Trading is gaining popularity in the foreign exchange market as a profitable venture. If you want to succeed, having appropriate tools and resources is crucial for success. Among these, a dependable trading app is specifically very important. With technological advancements, South Africa now boasts a variety of trading apps. Selecting the right trading app can be daunting with so many options available.
In this guide, weโll discuss the best stock trading app in South Africa for 2024: AvaTrade. It is the ideal app to meet your trading requirements.
Engaging in online trading through apps might seem convenient, but South Africans need to be aware of the associated risks. Regulatory bodies like the Financial Sector Conduct Authority (FSCA) oversee online app brokers/entities. However, trading on apps from unregulated overseas brokers exposes users to significant risks.
AvaTrade โ Trading App with the Best Charting Tools
Established in 2006 and based in Ireland, AvaTrade is a multi-regulated forex and CFD broker renowned for its expansive platform selection, competitive trading fees, abundant trading tools, and thorough educational resources. Notably, the broker offers over 840 CFDs and vanilla options.
AvaTrade is a well-established online trading platform that provides access to a wide range of asset classes. Their stock library primarily focuses on major marketplaces such as the NYSE, NASDAQ, and LSE.
All financial instruments on the platform are offered in the form of Contracts for Difference (CFDs), allowing users the option to utilize leverage. For South African traders on AvaTrade, leverage can reach a maximum of 1:400. Additionally, traders can opt for both long and short positions, catering to short-term trading strategies. Here are some of the reasons why you should go with AvaTrade as you start your trading journey.
AvaTrade is an excellent choice for longer-term day and position traders, due to its favorable swaps and advanced risk management features. Additionally, the broker caters to novice traders seeking to grasp technical analysis intricacies or participate in copy trading ventures.
AvaTrade Highlights for 2024
AvaTrade maintains robust fund security through regulation across multiple jurisdictions, including top-tier authorities like the CBI, ASIC, and JFSA.
The brokerโs unique AvaProtect tool enables comprehensive hedging of individual positions, enhancing risk management capabilities.
With competitive fees below the industry average, both in terms of trading and non-trading costs, AvaTrade remains an attractive option for traders.
AvaTrade offers a diverse range of trading platforms. This includes three proprietary platforms alongside MetaTrader 4&5 and DupliTrade, ensuring flexibility and accessibility for traders.
With an extensive offering of over 840 CFDs and options, traders have ample opportunities for speculation and hedging against price fluctuations.
For traders employing longer-term trading strategies, AvaTrade is particularly suitable due to its lower-than-average swap fees, catering to both day and position traders effectively.
AvaTrade offers a comprehensive package of security measures, cost-effective pricing, and a diverse selection of trading platforms and tools. Here are some of the reasons in detail why you should go with AvaTrade as you start your trading journey.
1. AvaTradeโs AvaTradeGO Mobile App
The AvaTradeGO mobile application provides traders with convenient access to the market while on the move, facilitating easy monitoring and adjustment of open trades. Given the volatile and dynamic nature of the market, staying informed in real time is crucial.
AvaTradeGO’s security features include a fingerprint scanner and passcode authentication. Additionally, live support is available within the app 24/5 to assist users facing any difficulties.
Users can utilize the app to execute market, limit, and stop orders, as well as manage the exposure of their open trades. Furthermore, the app offers the added convenience of accessing trading signals provided by TradingCentral.
AvaTradeโs mobile app has a user-friendly design and is a valuable tool for staying updated on the latest market developments. However, you should know that mobile apps operate on low-resolution devices. So they may not be ideal for conducting complex technical analyses. Despite this limitation, itโs somewhat surprising that the AvaTradeGO app incorporates a larger number of technical indicators compared to the Web Trader platform.
Moreover, traders have the option to download the MT4 application and access their accounts using the same credentials. This provides additional flexibility, including the ability to utilize automated trading systems, particularly advantageous for forex trading.
2. Educational Resources and Support
A notable aspect of AvaTradeGO is its rich educational resources and tools, designed to benefit traders of all levels. Whether youโre a novice or a seasoned trader, these resources aid in skill enhancement and staying abreast of market trends.
Moreover, the app provides various trading tools such as one-click trading, real-time charts, advanced order types, and live market news, facilitating informed decision-making. Additionally, traders can access a demo account through AvaTradeGO, enabling them to practice trading strategies without exposing real funds. This feature proves particularly beneficial for beginners seeking to gain proficiency in the forex market before engaging in live trading.
3. Competitive Fees
In terms of fees and commissions, AvaTrade offers competitive rates. Notably, traders can trade stock CFDs without incurring commissions and benefit from tight spreads. The pricing structure is conducive to high-frequency trading, particularly for instruments within certain asset classes such as most FX pairs and share CFDs, along with select commodities. Moreover, AvaTradeโs low swap charges make it well-suited for longer-term trading strategies.
AvaTrade does not impose a fee for depositing or withdrawing funds. Although third-party banking fees may be applicable depending on the chosen payment method.
4. User-Friendly Interface
Getting started with the AvaTrade stock app is a straightforward process, requiring only a few minutes. Deposits can be made instantly using a South African debit/credit card, with account minimums starting at just $100.
