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Best CFD Brokers And Trading Platforms In South Africa 2024

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Written By
James Barra
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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
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Fact Checked By
Jemma Grist
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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
Aug 15, 2024

The number of CFD brokers in South Africa has risen in recent years, driven in part by tougher restrictions from the European Securities and Markets Authority (ESMA), which prompted many trading platforms to expand into developing markets.

Explore the best CFD brokers in South Africa following firsthand tests and exhaustive analysis. We’ve pinpointed the CFD trading platforms that are regulated by the South African Financial Sector Conduct Authority (FSCA) and excel in catering to short-term traders in South Africa.

Top 10 CFD Trading Platforms in South Africa

Our findings show these are the 10 top brokers for South African CFD traders:

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
    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
  3. 3
    Trade Nation
    200 Sign-Up Reward Points
    84% of retail investor accounts lose money when trading CFDs with this provider.
    Ratings
    4.3 / 5
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    3.8 / 5
    4.1 / 5
    0 / 5
    $0
    0.1 Lots
    1:500 (entity dependent)
    FCA, ASIC, FSCA, SCB, FSA
    Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)
    MT4
    Credit Card, Visa, Mastercard, Wire Transfer, Skrill, PayPal, Debit Card
    USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK
    Go To Trade Nation
  4. 4
    easyMarkets
    50% Deposit Bonus Or Up To A $2000 Tradable Bonus
    Ratings
    4.1 / 5
    3.8 / 5
    3.5 / 5
    3.3 / 5
    4 / 5
    3.8 / 5
    4 / 5
    4 / 5
    4.6 / 5
    3.6 / 5
    $25
    0.01 lots
    1:2000
    CySEC, ASIC, FSCA, FSC, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    easyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral
    UnionPay, Credit Card, Bitcoin Payments, Debit Card, AstroPay, Perfect Money, WebMoney, Sticpay, Visa, Wire Transfer, Mastercard, Ethereum Payments
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, TRY, SEK, NOK, CHF, HKD, SGD, PLN, CZK, MXN, CNY
    Go To easyMarkets
  5. 5
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme, Demo contests with prizes up to $2000
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, Volet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  6. 6
    FxPro
    Ratings
    4.4 / 5
    3.8 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4 / 5
    4 / 5
    4.7 / 5
    4.3 / 5
    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
    FCA, CySEC, FSCA, SCB, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa, Google Wallet, Bitcoin Payments, Ethereum Payments
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
    Go To FxPro
  7. 7
    Plus500
    82% of retail CFD accounts lose money.
    Ratings
    3.5 / 5
    4.1 / 5
    3.5 / 5
    4 / 5
    3.1 / 5
    4 / 5
    2 / 5
    3 / 5
    4.1 / 5
    4.3 / 5
    $100
    Variable
    1:30
    FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
    CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
    WebTrader, App
    PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay
    USD, EUR, GBP, AUD, ZAR, CZK
    Go To Plus500
  8. 8
    CMTrading
    Ratings
    3.3 / 5
    3 / 5
    3 / 5
    2.8 / 5
    3.3 / 5
    3.3 / 5
    3 / 5
    3 / 5
    5 / 5
    4.8 / 5
    $100
    0.01 Lots
    1:200
    FSCA, FSA
    Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos
    CMTrading Webtrader, MT4
    Neteller, UnionPay, FasaPay, Skrill, Wire Transfer, Visa, Mastercard, Bitcoin Payments, M-Pesa, Debit Card, Credit Card, Finrax
    USD, EUR, GBP, ZAR
    Go To CMTrading
  9. 9
    FXCM
    Ratings
    4.3 / 5
    3.8 / 5
    4 / 5
    3.5 / 5
    4 / 5
    4.3 / 5
    3.8 / 5
    3.5 / 5
    0 / 5
    0 / 5
    $50
    Variable
    1:30
    FCA, CySEC, ASIC, FSCA, BaFin, CIRO
    Forex, Stock CFDs, Commodities CFDs, Crypto CFDs
    Trading Station, MT4, TradingView
    Credit Card, Debit Card, PayPal, Apple Pay, Google Wallet, Wire Transfer
    USD, EUR, GBP, AUD
    Go To FXCM
  10. 10
    VT Markets
    50% Welcome Bonus
    Ratings
    3.5 / 5
    3.9 / 5
    3.8 / 5
    3.9 / 5
    4 / 5
    3.8 / 5
    3.5 / 5
    3.5 / 5
    4.6 / 5
    4.3 / 5
    50 - 500 USD
    0.01 Lots
    1:500
    ASIC, FSCA, FSC
    CFDs, Forex, Commodities, Stocks, Indices
    VT Markets App, Webtrader, Web Trader+, MT4, MT5, TradingCentral
    Alipay, UnionPay, Debit Card, Credit Card, Wire Transfer, FasaPay, Skrill, Neteller, Visa, Mastercard, Apple Pay, Google Wallet
    USD, EUR, GBP, CAD, AUD
    Go To VT Markets

