South African Top Beginner Forex Trading Platforms 2021

AvaTrade – Best Beginner Web Platform

Designed specifically for beginner traders, AvaTrade’s web trader platform is ideal for those starting out. No complex downloads or installations are required to access the trading platform, with the software reachable from any computer (Mac or PC) or location with the internet. While the trading platform does not offer the advanced trading tools that platforms such as MT5 or cTrader provide, AvaTrade’s web trader offers a simple and easy-to-use interface.

The highly customisable platform creates a user-friendly trading experience for those new to trading. The web-based platform is presented in an intuitive and logical format, meaning those with little experience can easily place orders and explore financial markets.

Trading Tools

The web trader platform provides useful tools for novice traders, including client sentiment data where users can see the percentage of market participants buying or selling a certain currency pair or CFD. To manage the high risk of CFD trading, AvaTrade customers can place market orders and pending orders such as take profits and stop losses. Unfortunately, a downside is that the risk management tools provided do not include price alerts or notifications.

FSCA South African Forex Regulation

As well as using trading platform risk management tools, forex traders should be aware of the regulatory bodies a broker is overseen by, and the investor protection they provide.

AvaTrade is an online broker authorised to facilitate foreign exchange trading in South Africa. Overseen by the country’s regulatory bodies, the FSCA and FSB (Financial Sector Conduct Authority and Financial Services Board), AvaTrade is allowed to accept both domestic and international clients. As well as FSCA regulation, additional AvaTrade subsidiaries are regulated in Europe, Australia, Japan, Abu Dhabi and the British Virgin Islands.

Those registered with AvaTrade’s South African subsidiary receive investor protection in the form of segregated client funds and negative balance protection. The FSCA’s requirement for client funds to be segregated from operational company funds ensures traders’ account balances are protected in case a broker comes into financial trouble. Negative balance protection, on the other hand, means traders cannot lose more than what they have deposited into their trading account.

AvaTrade offers fixed spreads

Most brokers offer variable spreads. This means the spreads are constantly changing. As there is always a lag between the time you execute your order and the time your order is completed, slippage may occur when a broker uses variable spreads.

AvaTrade, unlike most brokers, offers fixed spreads. This can be good if you’re a beginner trader, as you don’t need to worry about slippage. AvaTrader offers some of the most competitive fixed spreads in the industry.

easyMarkets No Commission Comparison	EUR/USDAUD/USDEUR/JPYGBP/USDAUD/JPY	EUR/USDAUD/USDEUR/JPYGBP/USDAUD/JPY	EUR/USDAUD/USDEUR/JPYGBP/USDAUD/JPY	EUR/USDAUD/USDEUR/JPYGBP/USDAUD/JPY	EUR/USDAUD/USDEUR/JPYGBP/USDAUD/JPY
	0.90	1.20	1.50	1.80	N/A
	1.84	2.14	2.46	2.53	N/A
	1.60	1.90	2.40	2.10	N/A
	1.80	2.50	2.60	2.50	N/A
	3.00	3.00	3.00	3.00	N/A
	4.00	4.00	5.00	5.00	N/A
	3.00	4.00	6.00	4.00	7.00

Data taken from broker website. Accurate as at 01/09/2021

Compare Fixed Commission Spreads >>

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ThinkMarkets – Best Beginner Mobile Trading Platform

ThinkMarkets is a regulated broker that accepts South African traders. As well as oversight from South African regulatory bodies (FSCA and FSB), the online broker adheres to top-tier financial regulation set by the ASIC, and the FCA (formally FSA) and therefore viewed as trustworthy by the global forex community.

To trade forex and CFDs with ThinkMarkets customers can access the broker’s proprietary trading platform, ThinkTrader, via a desktop trading platform or mobile trading app. Compatible with iOS and Android devices, the mobile trading app is fully functional with a user-friendly design and a range of charting and analysis tools.

Trading App Features

With 4.8 stars on Apples App Store, ThinkTrader’s mobile app is one of the best forex trading apps currently available. With an easy-to-use interface, basic risk management tools and a market scanner, ThinkTrader is an excellent choice for beginner traders wanting a user-friendly but fully functional trading app.

Charting Tools

Traders can use the mobile apps, 50+ drawing tools and 80+ technical indicators to analyse markets and develop trading strategies on their mobile phones. Unlike many basic trading apps, ThinkTrader allows users to view four different financial instruments on one screen.

Alerts and Notifications

To manage the high risk of forex trading, beginner traders may find ThinkTrader’s cloud-based alerts useful. Even when a user is offline alerts and notifications are delivered to the traders’ preferred device, allowing customers to keep up to date with market movements and current trading conditions at all times.

Order Types

When trading CFDs on ThinkTrader, customers can utilise the trading platforms with different order types as a risk management tool. As well as placing orders at the current available market price via a market order, pending orders such as stop orders and limit orders are available on the mobile app.

In addition to order types, ThinkMarkets offers order management tools exclusive to ThinkTrader. Using the platform’s multiple order closure features, a customer can close all open positions with one click.

