Best Trading Apps in South Africa

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Trading is prevalent around the globe, and there are a lot of different trading platforms and brokers that are available to South African traders. However, not all of these platforms and brokers are equally good.

In this article, we will look at the best trading apps in South Africa and discuss the benefits of using them.

Top 8 Best Trading App In South Africa

1. IG

IG is a renowned online trading platform and app that allows traders to access opportunities across hundreds of financial markets. The Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA) have authorized and regulated the platform.

IG Markets South Africa Limited was founded in 2010 in Sandton, South Africa, and has its headquarters there.

The IG International Account Option satisfies the South African Reserve Bank’s requirement that investors be able to trade worldwide markets. After submitting an IG International account application, the applicant will automatically obtain an extra domestic count.

Overall, IG Group is a top-tier licensed Forex broker that provides traders with a well-rounded trading experience.

Features:

  1. MT4 MetaTrader 4 (MT4) platform: MT4 is an industry-leading platform that offers traders a wide range of features, including charting, technical analysis, automated trading, and more.
  2. IG Trading: This platform is designed for both experienced and beginner traders, providing several features such as market depth data and order management tools.
  3. Mobile App: IG also offers a mobile app that you can use on Android and iOS devices. The app provides traders with access to real-time market data, as well as plenty of trading tools and features.

Pros

  • No charge for withdrawals
  • Inactivity fee charged after two years
  • Easy to use

Cons

  • High financing rates

Fees:

  • Minimum Deposit: $1
  • Forex Average Spread: 136.67
  • Commodities Minimum Spread: 0.3
  • Shares Commission: 0.20%
  • Shares Transaction Charge: ZAR 50

2. EXNESS

Exness was created in 2008, and the brokers have evolved significantly since then. Exness allows South African traders and is one of the country’s fastest-growing ZAR Account brokers.

Exness was also named the fastest-growing broker on the African continent by the coveted SA Shares award. Three separate corporate organizations represent the Exness brand.

Its funding and withdrawal processes are quite convenient for South African investors. All major banks are supported, and it provides a local Internet banking transfer option for deposits and withdrawals. This approach allows for quick deposits and withdrawals. However, some Exness users have reported problems with their withdrawals.

Features:

  1. $1 Low minimum deposit: The amount of your initial deposit is determined by the type of Exness account you have. Exness requires a minimum deposit of $1 to open a standard account.

In South Africa, you may also deposit in Rand via Internet Banking. For Bank Transfers, a minimum deposit of $10 is required. No currency conversion rates will be applied if your account is in ZAR base currency.

For example, if you deposit R1000, your ZAR Trading Account will be credited with the whole amount.

  1. Instant and Market Order Execution: Standard accounts have Instant Order Execution, and market execution is available with the Pro and Zero accounts. As a result, you should carefully select your account type based on your order execution needs.
  2. Negative Balance Protection: Exness provides negative balance protection to their South African clients in the event that their account balance falls below zero.

Pros

  • Very competitive spreads
  • FSCA Regulated
  • ZAR Based Currency Accounts
  • 100+ Forex Pairs

Cons

  • High commission of $7/lot
  • No Demo Account

Fees:

  • Minimum Deposit: $1
  • Standard Accounts have the EUR/USD with spreads from 0.3
  • Deposit Fees: 0

3. FXCM

FXCM South Africa, founded in 1999, is well-known in the online brokerage world. FXCM is a CFD (contracts-for-differences) trading platform that specializes in online trading. This implies you’ll have access to many trade assets without having to possess them.

FXCM, for example, deals in stocks, indices, currency, commodities, and even cryptocurrencies. Although you will not be able to obtain possession of your selected asset, you will be able to trade without paying a commission.

You’ll be able to use leverage on your trades at FXCM, and you’ll be able to go long or short. As a result, traders in South Africa now have access to a considerably wider range of sophisticated investing instruments. 

