June 13, 2024

Top 8 Trading Apps in South Africa: A Guide to Safe and Profitable Investing

June 13, 2024

Trading Apps
Content:

Getting started with trading has become very appealing for a lot of investors. It’s easy to see why, if you use the top 5 trading apps in South Africa, you just set up an account and you are good to go. Being able to trade that and making a profit can lead to a significant advantage, which is something to keep in mind. Yes, you can start trading pretty much at any time. Many of the best trading apps South Africa make trading engaging, rewarding and a lot of fun as well.

However, you also have to be wary about the trading platforms and their history. You want to ensure that the financial sector conduct authority checked everything. Of course, the platform also needs to be very well certified if possible. The more information and knowledge you have about these apps, the better it will be. Because at the end of the day, trading apps are all about bringing value, generating a stellar experience, and doing that can indeed help more than expected.

 

How do you choose the best trading app to earn money in South Africa?

If you want to find the best trading app to earn money in South Africa, there are a few things you need to consider here. For the most part, it’s all about knowing the platform and checking its credentials. There are other factors as well.

  • Is the platform a high risk, or do they have a proven track record of delivering what was promised to the customers?
  • Is there any guarantee or way to ensure that you get your money in time, do they have any limitations?
  • What kind of account do they offer? Are you stuck with a standard account or are there more advanced options, based on what you want to trade?
  • What markets do they offer you the option to trade on? Aside from that, you want to see whether there are any trading tools included, if you have access to market info, etc. All financial markets have their financial instruments, so knowing what tools are available can help quite a bit.
  • Since there can be scammers too, you want to ensure that the transactions are encrypted and the platform itself is very secure. Learning more about security can help quite a bit, and it does provide a much better result and experience every time.
  • Do they have a demo account? Having that option of knowing how to trade, seeing some demo trades, all of that helps quite a bit. Tons of people find it difficult to trade without the right tools, but having a demo account will help. That way, you understand the platform and the value that can be delivered, yet at the same time you also know if it works for you or not.

Best trading apps South Africa

CMTrading

CMTrading is by far one of the top trading apps in South Africa, and that’s because it caters to a variety of traders. You can trade anything from crude oil to gold and a variety of commodities. They have support for over 150 assets, and you also get access to a plethora of trading tools. With CMTrading, you have technical and fundamental analysis tools. They also include tradable assets, CFDs rollover, calculators, an economic calendar, daily trading signals and many others. Being able to access all these tools right under your fingertips can help quite a bit, and it shows the significant results you can get if you know when, how, but also what to trade.

Another thing that makes CMTrading one of the top South African traders is the focus on security. We know how challenging it can be to trade on a platform when you fear that your money is not safe. CMTrading understands that, and they encrypt all transactions. The platform also has very fast customer support and state of the art security systems in place. That goes to show you can trade any commodity safely here, and the results can be extremely good in the long run.

The fact that you have access to the web trader too is what sets them apart as well. If you want to trade at the highest levels, then you need the right tools to boot. In this case, you have the CMTrading web trader, but also MT4 as well. With these tools, you can finally focus on getting the best trading results, while not worrying that you might be losing stuff. That alone is what makes it such an excellent approach, and the outcome as a whole can be second to none.

CMTrading also delivers trading education. You have specialists that you can work with in order to access the latest market info. That kind of stuff is an advantage, because it gives you the upper hand. Making educated trades and not randomly choosing when and how to trade is what makes things great here. Plus, CMTrading does an excellent job at ensuring that you have access to the latest news and market updates. That’s where CMTrading certainly shines and it goes above the competitors in more ways than expected.

HF Markets

HF Markets is an interesting option because it allows you to trade bonds, forex, crypto, commodities and even ETFs. That gives a much better approach for people that want a large variety of trading options. While not as complex as CMTrading, HF Markets does have its interesting features too. You have great plugins for MT4 and 5, along with expert advisors that can help you narrow down when and how to buy.

In addition, they do a very good job at giving you indicators and timeframes to ensure you have good trades. And yes, there’s also live chat support, along with a history of closed trades. It’s simple stuff like that which helps quite a bit, and it brings in front a resounding return on investment. We are firm believers that trading is always going to help you get exceptional results, and in this case HF Markets does offer a very consistent solution.