This is why we think these brokers are the best in this category:

  1. AvaTrade - Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
  2. 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.
  3. Trade Nation - Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.
  4. easyMarkets - Established in 2001, easyMarkets has made for a name for itself as a trusted, fixed spread broker. Improvements to its tools over the years, from adding the MetaTrader suite and TradingView to enhancing its exclusive risk management tools like dealCancellation, mark it out from the competition.
  5. Vantage - Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
  6. FxPro - Established in 2006, FxPro has emerged as a trusted non-dealing desk (NDD) broker offering trading on over 2,100 markets to more than 2 million clients worldwide. It has scooped over 100 industry awards and counting for its competitive conditions for active traders.
  7. Plus500 - Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
  8. CMTrading - CMTrading is one of South Africa's leading online day trading brokers, offering trades with leverage up to 1:1000 on the MetaTrader 4 and browser-based Sirix platforms as well as a bespoke copy trading service. The brokerage launched in 2012 and holds a license with South Africa’s Financial Sector Conduct Authority (FSCA).
  9. FXCM - FXCM is a respected forex and CFD broker, established since 1999. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia. With zero commissions, over 400 assets, and a range of analysis tools, FXCM remains a popular choice for day traders. The broker is also regulated by top-tier authorities including the FCA, ASIC, CySEC, FSCA, BaFin.
  10. VT Markets - Founded in 2015, VT Markets maintains its position as a top Australian multi-asset CFD broker. With 1000+ tradeable instruments and support for the MetaTrader 4 and MetaTrader 5 platforms, this broker delivers a wide range of day trading opportunities to over 200,000 clients worldwide. VT Markets is regulated by the ASIC, FSCA, and FSC.

Best CFD Brokers And Trading Platforms In South Africa 2024 Comparison

Best CFD Brokers And Trading Platforms In South Africa 2024 Comparison
Broker CFD Trading FSCA Regulated ZAR Account Minimum Deposit Leverage Markets
AvaTrade logo
✔ ✔ - $100 1:30 (Retail) 1:400 (Pro) CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
Exness logo
✔ ✔ ✔ $10 1:Unlimited CFDs, Forex, Stocks, Indices, Commodities, Crypto
Trade Nation logo
✔ ✔ ✔ $0 1:500 (entity dependent) Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)
easyMarkets logo
✔ ✔ ✔ $25 1:2000 CFDs, Forex, Stocks, Indices, Commodities, Crypto
Vantage logo
✔ ✔ - $50 1:500 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
FxPro logo
✔ ✔ ✔ $100 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) CFDs, Forex, Stocks, Indices, Commodities, Futures
Plus500 logo
✔ ✔ ✔ $100 1:30 CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
CMTrading logo
✔ ✔ ✔ $100 1:200 Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos
FXCM logo
✔ ✔ - $50 1:30 Forex, Stock CFDs, Commodities CFDs, Crypto CFDs
VT Markets logo
✔ ✔ - 50 - 500 USD 1:500 CFDs, Forex, Commodities, Stocks, Indices

AvaTrade

"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."

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

  • The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
  • Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
  • AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.

Cons

  • While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
  • The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
  • AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
Visit AvaTrade
AvaTrade 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

  • Improved execution speeds, now averaging under 25ms, offer optimal conditions for short-term traders.
  • Fast and dependable 24/7 multilingual customer support via telephone, email and live chat based on hands-on tests.
  • Excellent range of account types for all experience levels, including Cent, Pro plus the introduction of Raw Spread, ideal for day traders.

Cons

  • Apart from a mediocre blog, educational resources are woeful, especially compared to category leaders like IG which provide a more complete trading journey for newer traders.
  • 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
  • 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.
Visit Exness
Exness Review

Trade Nation

"Trade Nation is a good choice for newer traders looking for a wide range of financial markets on a user-friendly platform. There is no minimum deposit, free funding options and strong education."

