Foreign exchange (forex) trading is an effective investment strategy for South African investors to grow their wealth. However, this growth entails the emergence of numerous forex trading apps in the market.
With so much to choose from, it becomes more difficult for South African traders to actually choose.
This article will make your decision-making a little less complicated and overwhelming. We’ve compiled the top 5 best trading apps in South Africa and the factors that make them so good to trade with.
Read on to find the best trading app that suits you just right!
Trading Apps vs. Trading Platform vs. Charting Platform
These three are ALL important for trading forex effectively. One is used to chart the market, and the other two are used to execute trades in the forex market.
Which is which? Let’s differentiate these three from one another.
Trading App
A trading app (application) is the one you should use for mobile trading. Through a trading application, you can access the forex market, enter or exit a trade, and monitor your trade even if you’re on the move.
A trading application is often included in the package when you open a trading account with a broker. It’s a built-in trading platform, meaning it’s developed within the brokerage company’s ecosystem.
When looking for the best trading app in South Africa, you should factor in the intuitiveness of the user interface, demo account offering, compatibility to your device (iOS or Android), execution speed, withdrawal process, and other trading resources like forex courses and news feed.
Trading Platform
The trading platform shares the same function as the trading application: accessing the forex market, executing long/short trades, and controlling open positions.
However, trading platforms are usually web-based. Web-based platforms cannot be downloaded to a trader’s trading device and are usually relatively harder to navigate.
Moreover, trading platforms are usually third-party services, like MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView. This means that brokerage companies integrate trading platforms into their systems so that their customers can access them.
Charting Platform
Unlike trading apps and platforms, charting platforms visually represent the price movement of certain currency pairs.
This is a suitable platform if you plan to monitor the currency pair’s movement only and not execute any trades.
When charting the forex market, you basically use different tools like drawing tools, text boxes, arrows, and many more! Thus, always consider the available charting tools when you’re availing a charting platform’s service.
Joining an online trading community could help you make practical decisions. At TRU CommuniTrade, you can learn from the genuine experience of verified traders, including their criteria when choosing the best trading application that suits their trading objectives.
5 Best Forex Trading Apps in South Africa in 2024
As South African investors look for more ways to have their money make more money, the forex market inevitably grows. This market growth entails the emergence of numerous trading apps.
If you’re looking for the best trading app in South Africa in 2024, this section compiled the 5 best apps today. Our trading experts personally downloaded these apps and connected them to their live accounts for testing and review.
Exness Trading App
Exness has everything that a beginner South African forex trader wishes for.
Any beginner trader would love to use this trading app due to its intuitive interface. However, its beginner-friendliness doesn’t stop there.
Exness trading app is also customizable, so traders can change the colors of their chart, use different chart types, and reorganize their trading workspace. Moreover, it has a risk calculator tool that calculates the spread, pip value, volume, margin, and commission payable for a certain forex pair with a specific lot size.
Regarding the withdrawal process, the minimum amount is USD 10 or its ZAR equivalent. You can link your app to many cards, online banks, digital wallets, and even crypto wallets for seamless withdrawal.
Using this trading app is also safe because it’s regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.
IG Trading App
This trading app is award-winning. Thus, if your consideration when looking for the best trading app in South Africa is credentials, you can’t go wrong with this application.
Its credibility is extremely justified, though. The trading app has a beginner-friendly and customizable interface, extensive trading features, and a news feed to help you chart and trade more effectively.
Moreover, this trading app is compatible with both iOS and Android systems, so you won’t have any issues maximizing this application.
When trading through this app, you can access exclusive, expert-generated market analysis. This is extremely helpful for your charting and could help you make informed trading decisions.
But what South African traders like about this is its advanced dealing options (partial fills and points through current). It also supports uncommon forex orders like good till canceled and good till date. The FSCA also regulates the IG trading app.
HFM Trading App
The HTM trading app is popular among South African forex traders. This is because of its excellent copy trading feature.
