Mobile trading apps have become increasingly popular among traders in South Africa as they provide a convenient way to manage trades and monitor the markets on the go and even from anywhere in the world. The HFM app by HF Markets is our overall best forex trading app for South African users based on our testing and analysis. Most retail forex traders don’t have huge capital to patronize full-service brokers who charge lots of fees, so they sign with discount brokers who deploy do it yourself forex apps online at a low cost. List of Best Forex Trading Apps in South Africa HFM App – Overall Best Forex Trading App in South Africa Exness Trader App – Best Forex Trading App with Lowest Fees XM App – Best Forex Trading App for Beginners with No Commission Trading FXTM Trader – Secure App for forex trading with Biometrics IC Markets MetaTrader App – Low-Cost Forex App in South Africa AvaTradeGo App – Good Forex App with Social Trading Tickmill – Good Forex Trading App from Regulated Broker FxPro – Forex Trading App with Multiple Account types To create this list, we compared forex trading apps of FSCA regulated brokers in South Africa based on various criteria including their local regulation, compatibility on various devices, number of downloads on App store & Play store, total fees, and availability of ZAR base account currency. #1. HFM App– Overall Best Forex Trading App in South Africa Founded in 2010, HFM broker which was formerly known as HotForex launched its mobile app in 2016. HF Markets operates in South Africa as HF Markets SA (PTY) with registration number No.2015/341406/07 and is regulated by the Financial Sector Conduct Authority (FSCA) with FSP No. 46632 HF Markets has a local office in South Africa, situated at Katherine & West Suite 18 Second floor 114 West Street Sandton, Johannesburg 2031. Other HF Markets regulators include: Financial Conduct Authority (FCA), UK Dubai Financial Services Authority (DFSA) Financial Services Authority (FSA) Seychelles Capital Markets Authority (CMA) Kenya Security HFM mobile app offers Two Factor Authentication (2FA) aside from the normal username login and password. This helps to prevent unauthorised access. The HFM app also comes with fingerprint biometric scanner which is an added layer of security. Payment methods HFM mobile app enables you to deposit and withdraw in South African Rand (ZAR) via bank transfer. Alternative payment options available on HFM include card payment, wire transfer, and e-wallets. Fees HF Markets average spread on GBP/USD is 1.9 pips while average EUR/USD spread is 1.2 pips. On the zero-spread account, spreads are zero but there is a commission you pay starting from $0.03 per 1k lot. HFM charges $5 per month on dormant accounts after 6 months of inactivity. This will increase to $10 after 10 months of inactivity. However, HFM charges no extra fees on both deposits and withdrawals in South Africa. Trading Conditions There are over 1200 tradable instruments on HFM mobile app. These include more than 50 (15 major, 38 minor)currency pairs. You can trade stock CFDs, Energy, Indices, Commodity, Metals, and Bond CFDs. HF Markets also lets you trade ETFs to diversify your portfolio. Platforms offered The HFM app is a proprietary app built by HF Markets. It is compatible with Android & iOS devices only. It also offers a demo account. It requires Android 6.0 and is 14.89MB large. Customers Support HFM customer service support is available 24/5, from Monday to Friday throughin-app live chat and email address. There is also a dedicated South African phone number which customers can call for help and enquiries. HFM App Pros HFM is Tier-1 regulated FSCA Regulated Zero Fees on deposit and withdrawal ZAR account Over 1200 tradable instruments. HFM App Cons Inactivity fee Read more about the HFM app on the HF Markets website #2. Exness Trader App– Best Forex Trading App with Lowest Fees Exness Global Limited was founded in 2008 as a multi-asset regulated broker. Its headquarters is located at Siafi 1, PORTO BELLO Building, Flat 401, 3042 Limassol, Cyprus, but operates in many countries of the world. Exness Global Limited launched its mobile application in 2016 and has since been downloaded by more than a million users. Exness Global Ltd. is registered in South Africa as Exness ZA (PTY) Ltd with registration number 2020/234138/07 and regulated by the Financial Sector Conduct Authority (FSCA) with FSP number 51024. You can locate Exness’s office at 307&308 Third Floor, North Wing, Granger Bay Court, V&A WaterfrontCape Town. Other Exness regulators include: The Financial Conduct Authority (FCA) UK Cyprus Securities and Exchange Commission (CySEC) Financial Services Commission (FSC) Mauritius Financial Services Authority (FSA) Seychelles Financial Services Commission (FSC) British Virgin Islands Central Bank of curacao and Sint Maarten Capital Markets Authority Kenya (CMA) Security Exness Mobile Application offers Two Factor Authentication security aside the normal username and password and supports biometrics such as fingerprint scanner. Payment