The main stock index of JSE is the all-share index. The headline index consists of 99% eligible equity listed on the JSE mainboard.
After South Africa as of late embraced an improved “Twin Peaks” administrative framework in 2017, monetary market lead guideline in South Africa for online forex and contract for difference (CFD) intermediaries has fallen under the protection of the Financial Sector Conduct Authority (FSCA), which had supplanted the Financial Services Board (FSB).
The FSCA operates outside the country as well, and they offer many things such as banking, insurance and many other perks that you ever wanted out of your country.
Best Forex Trading Platforms in South Africa
Now let us understand what is forex trading? Forex trading is basically the exchanging of currency from one another, and it is a very complex form of trading because you are not very lucky every time. Once you are in the trading thing, then you will be going through everything that is going on in the world, because the rate of the currency is being fluctuated every time and you need to look after what country is going through at the current moment. Let us take an example that during this covid’19, each and every country was facing the financial crisis so every country was facing the downfall of its currency and during that time when the situation was going so horrible, the traders were at deep risk.
As for forex trading, you need a broker because when you are doing online trading, you have to be connected to the whole world and you have to look after each and everything. But that’s how you have to get into the with your broker, or how do you manage to get a broker for yourself who will help you out as you may not be in the country and you have any doubts that how you will be going to that. Hence, the apps are created for forex trading that allows you to contact your broker and to get in touch with them. the apps are not always free and they are paid and highly professional people are using it for their trading. There are many platforms that are taken on board for online money transferring facilities.
These apps are being updated each and every year as they are dependent upon their ratings. Whenever there is something that should be looked after, things are taken care of immediately. We will also let you know that what are apps are used the most for trading and you will learn how you will use them for your forex trading.
Best Online Trading Platforms South Africa
When you are looking to trade online, you need to be very careful that what you will choose will affect you the most. There are a lot of scammers that are just waiting for you to get in their trap so they could snatch all sort of money or your trading skills from you. Before opening an account with a broker, you should verify that you are choosing a reliable broker who has a very strong relation with the client, so that there would be no scamming between the client and the broker. A trading account is an account that is separated from any other ordinary account. When it comes to the account type offers, here are some of the most common account types:
- Cent account
- ECN account
- Fixed spread account
- Swap-free account
Metatrader 5 demo accounts is a demo trading accounts used by beginners to make them learn how to use them. Retail Investor Accounts are accounts being special security agencies are being looked after as they have been paid for it.
eToro platform is one of the best share trading platforms in the country. With over 10 million users, this broker offers access to more than 800 stocks from 17 international markets. As a user, you will get to trade shares and other commodities without paying commission. Although you are required to pay a flat rate of $5 on every withdrawal, depositing money on the account is free of charge. eToro minimum deposit South Africa is one of the higher in the industry, but supported by one of the most versatile platforms out there.
CM Trading – Based in Johannesburg, is an online share trading platform is one of the largest trading platforms in South Africa. Opening a trading account with CM is completely free of charge. However, you have to pay a 2% charge to deposit money on your account or to withdraw from it. If your account is inactive for a year, you will be charged $15 per month as an inactivity fee. CM Trading offers a wide range of investment options including commodities, cryptocurrencies, and Contracts for Differences (CFDs). CM Trading is regulated by South Africa’s Financial Sector Conduct Authority (FSCA) to ensure that the risk for the client is kept relatively low.
Best Share Trading Platform South Africa
Best share trading platforms are not being designed with some ordinary algorithm infect they have been designed with a very complex algorithm because these apps are required to perform some specific task for the trading purpose. They are not easily seen in the play store, but they are only found by the professional trader who wants to be in business. Proprietary trading platforms are trading platforms owned and usually developed by the brokerage. Some of the most used proprietary platforms are:
- Metatrader 4
- Metatrader 5
- TradeStation
- NinjaTrader
- WebTrader
Let’s look at the top share trading platforms that are most commonly used for forex trading and that are ranked and loved most by the traders and the brokers who are working for a long time. Now let us explained to you the specifications of these apps.
Tools are very important in every field because without the essential tools how would you be able to perform that specific work? Similarly, the trading platforms, you should have to check each and everything before choosing your platform for the trading. You see that as you are trading online, you should look after many things because a small thing can affect your trade and will put it in a very bad situation, so there is a list of the tools you should have to look after,
Some common tools include charting tools like MetaTrader, risk management tools like a limit order, stop loss and negative balance protection, etc.
This is also one of the most important features that you have to look at because the app should be working on both apps and the desktop because you will have to know every moment’s situation. After all, there are so many other things going on as well. In South Africa, plus500 is offering you multi-device features that you can use easily for trading. Many brokers are offering you both desktop and mobile applications so that you do the forex trading easily.
There are a lot of instruments that are available on the brokers’ platform for forex trading. Well, this is considered one of the most important things that have to be seen very carefully before you enter into the trade business. Without that, you will not be able to understand what trade business is all about.
