Best Apps for Stock Trading in South Africa
The best stock trading app in South Africa - RoboForex
Best apps for stock trading in South Africa:
RoboForex - best for novice and professional traders
eToro - best for copy-trading stocks
IC Markets - best for active traders
MultiBank - best commission-free account for new traders
Exness - Best trading conditions
South Africa is among the best financial hubs in Africa, and endeavors like stock trading are a top way to earn a passive income. The Johannesburg Stock Exchange (JSE) is Africa’s largest, and its market value exceeds one trillion dollars. And are currently ranked 19th among all stock exchanges worldwide. But potential traders should know that only the best stock trading app in South Africa guarantees the potential rewards of stock trading.
TU experts have made efforts to make stock trading easy for potential traders by researching and picking out the best stock trading apps in South Africa.
So in this article, you will learn about the best trading apps in South Africa, including their features, pros, and cons.
Top 5 best apps for trading in South Africa
Your wealth can increase through stock market investments, and as technology has advanced, trading on stock platforms has gotten easier. But before signing up with a broker, every trader should make it a habit to compare different brokers. This is because the services many of these trading apps in South Africa offer might favor a particular trader more.
So traders are advised to spare time to check the features and trading services available on each stock broker app. Below is a review of the best stock trading apps in South Africa.
RoboForex - best for novice and professional stock traders
A trader looking for a regulated, secure, and reliable broker they can trade stocks with should consider RoboForex. They are among the best stock trading apps in South Africa, allowing traders to trade CFDs on stocks of top companies in South Africa and beyond.
The RoboForex stock trading app in South Africa provides a user-friendly interface that gives the trader a quality view of the stock market. They provide traders with the necessary indicators and tools for technical and fundamental analysis and stock alerts. Traders can monitor market trends, follow crucial company news and updates, and have a clue about factors that could impact prices.
RoboForex has over 3000 US stock options with only 0.025 USD per share and 0.009 USD per share for deposits over $10,000. Also, traders get access to CFDs on stocks of Amazon, Facebook, Siemens, and other instruments.
Extra features
An advanced copy trading platform like CopyFx.
An accessible VPS server and a demo account.
Leverage up to 1:20.
Integrates top trading platforms like MetaTrader 4, MetaTrader 5, and RStocksTrader.
Over 12,000 trading instruments.
Incorporates stock exchange charts and online quotes, two of the most effective tools for technical analysis.
👍 Pros
•Trading with RoboForex is entirely secure, and negative balance protection is available.
•For deposits and withdrawals, RoboForex charges no fees.
•Traders get up to a 30 USD bonus from RoboForex after opening a standard or cent account.
•Traders can automate their trading processes by using the free trading robot builder.
👎 Cons
•The provided demo account has a limit.
eToro - best for copy-trading stocks
Among the best stock trading apps in South Africa, eToro is becoming the favorite stock broker app of many traders. This broker has the best interests of inexperienced traders in mind, looking at the quality of social copy trading services it offers. The copy trading service helps novice traders profit and earn passive income by integrating another expert trader's strategy.
As of April 2023, eToro had a partnership agreement with Twitter. Therefore, traders can buy and sell stocks and view market charts for several financial instruments on Twitter. And this makes it easier for traders to trade stocks on this stock broker app in South Africa.
Over 3,000 different financial assets, such as stocks, cryptocurrencies, ETFs, indices, currencies, etc., are available to users of eToro. Although the minimum amount to copy a user is $200, traders can open an account quickly and for as little as $10 to start trading stocks and ETFs. Also, this stock broker app complies with FCA, CySEC, and ASIC rules.
Extra features
Using CopyTrader, traders can copy up to 100 other traders at once.
The top-rated iOS and Android apps have advanced trading features, making them the best apps to buy stocks.
Leverage levels range from 2:1 up to 30:1, with retail clients having an X5 leverage cap on stock trades.
Over 5,000 trading instruments.
Free stock trading; no management fees or hidden charges.