Exness

Exness is one of the top 5 trading apps South Africa, especially if you want a platform made with beginners in mind. They have FSCA regulation, and they also offer two step verification along with biometrics. That helps add to its overall security, which is very helpful. There’s a cent account for beginners to help trade smaller capital. So if you are a newcomer to stock trading, this can actively help much more than expected.

Moreover, Exness has trading view terminals, so you can see the history of trades, check when there are upticks and so on. It also has live trading sentiment info. In doing so, you get to know what trades are appealing to traders, which ones might not bring the best sentiment and so on. When you trade, you do have to rely on market sentiment too, and you must remove emotion out of it. Once you do that, it becomes a much better reusl.t

There are some other benefits like in-app customer support, a low minimum deposit standard, along with other things like MT4 and MT5 support. But there are drawbacks too. The tools they offer are not diverse, and there can be a higher amount of risk. The app has a high minimum deposit on the zero spread and Exness Raw accounts, at least $500, which can deter some people from trading.

Trading Apps

Tickmill

Tickmill is one of the better trading apps South Africa if you are focused on MT4 trading. It has great support for MT4 and MT5 too, and it also comes with an FSCA regulation, along with biometrics login. And yes, you can see a complete transaction history, an economic calendar, and they even have other stuff like the live market quotes.

However, there’s no research or news, so this is not the place to educate yourself about trading. In addition, the setup process of the app is not ideal. The interface can be hard to learn and not very intuitive. There is a demo account, but you can only access it after you verify your identity.

XM

XM is a trading app that has a microaccount. You can go with $5 and start trading right away, which we found to be a very good option for people who don’t want to trade a huge amount of money. They use ZAR as base currency which is great for one of the best trading app to earn money in South Africa. Plus, they do have technical indicators, educational tools and videos, along with other helpful features.

Do keep in mind that the newer plugins from MT4 and 5 are not free here. There is no quick trading features, and you will have a charge of $5 a month due to inactivity. There is no live sentiment tracking feature too, which can be a bit of a downside for some traders too.

ChoiceTrade

What we like about ChoiceTrade is the fact that it does a very good amount of trading solutions to fit your needs. The commission free trading system is amazing and it certainly makes the platform stand out. It also has a lot of information when it comes any trade, as well as live tools to make the trading process easier. It’s exactly what you want to pursue, and you will find it to convey a much better result in the long run. The ability to trade from your phone is definitely appealing, and one of the reasons why a lot of people choose this platform over many others as well.

AvaTrade

When a lot of people trade, they want access to the very best charting tools. We think that AvaTrade certainly comes with that, since it is FSCA regulated, and it features a ton of research solutions. There are also inbuilt indicators for analyst views, market buzz, the economic calendar, featured ideas and many others. In addition, the visuals are outstanding, and you have lots of customization.

Like other apps listed here, you also have access to trading news and relevant information. When you want to trade, this comes in handy. Plus, the live chat and phone support can be increasingly helpful. Also, you can give one click trading a shot too. That being said, the high starting deposit and a lack of ZAR trading accounts are definitely going to be an issue. You also have a single account type, there’s no micro account option for beginners.

FXTM

FXTM is one of those great trading apps South Africa for those people that want a low cost solution. That being said, they do have commissions, so it’s not commission-free, nor should you expect such a thing. Yet there are things to like here, like the trade history, pending orders, the fact that you will have a biometric authentication and so on. They also have MT4 and MT5 compatibility, not to mention the app itself has a low deposit and a pretty impressive interface as well.

On the other hand, you will also encounter a few challenges too. ZAR is not the base currency, which can be quite the problem for some people. There is also a lack of market news, app education and other things that other apps will give you, which is something to consider. And yes, there’s no 24/7 support either, which is also a bit of a downside for some people. We do like the fact that they keep the low costs, yet commissions can add up as time goes on.

Conclusion

If you want to use the best trading apps South Africa. We highly recommend the apps shown in this article. They are indeed top tier, amazing apps that everyone should try out. The quality is second to none, and you will be amazed with how versatile and easy to use these apps truly are. It does take a bit of a trial and error to narrow down the right app for you, but since most of them have a demo account, you can test them out before making the right choice to fit your requirements!

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Disclaimer
Trading involves a significant risk of loss and is not suitable for all investors. It’s important to understand the risks and seek advice from an independent financial advisor if necessary.

The information provided here does not constitute investment advice.

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