Best Day Trading Platform in South Africa in 2021
Which is the best trading platform in South Africa? Is the best trading platform also best for beginners and day trading?
We have, in July-Aug 2020, reviewed a great number of online trading platforms and found the answer in the list below. A few of the best platforms that didn’t make the list were trading platforms from BDSwiss, Nord FX, HotForex, CMC Markets and Saxo Bank. The winner from our comparisons and these reviews: AvaTrade’s trading platform is the best trading platform in South Africa. AvaTrade is great for day trading, and we would say that FXTM is available in 16 languages. MarketsX together with Trade Nation also made the top three trading platforms in the South African market.
The wonderful news for you as a trader is that all the ten trading platforms in the list below are completely free. The 10 best trading platforms in South Africa are:
- AvaTrade Trading Platform, great for day trading.
- MarketsX Trading Platform, great combination of technical indicators and fundamentals information.
- Trade Nation Trading Platform
- BlackBull Markets Trading Platform
- FXTM Trading Platform, available in 16 languages.
- TickMill Trading Platform
- FXCM Trading Platform
- CMTrading Platform
- Plus500 Trading Platform, great for trading in multiple markets.
- XTB Trading Platform, trade more than 4,000 tradable assets.
Of course, all the top ten trading platforms are run by brokers that are correctly regulated. The top eight are regulated by South Africa’s local regulatory body, the FSCA. FSCA will protect market participants, ensuring that traders will be treated fairly and also implementing measures to prevent money laundering. The other seven trading platforms are regulated by other well established regulatory bodies such as CySEC and FCA. This means that you can feel safe about your money with all of the trading platforms in our top list. To see FSCA’s warning list of fraudulent forex brokers click here. However, as always with trading, never invest more than you can afford to lose. Below you can read our more in-depth reviews of the best ten trading platforms for the South African market.
1. AvaTrade Trading Platform
AvaTrade supports a wide variety of trading platforms. The brokers’ proprietary client-side AvaTrader trading platform works on Windows XP, Vista and 7, and a Macintosh version is also available. Of course, all of them are very easy to download and install directly on your desktop or laptop computer.
The screenshot below shows the extensive functionality of AvaTrader, including technical and fundamental analysis, reports, tutorials and account management features.
Also, the AvaOptions Web platform and the MT4 WebTrader allow you to sign in to your AvaTrade account using any Internet browser without having to install it on your computer. Lastly, the AvaTradeGo app allows you to trade in an AvaTrade account using an iPad, iPhone or Android phone and/or tablet so you can manage and view your AvaTrade trading account while away from home. Read more about the AvaTradeGO app here.
In addition to its own AvaTrader trading platforms, AvaTrade nicely also supports the following trading platforms: Metatrader 4, Metatrader 5. DupliTrader, and ZuluTrade. For those already using MetaTrader, AvaTrade also offers their own version of this popular forex trading software to make your account installation easier.
2. MarketsX Trading Platform
The go-to trading platform of MarketsX is a proprietary web trader. Besides being surprisingly powerful charting and analysis-wise, this platform is also available in mobile versions, for Android- as well as iOS-based devices.
Scores of technical indicators are included in the MarketsX package and there is a unique feature called a trading cube too. Real-time news feeds are also delivered for those keen on trading the fundamentals in combination with technical analysis.
MT4 is also part of the MarketsX platform offer. The world’s most popular (and arguably: best) trading platform hardly needs an introduction. It offers superb charting and analysis, with scores of technical indicators pre-installed in the freely downloadable version. Traders are free to add additional indicators and those so inclined, can even code their own.
MT4’s favorite feature is its support for EAs and for EA creation. EAs work best when coupled with a proper VPS service.
3. Trade Nation Trading Platform
Trade Nation’s bespoke trading platform is the embodiment of simplicity. According to the broker, it features everything traders need and nothing they do not.
Signing up for a practice account takes a few seconds. On a computer, the app launches through a browser, presenting a simple, almost barren trading interface.
On the left, there is a section presenting the tradable asset categories. Using the search tool, traders can look for their preferred tradable assets. The main section taking up most of the interface features a wide range of information on the listed assets. Using this interface, traders can gain a quick idea about the price of the asset, the direction of the price change, and the daily lows and highs. Users can open trades and orders directly from this interface.
They can also:
- Check additional information on trading hours, margin requirements, commissions, spreads, market expiry, etc.