William Berg, Reviewer

Trade Nation Quick Facts

Bonus Offer200 Sign-Up Reward Points
Demo AccountYes
InstrumentsForex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)
RegulatorFCA, ASIC, FSCA, SCB, FSA
PlatformsMT4
Minimum Deposit$0
Minimum Trade0.1 Lots
Leverage1:500 (entity dependent)
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK

Pros

  • Full range of investments via leveraged CFDs for long and short opportunities
  • Trade Nation is a multi-regulated and respected broker that previously operated as Core Spreads
  • There is a low minimum deposit for beginners

Cons

  • Fewer legal protections with offshore entity
Visit Trade Nation
Trade Nation Review

easyMarkets

"easyMarkets provides fixed spreads starting at 0.7 pips, making it an excellent choice for beginners seeking predictable trading costs. After adding a Bitcoin-based account, it’s also a stand-out option for crypto-focused traders who want to deposit, trade, and withdraw in digital currencies."

Christian Harris, Reviewer

easyMarkets Quick Facts

Bonus Offer50% Deposit Bonus Or Up To A $2000 Tradable Bonus
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorCySEC, ASIC, FSCA, FSC, FSA
PlatformseasyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral
Minimum Deposit$25
Minimum Trade0.01 lots
Leverage1:2000
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, TRY, SEK, NOK, CHF, HKD, SGD, PLN, CZK, MXN, CNY

Pros

  • Unlike variable spreads offered by 90%+ of brokers we've tested, easyMarkets provides fixed spreads from 0.7 pips. This makes trading costs predictable, a significant advantage for beginners and those trading in volatile markets.
  • easyMarkets added Bitcoin as a base currency in 2019. This marks it out against most of the market and eliminates the need to convert crypto to fiat, reducing conversion fees and simplifying management for crypto-focused traders.
  • easyMarkets takes risk management seriously, with negative balance protection plus guaranteed stop losses and its dealCancellation (enhanced in 2024 to include periods of 1, 3, or 6 hours) in the Web Trader.

Cons

  • easyMarkets is falling behind by not providing the copy trading features you get at category leader eToro, which are popular among beginners looking to follow the strategies of experienced traders.
  • While easyMarkets provides solid educational resources for beginners, they fall short for advanced traders. The Academy offers well-structured courses and engaging gamification, but the overall content lacks depth.
  • easyMarkets does not offer a zero-spread account like Pepperstone, which can be a drawback for day traders and high-frequency traders who require minimal transaction costs.
Visit easyMarkets
easyMarkets Review

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme, Demo contests with prizes up to $2000
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
RegulatorFCA, ASIC, FSCA, VFSC
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Minimum Deposit$50
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
  • It’s quick and easy to open a live account – taking less than 5 minutes
  • There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5

Cons

  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
Visit Vantage
Vantage Review

FxPro

"FxPro is a stellar option for day traders, sporting exceptionally fast execution speeds under 12ms, competitive fees that were lowered in 2022, and terrific charting platforms in MT4, MT5, cTrader and FxPro Edge."

Christian Harris, Reviewer

FxPro Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Futures
RegulatorFCA, CySEC, FSCA, SCB, FSA
PlatformsFxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • FxPro's Wallet is a standout feature that allows traders to manage funds securely. By segregating unused funds from active trading accounts, the Wallet provides additional protection and convenience.
  • FxPro operates under a 'No Dealing Desk' (NDD) model, ensuring fast and transparent order execution, often under 12 milliseconds, ideal for short-term trading strategies.
  • FxPro offers four reliable charting platforms, notably the intuitive FxPro Edge, with over 50 indicators, 7 chart types and 15 chart timeframes.

Cons

  • Despite a growing Knowledge Hub and a $10M funded demo account, FxPro is geared towards advanced traders, with beginners potentially finding the account and fee structure complex.
  • There are no passive investment tools like copy trading or interest paid on cash. While active traders may not miss these, competitors like eToro catering to active and passive investors have more comprehensive offerings.
  • While FxPro provides 24/5 customer support through multiple channels that performed well during testing, it lacks 24/7 availability, which can disadvantage traders needing assistance outside traditional market hours.
Visit FxPro
FxPro Review

Plus500

"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."

Christian Harris, Reviewer

Plus500 Quick Facts

Demo AccountYes
InstrumentsCFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
RegulatorFCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
PlatformsWebTrader, App
Minimum Deposit$100
Minimum TradeVariable
Leverage1:30
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, CZK

Pros

  • You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
  • Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
  • The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders

Cons

  • Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
  • Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
  • Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
Visit Plus500
Plus500 Review

CMTrading

"CMTrading is a great choice for traders based in South Africa looking to access highly leveraged forex and CFDs, plus copy trading tools and short-term signals."