Features:

  1. FXCM Minimum Deposit: A live trading account with FXCM requires a minimum deposit of $50 (approximately ZAR 811). When compared to other South African brokers, this is a bargain.
  2. FXCM Maximum Leverage: FXCM gives South African customers maximum leverage of 1:400.
  3. Order Execution: FXCM claims to offer better order execution to speed up the process. Prices in the currency market are changed 200 times per second on average, and even more in extreme situations. In addition, according to FXCM’s August 2020 slippage report, your transaction execution can be as quick as 0.017 milliseconds. There will be no re-quotes because your order is executed both internally and externally.

Pros

  • Social Copy Trading
  • Algorithmic Trading
  • Monthly execution reports

Cons

  • Limited CFD
  • MT5 not available

Fees:

  • Minimum Deposit: Starts from $50
  • Average Spread EUR/USD – Standard: 1.4 
  • All-in Cost EUR/USD – Active: 1.1

4. BDSwiss

BDSwiss is a European brokerage business based in Switzerland founded in 2012. With a client base of over 1,043,859 registered accounts, the firm now has a global presence in over 125 countries.

Traders may trade various financial assets with BDSwiss, including currencies, stocks, commodities, indices, and more. BDSwiss also has a few trading platforms available for traders to use.

Traders with BDSwiss can choose from six different accounts: Cent, Classic, Premium, VIP, Raw, and InvestPLUS. Minimum deposits, trading instruments, maximum leverage, and spreads for seamless trading are all features and criteria of each account type.

Features:

  1. Education and Research: BDSwiss excels in providing a well-stocked and extensive research library.

They provide the insights of eight different professional analysts, each of whom is an expert in their own field, as well as in-depth market news updated daily. There’s also a technical analysis section that delves into various markets and assets.

  1. Customer Service: A bilingual customer service staff is available by email, phone, or live chat 24 hours a day, seven days a week.

BDSwiss supports ten languages and offers live chat, email, and phone assistance, with several local phone numbers accessible depending on your location. If you have a commonly asked question, there is also an extensive FAQ section, so you may not need to contact the support team.

  1. Promotions and Bonuses: BDSwiss provides FTD bonus incentives on a regular basis.

Pros

  • Tight spreads
  • Good for beginners
  • Wide range of assets

Cons

  • Expensive withdrawals

Fees:

  • Minimum Deposit: Starts from $10
  • Average Spread: Starts from 1.5
  • Maximum Leverage: Up to 1:500
  • Additional Fees: 10% of the balance after 90 days of inactivity
  • Withdrawal Fee: 10 EUR

5. AvaTrade

The AvaTrade company provides an array of trading platforms for FX and CFD traders as well as excellent training resources, which helped the company earn a Best in Class rating for Beginners for 2022.

The markets offered at AvaTrade are determined by the trading platform you select and which of the brand’s worldwide organizations maintains your account. AvaTrade has 1,260 symbols in MT5 and roughly as many in WebTrader; however, a few hundred have been put on hold.

Most traders (even beginners) will be satisfied with AvaTrade’s custom applications. They aren’t as complex as those supplied by category leaders like Saxo Bank, CMC Markets, or TD Ameritrade. AvaTrade, on the other hand, continues to make little advances in this area and offers a well-rounded array of applications.

Features:

  1. 20% Deposit Bonus: AvaTrade offers a deposit bonus to new clients. However, this incentive is only valid for first-time depositors; you must create a new account and deposit for the first time. In addition, this deposit bonus requires a minimum deposit of $1000.
  2. Copytrading: AvaTrade’s consistent growth in improving its copy trading product has helped it compete with industry giants like eToro and Pepperstone. ZuluTrade, DupliTrade, and MetaTrader’s native Signals market are all available through AvaTrade. 

Pros

  • Good for beginners
  • Well regulated
  • Low minimum deposit

Cons

  • Dealing desk
  • Limited market analysis

Fees:

  • Minimum Deposit: Starts from $100
  • Average Spread: Starts from 0.9 pips
  • Deposit Fees: 0
  • Inactivity Fee: $25

6. OctaFX

Since its establishment in 2011, OctaFX has become one of the world’s most popular and successful Forex brokers. The company is licensed by the Vanuatu Financial Services Commission and is registered with the Financial Conduct Authority (FCA) in the UK.

