What is Stock Broker?
A stockbroker is an individual or company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee.
In most countries, they are regulated as a broker or broker-dealers and may need to hold a relevant license and may be a member of a stock exchange.
Top Stock Brokers In South Africa
Ally Invest
Ally Invest is the discount online brokerage arm of Ally Financial which also operates Ally Bank.
Alongside $0 stock and ETF trades, Ally offers traders great customer service and ease of use through a clean user experience, perfect for beginner investors.
Regular stock and ETF trades are $0 and options trades cost $0.50 per contract.
Firstrade
Firstrade offers $0 stock, ETF, and options trades, and is well known for its user-friendly website and Chinese language services. The broker also offers a fully translated customer experience and a mobile app with a clean experience.
Firstrade offers investors free stock, ETF, mutual fund, options trades (including complex options strategies), mutual funds, and bonds.
Chase You Invest Trade
JP Morgan Chase offers self-directed investing services, which include buying and selling stocks, ETFs, options, mutual funds, and bonds.
Chase You Invest Trade is perfect for current Chase Bank customers to simply buy and sell stocks. The multi-account benefits are widespread and include instant transfers, universal login, and $0 trades.
SogoTrade
SogoTrade charges $4.88 for all equity trades and for customers who make over 149 trades per quarter, the rate reduces to $2.88 per trade.
SogoTrade also allows traders to prepay for trades at a discounted rate of $3.88 per trade but a minimum of 20 trades must be purchased and trades will expire after a period of one year. Traders can prepay for 50 trades for a further discounted rate of $2.88 per trade.
Robinhood
Robinhood charges users no commission for trading stocks, ETFs, options, or cryptocurrency and offers both a downloadable mobile app plus a web platform. Both platforms have similar feature sets, but the mobile app is fast, simple, and easy to use.
How much does a stock broker cost in South Africa?
Fees as of August
| Nominal value | Brokerage rate |
|---|---|
| Up to R100 000 | 0.5% |
| R100 001–R500 000 | 0.35% |
| R500 001–to R1 million | 0.20% |
| Above R1 million | 0.15% |
How much does a stock broker make a month in South Africa?
Check your pay
The majority of Securities and finance dealers and brokers earn a salary between R9 434 and R34 931 per month in 2023. A monthly wage for entry-level Securities and finance dealers and brokers ranges from R9 434 to R20 310.
How much money do you need to invest in stocks in South Africa?
Selecting the best and cheapest share to invest in will depend on two main factors: Risk and Capital.
The JSE will offer stocks at a wide range of prices, but – the required amount of capital in order to successfully and profitably invest in stocks is a minimum of R5000 ZAR.