There are so many powerful best forex trading platforms in South Africa to choose from out there. Different forex brokers in South Africa may offer software trading platforms. Some trading platforms are web-based while others are downloadable on both desktop and mobile. It is always advisable to look for a forex broker that doesn’t offer you a complicated forex trading platform. Do comparisons to determine which platform is easy to use, more user-friendly and won’t confuse you along the way.
Choosing software trading platforms
Most brokers in South Africa offer the best online trading platforms for Forex traders. Such platforms show the hottest currency pairs in the market that you can use to perform technical evaluation to arrive on profiting trades. It has also automated features which can work for the advantage and convenience of Forex traders.
In choosing the best online Forex trading platform, you will be asked by your broker about any of the following:
- Your trading experience
- Estimated volume of currency trades on monthly basis
- The frequency of trades, and
- The amount of risk capital.
Your Forex broker will use the above-mentioned details to provide a working Forex trading platform for you.
In terms of technical details, most online Forex trading platform works with several computer programs to provide necessary information related to your trade such as single and multiple trading account functionalities, updated analysis on the current trends within the market, and accessibility to various currency exchanges. In addition, there can be also additional information from different international currency exchanges that can be incorporated in your platform.
Forex market is a gold mine, and with the right formula (appropriate Forex trading platform and good broker), you will be able to turn your platform into profits – all in just a click of a button!
Tips for choosing the best trading platform
With the rise of online trading brokers and trading platforms, it makes it difficult to choose a good trading platform. All these trading platforms fiercely compete with each other to attract more and more new traders, setting new exciting features, tools and offering promotions.
Our researchers have developed some tips to help traders choose a trading platform that will benefit them. To make the right choice, we’ve done some comparison of the best trading platforms on the market. We’ve also included the description of stock markets and their advantages and disadvantages of these online trading platforms.
Comparison: Trading Platforms
The trading platforms that are featured on our site have met our criteria, promise to their reliability and quality. South African authorities and other juristic regulate these platforms, which guarantee traders a maximum level of security. All your financial transactions, deposits, trades and withdrawals are secured and are kept confidentially.
When choosing trading platforms, you also need to check the quality of the instruments offered and its usability.
Different online trading brokers offer different stock trading instruments such as indices, commodities, investment products, currencies, stocks or assets. You can make up your mind based on what the platform offers and if it suits your needs.
Tools and specific features
Although choosing a one broker over another can be difficult sometimes, it is always important not to choose a broker because of their bonuses and promotions. Choose them because they offer a platform of your choice. Most common trading platform such as Metatrader platform might offer features that others do not offer, but others make you feel comfortable trading at your comfort of your own home.
To check if the platform meets your needs, check using a free demo account. Trading demo accounts are here to help you understand trading before you start with real money. Some brokers that don’t offer demo accounts usually have video tutorials where they demonstrate how a platform works and how to start online trading.
As a trader, you must also check if the platform comes with the tools and features that you need.
Spreads and other fees
Trading brokers do not charge fees. They are paid on the spreads practiced. The amount of the spreads is essential when choosing a broker. All traders are advised to beware of prefer fixed, guaranteed spreads, as well as variable spreads. If you want to compare the spreads of different traders on currency pair, check a live currency pair table, that’s where they are usually displayed.
Trading platforms and the security of your transactions
With the rise of online trading platforms, it is now difficult to choose which platform to trade with. All the trading platforms listed on our website are secured and your personal data and all your transactions are safe. These platforms are regulators by European and South African authorities and they make sure that comply with financial transaction standards. They also make sure that all these platforms can be used without risks of lawsuit.
If you believe that a certain platform is not reliable, don’t be afraid to check on their website where they got their regulations and it must mention it on their website. Keep in mind that authorities are in charge of these regulations and carry a blacklist of brokers who pose risk to your security.
Different types of forex trading platforms in South Africa
1. Trading Station
Trading Station is a forex trading platform offered by brokers such as FXCM in South Africa. The platform comes with more than one order type, highly developed charting application and a whole range of pre-loaded indicators. According to FXCM’s website, the platform also gives traders a computerization and forex trading strategy. It also capable of optimizing and back-testing. The platform can be downloaded or used on a personal computer, tablet, or directly straight from the web.