👍 Pros
•There is zero commission for stock and ETF trades; the broker covers regulatory transaction fees when you sell a stock.
•With eToro's CopyTrader, you can trade automatically, copy, and synchronize the actions of well-known traders.
•eToro offers competitive spreads.
•An intuitive website layout makes it simple for investors to find traders they would like to follow or to quickly place trades on the platform.
👎 Cons
•Spreads are wide, and eToro offers a limited selection of stocks.
IC Markets - best for active traders
IC Markets is another popular regulated stock broker app on the list of the best stock trading apps in South Africa. By trading volume, this broker ranks among the top Forex CFD providers and offers traders the best stock trading terms.
Although traders can access the MT4, MT5, and cTrader platforms, stock trading is only available on MT5. And with a 200 USD minimum deposit per account, all South African citizens can open an account at IC Markets. Over 1,600 stock CFDs are available for trading, including shares of well-known US tech firms, ASX stocks, NASDAQ and NYSE stocks, and more.
IC Markets offers a lower-cost trading environment, Trading Central, and various copy trading services. Beginner traders will benefit from IC Markets’ exceptional copy trading service and customer support, which are available 24/7.
Extra features
Advanced copy trading service and MAM/PAMM accounts.
Robust trading terminals for web browsers, Android, Windows, MAC, and iOS.
IC Markets offers a VPS service.
IC Markets integrates MT4, MT5, and cTrader trading platforms.
Stocks CFDs and over 2100 products.
Ultra-fast execution.
👍 Pros
•IC Markets is a well-known stock broker app with low trading fees and comprehensive trading tools.
•IC Markets provides excellent, round-the-clock customer service.
•Trading enthusiasts of all levels should consider IC Markets, as it is user-friendly.
•IC Markets has tight spreads, a high level of regulation, and a broad selection of assets.
👎 Cons
•High minimum deposits.
•Stock CFD trading is only available on MT5.
MultiBank - Best commission-free account for new traders
Traders investing in South Africa, especially those interested in stocks, should carry out these endeavors with regulated brokers. And MultiBank is among the best stock trading apps in South Africa. MultiBank integrates cutting-edge trading platforms and offers a free demo account. And you need to make a minimum deposit of $50 to open an account to trade over 20,000 instruments.
MultiBank South African traders can only trade stock CFDs since actual stocks are not available on this app. And traders can take advantage of the new social copy trading functionality. Copy traders can select the best traders to copy based on their capital and risk appetite, having the chance to learn from and benefit from their success.
Extra features
Top copy trading services and MAM/PAMM accounts.
Free VPS hosting, FIX API, and expert advisors.
Leverage: Up to 1:500.
Multibank integrates MT4, MT5, and cTrader trading platforms.
Over 20,000 stock CFDs.
24/7 technical and account support.
👍 Pros
•MultiBank offers customer service in multiple languages.
•Several financial regulators, including Australia's top-tier ASIC, oversee MultiBank trading services.
•Opening an account with MultiBank is simple and quick.
•For deposits and withdrawals, traders have a variety of options, all of which are free.
👎 Cons
•There is an inactivity fee.
Exness - Best trading conditions
Exness is on the list of the best stock trading apps in South Africa because of the top trading conditions that empower trading strategies. Exness is among the best investment apps that provide trading CFDs on stocks. Depending on how some of the biggest names in tech and business are performing, traders can buy or sell positions.
Exness traders can trade stocks if they open a Standard Pro, Raw Spread, or Zero trading account on this trading app in South Africa. So if you want to trade large-cap stocks on the international stock market, consider using this stock broker app.
Additionally, clients can open an account and trade more than 135 stocks using CFDs with a $1 minimum deposit. Additionally, this stock broker app provides ZAR trading accounts and offers local deposit and withdrawal options for South African traders.
Extra features
Exness incorporates a demo account and a social trading app.
On Exness, investors and stock traders pay no commission.
Leverage is up to 1:2000.