- Set trading alerts with just a couple of clicks.
- View charts.
- Create watch lists and add assets to them.
Charting is surprisingly powerful. As traders click on the chart icon of their preferred asset, the platform opens a new window. This window can then be maximized.
The chart supports scores of technical indicators and time frames. An impressive number of drawing tools are also available. Launching trades is possible directly from the charts.
4. BlackBull Markets Trading Platform
BlackBull Markets offers three trading platforms.
- MT4 is a fully customizable online trading environment most traders know and love. The broker has made it available in a range of versions for Windows, Mac, iOS, and Android.
BlackBull’s version of the platform offers an institutional-grade experience. It supports EAs (Expert Advisors), and together with the VPS service the broker also offers, this sets the stage for profitable algorithmic trading.
Like most of its other features, MT4’s EAs are fully customizable. You do have to be handy with MetaScript, however, if you intend to program your custom EAs.
In addition to EAs and superb charting/technical analysis tools, BlackBull’s MT4 supports multiple order types and analysis tools. Other noteworthy features/functionalities of the platform are enhanced order execution capabilities and a market watch window.
- MT5 is another popular MetaQuotes trading platform, covering slightly different needs than MT4.
MT5’s main strengths are fast order processing, support for advanced pending orders and hedging, as well as a bevy of trading tools and technical indicators.
The version available for download at the BlackBull Markets website comes equipped with more than 30 preinstalled technical indicators, covering more than 20 time frames. The platform also features an integrated economic calendar to help with fundamental analysis.
Traders looking to access MT5 need to talk with the BlackBull Markets support first and obtain permission.
- The BlackBull Markets Web Trader is a simplified version of the MT4 platform. Its trading interface is intuitive, and it offers a great selection of drawing tools and technical indicators.
According to the broker, its Web Trader delivers all the benefits of MT4, in a highly compatible no-download package.
5. FXTM Trading Platform
In addition to offering the option of using MT4 or MT5 with your FXTM trading account, FXTM offers customers their proprietary FXTM MT4 WebTrader platform. This web based platform requires no download and can be accessed directly from any browser. The WebTrader platform supports all operating systems and has a simple to use interface available translated into 16 different languages.
In addition to one click trading, which allows a trader to make a transaction with a single mouse click, the web platform offers nine chart time frames with trading available directly from the charts. The web platform, which is based on MT4, has all the advanced analysis tools and can be used in both a live account and a demo account.
The screenshot below shows FXTM’s proprietary MT4 WebTrader page with real time market pricing, deal execution, and tools for technical and fundamental analysis.
FXTM now also provides clients with facilities to conduct copy trading on their series of MetaTrader trading platforms. With the copy trading service, FXTM traders can access a wide array of trading signals they can subscribe to. Once subscribed, every trade executed by the signal provider can be automatically copied. With the copy trading service, even novice traders can begin trading like pros.
6. TickMill Trading Platform
Some reviewers have derided Tickmill for featuring a single trading platform: MT4.
MT4 is, however, the best and most complete trading platform in existence. It covers all possible needs, and in Tickmill’s case, it offers superb EA support.
The broker has made the platform available in two versions.
A web-based, no-download version.
The full, downloadable version.
Both platforms require the same username/password combination for access. The main advantage of the WebTrader is that it offers quick access, and it is not device-dependent.
Although simpler and more streamlined than the full version, the WebTrader supports the same charting capabilities. It is MT4 through-and-through.
The full MT4 platform features superb compatibility as well. In addition to Windows platforms, it also works well on macOS, Android, and iOS-powered devices. This is the same version you get when you grab Tickmill’s mobile trading app.
MT4 offers a fully customizable trading environment. It supports MQL, the programming language you can use to code your own EAs and technical indicators. You do not have to be an expert to use a wide range of such trading tools. You can also pick them up from third parties and install them on your MT4.
- The broker has synchronized the two platforms both ways. What this means is that if you launch a trade on one, you will see it reflected on the other. This synchronization is instantaneous.
- The mentioned synchronization also translates to your trading history. You can now visualize all of your past trades through both platform versions.
- The WebTrader supports real-time quotes through Market Watch.
- The price charts it features are fully customizable.
- The WebTrader supports a total of nine time frames.
- In regards to technical analysis, the capabilities of the browser-based platform are impressive. It features more than 30 technical indicators.
