Best Trading Platforms In South Africa

What Is The Best Trading Platform In South Africa?

There are various criteria that you can use to evaluate the best trading platform, such as fees, trading tools, research and education, customer service, and mobile app. Based on these factors, we have selected three trading platforms that stand out in the South African market:

• Interactive Brokers:

Interactive Brokers stands out as one of the best international online brokers in South Africa in 2023. With low trading fees and high interest rates on cash balances, it offers a wide range of products and excellent research tools. As one of the largest electronic brokerage firms worldwide, Interactive Brokers provides a transparent trading environment, user-friendly conditions, and a great reputation. It is fully regulated by multiple global authorities, ensuring a secure trading experience.

• E*TRADE:

E*TRADE is another well-established online broker that offers a robust trading platform for both beginner and advanced traders. The platform offers a wide range of trading tools, including real-time quotes, charts, and advanced order types. E*TRADE also provides extensive research and education resources, as well as competitive fees.

• Plus 500:

Plus500 is a trusted and reliable trading platform for individuals in South Africa, offering access to a wide range of financial markets with low trading costs. With over 2,800+ CFDs, competitive spreads, and no commissions, Plus500 stands out as a leader in the field. It is a tier 1 regulated provider with a high trust score, making it a low-risk option. Plus500’s global reach ensures a diverse trading experience.

What Is The Best Trading Platform For Beginners?

As a beginner trader in South Africa, it is important to choose a trading platform that offers a range of educational resources, a low minimum deposit requirement, a demo account for practising trading strategies, a high-tech and user-friendly platform, and responsive customer support. Based on these criteria, the following three trading platforms stand out as the best options for beginners:

• AvaTrade: 

AvaTrade is a top choice for beginner traders in South Africa, offering an easy-to-use platform, low fees, and a wide variety of tradeable instruments. With copy trading functionality, AvaTrade provides a hands-off trading experience. It stands out for its range of trading platforms and exceptional educational content, making it an ideal platform for beginners to learn and trade forex and CFDs.

• EasyEquities: 

EasyEquities is a great choice for beginner investors, offering low fees, excellent educational materials, and easy digital account opening. Authorised by the FSCA, it provides a trustworthy platform for shares trading in South Africa. It offers low trading fees and no non-trading fees, excellent training options and analytical tools, making it an ideal choice for beginners.

What Is The Best Free Trading Platform? 

Several trading platforms in South Africa do not charge fees for buying and selling stocks, ETFs, and options. They are famous for their low costs of trading, and you can manoeuvre through the markets without incurring many discretionary fees. Here are three of the best free trading platforms available in South Africa:

• Alpaca Markets: 

Alpaca Markets is a popular free stock trading platform in South Africa, offering commission-free API stock trading, great API tools for algorithmic trading, zero-commission stock and ETF trading, and great charting tools through a web platform. Despite being limited to US stocks and ETFs only, the platform is praised for its no-fee trading and ease of use.

• TradeStation: 

TradeStation is a powerful, commission-free trading platform for South Africans, offering commission-free trades on stocks, options, and ETFs. TradeStation also provides access to a strong lineup of educational resources, research, and tools at no additional fee. 

Trading with a low-cost platform ensures that, should you make a profit, you will be able to keep as much of your money as possible. Therefore, free trading platforms such as Alpaca Trading and TradeStation are some of the most popular in South Africa.

What Is The Best Platform For Day Trading? 

As a day trader in South Africa, it is important to choose a trading platform that offers fast execution, a wide range of trading tools, and low fees. Based on these criteria, the following three trading platforms stand out as the best options for day traders:

• XTB: 

XTB is a highly trusted, publicly traded trading platform that offers a smooth and user-friendly experience for day traders. While there is an inactivity fee after one year and some popular asset classes are lacking, XTB’s low spreads and low-cost commission make it a great choice for cost-conscious clients. With a well-balanced trading experience and a powerful platform, XTB has earned excellent ratings and regard from experts. Overall, clients can sustain a long-term relationship with the broker since XTB’s main objective is building durable cooperation with active traders.

• Pepperstone:

Pepperstone is a top choice for day traders, providing a competitive spread, reliable support, and a variety of platforms. This Australian-based forex broker is regulated by three top-tier financial authorities (FCA, CMA, BaFin, and ASIC), ensuring its safety for traders. Despite limited CFDs and no crypto trading, Pepperstone’s wide range of forex trading services with 59 currency pairs makes it a top choice for day trading.

What Is The Best Automated Trading Platform? 

There are several automated trading platforms available in South Africa that offer advanced trading tools, a wide range of trading instruments, and the ability to create and backtest automated trading strategies. Here are three of the best-automated trading platforms available in South Africa:

• Capital.com

Capital.com is a top-tier trading platform that offers a great option for automated trading. With an AI-driven platform, the global CFD broker boasts high-quality research, educational content, and a user-friendly interface that suits both novice and experienced traders alike. Competitive pricing and a wide range of tradeable instruments, including 477 cryptocurrency CFDs, make Capital.com an excellent choice for traders. 

• Thinkorswim 

Thinkorswim is a comprehensive trading platform that is suitable for automated trading. The platform offers a range of advanced trading tools, including real-time quotes, charts, and advanced order types, and supports a wide range of trading instruments. Thinkorswim also allows traders to create and backtest their own automated trading strategies using the built-in programming language, ThinkScript.

TradeStation and Thinkorswim are two of the best-automated trading platforms available in South Africa. They offer advanced trading tools, a wide range of trading instruments, and the ability to create and backtest automated trading strategies. The choice ultimately depends on your specific needs and preferences.

CONCLUSION

Choosing the right trading platform is an important decision for any trader, whether you are a beginner or an experienced trader. The best trading platform for you will depend on your specific needs and preferences. Some of the top trading platforms in South Africa include Interactive Brokers, E*TRADE, and Plus500. For beginners, the best available trading platforms are AvaTrade and EasyEquities. Day traders should look into XTB and Pepperstone, while Capital.com and Thinkorswim are great options for automated trading. 

It is essential to thoroughly research and compare different trading platforms before deciding to ensure that you find the best one for your needs.