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AuthorBy Chris Cammack
Updated: July 12, 2022

This is our list of the best Forex trading apps for South African Forex traders. To create this list we tested the trading apps of 160+ Forex brokers in South Africa. All these trading apps are verified safe to use and free to download. They all provide traders with ways to open and close trades from a mobile device. 

To test these mobile apps, we downloaded and installed them on Android and iOS devices and connected our live trading accounts. While trading on the mobile apps, we tested the platform stability and execution speed. We also compared their fees and checked how easy it was to deposit and withdraw money from our trading account.

Below this list are reviews of each trading app highlighting their features and explaining why they are on the list. We also share our expert knowledge on the advantages and disadvantages of trading on a mobile phone. These are the best Forex trading apps in South Africa for 2022.

  • HFM (HotForex) - Best App for Forex Analysis
  • FXTM - Best App for Automated Trading
  • AvaTrade - Best In-App Risk Management
  • XM - Fastest Execution Speed
  • FBS - Highest Leverage Mobile Trading
  • Plus500 - 2000+ Non-Forex CFDs
  • BDSwiss - Best App for Trading Crypto
  • markets.com - Most Instruments to Trade
  • XTB - Best Regulated Mobile Forex App

Best Forex Trading Apps 2022

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Broker
Overall Rating
Official Site
Min. Deposit
FSCA Regulated
Mobile App
Apple Score
Google Score
Analytical Tools
Forex Calendar
Forex Analysis News Feed
Watch List
Alerts
Cross Device Syncing
Charting - Draw Trendlines
Charting - Drawings Autosave
Charting - Indicators / Studies
Charting - Multiple Time Frames
Charting - Trendlines Moveable
Compare
HFM (HotForex)
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 70
HF App
1110.503.8/ 5
11110.54.0/ 5
FXTM
4.33 /5
Read Review
Visit Broker >
Your capital is at risk
USD 10
FXTM Trader
1110.503.6/ 5
1110.503.7/ 5
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 1500
AvatradeGo
11110.54.3/ 5
11110.54.2/ 5
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
XM App
1110.503.0/ 5
1110.503.7/ 5
FBS
4.23 /5
Read Review
Visit Broker >
Your capital is at risk
USD 1
FBS Trader
11110.54.8/ 5
11110.54.5/ 5
Plus500
4.09 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 1500
Plus 500 App
1110.503.7/ 5
11110.54.3/ 5
BDSwiss
4.32 /5
Read Review
Visit Broker >
Your capital is at risk
USD 10
BD Swiss App
11110.54.0/ 5
110.5002.8/ 5
Markets.com
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 2500
Marketsx
11110.54.2/ 5
11110.54.4/ 5
XTB
4.14 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
xStation App
11110.54.7/ 5
11110.54.6/ 5

How to Choose a Forex Trading App

Forex trading apps are all different, but the best apps will have fast trade execution speeds, comprehensive functionality, platform stability and the full range of assets to trade.

Fast Execution Speed: Fast execution speed is an essential feature of the best Forex apps. While execution speed still partially depends on the mobile device’s connection to the internet, the app itself mustn’t suffer any loss in execution speed when compared to the desktop version of the platform.

Full Functionality: Trading apps should match their desktop versions’ functionality and feel familiar to the desktop platform users. While charts on a mobile device will be less customizable than on a desktop, there should be some of the more popular custom indicators and common timeframes functions found on the desktop version.

Platform Stability: A stable iOS or Android trading app is an absolute necessity. Should your app crash while trades are open, you risk losing capital should the markets are move against your position. Platform stability is an absolute necessity and should never be compromised.


HFM (HotForex) – Best App for Forex Analysis

HF App: HFM’s HF App features include in-app fund transfers, advanced charting, and access to HFM’s copy-trading accounts. Other app features include a live rate stream for CFDs on Forex, commodities, stocks and indices, a market news stream and the latest analysis published by the HotForex research team. While you will need the HFM MT4 or MT5 app to trade, the HF App is a fantastic analysis companion for any HFM client.

Trusted FSCA Broker with ZAR accounts: FSCA regulated and with ZAR trading accounts, HFM offers trading on Forex, cryptocurrency, commodities, indices, shares, bonds, and ETFs.

HFM FEATURES

  • Micro Account: with a 70 ZAR (5 USD) minimum deposit, fast market execution and spreads starting at 1 pip.
  • Analytical tools: Daily Market Analysis from experts, a market sentiment tool, and Trader’s Board – a detailed look at the world’s markets with volume indicators and live charts.
  • Trading calculators, an economic calendar, and information on upcoming live webinars with reservation functionality.
  • A dedicated section for copy-trading: Monitor the status of investments, allocate funds and manage your portfolio.
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts South African Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

FXTM – Best App for Automated Trading

Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker. Through the FXTM Trader mobile app, traders can access FXTM’s complete range of CFDs, including Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies. With FXTM Trader you can open and close positions in seconds, fetch live currency rates, manage your trading accounts, and supervise your FXTM Invest copy-trading account.

