Best Forex Trading Apps in South Africa 2021

See our comparison of 8 crucial factors including fees, regulations, ease of use, features of the popular forex trading apps for traders in South Africa.

By Rahul Sharma (Editorial Staff) — 

In order to trade forex, you would need access to a trading platform or an app using which you can place & monitor your trades. This trading platform usually also allows you to make informed analysis before entering into trades by viewing charts, news, indicators and other data.

Most forex brokers offer their trading platforms on mobile for both Android & iOS.

7 Best Forex Trading Apps in South Africa for Beginners in 2021

  1. Hotforex Metatrader – Best Forex Trading App for Beginners
  2. XM Trading App – Best Forex Trading App for PC
  3. Exness MT5 – Best Forex Trading App in South Africa
  4. Tickmill MT4 – Best Forex Trading App for Low fees
  5. Plus500 App – Best Mobile Trading app
  6. AvaTradeGo App – Good Trading app for Android & iOS
  7. FXTM – Well regulated Forex Trading App

Before you start trading currency, you should be aware that large fluctuations can take place in the price of a currency in a very short period of time. Also, the forex market is open 24 hours during weekdays, so you need to be constantly alert to monitor your trades & make informed decisions.

This is where the mobile app by a broker can help.

A good forex trading app will be easy to use, and allow you to have multiple time frames, charting tools, and fast execution. To make this list, we have comprehensively reviewed mobile apps by several brokers that are available in South Africa.

Best Forex Trading Apps for PC, Android & iOS

Below we have compared the regulations, fees, features, trading conditions of each trading app in our list:

1. Hotforex Metatrader – Best Forex Trading App

Hotforex South Africa

Overall Rating 9.4/10

Visit Hotforex

  • Trading fees: App is free to download. Spread per trade from 1.2 pips for EUR/USD benchmark with Premium account.
  • Minimum deposit: $5
  • Regulation: FSCA (FSP No.46632)
  • Max. Leverage: 1:1000 (with Micro Account)
  • Bonus Offer: 100% Deposit Bonus for new accounts ($250+ deposit required) 

Ranked #1 Forex Trading App in South Africa

Hotforex’s trading app is available on all devices. We found their app easy to use for charting & managing order

Hotforex is considered to be a safe broker to trade with because it is being regulated by the FSCA (FSP No.46632).

Trading App Features – Hotforex’s trading app is compatible with almost all mobile devices. You can use this app to manage your account through functions like making a deposit, withdrawal, or a transfer.

This app allows you to access analysis features with various types of graphs, timeframes, technical indicators, and the news. You can use their trading calculator to find out risk percentages, position sizers, pivot points, pip values, and so on.

You can use this app to monitor your trades using live quotes on currency, commodities, stocks, and indices. They have a trader’s board where you can get the latest information on currency movers and the volume traded along with live charts on various currency pairs.

Trading Conditions – Hotforex has ZAR trading account option too, so you can have account with Rand as your base currency to enter into trades. You need to make a minimum deposit of $5 to open your account, which is a quite nominal. The trading app & account will allow you to trade in a range of markets like 49 forex currency pairs & 1000+ CFDs on commodities, stock CFDs, metals and energy, indices, cryptocurrencies, and bonds.

Hotforex App Pros

  • Hotforex offers a large range of instruments in their trading app.
  • Trading fees for forex is competitive.
  • Their trading app is available for both iOS & Android for free.
  • Hotforex is a FSCA regulated forex broker.

Hotforex App Cons

  • Trading fees for some CFDs is higher than other brokers.

read our Hotforex review for South African traders

2. XM Trading App – Best Forex Trading App for PC

XM South Africa

Overall Rating 9.0/10

Visit XM

  • Trading fees: On average 0.8 pip spread for EUR/USD benchmark with Ultra Low account.
  • Minimum deposit: $5
  • Regulation: ASIC, CySEC
  • Max. Leverage: 1:888

Ranked #2 Forex Trading App in South Africa

XM Broker offers Metatrade 4 & MT5 platforms for mobile, web & desktop.

XM Trading is considered a low risk forex broker because they are regulated by 2 Top-tier regulations ASIC & CySEC. Also they are a reputed CFD broker that have been in operation since 2009.

