TECHNOLOGY

Traders Union revealed the best trading app in South Africa

With the growing popularity of forex trading in South Africa, many traders are searching for the best trading app. Identifying the top app is essential to ensure a smooth and efficient trading experience. 

Traders Union has revealed the best trading app in South Africa after conducting thorough research and analysis of various trading apps available. After carefully evaluating factors such as user interface, functionality, security, customer support, and overall user satisfaction, Traders Union has identified the trading app that stands out, offering a comprehensive and user-friendly platform for traders in South Africa.

How to choose a forex broker’s app in South Africa?

TU experts recommend considering the following factors when choosing a forex broker’s app in South Africa:

  • Learn regulation and reliability: Ensure that reputable organizations like the FSCA and FCA regulate the broker.
  • Look at offers for local clients: Opt for apps that provide unique offerings like high deposit bonuses and referral bonuses for South African clients.
  • Compare trading assets: Choose apps that offer a wide range of instruments, including exotic currency pairs, at competitive prices.
  • Explore app functionality: Select a user-friendly app with essential features such as risk management tools, price alerts, and real-time charts.
  • Try a demo account: Test the app’s features and compatibility with your device using a demo account before committing to live to trade.
  • Open an account: Look for apps that offer a streamlined and convenient registration process.

According to the Traders Union, forex trading has been legal in South Africa since 2010, and the FSCA regulates the country’s financial sector. South African law directs the FSCA to ensure compliance with anti-money laundering laws, and traders must declare profits made from forex investments to the South African Revenue Service (SARS). To ensure safety, it is recommended to use only well-proven international or local brokers regulated by the FSCA.

Best trading app in South Africa

TU experts have identified the following top 5 trading apps in South Africa:

1. Exness

The Exness broker, established in 2008, is a top choice for traders in South Africa. This FSCA-regulated platform offers low spreads, a user-friendly mobile app, and ZAR currency support. With a minimum deposit of just $1, Exness is an excellent option for beginner traders.

2. RoboForex

RoboForex is known for its competitive trading costs and access to advanced features. With low spreads and commissions, the broker’s mobile app, R Mobile Trader, provides traders with the convenience of on-the-go trading and full access to their MT4 account functions.

3. IC Markets

IC Markets, operating since 2007, boasts fast order execution and competitive spreads. The mobile app offers real-time charts and market quotes, making it the best trading app in South Africa for advanced traders.

4. Multibank

Multibank provides a comprehensive set of tools for beginner traders, including PAMM accounts and various additional services at no cost. The mobile app is compatible with iOS and Android devices and features MetaTrader 4 and MetaTrader 5 platforms.

5. XM

XM is a Forex and CFD broker catering to over five million customers globally. The mobile app is well-built and easy to use, supporting MT4, MT5, and XM WebTrader. New traders receive a $30 trading bonus upon signing up.

Conclusion

Choosing the right trading app is crucial for a successful trading experience in South Africa. Traders can make an informed decision by considering factors such as regulation, local offers, trading assets, app functionality, and ease of account opening. The Traders Union has identified the top 5 trading apps in the country as Exness, RoboForex, IC Markets, Multibank, and XM.