Here, you have the ability to copy the trades of expert traders to boost your profitability. This includes their trade setup, techniques, and more! Moreover, this app gives you access to trade 53 forex pairs, including 15 major pairs and 38 minor pairs.
To ensure account safety, the trading app uses biometric login and the usual username/password process. Moreover, you can rest assured that your investment is safe in the HFM trading app because the FSCA regulates HFM.
In any case, if you’re having a dispute with HFM, you have the power to escalate it to FSCA, their financial regulator.
XM Trading App
XM is among the largest forex brokerage companies in the world. If you’ve been following different trading content on the web, it’s impossible not to come across an XM ad.
One of the broker’s most marketed features is its trading app, which has more than 5 million downloads on the Play Store as of this writing.
If you’re looking for the best trading app in South Africa in terms of withdrawal ease, then XM is the front-runner. XM trading app is among the few that allows South African traders to link their local bank accounts to its application. It also allows you to fund your account in ZAR, reducing the need for currency conversion.
XM ensures app security through biometric (fingerprint) and password access. This trading app is registered and regulated by the FSCA, so you don’t have to worry about the legitimacy of its service.
AvaTradeGo App
Although the AvaTradeGo App only entered the market in 2017, it has won the hearts of many South African forex traders.
This trading app has the trading tools to make your charting and trade execution more efficient and comprehensive. Moreover, its AvaProtect is a great service that attracts traders. Essentially, it serves as insurance in case the trader runs at losses.
Lastly, the application supports two-factor authentication and biometric (fingerprint) access to ensure account security. The FSCA also regulates the AvaTradeGo app.
Choosing the Best Trading Apps in South Africa in 2024
Regulatory Compliance
All trading apps should be registered with a financial regulatory agency. After all, you technically store your investment in them, so their operation should be regulated by a trusted agency.
The Financial Sector Conduct Authority (FSCA) is South Africa’s leading financial service regulator. The agency’s goal is to oversee, regulate, and improve the operation of all financial service providers in South Africa.
FSCA arbitrates disputes between financial service providers and their customers. Thus, trading with a regulated trading app ensures you’re protected if you dispute with the company.
However, due to its bureaucratic processes, reaching this regulatory body takes a long time. If you’re looking for a swift but efficient resolution, you can file a dispute case with TRU Dispute Resolution System.
Intuitive User Interface and Secured Access
Forex trading is complicated to start with. It presents a learning curve, especially for new traders.
Thus, using a trading app with a user-friendly interface would save you countless nights learning how to navigate the app. This also ensures that the price chart and its tools are easy to use.
Moreover, look for a trading app that offers customizability. This allows you to personalize your trading chart for a better trading experience.
Execution Speed
Speedy trade execution is essential in forex trading. This is even truer as the asset prices tend to fluctuate in a fraction of a second.
Always look for a trading app to execute your trade order with minimal delay to ensure your trade lands at your preferred, profitable price points.
Forex Brokers and Trading Platforms
Large forex brokerage companies often develop their own proprietary trading apps or platforms. This ensures their clients have a seamless experience, including withdrawal, order placement, and position tracking or monitoring.
Of course, the broker’s platform should exceed the offers of MT4, Mt4, TradingView, or some popular third-party trading platforms. That’s why most proprietary trading apps have advanced charting tools that work with the app.
However, remember that these are not for the public to use. You must open an account with the forex broker before accessing their trading application.
Why You Should Choose the Best Trading App in South Africa
Forex trading is inherently tricky and risky, but having a trading application that suits your trading style and financial goals would make trading less complex.
Always check the trading app’s regulatory compliance, review the platform’s security and interface intuitiveness, and research its execution ability.
Joining an online trading community could help you make practical decisions. At TRU CommuniTrade, you can learn from the genuine experience of verified traders, including their criteria when choosing the best trading application that suits their trading objectives.