NinjaTrader gives traders a C# framework for developers to construct integrated indicators, automated strategies, drawing tools and many more. The platform is available to use with a number of brokers across the globe. For new traders or forex trading beginners, NinjaTrader gives you a learning opportunity and it only takes a few weeks before you can start excelling on it. The programme is available for a download and you can visit NinjaTrader official website.
3. MetaTrader 4 (MT4)
MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. According to its official website, MT4 is a free forex trading platform. It comes with a flexible trading system, algorithmic and a selection of technical analysis options. On top of this, it also offers virtual hosting, mobile trading, signals and market.
ZuluTrade is a software company that operates an online and mobile social and copy trading platform. The platform allows users to imitate trades on the forex industry made by often more experienced forex traders. According to its official website, the platform enables traders to develop forex trading strategies. You can test, evaluate and learn how experts in the forex market operate.
Benefits of Forex Trading Platforms
Trading floors were a well-liked platform for transactions on equities, futures, and Forex. However, various advances in technology have created them obsolete. At first, electronic trading took over the foreign markets. Then recursive trading became the norm. Today, online forex trading platforms facilitate the initiation and completion of monetary transactions. For instance, you’ll use a forex trading platform if you would like to trade Forex, stocks, cryptocurrencies, or commodities. Below are the benefits of trading platforms in South Africa:
1. Real-Time Financial Trading
In South Africa, online forex trading platforms facilitate the movement of financial transactions. You can limit losses or make profits immediately. An automated trading platform gives traders an advantage to see live trading, futures, forex and equities.
2. Access to a Virtual Training Program
Virtual coaching programs on trading, conjointly referred to as demo accounts, assist you perceive however trading works. as an example, you’ll be able to open positions and shut them, and learn the way to use stop loss and take profit functionalities. Understanding these items takes a small amount of your time, and demo trading platform will assist you create refine methods before risking real cash within the markets.
3. Market Signals from Experienced Traders
Most forex trading platforms are here to benefit traders. What sets a good forex trading platform apart from its competitors is markets signals. These signals help traders make the right decisions. When you follow the right market signal, chances are, you will make enough profit.
Online forex trading platforms offer tutorials. Experienced traders understand the market, therefore, make use of low risk and high reward strategies. Tutorials offered by the best forex trading platforms are updated regularly to also help beginners understand the market. Analytical materials, which give insights about the market, are also available.
5. See activities of other traders
If you want to become successful in your trades, you should follow top traders. This is because they are more experienced than you. They know more things that you don’t know. These best forex traders can be found on these best forex trading platforms. Some of these platforms enable you to see what other traders are doing. Therefore, they allow you to copy their strategies or moves. The platforms also come with an automate option. Copy top traders’ moves automatically.
FAQs about Forex Trading Platforms South Africa
What are forex trading platforms?
Forex trading platform is a web-based programme that allows you to login and start trading forex. The web-based version is not downloadable and there’s no need to install any software. It allows you to trade directly from the internet. The platform is compatible with Linux, Mac and Windows. For as long as you have a good internet connection, you will be able to access it.
Which forex trading platforms should I choose in South Africa?
Well, you can try any one of the above-mentioned forex trading platforms South Africa. They all work well and easy to use. Choose anyone which is compatible with your operating system.
How can I install a platform?
To install the platform is easy. Simply choose which platform you would like to install. Click the download button. After downloading the file, run the download file and follow the steps. Remember to select that you agree with terms of the agreement in order to proceed to the next step.
What is the best Forex trading app in South Africa?
There are many SA forex trading apps that give their users access to trade forex, binary options and commodities in South Africa. Before you choose the app, check the reviews to determine if the app is the best or not. If the app reviews good ratings, simply go for it but if it reviews poor recommendations, stay away from it.
Can I use my mobile phone to trade forex?
Of course you can, simply download the app or visit the web for a web-version platform. With your mobile device, you can trade wherever you are and whenever you want.
Are all platforms accessible with the same login details?
No, different platforms require different types of login details. Some platforms might require more characters and special characters than the other.
Can I export my trading history on the platform?
Yes, some software trading platforms allow you to export a trade history. You can export it as an EXCEL or just an HTML file. Simply login to your forex trading platform and click on the “Account history” at the bottom of the page. Right click and choose which format you want to save as.