Best 8 Trading Platforms in South Africa (2024 Review)

If you are interested in investing in the stock market but do not want to hire a stockbroker to do the work for you, it could be worth considering the various trading platforms which have become popular in recent years.

A trading platform gives you complete control over your investments while still having access to trade resources.

These platforms are run online, so you can have access to your investments anytime and in any place as long as you have an internet connection.

Each trading platform will be slightly different; therefore, they may not offer the same options and benefits.

It is important to consider all of your options before making a decision.

Note: prices stated in the article below are in $.

A list of the Top Trading Platforms in South Africa for April 2024

1. Pepperstone
2. AvaTrade
3. Plus500
4. IG Markets
5. Tickmill
6. Saxo Bank
7. XTB
8. Admiral Markets

Comparison Chart of the Best Trading Platforms in South Africa for April 2024

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Description of the Best Trading Platforms in South Africa for April 2024

Best for: Traders interested in forex CFDs
Assets and markets: CFDs in forex, indices, shares, commodities, ETFs
Account types: Standard, Razor, Active Trader Razor, Demo

Pepperstone is an Australian CFD stockbroker, active in the UK and globally. It has created a trading app for each of the platforms it provides – TradingView, MT4, MT5 and cTrader.

The Pepperstone cTrader app is recommended for those new to trading or still finding their investment footing. The cTrader app provides the same trading experience that you would experience in the computer version.

Like Pepperstone offers social copy trading, but unlike its competitor, you may only trade CFDs with this broker.

The standard account is commission-free, whereas Razor account holders are subject to commission charges. There is no minimum deposit.

Withdrawal fees are charged to customers outside the EU and Australia.

AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.

It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.

Instruments include:

• Metals
• Commodities
• Stocks
• FX Options
• Oil
• ETFs
• Options
• Crypto currencies
• CFDs
• Indexes
• Shares
• Spread betting
• Indices
• Forex
• Bonds

AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel

You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium.

Mínimum deposit of $100, no withdraw limit and no fees.

The Plus500 trading platform offers investors a wide variety of products to trade within and requires a minimum investment of $100 or £100.

This platform is handy for those who do not speak English as their native language, as there are over 30 language options to choose from.

The platform is fully enabled and clutter-free, meaning that traders can enjoy a stress-free and straightforward experience.

Although IG Markets is a UK-based broker, they are one of the top names for South African trading platforms.

Accounts can be opened with as little as $1, although there is a minimum deposit before you can start trading.

Via the platform, users are able to access over 17,000 assets for trade. IG offers the option to try out demo accounts and is licensed by FCA, ASIC, CFTC and MAS.

Tickmill offers a range of features and services that cater to South African traders.

While Tickmill is a globally recognized broker, it's important for South African traders to note that Tickmill may not be locally regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. Instead, Tickmill is regulated by other international bodies, which still provides a degree of trust and security.

Tickmill provides South African traders with the opportunity to trade a variety of financial instruments, including Forex pairs, CFDs on stock indices, commodities, precious metals, and possibly bonds. This diverse offering allows traders to diversify their trading strategies.

The primary platform offered by Tickmill is MetaTrader 4 (MT4), which is highly popular among traders globally for its user-friendly interface, advanced charting tools, and automated trading capabilities. MT4's compatibility with a wide range of devices makes it accessible for South African traders.

Tickmill offers various account types to suit different trading styles and experience levels. This includes accounts with different pricing structures, leverage options, and minimum deposit requirements, allowing South African traders to choose an account that best fits their needs.

For South African traders, especially beginners, Tickmill provides educational resources like webinars, seminars, ebooks, and articles. These resources are valuable for understanding Forex and CFD trading basics and advanced strategies.

With a fully comprehensive array of over 40,000 options for trade, Saxo Bank can seem like one of the best choices for someone wanting variety.

However, the $1,000 minimum deposit may mean that this trading platform is not an option for everyone.

If you can afford the high minimum deposit, you will find that there are many research and news options and zero commission and the security of trading with a well-regulated platform.

Overall, it is an excellent trading platform for those who can afford the initial outlay; however, it could be beyond some people's price range.

As a broker that you can trust, XTB is both well-regulated and listed on the stock exchange. The registered office is in Canary Wharf, London.

XTB offers investors and traders the opportunity to trade commodities, stocks, metals, forex, indices and cryptocurrencies, as well as ETFs and CFDs, and it is regulated in top-tier jurisdictions by FCA, CySEC, IFSEC and KNF.

Traders can easily open an account online and can choose between the commission-free Standard account or the Pro account that includes tighter spreads, but there is a commission that needs to be paid on all trades.

Deciding what platform to use to make your trades depends on your location – in most countries, you can choose MetaTrader 4 or the proprietary platform xStation (although MT4 is not available to UK customers).

XTB is a great choice for beginners thanks to the huge range of educational materials, categorized by level (beginner, intermediate and advanced) and the customer service options that are available only on weekdays.

There is a fully functional demo account so beginners can practice strategies and get used to using the platforms.

The more experienced trader will enjoy a huge range of research resources, including trading signals, technical analysis, details about different instruments, and even a heat map and market sentiments.

Best for: On demand

Admiral Markets, rebranding to 'Admirals', describes itself as a ‘full-spectrum financial hub’.

In practice, Admirals is a broker that offers several forex and CFD trading instruments in most currencies.

