Best Forex Trading Platform South Africa

List Of Best Forex Trading Platform South Africa 2022! What is the best trading platform in South Africa? In this guide, you will learn which Forex trading platform is the best in South Africa. Our approach is not to promote, but rather to highlight the main features and advantages, as well as the disadvantages of these Forex trading platforms in South Africa, to help you make a decision.

Best South African Forex Brokers

Best Forex Trading Platform South Africa

1. Plus500 – Best CFD Trading Platforms South Africa
2. Oanda: fxTrade – Best Forex Trading Platform South Africa
3. XTB: xStation – One of the Best Forex Trading Platforms South Africa
4. IG – Best South African Forex Trading Platform Regulated by FSCA
5. Interactive Brokers – Best Forex Trading Platform in South Africa
6. Pepperstone: cTrader – Best Forex Platform South Africa
7. LCG Trader – One of the Best Forex Trading Platform in South Africa
8. Dukascopy: JForex – Best Trading Platform
9. CMC Markets: Next Generation – Top Rated Forex Platform
10. FXCM: Trading Station – FSCA Regulated Forex Trading Platform

According to research in South Africa, there are more than 550 000 online traders in South Africa and it is estimated that around 200 000 of them engage in Forex trading. Choosing the best Forex trading platforms South Africa, that is, the best platform, the best service (web / mobile), takes time and research. So we would like to start by highlighting 10 popular Forex platforms in South Africa.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money quickly due to leverage. Between 71% and 89% of retail investor accounts lose money when trading CFDs. Some parameters like margin can also be volatile depending on market trends, you need to ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.

Be careful. Your capital is in danger. Virtual currencies are very volatile and other fees may apply. 67% of retail investor accounts lose money when trading CFDs with eToro. You should ask yourself if you can afford to take the high risk of losing your money.

Best Forex Trading Platforms South Africa

Plus500

Plus500 is a highly rated trading software and a well known CFD platform since 2008. It provides all the necessary channels: mobile apps (iOS / Android), web platform and a browser extension. The maximum leverage is 1:30, which means that with just $ 100 one can manage assets worth $ 30,000. Plus500 advanced risk management tools, that is, if a currency pair falls to a certain level, the user’s transaction will be automatically closed and the money saved. One of the Best CFD Trading Platforms South Africa.

Pros

• Adequate withdrawal and transaction fees
• Guaranteed stop order

Cons

• Inactivity Fee
• No algo-trading, no API

Oanda: fxTrade

A global reach company headquartered in New York, USA, provides its Forex trading platform (web / desktop / mobile), as well as the popular MetaTrader 4 or AMarkets. Real-time data comes from the exchange rates of 25 central banks around the world.

There is no minimum account requirement, and you can start with a demo account with virtual funds and with no time limit. Depending on the region, special rules may apply for account funding, fees, margin rates and processing time. For help, chat with a virtual assistant in 4 languages ​​or a real person, if necessary.

One of the biggest advantages of Oanda is that it does not require fixed swap sizes, called lots. As we know, most Fx trading platforms, for example MT4, allow currency pairs to be traded in standard lots (100,000 units), mini lots (10,000 units), or smaller possible lots – micro lots (1,000 units).

With Oanda, we can place bids for any amount, even for a single unit, which would equate to 1 dollar or 1 euro, etc. According to Oanda’s pricing schedule, a typical commission for basic USD accounts is $ 5 per lot. There is also the Oanda fxTrade mobile app, which offers access to even more currency pairs (over 90) and the ability to set default trading settings, alerts, etc.

Pros

• Open an account with only $ 1.
• Exchanges even below a micro lot possible
• Powerful API for algo-trading

Cons

• May be too complex for beginners
• Accounts do not have negative

XTB: xStation

With brokerage experience since 2002, XTB is one of the largest Forex trading platforms in the world. With offices in the UK, Poland, Germany, Spain, France and elsewhere, they are subject to regulation by the strictest authorities. XTB offers its xStation trading platform for fixed and mobile devices. The popular MetraTrader 4 platform is also available.