FXTM TRADER FEATURES

  • Monitor your FXTM Invest, FXTM’s leading copy trading system
  • Micro Account with a 10 USD minimum deposit
  • Trading on Forex, commodities, metals, stocks, and indices
  • Access to the MyFXTM dashboard, letting you deposit, withdraw and monitor your funds in seconds
  • Enable 1-click trading for even quicker buying and selling
Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

AvaTrade – Best In-App Risk Management

AvaTrade’s flagship mobile app, AvaTradeGo, has an excellent dashboard with easy trade management tools, clear charts, and a Market Trends feature to monitor trading trends within the AvaTrade community. It also features AvaTrade’s AvaProtect tool, which provides loss protection for a limited time: Any losses are fully refunded, but any gains are the traders to keep. AvaTrade’s fees are some of the lowest for an account with a 1500 ZAR minimum deposit – as low as 0.90 pips on the EUR/USD.

AVATRADEGO FEATURES

  • Choose from over 1,000 instruments to trade, including Forex pairs, Commodities, Stocks, Cryptocurrencies and more
  • Market Trends: Monitor social trends, see what other traders buy and sell, and stay on top of your trades
  • Secure deposits, FSCA-regulated and 24/5 Customer Support 
Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

XM – Fastest Execution Speed

XM is a well-regulated broker supporting MT4 and MT5 native XM apps with three account types: A Micro Account, Standard Account and a commission-based XM Zero Account with super-tight spreads. Each account offers tight spreads, with the EUR/USD starting at 1.6 pips on the Micro and Standard Account. The XM Zero Account has spreads down to 0.1 pips with a commission of 7 USD round trip. For beginners, education and research are some of the best globally.

XM APP FEATURES

  • Both MT4 and MT5 trading platforms are available as apps
  • Trade on Forex, stock CFDs, commodities, shares, precious metals and energies
  • 99% of trades are executed in less than a second with a 100% execution rate. No re-quotes or rejections of orders.
Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

FBS – Highest Leverage Mobile Trading

FBS Trader app: FBS is a hybrid STP/ECN broker offering trading on Forex, commodities, cryptocurrencies, metals, and equities on the MT4 and MT5 trading platforms and the FBS Trader app. The new FBS Trader app offers an all-in-one multi-asset trading platform for online trading anywhere. 

Good Trading Conditions: 

Regulated by the FSCA in South Africa, with five different live accounts for all levels of traders, and a minimum deposit of 1 USD on its smallest account, clients have access leverage of up to 3000:1 on most accounts.

FBS TRADER FEATURES

  • More than 100 global and local payment methods. Deposit and withdraw at any time, 24/7
  • 20% Cashback for every order on trading Forex, stocks, and other assets
  • 24/7 chat support and demo trading from inside the app
  • Trade over 35 crypto pairs and crypto crosses 24/7
Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
AlertAccepts South African Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC, ASIC, FSCA, and the IFSC.

Plus500 – 2000+ Non-Forex CFDs

Founded in 2008 and regulated by the FSCA in South Africa, Plus500 allows trading on 70+ Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs. Plus500 is a leading CFD provider mainly due to the intuitive nature of its mobile trading app and low trading fees. Spreads are competitive across all instruments, and trading is always commission-free. 

PLUS500 APP FEATURES

  • Free unlimited demo account, only start trading with real money when you are ready
  • Protect your positions by setting stops and limits, including a Guaranteed Stop
  • Advanced order types, sentiment indicators, and price alerts to stay on top of the market
  • Multi-language 24/7 customer support
Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
AlertAccepts South African Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 30:1.Islamic account available. Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS. 77% of traders lose money with this provider.

BDSwiss – Best App for Trading Crypto

BDSwiss offers a comprehensive mobile trading environment from their iOS and Android apps. Winner of the Best Trading App at the 2019 Mobile Star Awards, the BDSwiss Mobile App allows access to 1000+ instruments and fully synchronises with the BDSwiss WebTrader and BDSwiss MT4 Platform. 

Founded in 2012, BDSwiss offers trading on multiple instruments, including Forex, commodities, shares, indices, and over 27 cryptocurrencies. BDSwiss offers beginners, and more experienced traders account types, including a Raw Account with spreads down to 0 pips.

