly platform equipped with a good charting package.

Charting tools are especially crucial for day traders, as many depend on technical analysis for their short-term trading strategies.

Advanced day traders might require a range of sophisticated indicators and drawing tools, available from leading third-party platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. These are also great for automated trading.

Day trading South African assets on Pepperstone cTrader charting platform
Pepperstone – cTrader Platform

On the other end of the scale, beginners will find the essentials they need in most proprietary platforms, including popular day trading indicators like Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI).

Our experts always evaluate the trading platforms, apps, and tools as a part of our review methodology. We conduct hands-on tests of the software to ensure it delivers an excellent user experience, complete with the charting tools necessary for day traders at every experience level.

  • Pepperstone continues to stand out for its charting platforms with MT4, MT5, cTrader and TradingView. It’s also one of the few day trading brokers in South Africa to support Autochartist, which identifies actionable trading opportunities in real time.

Day Trading Markets

Choose a brokerage that provides opportunities in your preferred markets.

For many day traders in South Africa, it will be important to have access to local stock exchanges, such as the Johannesburg Stock Exchange (JSE). Additionally, the ability to engage in short-term trading on currency pairs with the ZAR may be important.

Forex.com - ZAR Forex Assets
Forex.com – ZAR Currency Pairs
💡
Tip: Expand your trading horizons by exploring different geographical areas, markets, and sectors. This can not only diversify your portfolio but it can also help mitigate risk and uncover new trading opportunities.

Our top picks for South African day trading brokers offer a variety of asset classes, including stocks, forex, commodities, indices, and cryptocurrencies.

These brokerages also often feature products tailored for short-term trading strategies, like contracts for difference (CFDs).

CFDs are a derivative that lets you speculate on price movements, both upward and downward, without actually owning the asset you are speculating on, for instance, Naspers shares listed on the JSE.

  • Forex.com has expanded its range of assets over the years to cater to the full spectrum of day traders, offering over 5,500 instruments spanning multiple asset classes, including four currency pairs with the ZAR.

Execution Speed

Sign up with a brokerage that ensures quick and dependable order fulfilment.

For intraday trading especially, choosing a broker that focuses on rapid order execution is crucial. Delays in order processing can lead to lost trading chances or less favorable pricing, all of which can impact your bottom line.

Additionally, execution quality is a critical factor, encompassing aspects like speed, price, and the probability of order completion.

We recommend South African day trading platforms with rapid and reliable order execution, based on our extensive evaluation of their execution policies and analysis of average execution times, where such data is available.

  • FxPro emerges as one of the fastest brokers with most orders filled in under 13 milliseconds. This makes the platform superior for short-term setups like scalping and algo trading.

Leverage and Margin Trading

Register with a broker that provides leverage and clearly defined margin requirements.

Opting for a broker that facilitates leverage trading is vital for many day traders. It enhances the potential for higher profits by enabling the handling of larger positions using a small amount of capital.

For instance, your platform might give you 1:5 leverage on South African stocks. This means with an investment of 2000 Rand, you can control a position of 10,000 Rand (5x your investment).

However, this also increases the risk of greater losses, and it is particularly important for novices to be cautious.

Risk management and a good understanding of your broker’s margin requirements are crucial. These requirements determine the capital needed to maintain your positions.

This is particularly important for day traders in South Africa, as the FSCA does not mandate a leverage limit of 1:30, which is commonly found in heavily regulated regions like Europe and Australia. As a result, much higher leverage is often available.

  • XM offers very high leverage up to 1:1000 through its global entity – more than most trading platforms based on our tests of hundreds of firms. It has a stop-out level which will automatically close your positions if you don’t maintain enough capital.

Minimum Account Deposit

Select a trading platform with a deposit requirement suitable for your circumstances.

This is especially crucial for beginners with limited funds for online trading. Fortunately, our analysis shows that most leading day trading platforms accepting South African traders typically set their minimum deposit at 5,000 Rand or lower (approximately 250 USD).

There are even platforms with no minimum deposit requirement, such as Pepperstone, making them ideal for traders on a tight budget.

💡
Tip: It can also be beneficial to open a trading account with a broker that uses ZAR as a base currency. Doing so simplifies managing your account and trading in your local currency, while possibly cutting down on conversion costs.
  • Trade Nation continues to be a compelling choice here with its ZAR trading account and no minimum deposit. It’s also regulated by the FSCA in South Africa.

Methodology

In our search for the top day trading platforms in South Africa, we relied on both quantitative data and qualitative insights from our comprehensive broker reviews, focusing on several key aspects:

  • We made sure the brokerage accepts day traders in South Africa.
  • We verified that the company was regulated by the FSCA or another reputable regulatory body.
  • We analyzed the fees associated with conducting day trades to make sure they are competitive.
  • We tested the platform and/or app to ensure it is conducive to short-term trading strategies.
  • We assessed the assets available for day trading, including those in South African markets.
  • We examined the speed and effectiveness of order executions.
  • We considered the options for leveraged trading and the associated margin requirements.
  • We confirmed the minimum deposit to begin day trading in South Africa is accessible.

DayTrading.com testing methodology infographic

Bottom Line

Starting with our pick of best day trading brokers in South Africa is an excellent strategy for identifying the best platform for your requirements – we’ve undertaken the rigorous process of testing, assessing, and grading these firms for you.

Should you remain uncertain about which brokerage to choose, consider trying out their platforms through a demo account.

FAQ

What Is Day Trading?

Day trading involves the act of purchasing and selling financial assets, like stocks on the Johannesburg Stock Exchange, all within the span of one trading day.

This approach is adopted by individuals seeking to profit from brief price movements over the short term.

Is Day Trading Allowed In South Africa?

Yes, day trading is allowed and legal in South Africa. The financial markets and trading products like forex and CFDs are overseen by the country’s regulator – the Financial Sector Conduct Authority (FSCA).

Which Brokers Do South African Day Traders Use?

The number of day trading brokers located in South Africa and regulated by the local Financial Sector Conduct Authority (FSCA) is limited.

That’s partly why many day traders choose to sign up with respected global brokers, regulated by other trusted bodies.

Still, local investors should understand that intraday trading with an international broker could restrict your avenues for legal action should problems arise.

How Much Money Do I Need To Day Trade In South Africa?

Our exhaustive analysis indicates that the majority of top day trading platforms catering to South African traders often have a minimum deposit requirement of 5,000 Rand or less, which is roughly equivalent to 250 USD.

Some of the best day trading brokers in South Africa, such as Pepperstone and Trade Nation, even have no minimum deposit, making them an attractive option for beginners.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com