Forex trading is a growing industry in this world of digital/online earning. The interesting fact is that almost 80% of forex traders rely on their apps for automated trading. However, this does not mean that you can select any forex trading app and rely on it. It is necessary that you do your research and select one from the best forex trading apps.
Here we did all the hard work for you so that you can have a very smooth and reliable experience. Here is all you need to know about the best apps and platforms for forex trading especially if you are from South Africa.
Top Forex Trading Apps List in South Africa
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How to select one from the Best Forex Trading Apps?
Every app that provides forex broker services claims to be the best. Well, it might be the best for someone but not for you and vice versa. So, you need to ensure to keep a check of all the important facts and figures when selecting a forex trading application. Below are some of the important things that you must check about the forex trading app that you are going to select.
- The application or website must be compatible with local regulatory authorities
- Forex broker platform must provide top-notch customer service to the locals
- Trading must be available for everyone(computer and mobile devices on different OS)
- Lesser fees are more attractive
- Forex broker must provide all the attractive features within the platform
Checking all of these things will ensure that the platform that you are selecting is not bad by any means. So, compare the options that seem the best and you will easily shortlist the best one for yourself.
Best Forex Trading Apps you must know
With the growing forex market, the competition between service providers is also increasing. This has also enhanced the quality of services from most forex brokers. However, at the same time, it has become hard for a user to know which app is the best. So, here we have shortlisted some of the best forex trading apps that you can use:
1. HotForex – All in One Forex trading
If you are looking for an all-in-one solution, then there might be no better option than HotForex. It comes with an application that is not only very easy and simple to use but the features and experience are also better than most applications and competitors. It brings special value to South African Forex Traders because of providing ZAR accounts.
What we like about it:
- A wide range of options
- Competitive fees
- FSCA regulated making it very secure.
What we don’t like about it:
- Some trades have high fees
2. IG – Best worldwide
Next up on the list is the IG trading application which is one of the biggest trading platforms available in the whole world. It comes with some of the best features like minimum deposits as well as an MT4 platform for a better experience. Additionally, it is not only for forex trading if you have an interest in crypto trading you can use it as your best platform as well.
What we like about it:
- The educational tools here are amazing for beginners
- Deposit and withdrawal options make things even better
- The web trading platform is also highly functional
What we don’t like about it:
- The customer support may not be the best in class.
3. XM – best for Web users
Although the majority of people like to trade on the go from their mobile phones, some users make sure to put their full attention into trading and they only use web platforms. However, the issue is that most forex brokers focus more on mobile apps because the majority of the user base comes from that. If you are that person who likes to trade on a computer, then XM is the best choice for you.
What we like about it:
- Very competitive and low spreads
- Available for mobile devices as well
- Allows for ZAR accounts
What we don’t like about it:
- Not FSCA regulated
4. Exness – Best FSCA regulated app
Exness is another forex trading application that takes care of all of your forex trading needs no matter what platform you use. It ensures to bring a very premium experience for all your forex trading needs. On top of everything, it is FSCA regulated means that if you are from South Africa you will have no reliability or safety issues whatsoever.
What we like about it:
- Low trading fee
- Compatible with several currency pairs
- Provides ZAR account services
What we don’t like about it:
- No local call support is available
5. Tickmill – the best cheap app for forex trading
Some users do not have any issues with trading, deposit, or withdrawal fees. However, these little fees are a major issue for some users. Tickmill makes sure that all of its users get super cheap services with an amazing experience. From minimum deposits to application experience, everything is maintained to be amazing here.
What we like about it:
- MT4 trading platform
- More than 62 trading currency pairs
- Allows trading commodities
What we don’t like about it:
- MT5 trading is not available
6. OctaFX – Best low spread
OctaFX is another famous app around the world known for its reliable forex trading services. It is also among the top few forex trading applications around the world because of the amazing services and most importantly low spreads. With CySEC regulations the services here are amazing.
However, in some cases, you must not get fooled by the low spread title because the charges and spreads here vary according to the trading options you choose so things can be a bit different in some cases.
What we like about it:
- 2 tier regulation
- There are no fees for deposit or withdrawal
- Provides copy trading services
What we don’t like about it:
- No FSCA regulations provided
These were the best forex trading applications that you can go for. We made sure to compare every feature and factor so that we can provide you with a clear overview of the value you will get.
Final Verdict
Selecting one from the best forex trading apps is necessary because you cannot risk your hard-earned cash. Additionally, it is important to know that different apps and platforms will provide you with a different experience. As the Forex market has shown over 50% growth in the past decade, this decade might be the right opportunity for you to earn a living with forex trading. So, make sure to select the best app.
FAQ
Is it possible to replace primary job with forex trading?
It can be very risky to do so. There could be some lucky days but relying only on forex trading is not the best option because it cannot make you rich overnight.
Do brokers charge for using their platform?
Some brokers charge on withdrawals and deposits while some only charge when you trade.