BDSWISS MOBILE APP FEATURES

  • No need for desktop registration; open, fund and verify your trading account within minutes
  • 24/7 access to a wide range of crypto assets, including Bitcoin, Dash and Ethereum pairs.
  • Open positions on every CFD asset available on the desktop MT4 platform, monitor market activity and access the account dashboard
  • Free deposits and withdrawals via 150+ methods.
  • Industry-leading market analysis and education available from within the app
Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by the FSC and the FSA-Seychelles.

Markets.com – Most Instruments to Trade

Markets.com mobile trading app, called Marketsx, offers fast, low-cost trading on over 2206 financial instruments. The app has been natively designed for iOS and Android, providing a smooth and stable trading experience on stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds. 

MARKETSX FEATURES

  • Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission.
  • Over 2000 global shares, 67 currency pairs, 41 global indices, 27 commodities (including everything from gold and copper to wheat, cotton, and heating oil), 60 ETFs, 25 cryptocurrencies, and 4 government bonds.
  • 23 of Marketsx exclusive Blends CFDs. Blends are stock baskets of industry-leading companies.
  • Built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and more.
  • A range of tools that use data from leading analysts, hedge funds, and commentators. Each tool has integrated buy and sell buttons.
Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Marketsx platforms supported. MarketsX is regulated by the FCA, CySEC, ASIC, and the BVI FSC.

XTB – Best Regulated Mobile Forex App

xStation Mobile App: XTB has successfully incorporated many of its desktop xStation trading platform’s features into the xStation mobile app. The transparent charts (also available horizontally) allow clients to track market movements accurately with a smooth and intuitive design. 

Highly Regulated: Regulated by the FSCA in South Africa; the FCA in the UK; CySEC, PSEC and CNMV in Europe; and the IFSC in Belize, XTB is one of the best-regulated brokers in the world. XTB offers trading on over 4148 financial assets, including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. XTB has relatively low fees compared to many brokers, with no minimum deposit requirement and spreads averaging 0.9 pips (EUR/USD).

XSTATION APP FEATURES

  • Access XTB’s award-winning market analysis and market sentiment from inside the app
  • Control your take-profit and stop-loss directly on the chart or through the integrated trading calculator
  • Filter instrument classes and set favourites with the market analysis dashboard.
  • Fully customisable layout. Traders can also choose between light and dark mode, saving battery and keeping clarity.
Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, the FSCA, and the IFSC

What is the best Forex trading App?

AvaTrade’s  flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTradeGo provides a smooth trading experience with a sophisticated dashboard, complete with a set of intuitive management tools, clear charts, zoom for details, and many more helpful features unique to this app.

What are the advantages of Forex Trading Apps?

Better trading apps enhance the convenience of mobility and quick response time they provide for traders.

Convenience

Before smartphone trading apps, Forex traders had to close all their positions when they left their desk and accessing Forex news and data was difficult. With a trading app, you can keep trading when you leave your desk

But now all aspects of Forex trading can be achieved via a trading app. Most apps will allow you to open and close positions, use advanced charting to analyse the market and keep abreast of breaking news and economic data that affect the markets.

Mobility

Forex trading apps are convenient, and let traders can monitor open positions when away from their desk. Whether you are commuting to work on a train, or walking down the street to go shopping, you can keep track of your positions and the market movements.

mobile-trading-3

Response Time

Trading apps also allow you to respond to market movements in an instant. Rather than having to wait until you are at your PC to take advantage of price movements, you can open or close an order immediately with the tap of your screen.

What are the disadvantages of Forex Trading Apps?

Small screens, distractions while you are on the move, slow execution speed and the potential for overtrading are all disadvantages of mobile trading that you should be aware of.

Screen size

Professional traders use two monitors with multiple charts and often hold numerous open trades. You cannot do this on a small mobile screen without the risk of missing important details. Mobile traders should try to limit the number of open trades and be aware of the charting limitations on their trading app

Distractions 

Mobile devices are designed to be with you when you are doing other things, but trading while you are doing other tasks is not encouraged.

If you are trading on a mobile device, make sure that you have taken the time and space to judge your trading decisions before following through.

Man on phone on street

Execution Speed

While execution speeds on mobile trading apps are generally good, you should not use them for scalping. Mobile networks are getting faster all the time, but there will always be a delay relative to a desktop trading environment.

Overtrading

Often, the best move when trading is to do nothing – especially when you are on the move and without access to the tools and charts you have at your desk. With the convenience of a mobile trading app, there is the danger that you will be tempted to trade too often, and in ways that you would not normally do when at your desk.

Final Word

Forex trading apps are a useful addition to a trader’s toolbox but should never be used as a replacement for a desktop platform. While their convenience is undeniable, there is just too much space for distraction and overtrading while on a mobile device.

The best Forex trading apps can achieve some of the aspects of the best trading platforms but will never be able to match a desktop platform for analysis and execution speed.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

Here are the resources that were used to research and write this article.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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