Top 10 cheapest share trading platforms in South Africa 2022
Investing in the stock market has, for a long time, been among the best ways to grow one's wealth. Numerous wealthy people have extensive share portfolios in different industries and, at times, different countries. Firms known as brokerage firms or platforms make purchasing and selling stocks easy. These companies facilitate share trades, often at a small fee. What are the top share trading platforms in South Africa today?
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Stock trading platforms vary in the fees they charge, the number of tradable assets, educational content, and customer support.
The top share trading platforms in South Africa
Here is a look at the top online share trading platforms in South Africa.
10. eToro
- Share trading fees: $0
- Account minimum: $0
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eToro is renowned for its excellent social trading platform that allows beginner traders to copy stock trades made by professionals. Besides exchange-traded stocks, eToro also offers other tradeable symbols, including CFDs and forex. Overall, the platform offers one of the best trading experiences for beginners and seasoned traders.
Pros
- Zero commissions on stock trades
- An extremely user-friendly and functional mobile app and trading platform
- Excellent social (copy) trading option
Cons
- The range of stocks available offered could be wider
- The research materials are below the standards of the industry leaders
- Hidden fees behind the zero-commission trades
9. IG
- Share trading fees: 0.05%
- Account minimum: $0
IG provides its customers with one of the best and most comprehensive trading packages in today's investment industry. Its trading platform has extensive research tools and thousands of tradable instruments. Besides offering stock trades, the company is also publicly traded and regulated in numerous markets across the globe.
Pros
- An intuitive, user-friendly trading platform and mobile application
- Competitive commission rates also available with ISA and SIPP options
- Excellent charting package
- IG is a well-established broker with a wide range of investment choices
Cons
- Trading commissions are not as low as offered by some of the newer brokerages
- Research materials are a bit wanting
8. HotForex
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- Share trading fees: 0.1%
- Account minimum: $5
HotForex offers its customers a wide range of tradable assets, including cryptocurrencies, stocks, currency pairs, and CFDs. It is regulated by 3 tier-2 regulators, 1 tier-3 regulator, and 1 tier-1 regulator. The company is renowned for its enhanced charting, educational offerings, and competitive spreads and commissions.
Pros
- Enhanced trading experiences with various value-added tools
- Numerous account types to choose from
- Numerous trader resources and informational products
- Over 1000 stocks available to trade
Cons
- Education content requires more frequent updating
- The company's copy trading platform, HFcopy, is only accessible for traders with 300 euros and above.
- Trading costs are slightly above the industry average
7. FXCM
- Share trading fees: $0
- Account minimum: $0
FXCM is a well-established UK-based brokerage firm that deals with CFD trading on shares, stock indices, forex, commodities, and cryptocurrencies. The platform was established in 1999 and is majorly owned by the Jefferies Financial Group. The group is listed on the New York Stock Exchange and has a background in merchant banking.
The platform is widely considered safe due to its long track record, a reputable, strong parent company, and regulation by top-tier financial authorities.
Pros
- Fast and straightforward account opening
- High-quality technical research tools
- Remarkable educational content
Cons
- Limited stock portfolio
- There is no two-step authentication on the trade execution platforms
- Bank withdrawals can be quite expensive
6. AvaTrade
- Share trading fees: $0.30
- Account minimum: $0
A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia, and Japan, AvaTrade mainly deals with forex, CFDs on stocks, commodities, indexes, and cryptocurrencies. This brokerage firm is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.
Pros
- A large number of assets
- Controlled by several regulatory agencies of multiple countries
- Customer support is available in 14 languages
- Practice/demo account available for trying out
- There is much choice in terms of trading platforms
Cons
- Some of the tradable assets are not available in some countries
- Transferring funds to the account takes unnecessarily long
- Withdrawals often take up to 10 days
5. ForexTime (FXTM)
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- Share trading fees: $0.40 - $2
- Account minimum: $10
ForexTime, commonly known as FXTM, was founded in 2011 and is regulated by numerous financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the UK Financial Conduct Authority (FCA).
More than 2 million traders currently use the platform. Its $10 minimum deposit makes it possible for small traders to make investments using the platform.