Automatic Market Scanner

ThinkTrader’s TrendRisk Scanner automatically analyses different financial markets searching for potential trading opportunities. As well as saving time by automating the technical analysis required, the market scanner also provides risk management features. When TrendRisk suggests an investment opportunity, risk management tools are automatically applied to the trading strategy.

View ThinkMarkets Review >>Visit ThinkMarkets >>

eToro – Best Beginner Platform For Social Trading

South African traders wanting to automate investment strategies via a social trading service may utilise eToro’s huge forex trading community. With millions of members, customers can connect with experienced traders and copy their strategies.

How to Trade Forex with eToro

The online brokers’ proprietary trading platform and copy trading features are incredibly user-friendly. Users simply seek out successful traders within the social trading platform they want to copy. After deciding the amount they wish to invest, the trading strategies and orders of the followed investor will begin to be automatically copied and carried out.

Trading strategies created by top investors can include a range of asset classes, including forex, cryptocurrencies, stocks, exchange-traded funds (ETFs), commodities and indices.

As well as individual financial instruments, eToro traders can invest ‘CopyPortfolios’. The portfolio management service simplifies the CFD trading process even further, with the eToro team managing investments and capital. Two different types of CopyPortfolios are available. Market portfolios are diversified with different asset classes, while Top Trader Portfolios are a basket of eToro’s best performing, most successful traders.

Plus500 – Beginner Platform For Risk Management

When trading forex with Plus500’s South African subsidiary, customers have no choice of account types and pricing structures. Only a standard, no-commission account is available, with no ECN-style or VIP account types offered to traders. Similarly, Plus500 customers are required to execute trades using the CFD providers proprietary trading platform. Although Plus500 provides limited account types and trading platform options, an excellent range of risk management features is offered through order types, top-tier financial oversight and platform feature such as alerts and an economic calendar. The proprietary trading platform can be accessed as a web trader or desktop platform or through trading apps compatible with iPhone, iPad, Windows and Android devices.

Order Types

Utilising different order types allows beginner traders to limit their losses and maximise their gains when trading forex and CFDs. Plus500 offers free standard market and pending order types, as well as guaranteed stop-loss orders that traders can enlist at a premium. When developing trading strategies, order types enable Plus500 customers to pre-define price levels where positions are automatically opened or closed, depending on whether market prices are moving in favourable or unfavourable directions.

• Stop Limit Order
• Stop Loss Order
• Trailing Stop Order
• Guaranteed Stop Loss Order (GSLO)

A cost is incurred when placing a guaranteed stop-loss order, as there is no risk of slippage. Slippage occurs when markets are volatile and the actual price order is executed does not match the predetermined price set by the trader when the order is originally placed. A GSLO eliminates the risk of slippage for a premium which may occur with stop limit, stop loss or trailing stop orders where no order fees are charged.

FSCA Regulated CFD Provider

As well as FSCA supervision, Plus500 subsidiaries are overseen by a number of top-tier regulatory bodies, including MAS Monetary Authority of Singapore), FMA (Financial Markets Authority, NZ), CySEC (Cyprus Securities and Exchange Commission) and the FCA (Financial Conduct Authority, UK).

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’

FxPro – Best Beginner Forex Broker with cTrader

For those wanting access to institutional-grade trading conditions, FxPro’s cTrader offering is an option for traders of all levels of experience. With no dealing desk (NDD) interference, FxPro customers can trade at competitive bid and ask prices similar to an ECN environment.

Getting started on one of FxPro’s cTrader trading platforms is easy. While the desktop platform is not available to Mac users, a web trader platform is accessible from any browser. Lastly, cTrader’s mobile trading app is compatible with both iOS (iPhone and iPad) and Android devices.

cTrader Trading Platform Features

cTrader is a popular trading platform as it provides a range of advanced trading and analysis tools. Although many tools are designed for experienced, high-volume traders, those new to trading can benefit from the following features as they gain confidence participating in forex markets:

• Fast order execution averaging 11.06ms
• ECN-like spreads as low as 0.0 pips
• 4 pending order types and 2 time limits
• Automated trading via cBots and C#
• Sophisticated backtesting capabilities
• Level 2 Depth of Market

FxPro cTrader Account Type, Spreads and Commission Fees

As a cTrader user, FxPro customers are not able to sign up to the broker’s Standard, all-inclusive account type and are restricted to paying a flat rate commission fee structure. While traders are charged a round turn commission fee of $4.5 per 100,000 traded, they gain access to ultra-tight ECN-style spreads as low as 0.0 pips on major currency pairs.

To assist beginner traders with complex commission fee calculations, FxPro offers a commission calculator tool on its website. To calculate commission fees for different orders, customers can simply enter the currency pair being traded, along with the account currency and position size. As well as commission fees, the fx calculator provides information on margin requirements when trading forex and CFDs with leverage.

VIP Account Type

If traders want even tighter spreads and lower commission fees, FxPro offers a VIP account type. Yet, traders are required to make a minimum deposit of $50,000 to qualify as VIP customer.

