In South Africa, online trading is on the rise. By the beginning of the pandemic, the country already had the most active community on the continent. Now, more and more residents are working in financial markets on the go. The FXTM mobile trading app is all the rage, as it unlocks 250+ assets. If you are willing to focus on stocks, here are five powerful systems.
The MetaTrader 5 App
MT5 is offered by the most prominent brokers in South Africa. The platform has been the top choice for years. It is a successor to MetaTrader 4, the classic choice for Forex trading. MT5 is more versatile, powerful, and efficient. Stock traders love its rich collection of features, including algorithmic tools.
MetaTrader 5 covers a broad range of markets, and it is free for all users. Price charts with 21 timeframes allow you to pursue any popular strategy. The number of technical indicators is spectacular — there are 80 built-in items! Meanwhile, financial news will help you monitor fundamentals.
Overall, the system is suitable for both schools of analysis. Strong VPS protects your data and ensures smooth execution regardless of power outages or disconnections. It is one of the most reliable systems you can find.
An account from Forextime allows trading on margin. Thanks to leverage, your profits are maximized. Keep risks under control and copy stock trading professionals automatically. Thanks to alerts, you never miss out on essential market changes.
2. The Charles Schwab App
This app is a great comprehensive choice. You may start with as much capital as you like — there is no account minimum. The company does not charge any trade commission or recurring fees, either. This system is suitable for newbies and professionals.
The system is your best bet if you want a wide range of account types. Through the app, you can easily view and manage balances, positions, and accounts. Track stocks, indices, and the latest news. Charles Schwab allows several types of trades.
There is also a free automated advisor called Schwab Intelligent Portfolios. Finally, the Schwab Assistant allows you to control it with voice commands. On the downside, the most sophisticated version — StreetSmart Mobile — needs improvement.
3. The thinkorswim App
Users of thinkorswim have zero commission fees, and there is no minimum balance. It is best for seasoned traders looking for an interactive experience. Developed by TD Ameritrade, thinkorswim is suitable for its most active clients.
The range of Investments and accounts is diverse. Unlike most rivals, the app features futures and crypto coins. These instruments are less supported.
This system works on desktop and mobile devices, so access is flexible. It has sophisticated charts, advanced tools, calculations of profit and loss, and even a live stream with CNBC news. Support is instantly accessible through the chart within the app.
4. The SoFi App
SoFi meets the needs of the least demanding traders — primarily, beginners. This investment app does not require a minimum balance and has no recurring charges. For newbies, simplicity is an advantage. The system is easy to navigate, even if you have zero experience with financial markets.
The choice of accounts is also more limited, but ETFs and stocks are included. Browse through informative articles and pick the best asset categories. The app is combined with an automated platform. There, you may buy fractional shares through a proprietary product.
5. The Webull App
On Webull, there is no account minimum. You will be charged for data subscriptions and leverage. Still, for most users, the platform is absolutely free.
If you are an active trader looking for decent software, Webull is worth considering. The platform is relatively new, but it has already caused a stir in the trading community. Users may invest in stocks, options, and ETFs without commission. Advanced data is provided to subscribers.
You may also boost your buying power by using a portion of the company’s funds. Margin borrowing is available depending on your balance. The app has notable social features. The community connects to fellow traders, so you may exchange insights. The interface is not simple, but not too complex either.
The Bottom Line
Choosing a trading environment is not easy. Stock traders need convenient apps which sync to desktop counterparts. At the moment, MetaTrader 5 is the most comprehensive product for traders in South Africa. It is provided by global regulated brokers with millions of clients and a stellar reputation.
Interesting Related Article: “Beginners Guide To Trading Forex“