Commission: $3.50.
Exness stock has no swaps, and investors can hold stock trade positions overnight without incurring fees.
Advanced trading platforms like MT4, MT5, and WebTrader.
Instant execution accounts.
👍 Pros
•South African stock traders have access to the largest names on the global stock market.
•Low transaction costs, reliable spreads, and swift execution.
•Traders can trade both rising and falling stock markets with tight spreads that do not fluctuate even during market news on this trading app in South Africa.
•Exness is among the best stock and Forex trading apps in South Africa because it processes withdrawal requests quickly.
👎 Cons
•Exness has a more constrained stock selection than the majority of the best trading platforms in South Africa.
Comparison of the best stock trading apps in South Africa
Having a proper review of each of the best stock trading apps in South Africa is crucial for every potential investor. You need as much information as you can get about the stock broker app before investing in South Africa. The aim is to find the best app to buy stocks and a stock broker app with the best stock trading offers, tools, and fees. Below is a tabulated review of the best trading platforms in South Africa.
| Broker | Minimum Deposit | Number of Stocks | Commission | Leverage |
|---|---|---|---|---|
$10 |
3.000 stocks, + over 9.000 CFDs |
From $0,009 per lot |
Up to 1:20 |
|
$200 |
2,100+ stocks and CFDs |
Spread based |
Up to 1:20 |
|
$50 |
1,000+ |
Spread based |
Up to 1:30 |
|
$50 |
2,400+ |
No commission on stocks |
Up to 1:30 |
|
$1 |
135+ exchanges |
$3.50 |
Up to 1:2000 |
How to choose a trading app in South Africa?
As a guide to choosing a trading app, we have highlighted the most important factors below:
Learn regulation and reliability
Before you download any brokers app, be sure to check for only regulated brokers. Trading Forex in itself involves a high measure of risk. But, trading Forex using an unverified or unlicensed broker leaves you open to scams and loss of all your investment. Moreover, the regulatory bodies may not be able to help you retrieve your capital in the event of any misdemeanor. You can obtain regulatory information about a broker from the FSCA website using the broker's license number. Use brokers' apps that multiple leading regulators license like the FSCA and FCA.
Look at offers for local clients
Some brokers may offer clients from your region bonuses on registering with them. This gesture indicates the broker's interest in clients from South Africa. Consider using brokers' apps with unique offerings like high deposit bonuses, first deposit bonuses, and even referral bonuses.
Compare trading assets
Check out what currency pairs are available on the broker's app, particularly exotic pairs. If you wish to trade the ZAR, we recommend apps that offer exotic currency pairs. Also, study the fees attached to trading these assets. Choose apps that provide plenty of instruments at the lowest prices.
Explore App’s Functionality
Whatever your skill level is when it comes to trading, you will need an app that is easy to navigate, and that is compatible with your device. Select an app based on your experience level. Start by using apps that are easier to operate and provide lots of educational materials and technical analysis. Other tools to look for include risk management tools, price alerts, financial news updates, and real-time charts.
Try demo
Operating a demo account before proceeding to live trading has its perks. Doing so allows you to have a clearer understanding and feel of the app. That way, you can tell if the app's features suit you. Also, a demo version can help you test how the app will operate on your device without risking your money.
Open an account
Most brokers try to simplify the registration process for new clients. Some require you to submit relevant documents for verification before your account becomes active. Whatever the case, consider apps with a convenient registration process.
How to start trading stocks in South Africa?
Investing in South Africa, especially in stocks, helps keep your funds safe during inflation and tax hikes. And since trading stocks can boost your income stream, it is worth trying. So how do you start investing in South Africa? Below are steps on how to start stock trading in South Africa.
A potential stock trader or investor must have a solid understanding of the share trading process to begin. Hence, learn how the stock market operates.
Create a share trading strategy based on your understanding of the stock market and decide which shares you might want to buy.
Choose the best stock trading app in South Africa to start trading stocks. Ensure to research the stock broker app. Check their stock trading offerings, trading platforms, and charges.
