Trading apps are becoming increasingly popular among investors of all experience levels and the number of South African trading apps are booming. Whether you’re a seasoned trader looking for an edge in the market, or a beginner just trying to get started, there’s an app out there that can help you reach your goals.
But with so many different trading apps on the market, it can be tough to know which one is right for you. That’s why we’ve put together this guide to uncovering the best trading apps in South Africa available today. We’ll cover everything from what to look for in a trading app to our top picks in the space.
So, if you’re ready to start trading like a pro, let’s dive in!
What To Look For In The Best South African Trading Apps?
When you’re considering between the various South African trading apps, there are a few key things to keep in mind. Here are a few of the most important factors to consider:
1. Ease of Use
Investing can be complicated enough without having to navigate a confusing app. That’s why ease of use is essential when you’re choosing a trading app. You should be able to easily find the features you need and place trades with just a few taps.
No one likes paying fees, but they’re unfortunately a necessary evil when it comes to investing. When you’re looking at trading apps, be sure to take note of what kinds of fees they charge and how much they cost. Some apps will charge commission on trades while others may have monthly fees.
3. Supported Assets
Not all trading apps are created equal when it comes to the assets they support. Some apps only allow you to trade stocks while others will also let you trade CFDs, forex, ETFs, options, and more. Make sure the app you choose supports the types of assets you’re interested in trading.
Related : 20 top instruments to trade as CFDs
4. Research and Education
If you’re new to investing, it’s important to choose an app that offers robust research and education resources. These can help you learn about the market and make informed investment decisions. Look for an app that offers news, analysis, and educational content to help you grow as an investor.
5. Platforms Supported
When you’re choosing a trading app, it’s also important to consider which platforms it supports. Some apps are only available for iOS or Android, while others can be accessed on both mobile and desktop. Make sure the app you choose is compatible with the devices you use.
The features you want in a CFD trading app
When you’re looking for the best CFD trading app in South Africa, there are a few key features to keep in mind that you will likely want to have available. Here are a few of the most important ones:
Leverage is an important feature to look for in a CFD trading app because it allows you to trade with more money than you have in your account. High leverage trading apps can help you make bigger profits, but can also lead to bigger losses when you get it wrong. Be sure to understand how leverage works before using it in your trades.
Shorting is another important feature to look for in a CFD trading app and should be a standard with all reputable apps these days. Selling short allows you to profit from falling prices and can be a useful tool in bear markets. Be sure to understand how shorting works within the framework of learning CFD trading.
A stop-loss order is an important tool that can help you limit manage your trading risk, which is vital to a CFD trader. You will want a trading app that allows you to set a variety of order types, including stop-loss orders so you can protect your capital.
A take-profit order is another useful tool that can help manage risk, but this time by locking in profits on a successful trade. Be sure to look for an app that allows you to set take-profit orders so you can protect your gains.
Charting and Technical Analysis
Charting and technical analysis are absolutely essential tools that can help you make informed trading decisions. The best CFD trading apps in South Africa will offer you robust charting and technical analysis features that are easy to implement, and intuitive in how they are displayed. For anyone who is daytrading, the functionality on mobile are likely to be thinner than what you what expect on your usual terminal, but look for those that offer advanced technical tools.
Best South African Trading App Winner
Now that you know what to look for in a trading app, let’s take a look at our test winner, and where to find more about the rest of the list.
eToro – Best Overall Trading App South Africa
eToro is our top pick for the best trading app because it offers a great blend of features and ease of use. The app is available for both iOS and Android and can be accessed on Wifi, or using 3G or 4G connections. eToro app supports a wide range of assets including stocks, ETFs, forex, cryptocurrencies, and more. eToro also offers commission-free stock and ETF trading with a minimum deposit from just $50.
See The Rest Of The Best Trading Apps South Africa List