View FxPro Review >>Visit FxPro >>

FXCM – Best Beginner Broker Platform MetaTrader 4

FXCM is an FCA and ASIC regulated broker that offers customers MetaTrader 4 (MT4) as a trading platform option for South African traders. To start trading with FXCM and MT4, users have a choice between downloading the desktop platform or using the web trader and mobile apps. When using the popular forex platform, traders gain access to a sufficient range of financial markets, with 39 currency pairs available to trade along with CFD products.

Automated Trading

MetaTrader 4 is well-known for its automated trading features with comprehensive algorithmic and social-copy tools available on the platform. As well as creating custom indicators and Expert advisors using the MQL4 programming language, traders can download and purchase thousands of different automated trading tools from the MetaTrader marketplace online. You can view other beginner brokers that offer automated trading on the international beginner provider page.

Technical Indicators and Expert Advisors

• Inbuilt and pre-installed Features:
  • 30 technical indicators
• MT4 Marketplace and Community:
  • 2,000 free indicators to download
  • 700 technical indicators available to purchase
  • 1,700 Expert Advisors (trading robots) available to purchase

Trading Signals

For beginner traders who prefer to automate trading using social-copy tools rather than Expert Advisors can utilise MT4 trading signals. As beginner traders can copy the trades of proven, successful investors, FXCM’s forex signals allow the human emotion to be removed from trading. Users can view a wide range of statistics to find trading signals to incorporate into trading strategies, with information such as the number of subscribers and % of successful trades available to view. As an FXCM customer, traders can access a free 14-day trading signals demo account.

View FXCM Review >>Visit FXCM >>

FXTM – Best Beginner Platform for Copy Trading

ForexTime is a forex broker and trading platform that provides social-copy services to retail traders via FXTM Invest. ForexTime is authorised to operate in South Africa with FSB and FSCA oversight, while the broker’s other subsidiaries are regulated by CySEC in Cyprus, the FCA in the UK and IFSC in Belize.

FXTM Invest is a user-friendly copy trading platform for those new to forex trading. Customers can choose from hundreds of different strategy managers, automating trading via FXTM’s account mirroring services and platform. To access ForexTime’s social-copy trading features, customers can sign up online to the broker’s web-based myFXTM account type where a $100 USD, GBP or EUR minimum deposit is required to start trading.

When choosing which of FXTM’s strategy managers to follow, customers can view the investor’s profits/losses, history, and risk levels to ensure they copy traders with similar investment objectives. Strategy managers can include a wide range of asset classes in their trading strategies, with 250 financial instruments offered by FXTM including:

• 57 Forex Pairs
• 180 Share CFDs
• 11 Indices
• Metals: Gold and Silver
• Commodities: UK Brent, US Natural Gas and US Crude
• Cryptocurrencies: Bitcoin, Ethereum and Litecoin

View FXTM Review >>Visit FXTM>>

Markets.com – Best CFD Trading Tools

Markets.com is a top forex broker that offers a unique selection of trading tools on the broker’s proprietary platforms, Marketsx and Marketsi.

As well as a great range of features to help you develop sophisticated trading strategies, Markets.com is seen by beginner traders as a trusted broker for the following reasons:

• Markets.com is regulated by multiple top-tier financial authorities around the world (CySEC, FCA, ASIC, FSCA and the FSC)
• The broker values transparency with its parent company listed on the London Stock Exchange and a component of the FTSE 250 Index
• Additional transparency is provided surrounding execution, with the broker publishing slippage stats quarterly
• Although a market maker, the broker follows an STP execution model so they are able to offer tight spreads that compare to NDD brokers.
• Thousands of CFDs to trade, derived from shares, forex, indices, commodities, ETFs, bonds, blends and cryptos.
• Forex spreads are as low as 0.6 pips for with no commission fees.

Marketsx Trading Tools

Marketsx is the broker’s CFD and forex trading platform that offers a selection of unique trading tools. As well as technical and fundamental analysis tools that are available on most trading platforms, Marketsx comes with proprietary sentiment tools that are not offered elsewhere.

Sentiment Tools: provides data showing the current sentiment and attitude towards different financial markets, and whether the majority of traders are buying or selling. Examples of Marketsx sentiment tools include:

• Trading Analyst Recommendations
• Real-Time Signals 
• News Trading Sentiment 

Technical Analysis: Marketsx comes with inbuilt charting tools that allow you to conduct advanced analysis using a range of technical indicators and oscillators.

A unique technical analysis tool included on the platform is the Related Instrument feature that shows the correlation between two financial instruments.

Fundamental Analysis: To help you keep up with major economic events that affect asset prices, Marketsx offers fundamental analysis tools like:

• Thomson Reuters stock reports
• Advanced alerts
• Financial commentary

Marketsi Trading Tools

The broker’s second proprietary platform, Marketsi, was developed with share trading in mind. While you still get access to thousands of CFDs from a diverse range of asset classes, the platforms trading tools are designed for stock market analysis.

• Strategy Builder: The tool helps you develop trading strategies and portfolios tailored to your risk profile and trading objectives.
• Strategy Template (coming soon): Pre-built trading strategies and portfolios designed by experts that suit your risk appetite and goals.

View Markets.com Review >>Visit Markets.com >>