An FX platform is the interface for trading Forex and there are many of them out there. You need to be careful when making your choice so that you can choose right. Continue reading to check how we compare the various Forex trading platforms for traders in South Africa.
How we select the best FX platforms.
We first selected more than 20 of the most reputable and popular brokers open to South Africans. We then make a comparison among them all and we based our comparison on 11 factors. Some of the factors are available research and charting tools, low fees, order execution speed, device supported and so on.
Some of the best Forex platforms for South African traders are:
Many of the Forex brokers offer a series of trading platforms, some of which are cTrader and MetaTrader; examples of MetaTrader platforms are MT4 and MT5.
Most of the brokers we mention here support MetaTrader platforms be that as it may, the various brokers have a series of features that make them differ one from the other. We will enlighten you on how to make your choice among them all.
5 best Forex trading platforms for South Africans
This is the overall best FX broker. It supports MT4 and MT5. The platform can be accessed on the web, mobile device and desktop. You can access it on various operating systems like iOS, android and Mac.
- The minimum deposit is $5.
- The trader can access 57 currency pairs and also offers CFDs and up to 1184 stocks. It supports 8 commodities, 5 energies, 4 Metals and 30 indices. You can also trade Brent Crude Oil on the platform. also, you can trade up to 100 Shares on the platform.
- The leverage can be as high as 1:888.
The Forex trading platform is among the best for South African traders. The fee is highly competitive and the trading condition is good.
XM does not support any proprietary platform, but only the MetaTrader platform. You can access the MT4 and MT5 platforms on all interfaces and devices, including Mac and PC.
The trader will not have to pay any fee also. You will only have to pay pip spread. The platform offers a highly competitive fee and the minimum deposit is $50. The minimum deposit is $5 for a micro account. However, the trader will be required to pay $5 per month after being inactive for 90 days.
XM trading conditions
Micro account holders are only required to make a minimum of $5. Trade execution is equally fast and there is no re-quotes on the platform. You can access over one thousand trading instruments also with 57 currency pairs. The trader can equally access negative balance protection on all accounts, which makes it one of the best Forex platforms.
The customer support is available 24/5 and you can connect with them by email and live chat. The platform offers various education tools, like daily technical analysis, video tutorials, webinars and Forex market research.
- The broker is regulated by topmost regulators, like CySEC and ASIC.
- They offer straightforward trading fees for traders.
- The trader can trade using ZAR as the base currency.
- The platform supports MT4 and MT5. As a result, the trader can use Expert Advisors and Custom Indicators.
- There is no fee on deposit and withdrawals. Deposit via Neteller and Skrill are processed instantly.
- There is negative balance protection also.
- The customer support is very fast and reliable. They respond to questions very fast.
- The platform is not regulated by FSCA, which is the regulator in South Africa.
- Trading fee is high on Standard and Micro accounts.
Choosing the best trading platform
The points mentioned below will help you to choose among the Forex trading platforms for South African traders.
- Low fee and no hidden fee: You should find out about the fees charged by the broker. Check how much they charge on spread, overnight charges and commissioner or trade. Do not forget to check the inactivity, withdrawal and deposit charges.
- Order Execution Speed: One other thing to consider when choosing a Forex broker is the sped of order execution. This will help you to determine the efficiency of the orders and broker brokers can offer either market execution or instant execution. Find out also if there is any report of inappropriate activities about the broker regarding slippage or requites.
- Devices supported: Additionally, you need to find out how many devices are supported by the broker. Find out if the broker supports mobile, tablets and desktop devices. Also, check if the broker of your choice supports these various devices.
- Charting tools: If you use technical analysis for trading, then you need to check for charting tools on the website. Check if the platform also supports your preferred EAs and indicators.
- User-friendliness: One other thing to consider is how user-friendly the platform is. Check of the information on the platform is presented in simple language that can be easily understood.
- Secure login: Additionally, you should find out how secure the platform is and if there is 2-step authentication. Forex platforms offering 2-step authentication are more preferable than others. Check if the broker offers a secure SSL for connection also.
- Check of the order types: Check if the trading platform provides multiple order types, like limit orders, stop loss and so on. You should also go for those brokers that provide multiple order types.
- Price alerts and notifications: Check if the trading platform gives price alerts also as this can help you to make a very quick decision in case of unwanted movements in the market. You may need to make very quick decisions during the movement in case the movement does not favor you.
- Search function: You will be able to search for various instruments on the trading platform if the broker offers the search function on the platform. This will help you to save a lot of time and effort.
- Weekly per month trade reports: Also check how often the broker sends trade reports. It can be weekly or monthly? Some brokers also send it based on the specific requirements of the trader.
- Research tools: Check for research tools like news feeds for fundamental analysis and technical analysis tools.
The popular trading interfaces
The popular trading interfaces are highlighted below:
This is a very popular Forex platform it was created by Metaquotes and used by almost 38% of traders for Forex and CFD it supports all their devices, including iOS, Android and PC the interface is equally simple.
Some Forex trading platforms that do not offer MT4, MT5 and cTraders offer proprietary platforms designed by them. The most popular of the Forex brokers offering proprietary platforms are eToro.
Summary of the best Forex brokers in South Africa
- XM Trading: Its minimum deposit is $5. The leverage is up to 1:888. It is regulated by ASIC and CySEC. Some of the available instruments are 57 currency pairs, 1000s CFDs stocks, metals, energies, indices, shares and commodities.
- Hotforex: Its minimum deposit is $5. Leverage is up to 1:1000. It is regulated by FSCA, FCA and CySEC. It offers 49 Forex pairs, shares, Bonds, Cryptos, Commodities, Indices, Energies and Metals.