methods Exness mobile app supports South Africa ZAR account. The app enables deposits through local banks making it possible to deposit in South African Rand (ZAR). You can also use any of the alternative methods I.e. South African debit/credit card, and e-Wallet payment such as Skrill and Neteller. Exness mobile app also accepts cryptocurrency payments such as Bitcoin, Ethereum, Ripple and Litecoin. Fees Exness offers different spreads depending on instruments traded and account type. Exness charges a 1.2 pip average spread on GBP/USD. On Exness trader app, commissions on GBP/USD are Zero for standard and pro accounts and $4.5 on raw spread and zero accounts. Exness charges no inactivity fee and both cash deposit and withdrawal are free of charge. However, currency conversion charges may apply. Trading Conditions Number of tradable instruments available on the Exness mobile app includes over 120 currency pairs which include major, minor and exotic pairs. Users can also trade global Indices such as S&P 500, NASDAQ and FTSE 100 on Exness mobile app. The app also offers Contracts for Differences (CFDs) on more than 200 stocks including different commodities such as USOil, Gold, Silver and Maize. Platforms offered The Exness trader mobile app is available both on Android and iOS devices. For Android devices, it requires an operating system of Android 6.0 and above. Exness also offers a demo account for beginners to learn trading with virtual money, app size is about 20.14MB Customer Support Exness mobile application has an all-around clock customer support service. Users can get technical assistance 24/7 (also during weekends) through the in-app live chat, email or phone number. In addition, Exness mobile app users can also get support by reaching out through the company’s social media pages on Twitter, Instagram, LinkedIn and Facebook. Exness Trade Pros Tier-1 regulation FSCA regulation No inactivity fees iOS, Android 24/7 customer support Exness Trade Cons Currency Conversion fee if your account is in different currency Read more about the Exness Trade app on the Exness website #3. XM App– Forex Trading App with No Commission Trading Founded in 2009, XM mobile app which was released in 2015 has been one of the most patronised trading apps in the Play Store with more than 5 million downloads. XMZA is registered in South Africa with FSCAunder the FSP name Key Way Financial (Pty) Ltd.& FSP no. 49976.They are regulated by the Financial Services Commission (FSC), and Cyprus Securities and Exchange Commission (CySEC). Security Security on XM mobile app is backed with Two Factor Authentication (2FA) and fingerprint scanner to secure your account and prevent unauthorised access. Payment methods XM accepts local deposits and withdrawals in ZAR via bank transfer. Other payment methods include cards, and e-wallets such as Skrill and Neteller. Fees XM charges a variable but tight spread. Average GBP/USD spread is 1.9 pips and XM does not charge any commissions on forex trading. XM does not charge any fees for deposits and withdrawals Trading Conditions On the XM App, you can trade over 1000 instruments available including major, minor and exotic currency pairs. You can trade Contracts for Differences (CFDs) on Cryptocurrency and more than 600 stocks across the globe. The app also offers CFDs on Indices, Forex, Precious Metals and Energies Platforms offered XM is available both on Android and iOS and has a version that can be installed on tablets. The XM app is powered by MetaTrader, which means you are actually using a MetaTrader app. XM app has MT4 and MT5 platform options. The XM app also comes with a Demo account to let beginners practice trading with virtual money. Customer Support The XM mobile app offers customer support in more than 30 languages through various channels, including phone, email, and live chat. Its customer support is available 24 hours, all days. The mobile app also has a Frequently Asked Questions section where answers to many queries can be found. XM Broker Pros No deposit & withdrawal fees Works on tablets such as iPad ZAR account available XM Broker Cons No FSCA regulation Read more about the XM app on the XM broker website #4. FXTM Trader – Secure App for forex trading with Biometrics Established in 2011, FXTM is very popular among retail traders. Its mobile app which was launched in 2018 has more than 1 million downloads on Play Store. FXTM is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. They however do not have a local office in South Africa. But could be reached through other means including live chat. Other FXTM regulators include: Cyprus Securities and Exchange Commission (CySEC) Capital Markets Authority Kenya CMA (where it operates as Exinity Capita East Africa Ltd) Financial Conduct Authority FCA UK (where it operates as Exinity UK Ltd.) Financial Services Commission Mauritius (where it operates as Exinity Ltd.) Security The FXTM mobile app is designed with enhanced security. It offers Two-factor authentication (2FA) and supports biometrics such as fingerprint scanner. Payment