The most important benefit of XTB is the regular holding of free online webinars and various Forex trading courses, in multiple languages ​​as well. According to the pricing sheet, a typical commission for basic USD accounts is $ 4 per lot. xStation offers over a thousand analysis tools, 24/7 customer support, cash withdrawal system and other benefits.

Pros

• No minimum to open an account
• The best guides and tutorials on special effects
• Micro lots exchanges are possible

Cons

• Withdrawals of $ 100 and less will be subject to a commission of $ 30
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IG

The IG group, founded in 1974, launched an online trading application in 2012. It is a gateway to more than 16,000 financial markets, it has 178,000 active clients who carry out around 350,000 transactions per day.

As one of the leading Forex trading platforms, IG provides a large number of currency pairs. The fees are quite competitive, the margins 0.5%, the average spreads 0.6. It is possible to trade via a web platform or mobile applications, as well as access to ProRealTime, MT4, L2 (with direct access to the market). IG also provides tutorials, global news via Forex tag, social trading.

Pros

• Quality trading platforms
• Helpful and reliable customer service
• Fx Competitive Margin Requirements

Cons

• Inactivity Fee
• No support for MT5
• Incomplete social trading

Interactive Brokers

The Interactive Brokers Group, Inc. founded in 1977, with huge capital and numerous industry awards, has also become one of the Forex trading platforms through its FXTrader. It has a simple interface, where one can set the layout as a single cell, or up to a 4 × 4 currency grid, change colors, etc.

Also known as IBKR, it offers Forex traders great ease of use, comprehensive trading, order management, watchlists and portfolio tools. When it comes to commissions, for more, see the IBKR Fx pricing structure. All in all, this Fx platform is likely to be suitable for professional traders and it’s one of the Best Forex Trading Platforms in South Africa.

Pros

• No minimum deposit required
• Powerful trading software
• Excellent for market and portfolio analysis

Cons

• Inactivity Fee
• TWS can be difficult for new users
• Not a lot of currency pairs

Pepperstone: cTrader

Started by an Australian broker with 73,000 trading accounts, Pepperstone has already grown into one of the largest Forex platforms since 2010. It offers prices from multiple sources, low spreads, over 60 currency pairs, as well as ” No-cost financing for many deposit options.

During periods of liquidity, spreads can go as low as 0 pips on EUR / USD. The amount of the fee depends on the trading platform you are working with – MT4, MT5 or cTrader, a Pepperstone product. For MetaTrader 5, the commission for one lot ($ 100,000) is $ 3.5

Pros

• All popular platforms available
• Affiliate Program
• Transparent fee structure

Cons

• Withdrawal fee $ 20
• No possibility to change leverage

LCG Trader

The London Capital Group (LCG) is a pioneer in the online trading industry. It offers access to MetaTrader 4 and its own LCGTrader platforms, as well as cAlgo for automated trading and cMirror for social trading (copy trading).

Premium services are available for traders with a deposit of 25,000 GBP, as well as lower commissions depending on trade volumes. In LCGTrader there is also an option to add a guaranteed stop-loss order for additional bonuses. For example, on a classic type account, the average spreads on EUR / USD are 1.45 pips, while on ECN accounts ($ 10,000 deposit) they are 0.65 pips.

Pros

• Algo and social trading
• Competitive spreads
• Guaranteed stops

Cons

The Commission is twice as high on MT4 as on LCGTrader

Dukascopy: JForex

Dukascopy Bank in Geneva, Switzerland offers JForex for currency trading, in addition to major banking services. Comprehensive documentation, clear policies, and competitive gaps inspire confidence. JForex 3 is a desktop platform with hundreds of indicators, improved charts, historical tests, real-time news, and built-in customer support. However, it is not possible to create watch lists.

Dukascopy Trading commissions depend on fixed fees and daily, monthly or quarterly performance on SWFX – a Swiss Forex market. Dukascopy charges an additional fee of $ 20 for withdrawals, which is one of the highest among European brokers.