The ease of use is very important in every kind of thing that everyone wants, and that’s what is not neglected in anything, especially when you are entered in the business that consists of this much complexity. So, the ease of access should be the priority of that. There should be no kind of complex functions in the app and the app should contain every sort of ease in every step because in trading business all you need is that on your one click, you should be in the app. That’s what the ease does when you are doing in the business.
The trade must be done with the fees, and that’s what it is, it depends upon the things that the fees are charged as per the instruments that are traded. So that’s what the thing and it depends on all upon your broker. Some of the brokers usually offer you the fixed spread as per the instruments and that what makes the trade better.
Best Trading Platforms in South Africa
The most important factor in the trade business is that when you enter in the trade business and when you got to know any of brokers, you must check the regulations because that is a very important step and is always taught by the experts who are in the business for a long time.
According to the research, the online trading business across South Africa went up in 2020 in every sort of forex, crypto, and many others. The sudden trend was because the covid’19 hit the worst in starting of 2020 and people almost lost their jobs, and each and everything that should be looked after but then they came to know how they can earn money online by investing a little money into it. Everyone was just a beginner in the starting, so the best part is that when you are in a learning phase, you just have to take the turtle steps to learn what are the basic things through which you can learn the trading business and it doesn’t even require any big investments.
In fact, there are many platforms that offer traders who are interested in learning the trading business. There are also many other platforms as well from which we can easily earn money but the only factor is that you can’t trust anyone with your money. Licensed forex brokers are the only platforms that provide you with the best transactions of money and will give you the chance that you can earn the money through it by learning skills that how and when you should be investing the money. That’s what make the trading business trending all over the South Africa and many people are very happy because they have found the new business and the best way of earning money through the online trading business.
So, the basic lesson we have learned from it is that we should explore each and everything you never know what would come out and make you more benefit than you are making now.
1 . IQ Option
From a successful binary operations trading platform to an all-in-one trading platform, IQ option has witnessed a huge transformation since it was founded in 2013. It now offers a choice of 79 trading instruments in forex, commodities, cryptocurrencies, bond indices, binary options, and equities (stocks). Here are some of the trading platforms in South Africa.
Pros
- No withdrawal fees
- Free demo account
- IQ Option is user-friendly
- Excellent Customer support
- Islamic account is also available
- Low minimum deposit amount ($10)
Cons
- IQ Option South Africa does not support Meta Trader 4 or 5 (MT4/MT5).
- US traders are not allowed on the platform.
- Charges $31 for bank transfers
Verdict: Other than the fact that traders from the United States are exempted, IQ option ticks all the right boxes.
2. Binary.com
Binary.com allows you to trade Contracts for Differences (CFDs) and Forex via the Meta Trader 5 (MT5) platform. You can also trade stocks and cryptocurrencies. With a minimum deposit of $5, you can easily get started.
Pros
- Binary.com South Africa allows a minimum trade of $1
- Offers free demo account
- The platform is regulated to ensure the safety of clients’ capital
- It features an auto-trading robot that makes a trade based on favourable market conditions
- Only $5 is required as the minimum deposit
Cons
- Binary.com does not offer copy/social trading
- It does not support Islamic account
Verdict : This platform is suitable for the advanced trader and offers the greatest flexibility to the binary options broker.
3. Deriv.com
On this platform, you can trade binary options, Contracts for Differences (CFDs) and Forex. Deriv.com South Africa supports Meta Trader 5; a platform that offers amazing trading possibilities and tools for technical analysis.
Pros
- The minimum deposit on this platform is just $5
- It offers Auto Trading
- Offers Demo Account for learning
- Allows traders to trade using the Meta Trader 5
- You can deposit into your trading account using cryptocurrency.
Cons
- Deriv.com South Africa does not trade cryptocurrencies.
- No Islamic account
- The platform offers no bonus
Verdict
Deriv.com was created to replace Binary.com. It contains all the advantages present in Binary.com with an additional upgrade.
4. Olymp Trade
Since it was created in 2014, it has earned a reputation for making positive improvements to its platform each year. On Olymp Trade South Africa, you can trade cryptocurrencies, commodities, stocks, and ETFs.
Pros
- On Olymp Trade, you can trade for as low as $1
- Offers free demo account
- Has a wide reach globally
- It allows a minimum deposit of $10
Cons
- The platform does not support Meta Trader 4/5
- Olymp Trade does not offer Forex trading
- It offers no social/copy trading
Frequently Asked Questions
1. Is online trading beneficial?
Yes, it is only for those who know how to do online trading.
2. What are the Best Forex Brokers for Beginners in South Africa?
IQ Option, Binary.com, Deriv.com etc. are some of the most accessible forex brokers in South Africa.
3. What is the important factor in the trade business?
The most important factor in the trade business is that when you enter the trade business and get to know any of the brokers, you must have to check license and regulation of it.
4. Is trading free?
No! The trade must be made with the fees. It depends on the things that the fees are being made as per the instruments used in the trade, and it depends on your broker as well.