methods FXTM accepts deposits and withdrawals in ZAR through bank transfer. You can also use any of the alternative payment methods like credit/debit card, and E-Wallet payment such as Skrilland Neteller. You can also make your payment transactions through cryptocurrency on the FXTM mobile app. Fees FXTM offers a variable spread which is dependent on market conditions. The average GBP/USD spread is 1.5pips. FXTM does not charge a fee on deposits, but they charge up to 0.5% on withdrawals FXTM also charges a $5 inactivity fee after 6 months. Trading Conditions You can trade more than 250 financial instruments including major, minor and exotic currency pairs, oil, gold and natural gas on FXTM Trader. It also offers Contracts for Differences (CFDs), Stocks, ETFs, Indices, and Commodities as well as cryptocurrency. Platforms offered The FXTM trader mobile app is powered by MetaTrader so you are actually using MetaTrader and it’s compatible on Android & iOS devices. For Android devices, it will require an operating system (OS) of 6.0 and above. To download FXTM on the Play Store will only take 27.52 Megabytes. Alternatively, you can download MT4 or MT5 and logon with your FXTM credentials. The FXTM app also comes with a Demo account to let beginners practice trading with virtual money. Customer Support You can reach out to the FXTM customer support team through in-app live chat, email messages and phone calls. FXTM customer support operates 25/5 (Monday – Friday). FXTM Trader Pros Powered by MT4 & MT5 ZAR account available FXTM Trader Cons Inactivity charges Withdrawal charge #5. IC Markets MetaTrader App– Low-Cost Forex App in South Africa Established in 2007, IC Markets has its headquarters in Sydney, Australia situated at Level 4 50 Carrington Street, Sydney NSW, 2000 Australia. Although licensed by the Australia Securities and Investment Commission (ASIC), Cyprus Securities Exchange Commission (CySEC), Financial Services Authority Mauritius (FSA), and Securities Commission Bahamas IC Markets is however not licensed by the FSCA in South Africa and has no local office in the country. Security IC Market MetaTrader app offers Two Factor Authentication (2FA) as an extra layer of security. However, the IC Markets MT4 app does not support biometrics. Payment methods Available payment methods on IC Markets MetaTrader App include Card payment, PayPal, Skrill, and Neteller. IC Markets MetaTrader also supports deposits and withdrawals in ZAR via bank transfer. Fees IC Markets does not charge deposit and withdrawal fees on your account. IC markets takes zero spread on its Raw Spread account but at the same time charges a commission of $3.5 per lot per side. On IC markets standard account spread is from 0.6 pips but commissions are zero. On the standard account average spread on GBP/USD is 0.83 pips Trading Conditions You can trade more than 60 currency pairs on IC Markets MetaTrader App including major, minor and exotic pairs. The app also offers trading on 13 commodities, including metals, energies, and agriculture. You can also trade bonds, Stock CFDs, and 23 global Indices including NASDAQ, S&P500, FTSE100, and the Nikkei on the IC Markets MetaTrader platform. Additionally, you can also trade Cryptocurrencies such as Bitcoin, Ethereum and Ripple. Platforms offered IC Markets offers MT4& MT5 variants of the app which are compatible with Android and iOS devices. The IC Markets MetaTrader app also comes with a Demo account to let beginners practice trading with virtual money. Customer Support IC Markets offers 24/7 customers support through in-app live chat, email and phone numbers. You can also reach out to them on any of their official social media pages such as Twitter and Instagram. IC Markets Pros 2FA 24/7 customer support Zero spread IC Markets Cons No FSCA Regulation No biometrics Read more about the IC Markets MetaTrader app on the IC Markets website #6. AvaTradeGo App– Good Forex App with Social Trading AvaTrade was founded in 2006. Its mobile trading app, AvaTradeGO was released in 2017 and has more than 1 million downloads on Play Store. Avatrade has a local office in South Africa situated on the 2nd Floor, Nelson Mandela Square Office Towers West, Sandton, 2196, Johannesburg. It is licensed by the South African Financial Sector Conduct Authority under the name Ava Capital Markets Pty with registration number No.45984 Other regulators include: The Central Bank of Ireland (CBI) Cyprus Securities and Exchange Commission (CySEC) Australian Securities & Investments Commission (ASIC) British Virgin Islands Financial Services Commission Financial Services Agency (FSA) Japan Financial Regulatory Services Authority (FRSA) Abu Dhabi Israel Securities Authority (ISA) Security The AvaTradeGo app supports 2FA and biometric fingerprint scanner. Payment methods AvaTrade offers both deposit and withdrawal of South African Rand (ZAR) via bank transfer. You can also use any of the alternative methods I.e. via your bank debit or credit card and e-wallets such as Skrill and Neteller. Fees Avatrade has a fixed spread