OctaFX offers its clients a wide range of trading conditions, including variable and fixed spreads, no commissions, numerous currency pairs, and fast execution. The company also offers its clients several powerful trading tools, such as the MetaTrader 4 platform, allowing traders to trade in real-time and use several analytical tools to improve their trading results.

OctaFX also offers its clients many bonuses and promotions, including a 50% deposit bonus and a guaranteed prize pool of $10,000 each month. In addition, the company also offers its clients several educational materials to help them improve their trading skills.

Overall, OctaFX is a well-established and reputable Forex broker that offers its clients various trading conditions and tools to help them improve their trading results.

Features:

  1. Customer Service: You may contact OctaFX customer support via live chat, e-mail, and WhatsApp on five weekdays for 24 hours (texts only). You may also send your questions using their web form.
  2. Platforms for mobile trading: OctaFX offers mobile trading with its CTrader, MT4, and MT5 trading apps for iOS and Android. Moreover, OctaFX also has a dedicated mobile app called the OctaFX Trading App. This can help you keep track of your trading accounts as well as your finances.
  3. OctaFX IB Affiliate Program: South African affiliate marketers have the option to join the OctaFX Affiliate Program and promote a truly global Forex broker to their friends and clients.

OctaFX’s affiliate program is tailored to the needs of top affiliates, with substantial bonuses and no earning limits.

Pros

  • Fast and free withdrawals
  • Copy-trading accounts

Cons

  • Limited range of assets
  • Restrictive account types

Fees:

  • Minimum Deposit: Starts from $50
  • Average Spread: Starts at 0.6 pips
  • Deposit Fees: 0

7. Plus500

Plus500 was founded in 2008, and because they are supervised by two top-tier authorities and are publicly listed, we believe they are secure for South African traders.

Plus500 offers a variable spread that varies depending on the instrument and market circumstances, but it is relatively competitive for most CFDs. They also don’t charge any extra fees on deposits or withdrawals, and their minimum deposit isn’t too expensive at R1500.

They have a web and mobile version of their proprietary platform, which is simple to use and intuitive.

Features:

  1. CFD and Forex: Plus500 offers users the opportunity to trade in CFDs on over 2,000 instruments, including forex, commodities, indices, and shares. With easy access from a computer or mobile device, the platform offers users a high degree of flexibility and a wide range of trading opportunities.
  2. Competitive Spreads: Plus500 offers some of the most competitive spreads in the industry, making it an attractive proposition for traders looking to maximize their profits.
  3. Order Types: Plus500 offers a variety of order types, including market, limit, and stop orders, giving users greater control over their trading.
  4. Free Demo Account: Plus500 allows traders to open a free demo account so that they don’t have to risk their funds when practicing the art of trading.
  5. 24/7 Customer Support: Plus500 offers traders round-the-clock customer support, ensuring that they can always get help when they need it.

Pros

  • Well-regulated
  • Wide range of assets

Cons

  • Limited education
  • Limited account options

Fees:

    • Minimum Deposit: Starts from $100
    • Average Spread: Starts at 0.6 pips
    • Deposit Fees: 0
  • Inactivity Fee: $10

8. TickMill

Tickmill is a regulated Forex and CFD broker, providing traders access to the global financial markets. Tickmill offers trading with tight spreads and no commissions on MetaTrader 4 and 5 platforms. 

The Tickmill trading platform is user-friendly and efficient. It has all the necessary tools for trading and offers a wide range of order types, as well as a variety of analytical tools. In addition, the Tickmill platform is available in over 20 languages.

Tickmill is a regulated broker, which means that traders’ funds are safe and secure. Tickmill is also authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. 

Overall, Tickmill is a great broker for traders looking for a user-friendly platform with tight spreads and no commissions.