Trading App Fees – The trading fees at XM with Ultra Low account is low compared to most other brokers. For example, the average spread for XAU/USD CFD is 25 pips, which is lower than Exness, Hotforex, FXTM & other brokers. Similarly the typical spread for EUR/USD is 0.8 pips with Ultra Low account, which is highly competitive.

Trading Conditions –XM is a spread only broker, they don’t charge any extra commission on trades. XM have ZAR base currency option with all their 3 trading accounts. They offer 57 currency pairs, and 1000+ CFDs on Stocks, Commodities, Precious metals, Equity Indices & Bonds. But they don’t have Crypto CFDs on their app.

XM Trading App Pros

  • XM is regulated with ASIC & CySEC.
  • Low spread with Standard Ultra Low trading account for most CFD instuments.
  • Availability of ZAR Accounts.
  • Platform is available on mobile, web & desktop.

XM Trading App Cons

  • XM Broker is not regulated by FSCA in South Africa.
  • XM is a market maker forex broker, so there may be a conflict of interest.

read our XM Broker review for South African traders

3. Exness Metatrader 5 App – Best Forex Trading App in South Africa

Exness South Africa

Overall Rating 9.0/10

Visit Exness

  • Trading fees: Depends on Account Type & Instrument On average 1 pip spread for EUR/USD benchmark with Standard account.
  • Minimum deposit: $1
  • Regulation: FSCA (FSP No. 51024)
  • Max. Leverage: 1:2000 (with Standard Account)

Ranked #3 Forex Trading App in South Africa

Exness offer their Metatrader 4 & 5 trading apps for Android, PC & iOS. The webtrader is also available.

Exness is considered a safe CFD & forex broker as they are regulated with FSCA & FCA.

Trading App Features – Exness has low trading fees compared to other forex trading apps. They only charge spread with their Standard account, there is no other commission.

The spread is variable depending on the instrument being traded. For the benchmark, we checked their EURUSD spread, it is on average 1 pip with their Standard account.

Trading Conditions – Exness offers ZAR base currency trading account. They have 107 currency pairs, which is more than most other platforms. And Exness offers trading on 100+ other CFD instruments.

Exness App Pros

  • Exness is a FSCA regulated forex & CFD broker.
  • Low trading fees.
  • Wide number of currency pairs & other CFD trading instruments.
  • Exness offers ZAR trading account.

Exness App Cons

  • Exness don’t have a South African phone number for support. They support is not good when compared with other brokers.

read our Exness review for South African traders

4. Tickmill MT4 – Best Forex Trading App for Low fees

Tickmill South Africa

Overall Rating 9.0/10

Visit Tickmill

  • Trading fees: From 0 pips benchmark + $4 Commission with Pro account.
  • Minimum deposit: $1
  • Regulation: FSCA (FSP No. 49464)
  • Max. Leverage: 1:500

Ranked #4 Forex Trading App in South Africa

Tickmill only offers MT4 trading platform for web, mobile & desktop. They are a FSCA regulated broker, so we consider it safe to trade on their Metatrader app..

5. Plus500 – Best Mobile Trading app for CFDs

Plus500 South Africa

Overall Rating 8.9/10

Visit Plus500

CFD Service. Your capital is at risk.

  • Trading Fees: Variable spread.
  • Minimum deposit: R1500
  • Regulations: ASIC, FSCA
  • Max. Leverage: 1:300

Ranked #3 CFD Trading app in South Africa

Plus500AU Pty Ltd is authorized to operate in South Africa by the FSCA (FSP No. 47546) & regulated by multiple other top tier regulators including FCA & ASIC. They are also listed on the London Stock Exchange. Hence, they are considered to be a trusted broker to trade CFDs.

Their trading app allows you to view real-time quotes and it is user-friendly once you get the hang of it. You can also use their app to perform your analysis through live charts that are available in different time frames.

Note: Plus500 is a CFD trading platform, that is suitable for experienced traders only.

Trading Conditions – Plus500 offers ZAR trading accounts option. They require a minimum account opening balance of ZAR 1500. You can choose to trade CFDs on any of 71 forex pairs, 1000+ CFDs on stocks, commodities, cryptocurrencies, and more available on Plus500’s platform.