which means the spread will be the same irrespective of the market volatility. For instance, AvaTrade average spread on GBP/USD is1.5 Pips Avatrade has a zero-commission fee on trade. Although they charge an inactivity fee after three months, they do not charge any fee on both deposits and withdrawals. However, you will be charged an inactivity fee if your account is dormant for the last 3 months. Trading Conditions You can trade multiple asset classes on AvaTradeGo app. This includes major & minor forex pairs, CFDs on metals, energies, global indices like NASDAQ etc. Platforms The AvaTradeGo app is compatible on both Android and iOS devices. The app is also installable on the older Android version 4.4 operating systems and above thereby, making it accessible to many Android users. The AvaTradeGo app also comes with a Demo account to let beginners practice trading with virtual money. Customer Support AvaTrade customer support is available during their business hours from 07 AM to 11 PM. Their customer support runs 24/5 (Monday to Friday). You can reach their customer support services through the in-app live chat, email, phone number or local office. AvaTrade Pros Demo account Zero fee on trades Fixed spread AvaTrade Cons No weekend support Inactivity fee A high minimum deposit fee Read more about the AvaTradeGO app on the AvaTrade website How to Choose the Best Forex Trading App in South Africa? a. Regulation: The first thing to check is if the forex broker is regulated in South Africa by the Financial Sector Conduct Authority (FSCA). Get the brokers FSP number from the regulation corner at the bottom of their website and head to the FSCA website to view the list of Authorized Financial Service Providers (FSPs) For example, when you key in FSP number 46632, ‘HF Markets SA (PTY) LTD HotForex Authorized’ comes up. b. Compatibility: You should check if the app is compatible with your mobile device. Check if it is available on Android and iOS devices. Consider if the trading app has a desktop or web-based trading platform. c. Demo account: Check if the forex trading app provides a demo account that allows you to practice trading without risking real money. d. Local Payment Options: Check if the app accepts electronic fund transfers in South African Rand (ZAR). Look out for other alternative deposit and withdrawal options such as card transactions and e-wallets. e. Ratings/Reviews on the App Store: Check the app rating and Review to know more about what others think about the app. f. Account minimums: Check for any minimum account balance requirements for opening and maintaining an account with the trading app. g. Security: Check for the trading app’s security features, such as encryption and two-factor authentication, to protect your data and transactions. h. User interface: Look for a trading app with a user-friendly interface that is easy to navigate and understand. i. Social trading: Look for a trading app that offers social trading features, such as following other traders, copying their trades, and sharing investment strategies. j. Investment options: Determine the investment options available on the trading app, such as stocks, bonds, ETFs, and options. k. Customer support: Look for a trading app that provides reliable and efficient customer support, including live chat, email, or phone support. l. Education resources: Consider the trading app’s educational resources, such as articles, videos, webinars, and tutorials, to help you learn and improve your trading skills. Comparison of Best Forex Trading Apps in South Africa Below is the table for comparison of multiple factors of forex trading apps for South African traders. Frequently Asked Questions – Best Forex Trading Apps in South Africa Which is the easiest to use forex trading app in South Africa? There are lots of good apps for trading, but the HFM app by HF Markets overall is good for trading forex& other CFDs. It has one wallet for multiple accounts, customized trading to let you place orders with any amount of money you have, transaction history, etc. It also supports biometric two factor authentication and comes with a free demo account. What Is the Best Android App for Forex Trading? The HFM app by HF Markets is the best android app for forex trading What are the best MT4 app to open account with? Exness is the best MT4 broker, and they have an MT4 app called Exness Trade App, available on google and Apple play stores. Exness is considered a moderate to low-risk forex broker for SA traders, with FSCA regulation, and Tier-1 regulation from the Financial Conduct Authority (FCA) UK. The Exness Trade app has good reviews on play store, and it is fast with advanced capabilities for trading. Are forex trading apps legal in South Africa? Yes, forex trading is legal in South Africa, so any app from a regulated broker is legal. However, you should ensure that you only download app of an FSCA regulated broker to avoid losing your capital. Avoid any trading app that is not from a regulated forex broker.
Best Forex Trading Apps in South Africa 2023