William Berg, Reviewer

CMTrading Quick Facts

Demo AccountYes
InstrumentsForex, CFDs, Indices, Shares, Energies, Metals, Cryptos
RegulatorFSCA, FSA
PlatformsCMTrading Webtrader, MT4
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:200
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • Clients can access free short-term forex signals from the broker's platform
  • There's a decent array of educational resources for beginners on the online academy
  • The broker supports the powerful MetaTrader 4 platform plus a proprietary Webtrader and a bespoke social trading feature

Cons

  • Spreads are uncompetitive across accounts compared to competitors
  • The broker's market coverage is limited, including only 100+ stocks
  • There are no additional third-party analysis tools such as AutoChartist
Visit CMTrading
CMTrading Review

FXCM

"FXCM maintains its position as a top pick for traders deploying automated trading strategies, with four powerful platforms, strategy backtesting and algo trading through APIs. The broker is also great for active traders, with discounted spreads and low to zero commissions on popular assets."

William Berg, Reviewer

FXCM Quick Facts

Demo AccountYes
InstrumentsForex, Stock CFDs, Commodities CFDs, Crypto CFDs
RegulatorFCA, CySEC, ASIC, FSCA, BaFin, CIRO
PlatformsTrading Station, MT4, TradingView
Minimum Deposit$50
Minimum TradeVariable
Leverage1:30
Account CurrenciesUSD, EUR, GBP, AUD

Pros

  • FXCM’s global reputation is impressive, with licenses from the FCA, ASIC, CySEC and FSCA and a 20-year business history
  • The proprietary Trading Station terminal is a good choice for day traders looking for an all-in-one solution for their short-term and automated trading strategies
  • Traders can utilize several top-tier trading tools including a market scanner, forex signals and third-party research site, eFXPlus

Cons

  • The live chat support can be slow and unreliable compared to the top competitors
  • Although FXCM continues to gear their services towards experienced traders, it’s a shame that there are no managed accounts on offer
  • There is no choice of retail accounts for traders, nor any Cent/Micro account options
Visit FXCM
FXCM Review

VT Markets

"VT Markets is a great choice for regular traders who are looking for very tight spreads and powerful charting software. The broker's share CFD offering is particularly strong, with hundreds of commission-free assets spanning multiple global markets."

Tobias Robinson, Reviewer

VT Markets Quick Facts

Bonus Offer50% Welcome Bonus
Demo AccountYes
InstrumentsCFDs, Forex, Commodities, Stocks, Indices
RegulatorASIC, FSCA, FSC
PlatformsVT Markets App, Webtrader, Web Trader+, MT4, MT5, TradingCentral
Minimum Deposit50 - 500 USD
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • VT Markets offers free 90-day demo accounts allowing traders to thoroughly test their short-term strategies
  • Traders can access a range of analysis tools supplied by reputable providers, including Trading Central’s Market Buzz AI tool and a customizable economic calendar
  • There’s a strong range of payment methods, including bank wire, credit cards and e-wallets, plus 5 base currencies to choose from

Cons

  • Unlike similar brands like Fusion Markets, VT Markets does not offer crypto trading
  • The broker’s bonus schemes have stringent terms and conditions, including restrictions on minimum deposits and payment methods used
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VT Markets Review

What To Look For In A South African CFD Broker

Our years testing CFD providers have taught us there are key factors to look at when picking a platform:

Trust

Choosing a broker you can trust to safeguard your funds is key when CFD trading, especially when South Africa has had its fair share of scams.

For example, South African-based CFD broker, Banxso, was unknowingly involved in the ‘Immediate Matrix’ scam that used a deep fake of tech Billionaire, Elon Musk, to encourage traders to part with millions of Rand. The reputation of this popular South African broker was exploited by scammers.

All our recommended brokers are licensed by the FSCA or another trusted regulator. Our experts check each licence claim against the relevant register, for example, the FSCA’s Authorized Financial Services Providers. Then we factor in our direct observations during the testing process, looking for dependable platforms for day trading CFDs.

Plus500 license details in South Africa's FSCA register
Plus500 – FSCA License
  • Plus500 stands out as a highly trusted CFD broker for South Africans with a license from the FSCA, a superb track record dating back to 2008, over 25 million users, and a listing on the London Stock Exchange, demonstrating a high degree of transparency. Our experts have also traded at Plus500 using real money and praise its secure trading environment.

Underlying Assets

The top CFD brokers in South Africa offer opportunities to speculate on short-term price movements spanning popular financial markets. That’s why we explore the platforms of each CFD provider we test, investigating the range of underlying assets, from stocks and indices to forex, commodities and cryptos.