Pros
- A wide range of trading accounts
- Numerous educational materials
- Availability of automated trading programs
Cons
- Stock investors can only use copy traders
- the brokerage is closed on weekends
4. Plus500
- Share trading fees: 0.08%
- Account minimum: $0
Plus500 is a world-renowned CFD broker listed on the London Stock Exchange. The company was founded in 2008 in Israel. Plus500 is well known for its simple, easy-to-use site, with an exceptionally well-designed mobile platform.
The Plus500 account opening process and customer support are equally great.
Pros
- Extremely easy-to-use platform
- Quick and helpful customer support
- Swift account opening
Cons
- Below-par research tools
- Less than adequate educational tools
3. CMC Markets
- Share trading fees: 0.11%
- Account minimum: $0
CMC Markets is a well-known stock trading platform that offers more than 12,000 tradable instruments. In addition, the company is renowned for its proprietary Next Generation trading platform is packed with quality research and innovative business tools, making it one of the best share trading platforms in South Africa.
Pros
- The company is publicly traded, making it extremely trustworthy.
- Regulated in 4 tier-1 jurisdictions and 2 tier-2 jurisdictions
- Competitive pricing for active traders
- Thousands of tradable instruments are available
Cons
- Educational content lacks progress tracking and has almost no interactive content
- Educational video content production is quite limited
2. Pepperstone
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- Share trading fees: $0.02
- Account minimum: $10
Pepperstone is an Australian CFD, stocks, and forex brokerage. It was founded in 2010 and expanded operations to London in 2015. The platform has numerous tradable assets backed by remarkable market research and a copy trading platform.
Users choose between using MetaTrader or the company's proprietary cTrader.
Pros
- Fast and fully digital account opening
- Excellent customer service
- Seamless and free deposit and withdrawal
Cons
- The available MetaTrader platform is too basic
- Does not provide interactive courses, progress tracking, or educational quizzes
1. TD Ameritrade
- Share trading fees: $0
- Account minimum: $0
TD Ameritrade is one of the oldest online brokerage firms in the financial industry. With it, you will find thousands of financial instruments to trade. For example, in the stock department, the platform has thousands of shares from numerous countries.
If you are an IPO investor looking for the best day trading platform, you will appreciate Ameritrade's ability to provide IPO trades. For passive investors, TD Ameritrade has over 10,000 funds available.
Pros
- Long history makes the firm trustworthy
- Great research materials are available
- Strong regulatory standing
- Huge asset library
Cons
- The platform is not very beginner-friendly
- Debit card deposits are not supported
Which trading platform is the best for beginners in South Africa?
eToro is the best platform for beginners. This is due to its handy copy trading feature. The feature lets novice traders copy the trades made by professionals for maximum returns.
How do I trade stocks in South Africa?
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The easiest way is to do it through an online stockbroker. You could also choose to visit your nearest stockbroker though this is more time-consuming than the online option.
What is the best trading platform in Africa?
The best platform depends on numerous factors, such as one's market experience, asset preference, and trading patterns, among others. Some of the best platforms for African traders include AvaTrade, TD Ameritrade, eToro, and CMC Markets.
Which bank is the best for share trading in South Africa?
Mercantile Bank is the top South African bank when it comes to the share business. The bank has a robust online app that makes transfers, deposits, and withdrawals seamless.
There are numerous share trading platforms in South Africa with varying tradable assets, charges, and policies. These platforms make it easy for South Africans to invest in stock markets in numerous countries across the globe.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
READ ALSO: How to check if a company is registered in South Africa 2022
Briefly.co.za recently created a guide on how to check whether a company is registered in South Africa. The business landscape in South Africa is quite wide and dynamic, with thousands of organizations in different economic sectors. Most of the firms operate legally in accordance with the country's business registration laws. Others, however, are not registered.
There are numerous reasons you may want to do a background check on a company. Some of the most common reasons include conducting business deals, buying shares, or issuing credit. Read on to discover how you can ascertain whether a company is registered or not.
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Jackline Wangare (Lifestyle writer) Jackline Simwa is a content writer at Briefly.co.za, where she has worked since mid-2021. She tackles diverse topics, including finance, entertainment, sports, and lifestyle. Previously, she worked at The Campanile by Kenyatta University. She has more than five years in writing. Jackline graduated with a Bachelor’s degree in Economics (2019) and a Diploma in Marketing (2015) from Kenyatta University. In 2023, Jackline finished the AFP course on Digital Investigation Techniques and Google News Initiative course in 2024. Email: simwajackie2022@gmail.com.