They offer a leverage of 1:300 as well as negative balance protection. You also set guaranteed stop loss for full protection that your stop loss will be fulfilled at your set price without having to pay any extra fees.

Plus500 is a variable spread CFD trading platform, the exact spread depends on the trading instrument and varies according to the market conditions. But, Plus500 does not charge any commission per lot.

They have a responsive customer support team that you can reach through phone, chat, or email. When we tried to contact them through email, they responded within a couple of hours. But their chat support is only available to signed in customers, so it is a bit of a hassle.

Plus500 App Pros

  • They do not charge any commission for trading & only fees is the spread per lot.
  • They offer ZAR base currency trading accounts without any extra fees.
  • Their app is user friendly with wide range of trading instruments.
  • Negative balance protection & guaranteed stop loss protection is available.

Plus500 App Cons

  • CFD trading fees is higher than other brokers.

read our detailed Plus500 review

6. AvaTradeGo App – Good Trading app for iOS & Android

Avatrade South Africa

Overall Rating 8.0/10

Visit Avatrade

  • Trading fees (EUR/USD benchmark): Fixed Spread per lot of 0.9 pips..
  • Minimum deposit: $100
  • Regulation: FSCA

Ranked #3 Forex Trading App in South Africa

AvaTrade is regulated by multiple Top tier global financial regulators i.e. the FSCA in South Africa and the ASIC. Hence, it is considered to a be safe broker to trade with.

We like the user interface of Avatrade’s trading app, which is quite easy to use and understand. This app provides real-time feed of prices along with social trends. You can use a variety of charts to make an informed analysis. They also have a tutorial features that you can refer on how to use their app.

You can open and manage several MT4 accounts through this app. You can make your deposits and withdrawals through the app itself.

Trading Conditions – To start trading, you need to make a minimum deposit of $100. But on the downside, there is no dedicated ZAR account for South African traders.

The Avatrade’s app allows you to trade with more than 1000 different financial instruments including forex & CFDs on commodities, stocks, cryptocurrencies.

AvatradeGo App Pros

  • AvatradeGo app is easy to use & compatible with both Android & iOS.
  • Real Time market quotes & charting.
  • You can access their customer support directly via the app.
  • Access to trading on forex & 100+ CFD instrumenys

AvatradeGo App Cons

  • They do not support one-click execution.
  • ZAR trading accounts are not supported.

read our detailed Avatrade review

How to Choose the Best Forex Trading App?

Before you select a trading app, you need to know what to look for in a good app. Here are the most considerations that matter for us & should go into your decision.

1. Regulation – The first thing that you should check if whether the broker who’s app you are downloading is regulated or not. If you are trading with an unregulated broker, then there is a huge risk that the broker is a scam & would take your money, without any grievance redressal in case of disputes.

A regulated broker can be held liable for the damages in case of any bad practices which are not allowed by the regulators. Always choose an app of a broker that is regulated by more than one major regulations i.e. FSCA, FCA, ASIC, CySEC & NFA. If a broker is regulated by more than one of these regulators, then it is generally a good sign of trust & safety of that broker.

2. Order Execution Speed – The speed of your trading app can be the difference between a profit and a loss, since currency fluctuations are high. A fast order execution speed means that your trade is executed at your desired price.

Some forex trading apps offer instant order execution, while other offer market execution.

3. Real Time Data and News Feed – Getting real-time price feed & data on your trading app means that you can make an informed decision on the go. Live charts and technical indicators allow you to make quick trading decisions based on real time facts & price.

The trading app should also have a news feed so that you are abreast of the latest market developments.

4. Advanced Charting and Full Functionality – Easy to understand charts are the lifeblood of a financial trader. You need to ensure that your trading app has a variety of charting options. The charting options should include popular technical indicators and a variety of timeframes.

5. Range of Trading Instruments Available – If you’re looking to trade only a few instruments, then you may give this one a skip. However, ensure that the trading instruments you want to trade are available on your trading app at the lowest fees.

For example: Some CFD brokers don’t offer crypto CFD trading instrument like Bitcoin, Ethereum etc. You should check if the broker offers the CFD financial instrument you want to trade.

