South Africa traders who wish to trade in shares and other assets like the securities exchange need to find the best online share trading platforms in South Africa. Before you can get started with stock trading, you need to research and find a platform that will address your concerns. This is important since there are many share trading platforms in South Africa, but you need one that aligns with your interests. The stockbroker will be responsible for maintaining your trading account.
Which is the Best Trading Platform in South Africa?
eToro South Africa
Is eToro available in South Africa? Yes, eToro South Africa has made a name as the cheapest online trading platform in South Africa. eToro minimum deposit in South Africa is $25 and has zero commission stock trading. It has user intuitive interface that makes it very easy t navigate through its features. You can trade in a wide range of securities, forex and cryptocurrency. Its downside is that it charges forex and CFD fees. It uses trading technologies like Zulu trading, MetaTrader and CFD trading.
eToro Tax in South Africa
eToro says the following about paying taxes for eToro trades:
It is our clients’ responsibility to calculate and pay any applicable taxes in their country or countries of tax residence. You can use information from your account statement to calculate the taxable income that you may need to include in your tax return. eToro may be required to provide this information to your local tax authority, in line with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). Please note that receiving a dividend payment is a taxable event in some cases and jurisdictions. In these events, eToro withholds a certain percentage of tax depending on the laws of the country in which the company issuing the dividend is incorporated.
Is dividend income taxable in South Africa?: Dividends received by a South Africa resident company, South Africa retirement fund, or other prescribed exempt person are generally exempt from income tax. However, dividends tax at a rate of 20% is withheld by the entities paying the dividends to the individuals.
IQ Option South Africa
is IQ Option legal in South Africa? IQ Option is one of the fastest growing online trading platforms in the world. It is legal to trade in South Africa using IQ Option.
IQ Option is one of the best South African online share trading platforms and also one of the cheapest share trading platform in South Africa. IQ minimum deposit requirement in South Africa is $10. It is a worldwide platform that has built a legacy for its reliability and safety. It is a great option for beginners and experienced traders. You can use it to trade a wide range of securities like stock, commodities, cryptocurrencies, binary options, ETFs and forex. Its downside is that during their busy periods, customers are likely to experience slow service. You can use it to trade in over 10 cryptos.
Pepperstone South Africa
Pepperstone is an Australian stockbroker and online share trading platform in South Africa. It is regulated in the UK and Australia. Pepperstone minimum deposit in South Africa $10. It offers trading technologies like MetaTrader and cTrader. It is a great platform for beginners and comes with a leverage of 1:1000 allowing you to speculate.
You can use it to trade forex and crypto and offers spreads of 0, 1 pips. It is also a social platform that allows one to trade while interacting with other traders by following and chatting with them. Its downside is that it mainly focuses on forex and stock CFDS.
AvaTrade South Africa
AvaTrade is an Irish share trading platform that has a presence in South Africa. It is regulated by Central Bank of Ireland, ASIC, IIROC, UAE, FSB and BVI. You can open an account with Ava Trade in a matter of few minutes while there are no fees charged on deposits, or withdrawals. Avatrade minimum deposit in South Africa is $100.
You can use it to trade forex, cryptocurrencies, and a wide range of cryptocurrencies. It has educational resources that can help you learn how to trade on the platform. It has platforms like MT4, MT5, Web Trader and mobile app. Its downside is that it has high inactivity fees and no ETFs.
Does AvaTrade have ZAR account? AvaTrade does not offer ZAR trading accounts in South Africa. It offers USD, EUR, GBP, CHF, and AUD accounts. You can open a multicurrency account in South Africa with online banks such as Wise, formerly Transferwise.
Xtb South Africa
Xtb is a great online share trading platform in South Africa. It mainly deals with CFDs and forex. It has low forex fees and an intuitive user interface. It does not charge any fees on deposits and withdrawals, while its forex fees are low. It is easy and fast to open an account. Its downside is that it has high CFD stock fees and limited stock portfolio.
CM Trading South Africa
CM Trading is a South African online brokerage firm. You can use it to trade CFD on stocks across the world. It offers forex, oil, and crypto trading options. You can deposit money to the account using local options, while it also has local support team. CM Trading minimum deposit in South Africa is $200 while customers get to enjoy bonus of up to $150.
FXCM South Africa
Forex Capital Market (FXCM) is an online trading platform in South Africa you can use to trade in CFDs, stocks, commodities and cryptocurrencies. The platform uses trading technologies like ZuluTrade and MetaTrader 4. It has user friendly app and does not charge commission fees. You can expect inactivity fees if your account remains inactive for more than a year.
Interactive Brokers South Africa
Interactive Brokers is a great online share trading platform in South Africa for experienced traders, if you are a beginner, you will have difficulties using the platform. You can use it to trade wide range of securities and also for fractional shares. Its downside is that it is not best suited for beginners.
Final Word on Online Trading Platforms in South Africa
To start trading in shares and securities exchange in South Africa, you need to find a reliable trading platform. The role of the trading platform is to maintain your trading account. It should be secure and have fair pricing. Before you can start trading in South Africa, you need to research and sign up on a reliable platform. The above are some of the trading platforms you can consider in South Africa.