Cheapest Online Trading Platform South Africa
Choosing the Cheapest Online Trading Platform South Africa is not that easy as you might think. This is a major commitment, since you invest your money and you have to make sure that it is reliable to invest and earn on the stock market on a daily basis. Such a decision should be taken seriously and the wrong choice can cause you to lose a good chunk of your capital quickly.
Best Online Trading Platform South Africa 2022
Below is a list of some of the best online trading platforms in South Africa. What is the best online trading platform in South Africa? Check the below list!
- eToro – Overall Best and Cheapest Online Trading Platform South Africa
- AvaTrade – Low-Cost South Africa Trading Platform
- Plus500 – One of the Best CFD Trading Platforms
- CM Trading – Best Online Trading Platform South Africa
- Libertex – Best SA Trading Platform
- Pepperstone – Best Online Trading Platform for Forex Traders
What Are Online Trading Platforms?
Let’s start by saying that online trading platforms are simply trading software. Yes, from a purely technical point of view, they may well be limited to this definition. They present the basic characteristics which are common to all software. Moreover, as they are used in a commercial context, it was possible to carry out the operations of opening and closing of positions via certain brokerage intermediaries which are also called brokers.
The trading platforms in South Africa allowed their users to manage their accounts as well as their exchanges, directly from their computers or mobile devices.
In general, it is possible to access the best trading platforms in South Africa for free, from the site of online brokers. However, it also happens that access to the latter is chargeable. Here is our selection of the best cheapest online trading platforms in South Africa:
Some Things to Remember About Online Trading Platform South Africa
- Online trading platforms are software that allow their users to execute direct trading orders over the internet.
- Online trading platforms allow their users to use basic functions, for beginners, as well as others which are significantly more complicated for the more experienced.
- When selecting the best online trading platform, it is in the trader’s interest to study all the possibilities it opens up to him. His choice can have important consequences for his entire career.
The basics of Online Trading Platforms
All the cheapest online trading platforms South Africa, which you can find today, allow traders to position themselves on the stock markets, through specialized brokers in South Africa. Usually, these are presented in combination with some very specific properties. We are thinking in particular of live chat tools, a news feed, as well as an advanced search option. In addition, it is important to remember that platforms can perform better in a very distinct type of market. You can find platforms specializing in cryptos, stocks, commodities etc…
At the moment, we can find two types of trading platforms (trading platforms and props). The first type is primarily aimed at traders who specialize in retail and those who practice day trading. It is also ideal for novices since it is characterized by its simplicity and accessibility. Thus, the trader will not find himself inundated with features and will be able to apply what he has learned with much more ease. The second type consists of trading platforms that are created with the aim of being suitable for large traders and to meet very specific needs in trading.
How to Choose the Cheapest Online Trading Platform South Africa
When trying to choose the right online trading platform, it is essential that investors as well as traders consider the charges, in addition to the features. For example, it is common among the community of day traders, and other short term investors, that they need second level functionality in order to be able to anticipate price movements as they occur. In addition, options traders have every interest in taking advantage of the different strategies and options available to them.
Online Trading Platform Fees
As we have just specified, brokerage fees are also one of the most important elements to consider. For example, we can think of traders who practice the technique of scalping . The latter will prefer to turn to the online trading platforms that impose the lowest fees above all. This factor greatly impacts their activity, which remains limited in terms of functionality.
In other words, in order to be successful by adopting this strategy, the trader does not need a lot of advanced features. All he needs is to minimize the expense, since his profits are based on the accumulation of a large number of small wins. At the same time, traders who tend to adopt a strategy that lasts over the medium and long term may do without a lower rate on fees, if they can find more important features, and who can play a decisive role in their trades.
What Differentiates The Different Brokers
Remember also that the cheapest online trading platform in South Africa can differ widely. Some are compatible with a large number of brokers, while others are only accessible through very specific brokers. In this way, it is important that traders pay close attention to the performance of certain intermediaries, if they want to find the best possible platform.
We end up indicating that some trading platforms impose special conditions on their customers. Some of them may require an initial deposit that exceeds $ 25,000, while others, such as options, may require their traders to have the necessary agreements that allow them to trade multiple types of options.
At the moment, traders are working on several online trading platforms South Africa. The choices according to which the selection is made are essentially based on the type of trading they apply and also on the volumes they trade.
If you want to find a versatile and extremely successful broker, we invite you to discover our selection of the top brokers of the year:
Choose The Best Online Trading Platform
The following points should be kept in mind when choosing the best online trading platform:
Accessibility
The need of each investor is very different; in short, all of them have unique investment models. To meet everyone’s needs, we will need a trading platform that offers this type of accessibility. With the right app, you can make transactions of all kinds. Therefore, it becomes important to choose a platform that blends into your lifestyle in a way that you don’t have to take any effort and gives you the convenience and accessibility to trade assets online, from of your Smartphone.