AvaTradeโs stock app, AvaTradeGO, is highly regarded for its user-friendly interface and comprehensive features, mirroring those available on the desktop trading platform. This includes the ability to execute trades, monitor portfolio value, conduct technical analysis, and more.
5. Extremely Safe
AvaTrade adheres to fundamental safety measures including segregated funds and protection against negative balances. The introduction of AvaProtect and a strong client categorization system further enables novice traders to navigate trading risks effectively.
AvaTrade holds licenses from multiple jurisdictions issued by top-tier financial regulators, which significantly lowers the risk for traders in the UK. Previously operating under the Temporary Permission regime as AVA Trade EU Limited, they applied for cancellation in 2023.
However, as of January 2024, AvaTrade has been granted โSupervised run-offโ status by the FCA in the UK, allowing them to provide specific financial services in the UK. Itโs important to note that they are not part of the Financial Services Compensation Scheme (FSCS), meaning there would be no compensation in the event of a default.
Additionally, the broker upholds a โbest execution policyโ to ensure clients consistently receive optimal price quotes. Considering these factors, we conclude that AvaTrade is indeed a secure choice for trading.
6. Stable and Transparent
AvaTrade demonstrates a commendable level of trust and stability, due to the following reasons:
- Stringent global regulation
- Introduction of an innovative risk-management tool
- Transparent presentation of legal documents
- Implementation of a best execution policy
- Robust client categorization policy
7. Risk Protection Tool
AvaTrade includes the groundbreaking AvaProtect insurance and risk mitigation tool. With this, traders can insure individual trades for up to $1 million with a hedging cost upon purchase. AvaTradeโs proprietary AvaProtect risk management tool is designed to mitigate trading risks effectively.
8. AvaTradeโs Web Trader Platform
AvaTradeโs Web Trader platform offers an intuitive and user-friendly experience, making it an ideal choice for traders interested in analyzing price action behavior. With a sophisticated instrument search bar and detailed charts, traders can easily explore various market trends and patterns. The platform has an extensive range of 80 technical indicators, exceeding industry standards, along with 13 drawing tools for studying repeatable price patterns and identifying key support and resistance levels.
Despite the relatively low range of drawing tools, the platformโs diverse chart types and nine timeframes allow for comprehensive analysis across different time horizons. Additionally, AvaTradeโs Web Trader platform supports various order types, including market, limit, and stop orders, providing traders with flexibility in their trading strategies. Overall, the platformโs light interface, ample analytical tools, and integration of trading ideas from TradingCentral make it a valuable tool for traders seeking to navigate the financial markets effectively.
9. Large Number of Asset Selection
AvaTrade provides a comprehensive selection of tradable instruments, encompassing both lower-risk securities and higher-yield/risk assets. This diverse range caters to various trading strategies and is further enhanced by the availability of CFDs and vanilla option contracts.
Below is a breakdown of the available instruments offered by AvaTrade:
- Forex: EURUSD, GBPJPY, USDCHF, USDCAD, EURJPY, GBPNOK
- Commodities: Gold, Crude Oil, Wheat, Sugar, Natural Gas, Palladium, Coffee, Brent Oil
- Share CFDs: Apple, Tesla, Microsoft, Netflix, Barclays, Tellus, Siemens, Bayer
- Indices: Dow Jones 30, Germany 40, Japan 225, Hong Kong 50, Australia 200, China 50
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Cardano, Polygon, Stellar
- ETFs: MSCI Emerging Markets Index Fund, Energy Select Sector SPDR, TR Gold Miners
- Bonds: EURO BUND, JAPAN BOND
- FX Options: EURUSD, AUDUSD, XAUUSD, USTECH100, Italy 40, Japan 225
Who is AvaTrade For?
AvaTrade is well-suited for day and position traders, thanks to its low swap fees and a strong selection of instruments that effectively manage long-term trading risks.
Beginner technical traders will find value in AvaTradeโs comprehensive educational resources, particularly on technical analysis, and its advanced copy trading features.
AvaTradeโs Key Features
- Regulatory Oversight: Licensed by FSCA (South Africa), CBI (Ireland), ADGM (United Arab Emirates), ASIC (Australia), BVI FSC (Virgin Islands, British), ISA (Israel), and JFSA (Japan).
- Multilingual Support: Available in English, Russian, French, Portuguese, Arabic, Spanish, German, Italian, Chinese, Japanese, Malaysian, and Thai.
- Product Offering: Provides options, currencies, stocks, ETFs, cryptocurrencies, bonds, indices, and commodities.
- Minimum Deposit: $100
- Maximum Leverage: Varies by jurisdiction, ranging from 1:30 to 1:1000.
- Trading Desk Type: Market Maker, Dealing Desk
- Trading Platforms: AvaTradeGo, AvaOptions, AvaSocial, MT5, Proprietary, MT4, WebTrader, DupliTrade.
- Deposit Options: Webmoney, Wire Transfer, Skrill, Neteller, Credit Card, Debit Card.
- Withdrawal Options: Wire Transfer, Neteller, Skrill, Credit Card, Debit Card, Webmoney.
Demo Account: Available
