Best CFD Brokers And Trading Platforms In South Africa 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:
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1
AvaTrade20% Welcome Bonus up to $10,000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2
Exness
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:UnlimitedCySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSCCFDs, Forex, Stocks, Indices, Commodities, CryptoExness Trade App, Exness Terminal, MT4, MT5, TradingCentralWire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel, Debit Card, Neteller, Skrill, Perfect Money, Sticpay, AstroPay, Cashu, FasaPay, WebMoney, M-PesaUSD, 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 -
3
Trade Nation200 Sign-Up Reward Points84% of retail investor accounts lose money when trading CFDs with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.1 Lots1:500 (entity dependent)FCA, ASIC, FSCA, SCB, FSAForex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)MT4Credit Card, Visa, Mastercard, Wire Transfer, Skrill, PayPal, Debit CardUSD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK -
4
IGSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme, Demo contests with prizes up to $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, VoletUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
6
FxPro
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)FCA, CySEC, FSCA, SCB, FSCCFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, VisaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN -
7
Plus50082% of retail CFD accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100Variable1:30FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSACFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, CryptoWebTrader, AppPayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple PayUSD, EUR, GBP, AUD, ZAR, CZK -
8
CMTrading
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:200FSCA, FSAForex, CFDs, Indices, Shares, Energies, Metals, CryptosCMTrading Webtrader, MT4Neteller, UnionPay, FasaPay, Skrill, Wire Transfer, Visa, Mastercard, Bitcoin Payments, M-Pesa, Debit Card, Credit Card, FinraxUSD, EUR, GBP, ZAR -
9
Easy Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€100Variable1:30CySEC, ASIC, BVI, FSCACFDs, Forex, Stocks, Cryptos, CommoditiesMT4, MT5, TradingViewUnionPay, Credit Card, Bitcoin Payments, Debit Card, AstroPay, Perfect Money, WebMoney, Sticpay, Visa, Wire TransferUSD, EUR, GBP, CAD, AUD, JPY, TRY, SEK, CHF, PLN, CZK, MXN -
10
FXCM
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50Variable1:30FCA, CySEC, ASIC, FSCA, BaFin, CIROForex, Stock CFDs, Commodities CFDs, Crypto CFDsTrading Station, MT4, TradingViewCredit Card, Debit Card, PayPal, Apple Pay, Google Wallet, Wire TransferUSD, EUR, GBP, AUD
Here is a short summary of why we think each broker belongs in this top list:
- 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.
- 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.
- 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.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- 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.
- FxPro - Founded in 2006, FxPro is an established forex, CFD and spread betting broker offering 2100+ assets to over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers reliable 24/5 customer support, earning it a high trust and safety score. FxPro has also picked up more than 100 industry accolades for its competitive trading conditions, including fast execution and deep liquidity.
- 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.
- 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).
- Easy Markets - Founded in 2001, easyMarkets is a multi-regulated forex broker offering leveraged trading opportunities on forex, stocks, indices, commodities and crypto. With fixed spreads, an affordable initial deposit, regulation from several reputable bodies and a diverse selection of account currencies, this broker provides simple and straightforward trading solutions to a diverse range of traders.
- 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.
Best CFD Brokers And Trading Platforms In South Africa 2024 Comparison
| Broker | CFD Trading | FSCA Regulated | ZAR Account | Minimum Deposit | Leverage | Markets |
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✔ | ✔ | - | $100 | 1:30 (Retail) 1:400 (Pro) | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
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✔ | ✔ | ✔ | $10 | 1:Unlimited | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
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✔ | ✔ | ✔ | $0 | 1:500 (entity dependent) | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) |
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✔ | ✔ | ✔ | $0 | 1:30 (Retail), 1:250 (Pro) | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
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✔ | ✔ | - | $50 | 1:500 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds |
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✔ | ✔ | ✔ | $100 | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) | CFDs, Forex, Stocks, Indices, Commodities, Futures |
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✔ | ✔ | ✔ | $100 | 1:30 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto |
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✔ | ✔ | ✔ | $100 | 1:200 | Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos |
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✔ | ✔ | - | €100 | 1:30 | CFDs, Forex, Stocks, Cryptos, Commodities |
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✔ | ✔ | - | $50 | 1:30 | Forex, Stock CFDs, Commodities CFDs, Crypto CFDs |
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."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
| Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- Day traders can access stable spreads and zero commissions with no hidden fees
Cons
- Traders from the US are not accepted
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- 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
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 Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC |
| Platforms | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:Unlimited |
| Account Currencies | 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 |
Pros
- Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips with low commissions from $2 per side.
