Before you can trade, meaning buy or sell stocks on the markets, you have to find a broker, these available on several brokerage sites. The broker you consider needs to suit your needs. Other factors that need to be taken into account before deciding on a specific broker are things such as regulations, fees, payment methods, tradable stocks and research. There are many apps to choose from, and if they tick all of the aforementioned boxes, then they should be shortlisted. We will be taking a look at what kinds of apps are available to South Africans and listing what you should be looking for.
Top App Offers
The broker provides you with the opportunity to trade in more than 800 shares over 17 different markets. The app which is compatible with iOS and Android devices is downloadable from the app or play store. The app enables you to trade major international stock exchanges as well. This makes you eligible to trade on Canadian, French, Saudi Arabian and German markets, just to name a few. You are even allowed to trade stocks on other types of exchanges. These apps are free of any commission in fact of any charges, no matter what exchanges you decide to trade on. The option of over 800 socks being offered on contract for difference (CFD), gives traders the freedom to short-sell or apply leverage while trading. Find an app which is user-friendly as well as free, is important because if trading is new to you, you will need to not be more confused than is necessary. After you decided on the app and get set up, the app allows you several ways to track your portfolio, make deposits and withdrawals on your account as well as perform research at the click of a button. There are many payment options available on a good app, such as e-wallets, bank accounts or even using your debit/credit card. The only downside is that the apps which are available in SA use the US dollar as the preferred currency.
More Offers from Apps
When an app allows you to buy or sell stocks while you are moving around from place to place, while still allowing you to access and fund your account, then you have certainly found one worth keeping. In addition to this, some apps also make it possible for you to check the state of your investments and perform necessary research you may require. These apps assist with transitioning a newbie and easing them into the online trading scene. How this is achieved, is that these apps come with educational applications such as courses and quizzes. There are also many different markets to choose from on these apps. With being regulated by both the FCA and CySEC, all the investors are ensured that investment capital is safe. The nice thing about some of the platforms is that they offer smaller deposits which start from as little as $20 per trade. There is however decent leverage of 1:100 here, which means that if you invest $1 you could profit up to $100, with any given trade.
Best Low Cost-DFD’s
This platform which not only offers over 2000 stock CFD’s, but also many financial instruments and the best shares, ticks all the boxes and some. Here several markets are covered as well as many major companies, banks and investment firms. This means that you are eligible to trade on stock on international platforms, such as Hong Kong, US, UK and Germany, to name just a few. This of course means that you will be able to trade in pounds sterling as well. Which means that a deposit of £100 or R2,200, which you can deposit via debit/credit card as well as all the other payment methods previously mentioned. The leverage here is 1:300, meaning for every $150 you deposit and if your trade pays out, you could walk away with $45,000. With this app, you don’t incur any costs, except a 0.5% fee, which is charged for the conversion of currencies.
App with MT4 Options
Another app offers South African traders 1:400 leverage as well as several asset classes. This allows the trader to choose their position as well; this is perfect for short- term trading. As with some of the other features from already mentioned apps, this one also provides the trader with the freedom to check the values of their portfolios, while continuing to analyse and do research. Also, the trader can download an application known as MT4, which permits the investor to log in using their account credentials. This makes it easier for traders to be able to load stock systems which are fully automated, which offers the trader flexibility.
Conclusion
With the number of apps available, information such as this is sure to offer some clarity when a trader is looking for the best trading app in South Africa. It is best to go for one that suits what you are looking for and provides you with the best options.