Share trading online in South Africa

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)

Sharenet Securities 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
Standard Bank online share trading 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%
Vunani Private Client R58 per month, excluding VAT (waived for discretionary clients) Brokerage = 0.50% (minimum R100) excl VAT 0.57%

Absa Stockbrokers online share trading

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 

LESS for bigger trades

FNB Share Investor R75 per month (excluding VAT) Brokerage = 0.6% (R80 minimum), excluding VAT 0.684%
Afrifocus (R65 per month)
R195 per quarter (VAT not mentioned)
Brokerage = 0.50% (minimum R125) excl VAT 0.713%

Nedbank online share trading

(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
Sanlam iTrade
(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%

PSG online trading

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


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

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 market orders (best price orders) are risky, especially in low liquidity stocks.