Founded in 2001, Admiral Markets is regulated by JSC, FCA, EFSA and CySEC, and offers traders access to both MetaTrader 4 and 5, with the opportunity to have several active accounts with different base currencies to take advantage of price instability.

There are several account types available, depending on the platform that you want to use.

On MT4, you can choose a standard account known as Trade.MT4. The minimum deposit for this account is 100 USD/EUR/GBP or equivalent, and you can trade 37 currency pairs as well as metal, energy, future, stock and bond CFDs.

In this account, the trading fees come from the spread, apart from with single share or ETF CFDs, which have a standard commission of 0.02 USD.

The Zero.MT4 account offers tighter spreads, with more currency pairs (45) but fewer CFD options.

The commission on forex and metal CFDs is 1.8 to 3 USD per lot, cash indices are 0.5 to 3 USD per lot, and energy CFDs are 1 USD per lot.

If you prefer the upgraded MT5, you can also have an Invest.MT5 account, alongside the Trade.MT5 and Zero.MT5. MetaTrader 5 accounts have access to more trading instruments in both Trade and Zero, but the Invest.MT5 is designed purely for buying stocks and ETFs, with more than 4,350 stocks and 200 ETFs available and a minimum deposit of 1 EUR/USD/GBP.

Deposits are free using bank transfer, card, PayPal or Klarna, but there is a 0.9% fee (or $1 minimum) for deposits made using e-wallets like Neteller or Skrill. You can have one free withdrawal a month as a bank transfer, but two if you use PayPal or e-wallets.

Admirals is available as a trading app on mobile as well as web and desktop, and the user interface and real-time trading that is available across platforms offer a seamless user experience.

The research and analytics are extensive, with technical and fundamental analysis alongside trading news, market sentiment and a market heat map. Access to MetaTrader Trading Central and a weekly trading podcast is also provided.

In terms of education, there are articles and tutorials, eBooks, trading videos, webinars and seminars as well as a FAQ and a handy glossary.

Admirals takes learning seriously with two separate courses aimed at beginner traders. The Zero to Hero course consists of 20 video lessons, a Q&A and a live session as well as a well-crafted trading strategy.

Forex 101 is a three-stage course to take beginners through to experts using a structure that includes a video lesson with detailed notes and a quiz to check knowledge.

If you are not a UK resident, the conditions might change depending on the regulation. Please, check the Admirals website for details.

Please, be aware that if you want to see UK conditions but you don't have a UK IP address, then you must select Admirals Markets UK at the bottom of the home page.

What to Remember When Choosing a Trading Platform in 2024

Knowledge

Your level of knowledge will impact what sort of trading platform would suit you best.

If you have much experience in this area, then you would benefit from a platform that has a wide variety of analytical tools.

Beginner traders will find that they are better suited to trading platforms that have a wide range of educational options so that they can learn as they go.

Does the Platform Offer Demo Accounts?

By using a demo account, you can learn to trade with simulated money.

This allows you to learn how trading works and create your strategy before trading your own money.

It is a good way of testing a trading platform before you decide whether or not you want to join.

Demo accounts are a handy feature for those who are new to the world of trading.

These accounts offer the option to see how different features work and are a great learning tool.

Customer Support

Levels of customer support will vary from platform to platform.

Some will offer 24-hour assistance, seven days a week, through a variety of methods such as web support and phone.

Others will only operate during office hours and may recommend contacting their support teams through email.

If you are very new to trading or struggle with technology, you could benefit from a platform that offers more options for support.

Educational Materials

Different platforms will offer different levels of educational materials.

Some will only offer materials that will give beginners the tools they need to get started, whereas others will be geared towards more experienced investors who wish to expand on their knowledge.

It is generally a good idea to find a platform that offers a mixture of both.

That way, even if you are a complete beginner, you will be able to get started; once you have learned the basics, you will learn more.

Nudges and Alerts

If you do not have the time to spend hours immersing yourself in the platform, you may want to choose one that offers nudges and alerts.

This can mean that you set limits, and the platform automatically executes orders for you.

Is It Compatible With Your Investment Strategy?

There are many factors to consider when thinking about your investment strategy.

Are you hoping for instant returns or long-term investment? Is there a specific type of investment that you would prefer over another?

Do you want to focus on investments solely in South Africa or across the globe?

There will be a platform that offers what you need; however, it is a good idea to be sure of what you want before deciding.

Ease of Use

Whichever platform you use, ensure it is one that you can navigate easily.

Each will be designed slightly differently; therefore, you will find that some are better suited for you than others.

If you are unsure which one will be best for you, find one which offers demo accounts so you can try it before you commit to investing your own money.

Security Features

As you will potentially be investing large sums of money, good security is essential.

You will want to ensure that whichever platform you choose has a two-step authentication process as a minimum requirement.

Some platforms with mobile app options will also offer fingerprint or face recognition as an added security feature.

Before committing to a specific platform, there are a few things to consider.

This is especially important if you are brand new to the world of trading.

Doing sufficient research can help you to avoid making mistakes.

Frequently Asked Questions

Final Thoughts

This is by no means a complete list of the traders available in South Africa; however, it should be considered a good starting point.

By beginning your research here, with the traders mentioned above, you will decide on the type of platform that will best suit your needs.

Remember, it is always a good idea to keep a close eye on both brokers and individual trades investing on any platform.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.