Information accessibility
An online trading platform should provide you with all the information regarding trading under one roof. Most of these online title providers give you access to interesting technical and fundamental information. So, you are going to access information on key financial data such as price / earnings ratio, earnings per share, dividend rate, balance sheet and income statement. It should also be possible to provide real-time information on current events.
Fees
There are several fees that accompany a transaction. No one really tells you about these charges, like bank charges and service charges. These expenses inflate the total cost of your transactions and can affect your personal profit and loss calculations. For the same reason, an online trading platform should come with a live calculator that gives you insight into the fees you have to pay, with each trade. This gives you a real picture of the additional costs, thus indicating the real value of your investments.
Connectivity
You would like to go for an online trading platform that offers global connectivity and wider reach. What if an investor chooses to trade in international markets rather than local or regional markets? For this, your platform must be well equipped with its connectivity to various international stock markets like New York Stock Market, NASDAQ, London Stock Exchange, Deutsche Boerse and many others.
Trading tools
The only factor that makes a good trading platform is the kind of trading tools it offers. Among these, some are those of Stop Loss which directly stops the transaction as soon as the stock price drops significantly below a indicated level. Another being GTD or Good Till Date. This tool indicates your preferred validity date in which you do not need to re-enter your details and it is automatically updated. Some even have SMS alerts and notifications to notify major changes to your inventory.
Criteria for Choosing the Most Trusted Trading Platform in South Africa
To choose the most reliable online trading platform to trade on, there are a number of criteria to consider. To help you make the right choice, we offer you the best advice here:
- The first element to consider is the regulation of the broker. Indeed, a reliable platform is above all a platform regulated and authorized by world bodies. The reputation it has with traders relies heavily on this regulation. A reliable broker is also well recognized and serious in the eyes of traders.
- Also, a trusted trading platform also offers a wide choice of financial instruments to its traders. Thus, they will be able to access the entire market on a single platform.
- The possibility of experimenting with trading with a virtual trading account or a demo account is also to be taken into account to ensure the reliability of a platform.
- The ease of withdrawal and deposit operations is also a point that can help the trader to make his choice. Indeed, the more these operations are facilitated and faster, the more the transactions and the execution of the orders are also satisfactory. Thus, the trader can easily make profit on the platform. This is an important element of reliability.
- A reliable platform is also a platform at low cost and with transparent fees. Indeed, it is important for the trader to know the trading price on the platform and possibly to take advantage of competitive costs. In addition, with a broker applying competitive fees, it will be easier for the trader to succeed in his investments and perfectly control his capital throughout the trades.
Top 10 Most Trusted Trading Platforms in South Africa
It is not always easy to find yourself with the different online trading platforms available on the financial market. In fact, more and more brokers are now providing their services in the field of trading. So, to help you, here is a list of the most reliable platforms to which you can trust your money without risk.
Admiral Markets
In addition to its Metatrader 4 and Metatrader 5 platforms, the broker stands out with its advantageous fees and the security it offers to traders. In addition, the online trading platform offers very good execution of trading transactions. Also, Admiral Markets is also known for the quality of its customer service which is at the same time available, competent and helpful.
VantageFX
Also very inexpensive, VantageFX is both a regulated and rewarded platform. Indeed, it has won several awards as being the best CFD broker for example. VatangeFX is a trusted South African broker that offers very good spreads, especially on forex. To demonstrate its reliability, the broker offers account segregation to its clients to ensure the protection of their funds.
eToro
eToro is the overall and cheapest online trading platform South Africa. With an intuitive and easy to use interface, eToro is an ideal platform for beginners. It offers an adapted and complete training part to facilitate learning and mastery of trading techniques. Today, thanks to advantageous trading conditions and quality customer service, eToro is positioned among the most reliable trading platforms for investing online. In addition, it has already been ranked “world leader in the CFD market”.
AvaTrade
To facilitate trading operations for its clients, the platform offers a wide selection of tools and instruments. Also, it perfectly guarantees the transparency of operations and therefore a mark of reliability for traders. In addition, AvaTrade offers very valuable trading conditions to its clients. With the many licenses it owns, AvaTrade can offer its trading services anywhere in the world. The choice of market it offers as well as its training section make it suitable for both individuals and professional traders.
FXCM
It offers a high quality platform with a high execution speed to the delight of professional traders. Also, FXCM offers some of the best index spreads on the South African market. Existing for more than a decade, it has kept its professionalism while maintaining its reliability with traders. Its longevity in the field of trading has made it famous. In addition, the platform is owned by a large financial group and its operation is supported by many companies. Registered and authorized by various financial organizations around the world, FXCM is a serious and reliable broker on all points.
