The Annual Cost of Trading in South Africa: 2026 Study

Figures current at 2 November 2026. Source: TradeAnswers.

Annual cost by trader profile, 2026
ProfileWhat they doAccount or amountAnnual costShare of accountWhere the cost comes from
Weekend learnerR10,000 CFD account, EUR/USD, 0.05 lot, 3 round trips a weekR10,000R1,23812.4%Spread of 1.0 pip on every round trip
Active USD/ZAR day traderR50,000 CFD account, USD/ZAR, 0.1 lot, 1 round trip each trading dayR50,000R24,00048.0%Spread of 100 points (R0.01) on every round trip
Gold swing traderR30,000 CFD account, gold, 0.02 lot, 2 trades a week held 4 nightsR30,000R10,32034.4%Spread $0.30 an ounce (R990) plus overnight financing at 6% a year (R9,330)
Monthly JSE share buyerR2,000 of JSE shares bought every month on a 0.5% brokerage, R70 minimumR24,000R1,1764.9%R98 per purchase: minimum brokerage, STT, Strate and VAT
Offshore investor, major bankR100,000 sent offshore once a year through a major bankR100,000R2,9502.9%2.5% rate margin plus R450 in fees
Offshore investor, specialistThe same R100,000 through a specialist providerR100,000R7500.8%0.5% rate margin plus R250 in fees
USD/ZAR day trader: annual spread cost on R50,000 at 0.1 lot
Spread (points)Round trips a dayAnnual costShare of account
501R12,00024%
502R24,00048%
1001R24,00048%
1002R48,00096%
1501R36,00072%
1502R72,000144%
2001R48,00096%
2002R96,000192%

Data maintained by TradeAnswers · updated as the figures change