- The compatibility of the WebTrader platform is superb. It works with all modern browsers.
- The platform securely encrypts all data transmission to and from the server.
Be default, the Tickmill MT4 platform offers more than 50 technical indicators.
- MT4 offers CFDs on a wide range of tradable assets, such as FX pairs, indices, bonds, commodities, and stocks.
- Tickmill’s liquidity pool is outstanding. Thus, you can execute your orders without any partial fills.
- EA support would not be complete without a VPS setup to match it.
- Through MT4’s advanced notification system, Tickmill delivers actionable trading signals.
In addition to what the two trading platform versions jointly deliver, Tickmill also offers its traders an impressive selection of trading tools.
- Preinstalled with the MT4 terminal, Tickmill offers a one-click trading EA. With the help of this expert advisor, you can perform intricate trading maneuvers, with the click of a mouse. Such operations include the placing of Stop Losses and Take Profits, closing positions, and creating new ones.
- AutoChartist is an advanced technical analysis tool, creating trader alerts, and working perfectly with MT4.
- The broker also offers a handful of Forex calculators, such as a currency converter, a margin calculator, and a pip calculator.
- The economic calendar is live on the official Tickmill website. It offers traders the opportunity to perform fundamental analysis and to trade the news.
- Tickmill’s VPS service offers low latencies, uptime guarantee, and quick setup.
7. FXCM Trading Platform
The trading platform selection of the broker is superb. It does not feature countless choices. Its two platform options cover all possible needs.
Trading Station is the proprietary web-based platform of the broker that anyone can launch in seconds. The broker offers a superb Demo account, with 50,000 units of virtual money. FXCM considers Trading Station to be its ‘main platform’. Unlike other proprietary trading platforms you might encounter, Trading Station is surprisingly powerful. If features scores of technical indicators, superb charting, and outstanding trading tools, such as Trader Sentiment, Market Depth, and Real Trading Volume indicators.
The platform is fully customizable. Users can add an impressive array of widgets and they can optimize the layout of their trading interface. Trading Station features support for automated trading strategies. In addition to strategy optimization, the platform also offers back-testing for various strategies. Through the Trading Station interface, users can trade directly off the charts. They also have access to technical- as well as fundamental data concerning the asset of their choice.
MT4 is the well-known and liked workhorse of the online FX/CFD trading industry. Charting- and features-wise, MT4 is certainly unbeatable. Those who download FXCM’s version are free to use any trading strategy, like scalping. The broker supports EAs as well as the VPS needed for the proper functioning of the Expert Advisors.
MT4 is also a fully customizable trading environment. Users can download and install it in a few seconds. The broker offers a Demo option for this platform as well.
As far as trading tools go, FXCM is probably one of the top destinations. In addition to access to Trading Central, the broker also offers trading tools such as:
- Social Trading
8. CMTrading Platform
The backbone of the CMTrading platform offer is MetaQuotes’ MT4. MT4 is the most popular trading platform, and it does not belie its pedigree in CMTrading’s version either.
MT4‘s charting capabilities are legendary. The platform supports scores of graph types, drawing tools, and technical indicators. Some of these indicators are preinstalled. The platform allows traders to create and install their technical indicators. Expert Advisors (auto traders) are also in the package.
In a nutshell, CMTrading’s MT4 offers the following:
- Live technical analysis
- Scores of timeframes and charts
- One-click execution directly off the chart.
- Real-time quotes.
- A simple, attractive, and well-known user interface.
The Sirix WebTrader is a very interesting platform option. It delivers many features that MT4 does not.
Sirix is a browser-based trading platform. As such, it does not require downloading. It is compatible with most modern browsers. The platform is available in 18 languages. It boasts several special features such as:
- Its trading cubes. Users can configure these trading cubes to reflect the trades and the lots they use most often.
- Social trading. This fully integrated feature allows traders to keep an eye on the trades of their more experienced peers. They can also copy these trades if they so wish.
- Social trading is a dud without a vibrant, active community. This is not the case with CMTrading’s social trading offer.
- In addition to the social trading feature, Sirix also features integrated economic calendars and a news stream.
The broker has gone to great lengths to provide its clients with as many trading tools as possible.
Sirix CopyKat is the mentioned integrated social trading feature. To use it, you need to create a separate account for it. Once done, you can search for the trader you want to copy, by name.