All Forex Trading apps will list the information regarding their exact number of CFD trading instruments on their website. You will generally find the exact fees & number of instruments under ‘Contract Specifications’ on the broker’s website.

Like Exness has listed all their trading instruments under contract specifications page.

Forex Trading App instruments

If you don’t find this information on broker’s website, you can also talk to the broker’s support team & ask for the link to list of all CFD trading instruments available on their app. All reputed apps share this information.

A wider selection of trading instruments means you can analyze multiple assets & trade them if there is a trade opportunity based on your analysis.

6. App Security and Safety – Your trading app needs to be secure. In order to ascertain how safe it is, check out user ratings and reviews. Do not opt for a trading app that is less secure or has lower ratings on Google Play & App store than acceptable standards.

There have been incidents in the past where the data of users have been leaked online due to security vulnerabilities in the broker’s app. So, it is important to check if there has been any such incident in the past against the broker.

7. Ease of Access – Make sure to check by installing the demo app that a trading app is compatible with your device before opting for it. Always start with a demo account to get used to the platform before trading live.

All the good forex & CFD trading apps offer their free demo account which you can use for unlimited period.

8. How Good is the Customer Support – You never know when the need for quick customer support may arise. You may have an open position which you are unable to close.

At such times, you need the fastest available customer support, preferably from within the app. Only trade with forex brokers who understand the need for good customer service.

Talk to the live chat support before signing up, and also test by sending an email to support. Do you get prompt & helpful response. Normally as a benchmark, you should receive response within few hours in case of email.

Comparison of Best Forex Trading Apps in South Africa

In the table below, we have compared the 7 best forex trading apps for beginners & experiences traders in South Africa.

Forex Trading App Tier 1 & 2 Regulation(s) Trading Fees (EUR/USD ex.) Leverage Minimum Deposit Availbility Start Trading
Hotforex Metatrader Apps FSCA (FSP No.46632), FCA From 1.2 pips with Premium Account up to 1:1000 (for Micro), 1:500 (for Premium account) $5 (R85) PC, iOS & Android. get started
XM Broker Metatrader apps ASIC, CySEC From 0.8 pips with Ultra Low account 1:888 $5 (≈R85) iOS & Android get started
Exness App FSCA On average 1 pip with Standard Account up to 1:2000 $1 PC, Android, iOS get started
AvatradeGo FSCA (FSP No. 47546), ASIC Fixed spread 0.8 pips up to 1:300 $100 (for Retail account) Android & iOS. get started
Plus500 App ASIC, FCA, CySEC Variable up to 1:300 R1500 (or $100) Android, iOS get started
Tickmill FCA, FSCA, Cysec From 0 pips + $4 commission per lot with Pro Account. Variable (1:500 for majors) $100 Android, iOS get started
FXTM Trader App FSCA (FSP No. 46614) From 2.1 pips with Standard account. 1:1000 $5 Android & iOS. get started

Frequently asked questions: Forex Trading Apps

Which are the best forex trading apps for Beginners in South Africa?

As per our research, we have rated these 3 trading apps to be better than other brokers for forex & CFD trading:

  1. Plus500 – Best for Beginners: Their app is easy to use & a lot of trading instruments are available on it.
  2. Hotforex – MT4 app: If you prefer a broker with Metatrader app then Hotforex would be a good choice with competitive fees.
  3. Avatrade – Fixed Spread: They are a fixed spread broker so you can choose their iOS or Android trading app if you prefer a broker with fixed spread.

What should you look for in a Trading app?

Here is a quick checklist of most important factors you should compare in your trading app:

  1. Compatibility with your device
  2. Number of downloads for that forex trading app
  3. Overall Rating & Reviews for the app
  4. Number of FX & CFD Instruments available for trading in the app
  5. Is it fast & easy to use for placing & closing orders

Which Forex Trading Apps have the lowest fees?

Almost all brokers offer their trading apps for Free. The only fees that their charge is the spread or commissions for every trading that you make.

XM (as low as 0.8 pips spread for EURUSD with Ultra Low trading account), Plus500 (spread from 0.8 pips for major like EURUSD) & Avatrade (fixed spread of 0.9 pips for EURUSD) offer very competitive trading fees starting .

Hotforex has the #1 Forex Trading App

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