8 Best Forex Trading Apps in South Africa for Beginners 2024

When we talk of best forex trading apps, we look out for those apps that let you carry out almost all your essential trading activities, without the need to leave the app.

We also check for how safe these apps are by scrutinizing their legal credentials & checking where they are regulated.

We suggest you read our detailed review below but to give you a hint, The Exness Trade App was the best forex trading app we tested.

Which App is Best for Forex Trading in South Africa?

We downloaded these forex apps and tested them under different trading conditions & with different trading strategies.We also identified and discussed their strengths & weaknesses.

• Exness Trade App – Best Forex TradingApp in South Africa
• XM App – Best Forex Trading App for Beginners(zero commission charged)
• HFM – Best Forex Trading App with ZAR Account
• AvaTradeGo App – Forex trading App with Best Tools
• FXTM Trader – Secure App for Forex Trading with Biometrics
• IC Markets MetaTrader App – Low-Cost Forex App in South Africa
• Tickmill – Good Forex Trading App from Regulated Broker
• FxPro – Forex Trading App with Multiple Account types

Comparison of Best Forex Trading Apps in South Africa

The table below compares only some of the key features of these apps. To view all their important key features, read the complete app review after this table.

#1. Exness Trade App– Best Forex Trading App in South Africa

Exness ZA (PTY) Ltd are regulated by the Financial Sector Conduct Authority (FSCA) with FSP number 51024.

You can locate Exness’soffice at 307&308 Third Floor, North Wing, Granger Bay Court, V&A WaterfrontCape Town.

Exness Trade App Biometric Login Explained

Exness allows you to activate fingerprint scanner for additional security and this compliments the passcode requirement that is default.

Exness also has Two factor Authentication always activated and linked to the phone number you supplied.

Any sensitive transactions will require you input a code sent to your mobile phone before the transaction is approved by Exness.

Exness Trade App Deposit &Withdrawal Explained

Minimum deposit for Exness Accounts that work on the app is $10 or ZAR equivalent. Online Bank Transfers, Bank Cards, eWallets, & Cryptocurrency are all accepted on the Exness app.

You can also move funds around your different trading accounts from the Exness app or move funds to another person’s Exness trading account.

Exness Trading Fees Explained

The Exness platform is free, but you pay Commission, spreads, & Overnight holding fees (swaps) when you trade.

However, overnight swaps are cutdown because Exness has an Extended Swap-free for all its accounts.

Once you open an account, you don’t pay any swap fees when you trade CFDs on Major/Minor FX pairs, Gold, Crypto, Stock, & Indices.

However, swap-free status is targeted at day traders mainly, so if Exness notices you are not a day trader, you lose swap-free status for some instruments like Forex, Gold, & Bitcoin.

Commission reaching up to $3.5 per side applies to the Raw &Pro Accounts, while other accounts are commission-free.

Spreads typically start from 0.0 pips on Raw/Zero/Pro Exness Accounts; & from 0.2 pips on Standard Accounts.

Currency conversion fees are a somewhat hidden fee you should be aware of on Exness. Instead of you selecting a foreign currency like USD as your account currency when opening an account, you could select ZAR, so you avoid paying currency conversion fees.

Exness Allows 1:200 Leverage and offers 24/7 support

When trading you can open positions on the following Exness CFDs: 120 Forex pairs, Metals, Stocks, Indices, Crypto, Oil, & Gas.

Exness leverage is up to 1:2000, Negative Balance Protection is available, and customer support is accessible from the Exness app through Live Chat 24/7 including weekends.

Pros & Cons

Pros:

• Exness is regulated by Tier-1 regulators like the FCA UK
• Pending Orders
• ZAR base currency
• Trading calculator
• Research & News
• TradingView charts
• Fingerprint scanner
• Custom Order Entry
• LiveChat inside the app

Cons:

• Few inbuilt technical indicators
• No dark mode
• Market sentiment information is not conspicuously placed and can be missed

Read more about the Exness Trade app on the Exness website

#2. XM App– Best Forex Trading App for Beginners

Founded in 2009, XM mobile app which was released in 2015 has been one of the most patronised trading apps in the Play Store with more than 5 million downloads.

XMZA is registered in South Africa with FSCAunder the FSP name Key Way Financial (Pty) Ltd.& FSP no. 49976.They are regulated by the Financial Services Commission (FSC), and Cyprus Securities and Exchange Commission (CySEC).

Security

Security on XM mobile app is backed with Two Factor Authentication (2FA) and fingerprint scanner to secure your account and prevent unauthorised access.

Payment Methods

XM accepts local deposits and withdrawals in ZAR via bank transfer. Other payment methods include cards, and e-wallets such as Skrill and Neteller.

Fees

XM charges a variable but tight spread. Average GBP/USD spread is 1.9 pips and XM does not charge any commissions on forex trading.  XM does not charge any fees for deposits and withdrawals

Trading Conditions

On the XM App, you can trade over 1000 instruments available including major, minor and exotic currency pairs.

