Trading is considered one of the most technical professions. You only wish to know about specific information and techniques to help you out step by step that you need to take before entering into the trading business. For this purpose, there are lots of platforms available for your technical support. In South Africa, it is considered one of the best trading platforms worldwide and has vast stock exchange JSE (Johannesburg Stock Exchange, which is ranked as the 19th best stock exchange around the world.
Suppose you look at the history of South Africa and how it came into trading. It was almost about 120 years ago; South Africa was in gold rushes, and the person behind it was known as Johannes. He was one of the pioneers who took South Africa into the business of Stock exchange.
The vital stock exchange index of the Johannesburg Stock exchange is the all-share index. The headline index consists of 99 per cent listed eligible equity on the JSE mainboard.
In 2017, South Africa improved its “Twin peaks” administrative framework. After that, monetary market lead guidelines for online forex trading and CFD (contract of difference) has fallen under the protection of FSCA (Financial Sector Conduct Authority), which replace the Financial Service Board.
FSCA operates outside the country, and they offer lots of things, such as insurance, banking, and many other perks that you desire out of your country.
Best Online Trading Platforms South Africa
When you think about online trade, you need to be very careful in selecting things because what you choose will affect you most. There is lot scammer on the internet that are waiting for you to get into their trap so they could quickly grab all kind of money or your technical skills from you. When you decide to go online, you have to choose a competent and reliable broker who has a strong relationship with their clients, so there is no fraudulent activity between the broker and the client.
#1 IQ Option
Founded in Cyprus in 2013, IQ Option has evolved from a hugely successful binary options trading platform to an all-in-one trading platform. IQ option offers a wide range of services to the trader including Forex trading, binary options, FX options, cryptocurrencies, commodities, equities, and stock indices, etc.
Pros
- The platform is user-friendly
- The customer support is excellent and they can be reached by phone, chat, or email.
- It offers a free demo account
- Islamic account is also available
- It allows several local payment options for any country you belong to.
- Very low minimum deposit amount ($10)
Cons
- It does not allow US traders
- It does not have Meta Trader 4 or 5 (MT4/MT5)
Verdict: It is a very efficient trading platform that offers a wide range of services. Whether you are an experienced trader or a novice, IQ Options is the right platform for you; unless you’re in the United States.
#2 Binary.com
Binary.com allows you to trade Forex, cryptocurrencies, binary options, contracts for differences (CFDs), and commodities. It offers the greatest flexibility of any binary broker. You can also trade Forex and CFD via its Meta Trader 5.
Pros
- Offers free demo account
- Allows minimum trade of $1
- It is heavily regulated to lower the risk of the trader
- It features an auto-trading robot
- It requires a minimum deposit of just $5
Cons
- It does not allow Islamic account
- It does not offer copy/social trading
Verdict: If you are a binary options trader, then you will not find a better broker than Binary.com
#3 Deriv.com
This is an online broker that allows you to trade binary options, Forex, commodities, and CFDs. It is a user-friendly platform with over one million users.
Pros
- Offers Demo Account
- Minimum Deposit of just $5
- Allows traders to trade using the Meta Trader 5
- Offers Auto Trading
Cons
- No copy/social trading
- No Islamic account
- Offers no bonus
- Does not trade cryptocurrencies
Verdict: It is user-friendly and very easy to navigate making it a very good option for the beginner.
#4 Olymp Trade
Founded in 2014, this online broker has continued to expand and now boasts more than 25,000 active traders per day. It is present in 134 countries worldwide and supports 19 languages.
Pros
- A minimum deposit of $10
- Offers free demo account
- Minimum trade of $1
- Has a wide reach globally
Cons
- Does not offer Forex trading
- No Meta Trader 4/5
- Offers no social/copy trading
Verdict: The platform is a low-risk investment platform that ensures that the client’s profit or loss is moderate.
Best Trading Platforms in South Africa
For beginner traders, eToro has a demo account, with all the real-life trading conditions that allow you to trade shares up to a value of $100,000 for practice before you dive into the real trading and start investing real money. As a web trader, eToro allows you to place orders even when the platform is down. Opening a trading account is free of charge, there is no deposit fee and there is no commission. However, eToro charges $5 on every withdrawal and $10 per month after a 12-month inactivity period.
CM Trading is an online trading platform and 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 Forex Trading Platforms in South Africa
Now we need to understand what forex trading is? Forex trading is exchanging currency from one another, and it is the most complicated form of trading because it mostly depends on luck, and you are not lucky every time. Once you enter forex trading, you will be going to everything that is happening worldwide because the rate of a currency is fluctuating every minute. It would be best if you looked after what the country is going through at this moment. For example, during this covid-19, every country is facing a financial crisis, and due to this economic crisis, every nation’s economic crisis is falling. Due to this horrible situation, the trader was at significant risk.
