One of the most profitable businesses today is online trading. Although it comes with some level of risks, notwithstanding, there are many benefits that you can derive from it. While there are lots of platforms through which you can transact, this article focuses on some of the cheapest share trading platform South Africa that you may want to consider. Apart from that, we also review them so that you can make an informed decision.
Whether you are on the go, in an office or away on holiday, an interesting thing about online trading is that you can transact from anywhere across the globe. As long as you have a computer and a good internet connection, then you are good to invest online. But after you have resolved to start your business and you have the necessary skills, what you need next is to get the right transaction platform. How do you go about that? Read the following paragraphs to discover the best way to.
Online trading South Africa
Trading online has come to be one of the best opportunities that people have started exploring in the country. The reason is because of the immense opportunities that it opens up to those who understand the operations of the business and also willing to invest their resources into it. As an online trader, working from the comfort of your home and at the time you wish to are part of the fringe benefits that you get. By implication, the challenge of having someone bullying you or controlling your time while he or she pays you a stipend at the end of the month is no more there.
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However, while starting or launching out in the online trading business is never automatic, there are rules and regulations that you need to understand and work with for you to succeed. You must understand the various trading platforms that are available and not just that, identifying the best trading platforms in South Africa are very crucial, especially if you are just starting out.
Online trading platforms South Africa
Whether you are into forex trading in South Africa or your focus is simply on stock trading South Africa, as long as you engage in online trading South Africa, you need the right platform to carry out your transactions. The reason is that the platforms provide their users with trading tools such as market data, analyst research, charting, account management and customized backtesting among others. Some of these platforms also have been automatically designed to execute transactions following the transaction strategy which they have been configured with.
Which online trading platform is best? Although there are many South African trading platforms, understanding how those online trading platforms work have been one of the surest ways of choosing the best trading platform South Africa without any regret afterwards. While there are similarities in the operations of those transaction platforms, do not forget that each one has its peculiarities as well, hence, the need to get adequate information before settling down for any. Below are some online share trading platforms worth considering:
IG is known as the pioneer broker which created financial spread betting. The company allows users access to their wide range of products such as contracts for difference (CFDs) on currency pairs, financial spread betting, commodities, indices and stocks with a minimum deposit of one dollar. The broker has a selection of robust platforms like the web-based ProRealTime, their proprietary IG platform, L2 Dealer (a special DMA platform) as well as the standard MetaTrader 4 (MT4) known in the industry. It is a platform that you will find very useful.
A good thing about Cyber-FX platform is that you can trade in about 40 currency pairs, and apart from that, you can also trade some CFDs on precious metals and indices using their MetaTrader 4 platform. Other things that you trade include Bitcoin, Ethereum, Litecoin, as well as other cryptocurrencies. Interestingly, you only need USD 100 or about R1,420 minimum deposit to get started.
As a retail forex broker, HotForex offers attractive conditions for a transaction to their users with a wide range of instruments such as Spot Metals, Forex as well as CFDs on indices, commodities and popular shares. They have licenses from the Financial Conduct Authority (FCA) in the UK, Dubai Financial Services Authority (DFSA) and that of South Africa. Interestingly, with USD 5 minimum deposit, you can trade using their standard MetaTrader4 (MT4) as well as the latest MetaTrader 5. So, if you are into forex trading South Africa, you may want to check them out.
FXCM provides CFD trading, online foreign exchange (FX) trading, spread betting and other related services to their users with a minimum deposit of USD 50. Passionately, they have been pursuing their mission of providing global traders with access to the largest and most liquid market in the world. They have some robust transaction platforms like the popular MetaTrader 4, NinjaTrader and Trading Station and with their advanced web platform known as ZuluTrade, copy trading is possible.
AvaTrade is an international company that offers over 200 instruments which users can trade with using the Metatrader 4 (MT4) platform. You can trade with over 50 currency pairs as well as a wide range of CFDs on stock, Bitcoin, commodities, indices, Litecoin and so on with a minimum deposit of USD 100. They are one of the few brokers that offer spread betting on MT4. For automated strategies, AvaTrade has different transaction packages like Signal Trader, ZuluTrade system and their own Ava AutoTrader, all to simplify your forex trading SA.
6. Standard Online Share Trading/Stockbroking
A beautiful thing about this online share trading platform is that they are also enlisted as one of the most trusted JSE brokers in the country. As an award-winning company, they make transactions and investing in a broader range of financial instruments easy for their users with no minimum deposit. Whether you want to trade shares, exchange-traded funds, futures contracts, warrants and CFDs, you will find the platform very useful. Apart from those, you can also get Market data like historic highs and lows, gainers and losers, and so on.
7. Forex Time
If you need a platform where you pay less to access their trading platform, then, Forex Time should be your consideration. With a minimum deposit of USD 10, you have access to over 240 tradeable instruments which include different CFDs, currency pairs as well as cryptocurrencies. Their platform supports the two MetaQuutes platforms (MT4 and MT5) with desktop, mobile (for Android and iOS devices) and web versions. Should you want automated trading strategies, they have designated forex VPS service with free Trading Central technical analysis tool.
8. Plus 500
Among other things, Plus 500 deals specially in Contracts for Difference (CFDs), delivering trading facilities on ETFs, shares, commodities, forex, options and indices. With a minimum deposit of ZAR 1000, you can access more than 2,000 instruments in their potfolio, and as part of their unique operations, you can profit from ETF, stock, forex, index without owning the underlying asset. They ensure that their platform enabled with more than 30 languages is clutter-free and users do not experience an overload in information.
Online transaction is legitimate, and it is one of the businesses that some of the successful business moguls we revere do. Some people have mastered the market so well that with determination and courage, they have made the list of successful forex traders in South Africa. Therefore, should you also be planning to enter the business, after you have done every other thing, remember that the right platform for transactions is essential. To that effect, go through the list of some of the cheapest share trading platform South Africa discussed above.
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