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Best Day Trading Platforms and Brokers in South Africa 2024

Written By

James Barra

Written By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Jemma Grist

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

Apr 17, 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 5 Platforms For Day Trading In South Africa

After testing, reviewing, and rating over 490 brokers, our exhaustive analysis reveals that these are the 5 best day platforms and brokers in South Africa:

1. 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.
2. XM - XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading.
3. Deriv.com - Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock.
4. 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.
5. 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.

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	Visit
	-	$100	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting	WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade	1:30 (Retail) 1:400 (Pro)	Visit
	✔	$5	Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures	MT4, MT5	1:1000	Visit
	-	$5	CFDs, Multipliers, Forex, Stocks, Indices, Commodities	Deriv Trader, MT5	1:1000	Visit
	-	$0	CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting	MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade	1:30 (Retail), 1:500 (Pro)	Visit
	-	$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)	Visit
	-	$100	CFDs, Forex, Stocks, Indices, Commodities, Crypto	MT4, MT5, TradingView	1:500	Visit
	✔	$10	CFDs, Forex, Stocks, Indices, Commodities, Crypto	Exness Trade App, MT4, MT5, TradingCentral	1:2000	Visit
	-	$100	CFDs, Forex, Indices, Commodities, Stocks, Crypto	MT4, MT5	1:500	Visit
	-	$100	Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto	MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral	1:200 (Retail), 1:500 (Pro)	Visit
	-	$10	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures	R StocksTrader, MT4, MT5, TradingView	1:2000	Visit
	-	$1	Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures	MT4, MT5	1:1000	Visit
	-	$20	Forex, CFDs, Stocks, Indices, Commodities, Crypto	MT4	1:1000	Visit
	✔	$0	Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)	MT4	1:500 (entity dependent)	Visit
	-	$100	Forex, CFDs, Stocks, Indices, Commodities and Cryptos	Skilling Trader, MT4, cTrader, TradingView	1:1000	Visit
	✔	$0	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting	Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral	1:30 (Retail), 1:250 (Pro)	Visit

#1 - AvaTrade

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Review

Why We Chose 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, alongside a comprehensive education center and multilingual customer support.

• Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
• Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
• Minimum Deposit: $100
• Minimum Trade: 0.01 Lots
• Leverage: 1:30 (Retail) 1:400 (Pro)

Pros

• WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
• The broker offers reliable 24/5 multilingual customer support with fast response times during testing
• Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools

Cons

• There is no ECN account with raw spreads
• 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

Visit AvaTrade

#2 - XM

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Review

Why We Chose XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

• Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
• Regulator: ASIC, CySEC, DFSA, FSC, FSCA
• Platforms: MT4, MT5
• Minimum Deposit: $5
• Minimum Trade: 0.01 Lots
• Leverage: 1:1000

Pros

• 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
• Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
• The broker offers premium research including market sentiment, fundamental insights and strategy builders

Cons

• There's $5 inactivity fee after only 3 months, though this won't affect active traders
• There is weak regulatory oversight through the global entity
• PayPal deposits are not supported

Visit XM

#3 - Deriv.com

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Review

Why We Chose Deriv.com

Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.

• Instruments: CFDs, Multipliers, Forex, Stocks, Indices, Commodities
• Regulator: MFSA, LFSA, VFSC, BFSC
• Platforms: Deriv Trader, MT5
• Minimum Deposit: $5
• Minimum Trade: 0.01 Lots
• Leverage: 1:1000

Pros

• Deriv continues to offer fast and reliable 24/7 support and the WhatsApp service is particularly convenient
• Traders can use multipliers between 1 and 30, with take profit, stop loss and deal cancellation parameters
• The low $5 minimum initial deposit suits those on a lower budget

Cons

• The range of 100+ assets trails some competitors such as Quotex which offers 400+
• There's no loyalty program or rebate scheme for high volume traders
• There are limited copy trading tools and analysis features compared to alternatives like IQ Cent

Visit Deriv.com

#4 - Pepperstone

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Review

Why We Chose 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.

• Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
• Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
• Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
• Minimum Deposit: $0
• Minimum Trade: 0.01 Lots
• Leverage: 1:30 (Retail), 1:500 (Pro)

Pros

• Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
• Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
• Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.

Cons

• 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.
• Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
• 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.

Visit Pepperstone

#5 - IC Markets

Visit

Review

Why We Chose 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.

• Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
• Regulator: ASIC, CySEC, FSA
• Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
• Minimum Deposit: $200
• Minimum Trade: 0.01 Lots
• Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)

Pros

• 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.
• IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
• With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.

Cons

• There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
• Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
• 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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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:

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.

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