- Improved execution speeds, now averaging under 25ms, offer optimal conditions for short-term traders.
- Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.
Cons
- 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.
- 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.
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 Offer | 200 Sign-Up Reward Points |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) |
| Regulator | FCA, ASIC, FSCA, SCB, FSA |
| Platforms | MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.1 Lots |
| Leverage | 1:500 (entity dependent) |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK |
Pros
- There is a low minimum deposit for beginners
- The trading firm offers tight spreads and a transparent pricing schedule
- A choice of trading platforms and apps, including MT4, make the brand a good fit for savvy traders
Cons
- Fewer legal protections with offshore entity
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
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."
Vantage Quick Facts
| Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme, Demo contests with prizes up to $2000 |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds |
| Regulator | FCA, ASIC, FSCA, VFSC |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
- The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
- There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
Cons
- Unfortunately, cryptos are only available for Australian clients
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
FxPro
"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."
FxPro Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Futures |
| Regulator | FCA, CySEC, FSCA, SCB, FSC |
| Platforms | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
- There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
- Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting
Cons
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
- FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
- The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
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."
Plus500 Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto |
| Regulator | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA |
| Platforms | WebTrader, App |
| Minimum Deposit | $100 |
| Minimum Trade | Variable |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, CZK |
Pros
- The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
- 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
- Algo trading and scalping are not supported, which may deter some day traders
- The absence of social trading means users can’t follow and replicate the trades of experienced traders
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."
CMTrading Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos |
| Regulator | FSCA, FSA |
| Platforms | CMTrading Webtrader, MT4 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, ZAR |
Pros
- The broker supports the powerful MetaTrader 4 platform plus a proprietary Webtrader and a bespoke social trading feature
- 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
Cons
- The broker's market coverage is limited, including only 100+ stocks
- Spreads are uncompetitive across accounts compared to competitors
- There are no additional third-party analysis tools such as AutoChartist
Easy Markets
"Casual traders who want a secure and straightforward trading environment will find a good broker in easyMarkets. The fixed spreads and upfront fees will also appeal to newer traders and cost-conscious investors."
Tobias Robinson, Reviewer
Easy Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Cryptos, Commodities |
| Regulator | CySEC, ASIC, BVI, FSCA |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | €100 |
| Minimum Trade | Variable |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, TRY, SEK, CHF, PLN, CZK, MXN |
Pros
- High-quality day trading software is available including TradingView, with 100+ overlays and indicators, plus deep market insights
- Day traders can access an excellent range of risk management tools, including negative balance protection, guaranteed stop loss orders and the proprietary dealCancellation tool
- easyMarkets is regulated by top authorities including the CySEC and ASIC, and has a strong 20+ year history
Cons
- The broker doesn’t offer any raw-spread or cent account options, which puts it behind top competitors like Vantage
- There is no VPS service for seasoned algo traders looking to run their automated strategies 24/7
- Spreads on the Standard account are fairly wide based on tests, starting from 1.7 pips for EUR/USD
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."
FXCM Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stock CFDs, Commodities CFDs, Crypto CFDs |
| Regulator | FCA, CySEC, ASIC, FSCA, BaFin, CIRO |
| Platforms | Trading Station, MT4, TradingView |
| Minimum Deposit | $50 |
| Minimum Trade | Variable |
| Leverage | 1:30 |
| Account Currencies | USD, 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
- Traders can utilize several top-tier trading tools including a market scanner, forex signals and third-party research site, eFXPlus
- The broker offers spread discounts and other excellent perks for experienced traders in the Active Trader account
Cons
- The live chat support can be slow and unreliable compared to the top competitors
- There is no choice of retail accounts for traders, nor any Cent/Micro account options
- Although FXCM continues to gear their services towards experienced traders, it’s a shame that there are no managed accounts on offer
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 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.
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).
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.
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.
Recommended Reading
Article Sources
- Financial Sector Conduct Authority (FSCA)
- Authorised Financial Services Providers, FSCA
- Johannesburg Stock Exchange (JSE)
- US Dollar to South African Rand Exchange Rate Chart, Xe
- South Africa: Preferred Online Payment Methods, Statista
- South African Rand Hit By 'Perfect Storm' As Sell-Off Escalates, Reuters
- Banxso Announces Help for Victims of Immediate Matrix Scam in South Africa, Finance Yahoo
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