XTB
In addition to providing fairly low spreads to its traders, XTB also has a personalized platform, specific to the broker and specially developed by him. Among the most important assets of XTB, it does not charge any commission to its customers. Also, it is important to point out that it is one of the best listed online brokers around the world. In addition, as a trusted broker, XTB ensures maximum security of its clients’ funds. He won the trust of the latter with satisfactory trading services but also his numerous licenses and authorizations in several countries around the world.
XM
Known for its seriousness, XM is a platform regulated by several authorities on the financial market. It also demonstrates its reliability with account segregation and the range of services it offers. In fact, clients’ funds are deposited in an account separate from that of the broker. In addition, the XM site is available in over 30 languages, which is great for traders around the world. Also, XM offers a wide choice of trading platform to its clients to trade with ease and according to their availability.
Axi
Offering a number of trading platforms to its clients (MT4, MT5, MT4 NexGen, MT4 Multi-Account Manager), Axi is also one of the serious and reliable brokers who can be trusted. Indeed, it is an Australian trading company recognized and regulated by many financial authorities to traders around the world. In addition, to protect its clients in the event of insolvency, Axitrader is a member of the FSCS or the Financial Services Compensation Scheme. This is a compensation system to guarantee the security of investments.
Pepperstone
This broker is one of the best options when it comes to trading platforms. Indeed, it offers both MetaTrader 4, which is certainly the most reliable platform for traders. Even if it is still new in the field of trading, Pepperstone has distinguished itself with trading services suitable for everyone, whether individuals or professional traders. Regulated by numerous financial authorities, it is a reliable and serious broker in whom we can invest in complete safety.
IC Markets
This broker is one of the most popular offering MetaTrader 4 and many other trading platforms available to its traders. It stands out with many positive points such as very good spreads, available customer support, fast execution as well as reliable and serious trading services. Also, the broker has adopted the account segregation system to ensure the protection of its clients’ funds. Indeed, the funds are held in accounts separate from that of the broker, to protect clients and their investments in the event of bankruptcy.
Reliability is of the utmost importance when choosing an online broker. Indeed, before embarking on trading on a platform, you must take the time to compare the online trading platforms available to you. Also, it is important to confide in a recognized and serious broker.
Among the most reliable trading platforms, Admiral Markets finds its place perfectly. Indeed, in addition to the very low spreads it offers on Forex trading, Admiral Markets provides its clients with a stable and transparent environment for trading on the stock markets. Also, it is also an online broker regulated with many authorities around the world. It thus ensures the protection of its traders and their investment funds with the help of competent bodies and entities. To further enhance its reliability, Admiral Markets offers account segregation to ensure the safety of its clients’ funds.
Online Trading Platforms FAQs
Why is Vantage FX said to be a Trusted Online Trading Platform?
Vantage FX is a reliable online trading platform for many reasons. Indeed, the broker is regulated by several authorities on the financial market such as the FCA, the CIMA, the VFSC or even the ASIC. Also, the platform applies the account segregation system, which ensures the security of clients’ investment funds. The funds are effectively deposited into an account other than that of the broker.
What is the Minimum Deposit on Vantage FX?
The minimum deposit amount on Vantage FX is $ 200. Plus, you get a 50% welcome bonus on the first deposit!
Is Vantage FX the Best Beginner Broker?
Vantage FX is indeed an online trading platform which can be adapted for beginners. Indeed, it presents a virtual account to allow new traders to learn to trade on the platform. But we rather recommend eToro for its copy-trading offer or Admiral Markets because its training section is large to enjoy a complete learning. The trader will have the opportunity to know the basics of trading, strategies and technical terms on the subject.
What is the Best Trading Platform for Trading Forex and CFDs?
To make the right choice of forex and CFD trading platform, you have to sort through the different platforms on the market. For example, Vantage FX or Axi are trading platforms that allow traders to trade the market for Forex, CFDs and also real stocks. In addition, they offer the popular MetaTrader platform for you to make your trading decisions. To get an idea on the matter, you can consult the list of the best forex brokers and the most famous online trading platforms currently.
What are the Differences between the Metatrader 4 Platform and Metatrader 5?
Although these two platforms are roughly the same at first glance, there are some important differences. Indeed, the user interface offered by Metatrader 5 is more simplified than that of Metatrader 4. Also, the tools offered by Metatrader 5 are more advanced. These are charts, economic indicators and also portfolio management features. Finally, even if the MT4 platform allows access to the entire forex market, only the MT5 version allows the hedging or hedging strategy. Vantage FX and Admiral Markets both offer MT4 and MT5.
What is the Cheapest Trading Platform in South Africa?
eToro is the cheapest online trading platform South Africa.