Identify the needs and goals specific to your trading. Only choose trading apps in South Africa that have qualifying features.
Research the performance of the stocks or companies listed on any of the best Forex trading apps in South Africa.
It is time to open an account with the best trading platform in South Africa. But remember to trade with the stockbroker app's demo account before trading on your real account.
Organize your desired shares into a diversified portfolio, then look for a stock trading opportunity.
You can now open, monitor, and close your first position, but before that, test your trading strategy on the demo account.
Note: Traders who trade on the demo account provided by the best stock trading app in South Africa will get a general idea of what to anticipate in the stock market. Also, traders should check if trading or investing in stocks is haram in South Africa.
What are the best trading apps for beginners in South Africa?
Because stock investments rise in tandem with economic expansion, they can help you accumulate wealth and increase the value of your holdings. The best trading platform in South Africa provides some incentives, similar to how leading companies distribute dividends that give investors consistent investment income. And this incentive or special service benefits beginner traders and inexperienced stock investors.
Stock broker apps that offer stock traders copy trading services, PAMM trading capabilities, and good educational materials are best for beginners. Low minimum deposit requirements and integration with leading trading platforms characterize the best stock trading app in South Africa. So for new traders seeking the best Forex trading platform in South Africa, stock broker apps like RoboForex, eToro, and IC Markets are great options.
Can I trade with an international stock broker?
South African stock traders can buy and trade stocks with an international broker if they are governed by reliable financial organizations from other nations. The only difficulty you might encounter is if the broker forbids South African stock traders from using its services. However, trading with a foreign broker has many advantages, and having access to the world stock market is one of them.
The top foreign brokers in South Africa give customers access to several products, excellent research resources, affordable trading costs, and competitive interest rates on cash balances. Opening an account is simple and allows for free deposits and withdrawals. Before opening an account with any of the available stock broker apps in South Africa, ensure you comprehend the fees.
Do I pay taxes for stock trading in South Africa?
In South Africa, stock traders pay taxes. Taxes traders pay for investing in stocks can be income tax or capital gain tax. When traders regularly trade stocks, they must pay income taxes. But if they hold the share for a long time, it will be subject to Capital Gains Tax.
To calculate the amount of capital gains tax due, the trader must add the proceeds from shares sold (Proceeds) and subtract the cost paid when the shares were purchased (Base Cost). Income tax rates can range from 18% to 40%, depending on how much of your income is taxable. However, tax rates on capital gains are lower than those on income gains.
Since South African traders must pay tax on any trading profits they make on the stock market or in the foreign exchange market, they must keep meticulous records of their trading activities.
FAQ
What is the best trading platform for South Africans?
A stock platform that is duly regulated has a user-friendly interface and top trading platforms that are best for stock investments in South Africa. RoboForex, eToro, and IC Markets are among the best stock platforms in South Africa.
How do beginners trade stocks in South Africa?
Potential stock traders in South Africa can kickstart their stock trading careers by discovering how to trade shares and building a share trading plan. They can choose a stock or ETF to sell, which will necessitate opening a trading account with a stockbroker if they are aware of the risks. Once the stock account is ready and they have defined their investment goals and how much money to invest, they can open, monitor, and close their first position.
What are the best stocks to buy for beginners in South Africa?
The Johannesburg Stock Exchange remains the largest stock exchange in South Africa. And allows new traders to trade in one of Africa's powerhouse economies, which is crucial. Some of the best South African stocks to watch on the JSE include:
Gold Fields Limited
Mondi PLC
Casper
Glencore PLC
British American Tobacco
Tesla
BHP Billiton Ltd
Anglo American PLC
Sasol Ltd
How do I buy stock in South Africa?
Since traders cannot purchase shares directly from the JSE, they must register with a reputable stock broker to purchase shares in South Africa. The best strategy for new investors is to look for stocks priced under R10 or R100 and to buy a company's stock directly from a registered broker.
Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.