Features:

  1. Advanced Pending Orders: You can use the “Pending Order” tool to set a buy limit, sell limit, buy stop, or sell stop order. Simply enter the desired order amount, order price, and expiration time.
  2. Trading from Charts: You can trade directly from the charts, making it easy to execute your trades quickly and accurately. The charts are easy to use and provide all the necessary data for making informed trading decisions.
  3. Analysis Tools: The Tickmill platform offers several analysis tools, including indicators, oscillators, trend lines, and more. You can use these tools to help you make informed trading decisions.
  4. Economic Calendar: The Economic Calendar provides information on upcoming economic events and can help you plan your trading strategy.
  5. Wide Range of Order Types: Tickmill offers many order types, such as market orders, limit orders, stop orders, and trailing stops. This allows you to execute your trades in the most efficient way possible.

Pros

  • Tight spreads
  • Well-regulated
  • Fast and free withdrawals
  • Wide range of assets

Cons

  • Limited base currencies

Fees:

    • Minimum Deposit: Starts from $100
    • Average Spread: Starts at 0.0 pips
    • Deposit Fees: 0
    • Commission: Starts with $1 per standard lot
  • Inactivity Fee: $10Best Trading Apps In South Africa

Our Choice Of The Best Trading App In South Africa

We chose AvaTrade as our top trading app in South Africa. Unlike some other platforms we researched, AvaTrade is fully licensed and regulated. This gives traders peace of mind knowing their money is safe and secure.

AvaTrade offers a wide range of tradable assets, including forex, stocks, indices, commodities, and cryptocurrencies. The platform also offers a variety of trading tools and features, making it suitable for both novice and experienced traders.

In addition, AvaTrade offers many support services, including educational materials, 24/5 customer support, and personal account managers. This ensures that traders have all the resources they need to succeed in the market.

Finally, AvaTrade offers several bonus and promotion opportunities, making it one of the most rewarding platforms available.

How To Use AvaTrade – Step By Step

How To Trade With AvaTrade

  1. Create an online account and enter your financial and personal information. Note that with AvaTrade, you won’t need to pay commissions or fees. Now that we’ve covered that, it’s time to make your first transaction.
  2. After completing your research, open a position on the instrument of your choice. On an implemented leverage, you’ll also be able to check the spread and how many units you want to acquire. Start out small and work your way up when you’ve got the feel of trading.
  3. You will also be able to see the margin required for the position you want to open at the current market prices. Margin is basically a deposit that secures your trades and guarantees you will get paid on winning trades.
  4. The next step is to select “Open Position” and input all the required information. You will be asked to input the following:
  • The instrument you want to trade
  • Type of order (buy or sell)
  • Quantity 
  • Your stop loss and take profit levels 
  1. Click on “Submit,” and your order is placed!
  2. Once the position is “Open,” you will be able to see it on your “Trade” tab. You will also receive updates on its status there.
  3. Monitor the trade closely, and make sure to close it when desired or at least when you reach your stop loss or take profit levels.
  4. Making changes in your portfolio from time to time is essential, so don’t forget to do that.avatrade

How to trade forex in Avatrade?

In simple terms, a currency exchange rate is a rate at which the basic currency may be exchanged for the quotation currency. These currencies are quoted in pairs, such as the Euro and the US Dollar, which is a commonly traded pair. 

These exchange rates are influenced by economic variables such as industrial production, inflation, political events, and so on. These are the primary market determinants of whether you should buy or sell a currency pair. 

To trade forex in AvaTrade, you first need to open an account and deposit funds. Then, you can start trading by following these steps:

  1. Choose the currency pair you want to trade.
  2. Decide how much money you want to invest.
  3. Place your trade.

To choose the currency pair you want to trade, you can use the search bar at the top of the screen. You can also select from a list of popular currency pairs on the left-hand side of the screen.

To decide how much money you want to invest, you need to decide what size lot you want to trade. A lot is a unit of measurement that tells you how much money you are investing in a particular trade. For example, the smallest lot size is 0.01, which means you invest 1/100th of your account balance in each trade.

Once you have decided how much money you want to invest, you need to decide where to place your trade. AvaTrade offers a variety of order types, so you can choose the one that best suits your trading strategy.

After placing your trade, it will automatically be executed when the price reaches your specified level. You can then track the progress of your trade-in the Trade History tab.

