Some of the cheapest share trading platforms South Africa in 2021

Some of the cheapest share trading platforms South Africa in 2021

One of the most profitable businesses today is online trading. While there are many 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. See them below.

cheapest share trading platform South Africa
One of the most profitable businesses today is online trading. Photo: @Fonex
Source: UGC

Which is the cheapest share trading platform South Africa? Trading online has become one of the best opportunities that people have started exploring in the country. The reason is that the immense opportunities it opens up to those who understand the business's operations and are also willing to invest their resources into it. Therefore, you must understand the best trading platforms in South Africa.

How to choose an online trading South Africa platform

Online trading platforms South Africa
Trading online has become one of the best opportunities that people have started exploring in the country. Photo: @Fonex
Source: UGC

Which online trading platform is best? Choosing the cheapest online trading platform South Africa has to offer is essential for successful stock trading and even the online share trading South Africa has. To achieve that, you need to consider a safe and cheap platform. However, the search is not easy as you will meet endless stockbrokers operating in South Africa, all purporting to offer the best trading options at the lowest fees, which of course, is not always true. Below are some of the cheapest and convenient platforms to consider:

Read also

Selling sports cards: Best ways to sell sports cards online and offline 2021

1. eToro

If you want to buy shares without paying any deposit fees, you should consider the cheapest share trading platform South Africa called eToro. It means that you can invest in shares and retain complete ownership without paying any commissions. Its users have access to over 800+ stocks from 17 international markets. The platform also gives them access to more than 2,000 financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies and commodities.

Pros

  • Easy to navigate
  • Beginner-friendly
  • Wide range of securities available
  • Excellent community
  • Cryptocurrency tools

Cons

  • Forex and CFD fees

2. IG

IG is known as the pioneer broker that created financial spread betting. The company gives users access to a range of products such as contracts for difference (CFDs) on currency pairs, financial spread betting, commodities, indices and stocks with a minimum one dollar deposit. It is a platform that you will find very useful, and it is also one of the best trading platforms South Africa has.

Read also

How to sell a car privately in South Africa in 2021

Pros

  • Reliable and well-known reputation
  • Premium education and research tools
  • Forex not available
  • Great web and mobile platforms

Cons

  • Account Opening
  • CFD Fees

3. HotForex

As a retail forex broker, HotForex offers attractive conditions for a transaction to their users with various instruments such as Spot Metals, Forex, and CFDs on indices, commodities, and popular shares. In addition, they have licenses from the Financial Conduct Authority (FCA) in the UK. So, if you are into forex trading South Africa, you may want to check them out.

Pros

  • Low minimum deposit
  • Low trading costs
  • Spread typically starts from 1 pip
  • Proprietary copy trading platform

Cons

  • No social trading features
  • A limited number of markets

4. FXCM

Online trading platforms South Africa
One of the most profitable businesses today is online trading. Photo: @Fonex
Source: UGC

FXCM provides CFD trading, online foreign exchange (FX) trading, spread betting and other related services to their users with a minimum deposit of $50. Passionately, they have been pursuing their mission of providing global traders with access to the world's largest and most liquid market. 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.

Read also

What is the best trading platform online in South Africa 2020?

Pros

  • Well-established and reputable
  • User-friendly mobile app
  • No commission fees
  • Tight spreads
  • Wide range of third-party integrations

Cons

  • Expensive inactivity fees

5. AvaTrade

AvaTrade is an international company that offers over 200 instruments users can trade with using the Metatrader 4 (MT4) platform. You can trade with over 50 currency pairs and a wide range of CFDs on stock, Bitcoin, commodities, indices, Litecoin and so on with a minimum deposit of USD 100. In addition, 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.

Pros

  • Easy account opening
  • No deposits and withdrawals fees
  • Wide range of research tools

Cons

  • No ETFs
  • High inactivity fees

6. 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, including different CFDs, currency pairs, and cryptocurrencies. In addition, they have designated forex VPS services with a free Trading Central technical analysis tool.

Read also

Everything you need to know about 1xBet company

Pros

  • Superb customer service
  • Great educational tools
  • Digital and fast account opening
  • Low fees for stock index CFDs

Cons

  • High stock CFD fees
  • Inactivity and withdrawal fees
  • Limited product portfolio
  • High stock CFD fees

7. Plus 500

Among other things, Plus 500 deals 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 portfolio. Moreover, as part of their unique operations, you can profit from ETF, stock, and forex.

Pros

  • No Commissions
  • Wide selection of market instruments
  • Competitive fees
  • Fast order execution
  • User-friendly

Cons

  • Educational and research tools

The above share trading platforms South Africa has are legitimate. Online trading is one of the businesses that some of the successful business moguls do. Go through the list again and choose the most suitable platform for you.

Read also

Top life insurance companies in South Africa that you would love to know about

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

READ ALSO: 3 Side hustles that South Africans should consider in 2021

Briefly.co.za reported on August 3, 2021, about the 3 side hustles that South Africans should consider in 2021. Why a side hustle?

We live in a day and age where having only one main form of employment is not merely enough to secure a nest egg or extra cash to put towards that “rainy day”. What are these side hustles? Read more on this article to find out.

Source: Briefly.co.za

Online view pixel