No doubt, most traders choose to work via mobile apps as that allows working from any convenient place and at any convenient time. Today, mobile trading applications equal desktop programs in terms of available assets and instruments but win them in terms of comfort and easy access. So, below, we offer you to get acquainted with the most helpful apps for traders from South Africa.
When researching applications available on the local market, we considered an extensive variety of criteria:
· licensing by the Financial Sector Conduct Authority of South Africa;
· availability of Rand (ZAR) accounts;
· selection of instruments and features;
· available assets;
· execution speed;
· intuitive interface;
· stability of operation;
· educational tools.
All in all, our experts have selected 8 mobile platforms worth your attention (their order is random):
1. Exness ― a leader among services regulated by the FSCA;
2. eToro ― the best trading app South Africa for those interested in international stocks;
3. Interactive Brokers ― an optimal choice for copy trading involving crypto coins and US stocks;
4. XM ― profound adaptation to the needs of local clients;
5. IG ― a huge assortment of CFD instruments, including foreign currency pairs, crypto, commodities, options, along with access to 17,000 markets globally;
6. IC Markets ― advanced functionality and features oriented towards professionals mainly;
7. AvaTrade ― the most advantageous choice for new traders;
8. FBS ― a great choice for newbies with limited capital, due to low deposit requirements and hefty bonuses.
Which of the apps described will suit you the most? Focus on the following details:
1. Check the license. This information is available on the website of the FSCA.
2. View reviews by other traders to evaluate the quality of service and reliability.
3. Find out whether there are any special offers or bonuses for clients from your country.
4. View the selection of currency pairs and other assets. If you plan to trade ZAR, you must search for a broker that offers access to exotic currency pairs at competitive fees. Compare commissions charged by multiple apps to determine the lowest ones.
5. Make sure it offers all the functions you need. The requirements will depend on your trading level mainly. As a rule, traders put special emphasis on technical analysis instruments, price alerts, charts, newsfeed, risk management features, and materials for self-education.
6. Create a demo account so that you can test the app without risking real money.
7. Switch to a real account if you are sure that the platform chosen is the best option for you.
In sum, if you consider trying Forex, the most comfortable option would be to register on a specialized app. Pick up a platform from our list, open a demo account, and explore this business sphere without any money risks.