Forex trading in South Africa is popular considering that forex is the most actively traded asset globally. However, whereas you need a suitable forex broker to help you access the financial markets, it is essential to consider using a broker’s trading app, especially if you are a forex trader on the move. This guide lists the best forex trading apps in South Africa, so without further delay, let’s get into it.
In this guide
7 Best Forex Trading Apps in South Africa 2023
Compare Best Forex Trading Apps in South Africa of 2023
- 1. AvaTrade – Overall Best Forex Trading App in South Africa
- 2. FxPro – Best Forex Trading App for Beginners in South Africa
- 3. FXCM – Best Forex Trading App for Low fees in South Africa
- 4. IG Markets – Safest Forex Trading App in South Africa
- 5. Pepperstone – Best CFD Forex Trading App in South Africa
- 6. Plus500 – Best CFD Forex Trading App for iOS in South Africa
- 7. FXTM – Best Forex Trading App for Android in South Africa
- How to Choose the Best Forex Trading App in South Africa
How we test?
OnlineTrading aims to provide quality, simple, and proven information to its readers. Our team of financial experts carefully checks every detail to provide a unique and comprehensive guide to safe trading around the world.
Feedback from regular users is very important to us, so we try to consider the opinions of reviews and feedbacks from several trusted platforms. We spend about 100 – 250 hours analysing and collecting information on each trading platform to ensure our recommendations are reliable.
Naturally, we always remain impartial, honest and recommend only licensed and reliable brokers.
Compare Best Forex Trading Apps in South Africa of 2023
It is not easy to compare forex trading apps in South Africa and come up with the best recommendations. Our comparison procedure started with testing forex brokers’ trading apps. We considered the apps’ performances, account types, assets available, payment methods, demo accounts, customer service and more.
Of course, we also had to confirm the forex trading apps in South Africa credibility by ensuring whether or not their brokers hold licenses and are regulated by the world’s respected authorities. Simply put, all forex trading apps referenced in this guide are overseen by South Africa’s Financial Sector Conduct Authority (FSCA).
Additionally, we went through user comments or reviews on Google Play, App Store, and Trustpilot. We had to rank the forex trading apps in South Africa based on those comments and combine the overall ratings with our test results to recommend the best trading apps in South Africa.
Here is a table with a sample rating from our broker comparison tests and reviews.
1. AvaTrade – Overall Best Forex Trading App in South Africa
AvaTrade has been in existence for almost two decades and continues to provide excellent services to traders globally. The app’s performance is no different from the web trading platform, providing access to over 1,200 financial markets.
AvaTrade’s forex trading app, also known as AvaTradeGO, is free to download and install on Windows, Android or iOS devices. Creating a trading account is also straightforward, and with only $100, you will gain access to the financial markets and trade forex.
There are over 60 currency pairs for forex trading. Research and educational resources are also adequate on this trading app. Additionally, AvaTradeGO has the AvaSocial feature that you can take advantage of and socialise with other forex traders globally. The AvaSocial platform will also allow you to mirror expert forex traders’ positions should they have a higher chance of making a profit.
- $100 minimum deposit requirement.
- Supports the MT4 and MT5 platforms.
- Over 60 currency pairs for forex trading.
- A $50 per quarter inactivity charge that you will incur after three months of inactivity.
2. FxPro – Best Forex Trading App for Beginners in South Africa
FxPro forex trading app is suitable for beginners because of its user-friendly features that ease the way you trade forex. Like the web platforms, this app executes trades fast, and you can rely on it anytime, anywhere. It is also customisable with an intuitive design for a better trading experience.
You will access more than 70 currency pairs on FXPro’s trading platforms, including cTrader, MT4, and MT5. What’s more, beginners forex traders can learn forex trading using the app’s learning resources, which are offered in plenty.
FxPro is a No Dealing Desk forex trading app, meaning that it allows direct access into the interbank markets. In addition, it is also a no-commission spread betting forex app.
Other trading charges are also low, with a minimum deposit requirement of $100. This makes it a low-cost forex trading app, which is recommended for newbies who are sceptical about risking a lot of money.
- Free transactions.
- Over 70 currency pairs.
- A minimum deposit requirement of $100.
- Research materials are limited.
3. FXCM – Best Forex Trading App for Low fees in South Africa
South African forex traders looking for a trading app with low trading fees should try FXCM. The forex trading app is user-friendly and has well-designed platforms for a better trading experience. It is also safe to trade with and hosts various trading instruments, including forex, shares, indices, commodities, and cryptocurrencies.
FXCM has a very straightforward account opening procedure, and you will have to make a deposit of at least $50 to start trading forex. Additionally, the forex trading app has one of the lowest trading charges in the industry. You will not be charged commission but spreads, which are also low.
Apart from its proprietary trading station platform, South African forex traders can benefit from the MT4 platform with more advanced trading features like expert advisors. In addition, all trading platforms offered by the FXCM trading app have excellent and top-quality research materials, including powerful analytics tools and technical indicators.
- Quality learning content.
- Free deposit and withdrawal using debit/credit cards.
- Limited product offering.
4. IG Markets – Safest Forex Trading App in South Africa
IG Markets is one of the pioneer and largest forex brokers in South Africa, let alone globally. The trading app of IG markets is impeccable, with well-designed features to keep you engaged for an extended period.
You can definitely trust IG Markets with your trading funds because of its long track record. The Financial Sector Conduct Authority (FSCA) also oversees its activities, proving its credibility even further.
IG Markets offers South African forex traders unlimited options to trade forex. This includes access to over 80 currency pairs across global markets. As a result, you can quickly diversify your currency trading portfolio and make good profits.
This forex trading app supports traders with outstanding forex research tools and learning content on its IG Academy platform. Professional traders will also enjoy trading with innovative and advanced tools on IG Markets’ third-party ProRealTime and MT4 platforms.
- Amazing educational content.
- +80 currency pairs.
- Regulated by the Financial Sector Conduct Authority (FSCA).
- $300 minimum deposit requirement.
- High forex trading charges.
5. Pepperstone – Best CFD Forex Trading App in South Africa
CFD trading requires a forex trading app that does not limit your options, and Pepperstone excels in this category. Being locally regulated in the South African market, you can trust this broker with your funds.
Pepperstone forex trading app executes trades fast. It also charges a low commission and raw spreads on all its CFD trading instruments. Note that this forex trading app is free to download, and with a $200 minimum deposit, you will gain access to diverse CFD markets. This includes more than 800 CFD instruments on shares, commodities, indices, and ETFs.
Pepperstone has excellent features to improve your trading experience. It hosts superior learning materials, including a demo account for practising forex trading. Additionally, all transactions are free of charge, and there are no inactivity charges. The app also has reliable customer service that you can reach five days a week through either phone, email, or live chat.
- Zero transaction costs.
- Over 800 CFD instruments for trading.
- Round-the-clock customer service.
- High minimum deposit requirement.
- Poor quality research materials.
6. Plus500 – Best CFD Forex Trading App for iOS in South Africa
Risk Warning: 79% of retail investor accounts los