Some top trading apps are used most commonly for forex trading, and they are ranked and loved most by brokers and traders who are working for a very long time.
- Metatrader 4
- Metatrader 5
- TradeStation
- NinjaTrader
- WebTrader
These apps are updated every year as they are highly dependent upon the ratings. Whenever there is something observed, things are taken care of instantly. We will also provide information about frequently used apps for trading, and you learn how to use apps for forex trading.
Best Forex Brokers in South Africa
For forex trading, you need a reliable broker because you are doing online trading and connecting to the whole world, and looking at everything around you. That’s how you connected with a broker and how you manage to get a broker for yourself; that will help you out as you may be outside the country, and you have any doubts about how these things work. Thus, apps are created for online forex trading through which you are connected with the broker and get in touch with them. These apps are not free, and they are paid and used by highly professional traders in the market for trading purposes.
Best Forex Brokers for Beginners in South Africa
Simple algorithms do not develop these apps. They are designed with very complicated algorithms because they are required to perform specific tasks for trading purposes. These apps are not readily available in the play store, but they are only found by professional traders who want to invest in the forex business.
Tools are essential in every field because without the crucial tools, how would you perform that specific work? Similarly, the trading platforms 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 terrible situation, so there is a list of the tools you should have to look after,
Tools are essential in every field because without these tools, how would you perform some specific tasks? Similarly, you have to check each and everything before selecting a platform for trading purposes for a trading platform.
Some standard tools include Meta Trader, risk management tools like a stop loss, limit order, and negative balance protection, etc.
One of the essential features that you need to look at the app should be working on both desktop and apps because you need to observe every situation. In South Africa, plus500 offers you multi-device features that you can easily use for trading. Many brokers offer you both mobile applications and desktop through which you can easily handle forex trading.
Most of the instruments are available on the broker’s platform for forex trading. However, this is considered one of the essential things to observe before doing online trading business. Without that, you will not understand the basic concept of online trading and what trade business is all about.
The ease of use is vital in everything that everyone wants and cannot be neglected in any field. When you entered a type of business that consists of many complexities, so ease of use should be considered the priority. There should be no complicated functions in the app, and the app should be full of ease in every step because, in forex trading, you need just one click.
The trade must be made with reasonable fees, and the fee is charged as per instrument is traded in the market. It depends on your broker what the things are and how they sell in the market. Most of the traders offer clients fixed spread as per instruments, which makes the trade better.
Best South African Brokers
The main factor in online trading is when you enter the business, and when you got to know about any broker, you must check the rules and regulations. It is a vital step in online trading and always taught by experts in this forex business for a long time.
According to a recent study, the online trading business across south Africa goes in 2020 in every form like crypto, forex, and many others. There was a sudden trend at the start of 2020 due to a pandemic situation because many people lose their jobs, and they are thinking about how to earn money online through little investment. So, everyone was just a beginner at the start, and the best part is that when you are in the learning phase, you just take little steps like a turtle. You want to know basic knowledge about trading online, and it does not require a huge investment.
There are lots of platforms that are offering people to learn forex trading. There are so many platforms as well through which you can easily earn money, but the main thing is that you cannot trust anyone with your investment. Only licensed forex brokers are the leading platforms that provide you with the best transactions of money and offer you to earn money by learning how to invest money.
- IQ Option South Africa – It is a very efficient trading platform that offers a wide range of services. Whether you are an experienced trader or a novice, IQ Options is the right platform for you
- Binary.com South Africa – If you are a binary options trader, then you will not find a better broker than Binary.com
- Deriv.com South Africa – It is user-friendly and very easy to navigate making it a very good option for the beginner.
- Olymp Trade – The platform is a low-risk investment platform that ensures that the client’s profit or loss is moderate
- 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
- eToro – It costs nothing to set up an account with eToro but you have to deposit a minimum of $200 to start trading. It is used by over 10 million clients worldwide. It offers a demo account, zero commission on trades, and good customer support.
Is online trading beneficial?
Yes, it is only for those who have basic knowledge about trading and learn how to invest and trade online.
What are the best forex brokers for beginners in South Africa?
IQ Option, Binary.com and Deriv.com are some of the best forex brokers in South Africa.
What is the important factor in the trade business?
The most important in the online trade business is that when you enter this business and get to know any reliable brokers, you should need to check first his license and regulation.
Is trading free?
The trading comes with certain fees. It mostly depends on things that the fee is being charged as per the instrument used in forex trade, and it depends on your broker as well.
Do share trading platforms charge fees to deposit and withdraw?
Some share trading platforms allow you to deposit and withdraw without paying any charges. Some platforms charge fees for either deposit or withdrawal from your account. Other trading platforms charge fees for both deposit and withdrawal.