7 Things To Remember When Trading Online

1. What Is Your Risk Preference?

As a trader, you naturally gravitate toward risk-taking. If you trade financial products regularly, you must be comfortable with risk and understand the upsides and downsides of trading. On the other hand, investing as a long-term commitment is seen as a more risk-averse endeavor. Meanwhile, a penchant for danger should not be taken lightly. You may start making serious preparations once you’ve selected your financial instruments (depending on your risk profile). Cryptocurrency and forex are the riskiest financial products. Then, there are stocks, ETFs, commodities, indexes, CFDs, and bonds.

2. Do Your Research

Due diligence is key, whether you’re day trading or swing trading. You want to be as prepared as possible before you enter a trade. This means studying the market, analyzing charts and indicators, and understanding the news affecting your chosen asset class. 

3. Have A Trading Plan

This is where your risk management skills come into play. A trading plan spells out your risk parameters, entry and exit points, and profit targets. It should be based on sound technical analysis principles and tailored to your own personality.

4. Stay Disciplined

This is where many traders fall short. Emotional decision-making can lead to costly mistakes. Discipline is vital when it comes to sticking to your trading plan, exiting losing trades, and taking profits.

5. Use A Trading Simulator

This is a great way to get experience without potentially losing any real money. Trading simulators allow you to trade stocks, forex, and cryptocurrencies in a risk-free environment.

6. Always Have A Stop-Loss In Place

A stop-loss is an essential risk management tool. It protects your capital in case the trade goes against you. It’s always important to know where your stop-loss is before you enter a trade.

7. Use A Trading Journal

This is another great way to stay disciplined and improve your trading skills. A trading journal allows you to track your trades, analyze your results, and adjust your trading plan.

Final Thoughts: Best Trading Platforms In South Africa

There you have it, the best trading platforms in South Africa. All of these platforms offer different benefits, so it is essential to do your research before deciding which one is right for you.

Remember that no single platform is perfect, and you may have to switch between them in order to find the one that works best for you. The path towards success starts with choosing the right platform, so make sure you take your time and find the one that suits your needs. Follow all our tips when trading online, and you will be on your way to becoming a successful trader.

FAQs

What are the best trading platforms in South Africa?

There is no definitive answer to this question as many different trading platforms are available in South Africa. Each of these platforms has its strengths and weaknesses, so it is vital to choose one that will suit your individual needs and trading style. Some of the most popular trading platforms in South Africa include:

  1. Tickmill
  2. AvaTrade
  3. BDSwiss
  4. OctaFX
  5. IG Markets 

What are the benefits of using a trading platform in South Africa?

Using trading platforms in South Africa offers several benefits, including:

  1. Increased security – Trading platforms offer increased security for your funds and data, helping to protect you from online scams and fraud.
  2. Increased flexibility – Trading platforms allow you to trade on various markets, including stocks, forex, commodities, and indices. These options give you greater flexibility and allow you to trade in multiple markets simultaneously.
  3. Increased convenience – Trading platforms offer a range of features that make trading easier and more convenient, including charting tools, order management systems, and real-time news feeds. This allows you to trade quickly and easily without leaving the platform.

What are the features of a good trading platform in South Africa?

Several features make a good trading platform in South Africa, including:

  1. The ability to trade various markets – Some platforms offer the ability to trade a range of markets, including forex, stocks, indices, and commodities. This allows traders to diversify their portfolios and maximize their profits.
  2. The ability to trade on multiple devices – A good trading platform should be available on various devices, including smartphones, tablets, and laptops. This allows you to trade wherever you are, whenever you want.
  3. The ability to trade in real-time – A good trading platform should offer real-time trading data, which allows you to make quick and informed decisions. This helps you to maximize your gains and minimize your losses.
  4. The ability to use charting tools – A good trading platform should offer a range of charting tools, including technical indicators, trend lines, and price oscillators. These tools help you analyze the markets and make more informed trading decisions.
  5. The ability to use order management tools – A good trading platform should offer a range of order management tools, including limiting orders, stopping losses, and taking profits. These tools help you manage your trades more effectively and increase your chances of profitability.

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