Saxo Bank is keeping very busy with new launches. After rolling out Japanese and Polish equities in the last couple of months, it’s now adding stocks and CFDs for South Africa. This makes it the first stock broker outside Africa to offer online trading in cash equities for the Johannesburg stock exchange to retail investors.
Rates look good – 0.25% with a minimum of ZAR100 (US$12) is both cheaper than you’ll pay through other international stock brokers and cheaper than the local brokers. Unfortunately, South African investors can’t take advantage of this – due to local foreign exchange restrictions, Saxo Bank can’t offer the Johannesburg exchange to clients resident there.
It also won’t be available to Swiss residents due to client confidentiality laws there. But for international investors elsewhere, this looks like a helpful development. And the firm says more international markets are likely to be added over the next year or so – in which case, it will reinforce its position as one of the best brokers for international stock trading.
The international stock broker guide and stock broker comparison tables have been updated.
2 replies on “South Africa online stock trading from Saxo Bank”
I see that IG Markets offer JSE CFDs for SA citizens and the rest of the world at 0.20%. They have been in SA for the past year.
So how does Saxo claim that they are the cheapest and first?
They’re the first (as far as I know) to offer cash equity trading, which is what this site is mostly concerned with. (They didn’t make the claim, it’s my write-up.) You’re quite right, there are other firms that offer CFDs, spreadbetting etc.
I’m changing the wording to make that clearer.