Here’s a comparison of online brokerage charges in South Africa, which was done in February 2015.

Monthly fees Brokerage fees on shares Brokerage on R20,000 trade
(incl VAT) R200 per quarter, excl VAT (waived if 3 trades in a quarter) Brokerage = 0.30% (minimum R100) excl VAT 0.57%
LESS for bigger trades R60 per month (waived if 3 trades in a month); not mentioned if it includes VAT Brokerage = 0.50% (minimum R60) excl VAT 0.57% R58 per month, excluding VAT (waived for discretionary clients) Brokerage = 0.50% (minimum R100) excl VAT 0.57% R66.66 per month (including VAT)
Waived for remainder of year once you have traded at least 5 times in the previous calendar year.
Brokerage = 0.4% (R120 minimum) excl VAT 0.684%
LESS for bigger trades R75 per month (excluding VAT) Brokerage = 0.6% (R80 minimum), excluding VAT 0.684% (R65 per month)
R195 per quarter (VAT not mentioned)
Brokerage = 0.50% (minimum R125) excl VAT 0.713% (R50 per month)
Administration fee: R150 per quarter (VAT not mentioned)
Online Sliding Scale:

Deal Consideration
Trading as an online client
Brokerage Rate
Up to R250,000 0.70%
R250,000-R750,000 0.50%
R750,000-R1,000,000 0.45%
R1,000,000 and above 0.35%
Minimum charge per deal R70
day trader
(superior data services)
R57 per month (incl VAT).
(waived if brokerage comes to more than R300 per month)
R0 to R500,000 = R75 + 0.50%
R500,001 to R1m = 0.4%
Above R1m = 0.35%
0.998% R40 per month (VAT not mentioned)
Consideration Online Scale
Minimum R98
Below R25, 000 0.9%
R25,000 – R99,999 0.85%
R100,000 – R249,999 0.75%
R250,000 – R999,9990 0.5%
R1,000,000+ Negotiable

Excluding VAT

Imara (R20.83 per month) (excluding VAT)
R250 per year (excluding VAT)
R0 to R250,000 0.7%
R250,000 to R1m 0.55%
R1m to R1.5m 0.40%
R1.5m to R3m 0.25%
Above R3m 0.2%
R85 in addition
Excluding VAT
FNB Share Builder Admin: R19 per month (no mention of VAT) Brokerage =2% (R50 minimum), excluding VAT 2.28%

Note that over and above stock brokerage, the following costs are incurred when trading:

Day Trading Strategies


  • STRATE settlement costs of 0.005459% of the what is the best trading platform uk, with a minimum charge of R10.92 per broker’s note on deals up to R200 000, and a maximum charge of R54.59 per broker’s note for deals in excess of R1 million.
  • An Investor Protection Levy of 0.0002% of the value of shares traded.
  • VAT (Value Added Tax) of 14% is payable on the brokerage, the STRATE charge and Investor Protection Levy
  • STT (Securities Transfer Tax) is charged at 0.25% on the value of share traded, but is levied only on share purchases, not sales.
An example :
Ruling price * quantity traded R 20 000.00
Brokerage : R 120.00
Strate Settlement Charge: R 10.92
Investor Protection Levy: R 0.04
VAT: R 18.33
STT: R 50.00
Total estimated cost: R 199.29

Beware of market orders

Trading using forex brokers Australia orders (best price orders) are risky, especially in low liquidity stocks.