For example, forex CFDs can be used to speculate on currency pairs with a ZAR element, such as USD/ZAR, GBP/ZAR, and EUR/ZAR. The South African Rand is a relatively unstable currency compared to more commonly traded denominations. This is in part due to South Africa’s developing economy and heavy reliance upon trading partners, such as the US, for its wealth.

In 2023, the ZAR experienced a mass sell-off when reports that South Africa had provided weapons to Russia emerged. Investors feared it could spell Western sanctions given the war in Ukraine. ZAR hit a new low of 19.8 to the dollar.

Popular CFD assets for South African traders

South Africa also has its own stock exchange, the Johannesburg Stock Exchange (JSE). The 16th largest by market capitalization in the world, although not many brokers offer CFDs on South African stocks.

  • IG offers an extensive suite of 17,000+ CFDs, including 80+ currency pairs with 4 having a ZAR component, as well as commodities like platinum, palladium, gold and iron ore, which South Africa is a major exporter of. Interactive Brokers also stands out with 50+ CFDs on JSE-listed stocks, including Firstrand Ltd (FSR), Impala Platinum (IMP) and Vodacom Group (VOD).

Leverage

Leverage trading is one of the main draws of CFDs, but it also increases the risk of large losses. Therefore we look for brokers who are transparent in their margin trading requirements (the amount of money you must put down to amplify your buying power).

Let’s say I want to use a CFD to take a short position on African Rainbow Minerals (JSE: ARI) following rumours of staff strikes at key locations.

I put down 2,000 Rand and my CFD broker offers me 1:10 leverage, amplifying my position and potential results (profits and losses) to 20,000 Rand (10 x 2,000).

author image
James Barra
Author

However, leverage is not capped, unlike with CFD providers regulated in Europe or Australia for example, where leverage is typically limited to 1:30 for retail investors. This makes the CFD trading environment in South Africa high-risk, so risk management is essential.

  • XM offers high leverage up to 1:1000 on CFDs, alongside transparent margin requirements and a helpful calculator where you can set ZAR to the base currency. XM will issue a margin call if your account value drops below 50%, and will stop out positions when the account value is 20% of the required margin.

Pricing

Choosing a CFD trading platform with excellent pricing is key, especially for fast-paced strategies like day trading where profit margins can be slim.

That’s why we evaluate CFD fees on the most popular financial markets where possible, covering stocks, indices and commodities. We also consider additional charges, such as inactivity fees and conversion costs if depositing Rand to a trading account denominated in another currency.

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Brokers with ZAR accounts can help traders in South Africa reduce conversion fees while providing a smooth trading experience.

Importantly, you should expect higher spreads when trading CFDs on South African assets due to relatively low trading volumes. For example, while we commonly see spreads of <1 pip on the EUR/USD, spreads on the USD/ZAR can reach 120+ pips from our analysis.

  • Vantage excels in its competitive pricing models that cater to a range of CFD traders. Its Standard account offers commission-free trading with floating spreads from 1 pip with straightforward pricing for newer traders, while the Raw ECN and Pro ECN solutions are designed for experienced traders looking for the tightest spreads from 0.0 pips and commissions as low as $1.50.

Account Funding

Convenient, secure and low-cost deposits and withdrawals can make or break the CFD trading experience. That’s why we open accounts at CFD brokers we test and navigate the cashier portal to investigate the range of payment methods available.

For South Africans, we know that 60% of online transactions are completed using credit/debit cards or bank transfers. But e-wallets are becoming increasingly popular, for example, PayPal and Skrill.

  • We love Trade Nation for these reasons: it’s affordable with no minimum deposit, CFD traders can open a ZAR-based account, and there is a great selection of e-wallets, including PayPal and Skrill, alongside Visa, Mastercard and bank transfers.

FAQ

Which Is The Best CFD Broker In South Africa?

We’ve listed, rated and evaluated the best CFD brokers in South Africa. Use our rankings to find the right platform for your needs.

Who Regulates CFD Trading Platforms And Brokers In South Africa?

The Financial Sector Conduct Authority (FSCA) regulates CFD trading platforms and brokers in South Africa.

It replaced South Africa’s Financial Services Board (FSB) in 2018 and is a trusted regulator, though not as respected as bodies like the FCA in the UK or ASIC in Australia.

How Much Money Do I Need To Open A CFD Trading Account In South Africa?

Our analysis shows you often need between 0 and 250 USD, or around 0 to 4,600 ZAR, to open a CFD trading account in South Africa.

That said, IG and Trade Nation have no minimum, making them stand-out options if you want an affordable, FSCA-regulated CFD trading platform.

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