What is a Trading Platform?
The technology used for trading is known as a trading platform, such as opening, closing, and controlling market positions through an intermediary, say, an online broker.
Brokers also offer online trading platforms either for free or at a discount rate in exchange for keeping a sponsored account and/or making a specified number of trades per month. The best trading sites provide a combination of robust features and low fees.
Top Trading Platforms In South Africa
1. Pepperstone
Pepperstone is an Australian CFD stockbroker, active in the UK and globally. It has created a trading app for each of the platforms it provides – TradingView, MT4, MT5, and cTrader.
The Pepperstone cTrader app is recommended for those new to trading or still finding their investment footing. The cTrader app provides the same trading experience that you would experience in the computer version.
Like Pepperstone offers social copy trading, but unlike its competitor, you may only trade CFDs with this broker.
2. AvaTrade
AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.
It offers a 20% welcome bonus up to $10,000, according to regulation, and a free 21-day demo account with $100,000.
AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, the Middle East, Cyprus, and Israel
3. IG Markets
Although IG Markets is a UK-based broker, they are one of the top names for South African trading platforms.
Accounts can be opened with as little as $1, although there is a minimum deposit before you can start trading.
Via the platform, users are able to access over 17,000 assets for trade. IG offers the option to try out demo accounts and is licensed by FCA, ASIC, CFTC, and MAS
4. XTB
XTB offers investors and traders the opportunity to trade commodities, stocks, metals, forex, indices, and cryptocurrencies, as well as ETFs and CFDs, and it is regulated in top-tier jurisdictions by FCA, CySEC, IFSEC, and KNF.
Traders can easily open an account online and can choose between the commission-free Standard account or the Pro account that includes tighter spreads, but there is a commission that needs to be paid on all trades.
Deciding what platform to use to make your trades depends on your location – in most countries, you can choose MetaTrader 4 or the proprietary platform xStation (although MT4 is not available to UK customers).
5. Plus500
The Plus500 trading platform offers investors a wide variety of products to trade within and requires a minimum investment of $100 or £100.
This platform is handy for those who do not speak English as their native language, as there are over 30 language options to choose from.
The platform is fully enabled and clutter-free, meaning that traders can enjoy a stress-free and straightforward experience.
6. AvaTrade
With no commission on trade and a minimum deposit of $100, it is easy to see why AvaTrade is a popular choice for those looking for an online trading platform.
Users can choose from a variety of packages and have the option to set up automated trading.
Traders can use both mobile trading apps and desktop sites, although switching between the two is not always easy.
It is also worth mentioning that the range of assets for trading can be limited, meaning that it is not necessarily the best choice for an experienced trader who wants to explore more options.
Is forex trading allowed in South Africa?
First, we should say that trading on Forex in South Africa is legal. However, there is a range of liabilities. Traders are expected to prove that they use legal banking options to deposit and withdraw funds. There must not be any violation of the local anti-money laundering laws.
Who is the best forex trader in South Africa?
Ref Wayne. Ref Wayne is the best and most successful Forex trader in South Africa. Ref Wayne has developed the trading skills that he could transfer into the business after he was suffering from a lack of career development opportunities growing up.