Pros

• JForex proprietary FX platform
• Own analysis equipment

Cons

• Large initial deposit
• High commissions for low deposit traders

CMC Markets: Next Generation

CMC Markets has been a UK based financial operator since 1989, offering online trading in global markets. In terms of Forex trading platforms, it offers a service called Next Generation, which features several unique tools, lots of features and low fees. Depending on the region, traders’ abilities differ in terms of leverage, commissions and other factors, find out more details on the CMC Markets page. It’s also one of the Best Forex Trading Platform South Africa.

Pros

• Powerful trading platform
• Over 300 currency pairs
• Good customer support service

Cons

• No API
• Fees after two years of inactivity
• Limited MT4 instruments

FXCM: Trading Station

FXCM, or Forex Capital Markets, is a UK retail brokerage for trading in the forex market. A bit controversial, however, as it was banned in the US in 2017 for defrauding customers (more on Wikipedia ). However, FXCM provides access to 4 Forex trading platforms: Trading Station, MetaTrader4, Ninjatrader, and Zulutrader. Trading Station is their service owner.

Trading Station is customizable, it consists of widgets and you can select their size / position. We also noticed that the desktop version is sometimes late, while the web platform is more efficient and faster. For a basic account, the maximum leverage for the major pairs is 30: 1, and the minimum spread is 1.3 for the EUR / USD pair. Active traders can get lower rates and spreads.

Pros

• Powerful web platform
• Low fees and financing rates
• Good technical research tools

Cons

• Mobile and desktop malfunction

FAQs

Q: What is a Forex trading platform?

A: Forex trading platform, is computer software that broadcasts live market prices, and users can trade (through a financial intermediary or between themselves). These Forex trading platforms can provide additional trading tools, such as chart packages, news feeds, and account management functions.

Q: How do Forex trading platforms work?

A: Some platforms work in a web browser, while others act as a desktop app to install on a PC or as mobile apps. Currency trading platforms are basically a software interface that acts as an access to the Forex markets, where one can trade currency pairs. Metatrader 4, or MT4 in short, is a standard and most popular Fx platform. The main feature is currency pairs, and second is the fees / commissions (each platform charges differently).

Q: Which Fx trading platform is best for beginners and why?

A: The most popular platforms are MetaTrader and cTrade, but there are many more. The choice in most cases is decided by the spreads and commission charges. Try the above Best Forex Trading Platform South Africa for 2022!

Q: How to read Forex charts?

A: You can set your overall graph to show a 24 hour period, with each marker representing one hour. You’ll see the opening price at the start of an hour and the closing price at the end, as well as the highs and lows in between.

Q: How much can you earn on Forex?

A: It depends on the amount invested, strategy and risk management skills. Qualified traders can increase 10-15% per month, but most people lose their investments.

Q: How to define the stop-loss?

A: Instead of choosing a market order, choose a stop loss order. Enter the price at which you want to place a stop loss order.

Q: How much money do you need to get started with Forex?

A: For those new to trading, we recommend using demo accounts with no real money. When you are ready to invest, the minimum deposits could be as low as $ 100, depending on the Fx platform you choose.

Q: What is the difference between Forex and CFDs?

A: CFD trading involves a diverse set of markets, such as Indices, Energy and Metals; whereas Forex offers pure currency trading.

Q: Which platform has the best Forex demo account?

A: This can only be established on individual preferences and by trying out several options for yourself.

Q: How much does it cost to trade Forex?

A: You pay for each transaction in the form of margin and other additional fees.

Q: What are the trading platform’s commissions and fees?

A: All platforms have different prices and terms, please see the information above in the article.

Q: What is the minimum deposit for Forex?

A: Depending on a broker, the amount ranges from $ 0 to $ 10,000.

Q: Do you need a Forex bank account?

A: Only if you want to withdraw funds from a bank account.

Q: How do I withdraw money from Forex?

A: Each platform has different options. The most common are credit cards, wire transfers, PayPal, Neteller, Skrill, Western Union, Bitcoin.

Q: What is the best Forex tutorial?

A: A proper and real Forex trading tutorial should come from a consistently profitable trader. Backtesting is a common method for post-factum exploration of a strategy’s performance.

Q: Which Forex trading platform is the best in South Africa?

A: CM Trading is the best Forex trading platform in South Africa.