Beginner traders without experience in trading forex might be confused and intimidated by modern trading platforms. These platforms have various features, complicated charts, and many tools and objects that beginners do not yet understand.
While learning the theory is mandatory to allow you to start trading forex, you must start practicing trading on a trading platform to build your skills and gain experience.
Therefore, Forex trading apps provide beginners in South Africa with a user-friendly, compact way to start familiarizing themselves with live markets. Below, we list the top 5 Forex trading apps.
5 Best Forex Trading Apps for Beginners in South Africa
1. AvaTradeGO
Overview
AvaTrade is a well-regulated Forex and CFD Broker with an award-winning proprietary iOS and Android app, AvaTradeGO. The interface is user-friendly and has several trade management features. The charts on the app are clear, and there are Market Trends offered.
This app allows South Africans to trade over 1,000 markets, access AvaProtect, and make secure deposits and withdrawals from a trading account.
Pros
- Available for iOS and Android.
- Safe and secure trading environment.
Cons
- Fixed and marked-up spreads.
- AvaTrade charges inactivity fees
2. FBS
The FBS Trader app is offered on iOS, and Android devices and features live quotes, interactive charts, and data spread across several financial markets. South Africans can also register a Crypto Account through the app to earn a 100 USD no-deposit bonus.
Pros
- A no-deposit bonus is offered.
- User-friendly and feature-rich.
Cons
- Deposit and withdrawal fees are charged.
3. Exness
Exness offers a proprietary trading app for iOS and Android and supports the mobile versions of MetaTrader 4 and 5. The mobile app from Exness has a clean design and features several useful tools.
Pros
- Traders can expect zero-pip spreads.
- Exness has instant deposits and withdrawals.
Cons
- There is a lack of education.
- There are only 278 financial instruments that can be traded.
4. HFM
The HF App offers traders unlimited access to monitor their trading positions and manage their trading account. There are sophisticated charts, real-time rates, and updated analysis from the HFM team.
Pros
- HFM is well-regulated.
- The app is free on iOS and Android devices.
Cons
- You cannot open or close trades from the app.
- There are limited features on the app.
5. MetaTrader 4
MetaTrader 4 is the most popular platform in the world and is partnered with over 700 brokers to deliver advanced and powerful charting, built-in indicators, tools, and more.
Pros
- MT4 is accessible over most mobile devices.
- Several timeframes, chart options, tools, indictors, and more exist.
Cons
- MT4 is used for CFDs and lacks more advanced and additional features that are now included in MT5.
Final Thoughts
Forex trading in South Africa is a popular activity, and more traders can join because of the low barrier of entry. However, it can be daunting for new traders to use desktop or web platforms. Therefore, starting with a mobile app can be a more subtle way to start trading Forex.
Watch this space for updates in the Technology category on Running Wolf’s Rant.
Like what you just read? Subscribe To Our Newsletter to stay in the loop.
Feel free to explore our website or check out our Featured Articles.
Looking for a gift for that special person in your life? Check out Netflorist.co.za, South Africa's top online florist and gift service. They offer flowers, gifts, and hampers for all occasions AND reliable nationwide delivery.