You can also use the filters to gain a glimpse of the top traders. You can then choose someone to follow, based on trading performance.
To see detailed performance statistics, all you need to do is to click on the user’s profile.
You can follow or copy the trader. If you follow, you will not be putting any funds on the line. If you copy, however, you will. Once you copy a trader, your account will automatically execute his/her trades.
The broker lets you follow these trades through Sirix or MT4. You can “uncopy” a trader any time if you are not satisfied with his/her performance.
Another interesting trading tool is the Guardian Angel communication tool. This feature feeds you direct trading signals from the broker. It also keeps an eye on your trading performance and gives you feedback. The tool includes a volatility indicator and a handy calculator for Stop Losses.
In addition to all the above, CMTrading also delivers FX trading signals to traders.
9. Plus500 Trading Platform
The trading platforms offered by Plus500 are very simple to operate and seem especially suitable for those interested in dealing in multiple markets. From one single screen, traders can obtain quotes in real-time for any of these asset markets and can execute transactions as well.
The Plus500 trading platform is available in a desktop version called Windows Trader and a web-based version called Web-Trader. In addition, a popular mobile version of the Plus500 platform is available that works on Apple devices like the iPhone, iPad, iPod Touch and Apple Watch. Plus500 apps also exist for mobile devices using the Android and Windows Phone operating systems. Read more about the Plus500 mobile trading app here.
The screenshot shown below displays the functionality of the Plus500 CFD trading platform, which includes trade execution, market pricing overview, a basic chart, position and account balance reports. The platform also has fund management capabilities, which give you as a trader the ability to make deposits and withdrawals from your trading account.
In addition to being able to watch various markets and execute trades, Plus500’s trading platform lets traders easily review past transactions and keep track of current positions. The software also includes a rather basic charting facility with multiple time periods available. Unfortunately, only one chart can be displayed at a time since the system does not support the simultaneous display of multiple charts.
In addition to the functionality provided by offering different versions of the Plus500 trading platform, the broker has also made some nice extra tools available for you as a trader.
One such tool is the Economic Calendar and the platform also offers a Trade Alerts service, as well as a Trader’s Guide.
Nicely there are also several tools available for risk management. Plus500 supports Guaranteed Stops and Trailing Stops, as well as Close at Profit and Close at Loss rates. For your convenience, these tools and their peculiarities are thoroughly explained at the broker’s website.
10. XTB Trading Platform
XTB supports two trading platforms (three if we count the mobile app): MT4 and XStation5.
MT4 is a great centerpiece for every online trading operation. It is proven, people love it and it offers superb trading tools. XTB’s version of MT4 is no exception either. It comes with scores of technical indicators and drawing tools. It aids technical trading in several ways. Among its special features are:
- A chart pattern recognition tool. With this tool, you can define Stop-Losses and Take-Profits. You can also set entry- and exit points for your trades, quickly and easily.
- The Strategy Tester is another superb addition. It allows you to back-test your trading strategies and thus to fine-tune them.
- Custom indicators. The platform lets you create and purchase custom indicators. Installing these indicators is really quick and simple for you.
If you are looking to trade at XTB through MT4, you can download the software for free. There is also a free browser-based option available.
The XStation5 is the proprietary trading platform of the broker. It is an award-winning piece of software. XStation5 supports a massive range of tradable assets – more than MT4. It is also easy on the eyes.
The platform offers outstanding execution speeds, scores of drawing tools and a superb selection of technical indicators.
XStation5 is available in a web-based and mobile format. The two versions look similar. The web-based one does not require downloading. It works well with all the major browsers.
To sum it up:
- XStation5 lets you as a trader buy and sell more than 4,000 tradable assets. FX, as well as a wide range of CFDs, are available on a single platform.
- The featured charts are clear. They lend themselves well to technical analysis.
- You can set SLs and TPs directly on the charts. There is a built-in trading calculator, which details potential profits and losses.
- The broker maintains a team of professional traders. This team shares tips and trading signals with users. An Economic Calendar will also help you with fundamental analysis.
- The sentiment indicator offers a glimpse into how your peers trade a given instrument.
Both platforms support real money- as well as Demo accounts.
Please share all the comments you might have on these online trading platforms in the comment field below. Which is the best trading platform in South Africa according to you? And would you say that the same platform is also best for beginners?