You can trade Contracts for Differences (CFDs) on Cryptocurrency and more than 600 stocks across the globe.

The app also offers CFDs on Indices, Forex, Precious Metals and Energies

Platforms offered

XM is available both on Android and iOS and has a version that can be installed on tablets. The XM app is powered by MetaTrader, which meansyou are using a MetaTrader app. XM app has MT4 and MT5 platform options.

The XM app also comes with a Demo account to let beginners practice trading with virtual money.

Customer Support

The XM mobile app offers customer support in more than 30 languages through various channels, including phone, email, and live chat. Its customer support is available 24 hours, all days.

The mobile app also has a Frequently Asked Questions section where answers to many queries can be found.

XM AppPros

• No deposit & withdrawal fees
• Works on tablets such as iPad
• ZAR account available
• Simple design with easy-to-understand functions suitable for starters
• Demo Account for learning
• Low starting deposit of $5
• Pending Orders
• Touch ID

XM AppCons

• Limited CFD instruments
• No Market Sentiment

Read more about the XM app on the XM broker website

#3. HFM App – Best Forex Trading App with ZAR Account

Founded in 2010, HFM broker which was formerly known as HotForex launched its mobile app in 2016.

HF Markets operates in South Africa as HF Markets SA (PTY) with registration number No.2015/341406/07 and is regulated by the Financial Sector Conduct Authority (FSCA) with FSP No. 46632

HF Markets has a local office in South Africa, situated at Katherine & West Suite 18 Second floor 114 West Street Sandton, Johannesburg 2031.

Other HF Markets regulators include:

• Financial Conduct Authority (FCA), UK
• Dubai Financial Services Authority (DFSA)
• Financial Services Authority (FSA) Seychelles
• Capital Markets Authority (CMA) Kenya

Security

HFM mobile app offers Two Factor Authentication (2FA) aside from the normal username login and password. This helps to prevent unauthorised access.

The HFM app also comes with fingerprint biometric scanner which is an added layer of security.

Payment methods

HFM mobile app enables you to deposit and withdraw in South African Rand (ZAR) via bank transfer. Alternative payment options available on HFM include card payment, wire transfer, and e-wallets.

Fees

HF Markets average spread on GBP/USD is 1.9 pips while average EUR/USD spread is 1.2 pips. On the zero-spread account, spreads are zero but there is a commission you pay starting from $0.03 per 1k lot.

HFM charges $5 per month on dormant accounts after 6 months of inactivity. This will increase to $10 after 10 months of inactivity.

However, HFM charges no extra fees on both deposits and withdrawals in South Africa.

Trading Conditions

There are over 1200 tradable instruments on HFM mobile app. These include more than 50 (15 major, 38 minor) currency pairs.

You can trade stock CFDs, Energy, Indices, Commodity, Metals, and Bond CFDs. HF Markets also lets you trade ETFs to diversify your portfolio.

Platforms offered

The HFM app is a proprietary app built by HF Markets. It is compatible with Android & iOS devices only.

It also offers a demo account. It requires Android 6.0 and is 14.89MB large.

Customers Support

HFM customer service support is available 24/5, from Monday to Friday throughin-app live chat and email address. There is also a dedicated South African phone number which customers can call for help and enquiries.

HFM App Pros

• HFM is Tier-1 regulated
• FSCA Regulated
• Zero Fees on deposit and withdrawal
• ZAR Base currency so you avoid paying currency conversion fees when you deposit/withdraw in ZAR
• Over 1200 tradable instruments.
• Touch ID
• Pending Order
• Demo Account
• Minimum withdrawal of 70 ZAR from SA Banks, with no fees involved

HFM App Cons

• Inactivity fee
• Limited number of inbuilt technical indicators
• No Educational Videos in the app

Read more about the HFM app on the HF Markets website 

#4. AvaTradeGo App – Forex Trading App with Best Tools

AvaTrade was founded in 2006. Its mobile trading app, AvaTradeGO was released in 2017 and has more than 1 million downloads on Play Store.

Avatrade has a local office in South Africa situated onthe 2nd Floor, Nelson Mandela Square Office Towers West, Sandton, 2196, Johannesburg.

It is licensed by the South African Financial Sector Conduct Authority under the name Ava Capital Markets Pty with registration number No.45984

Other regulators include:

• The Central Bank of Ireland (CBI)
• Cyprus Securities and Exchange Commission (CySEC)
• Australian Securities & Investments Commission (ASIC)
• British Virgin Islands Financial Services Commission
• Financial Services Agency (FSA) Japan
• Financial Regulatory Services Authority (FRSA) Abu Dhabi
• Israel Securities Authority (ISA)

Security

The AvaTradeGo app supports 2FA and biometric fingerprint scanner.

Payment methods

AvaTrade offers both deposit and withdrawal of South African Rand (ZAR) via bank transfer. You can also use any of the alternative methods I.e. via your bank debit or credit card and e-wallets such as Skrill and Neteller.

Fees

Avatrade has a fixed spread which means the spread will be the same irrespective of the market volatility. For instance, AvaTrade average spread on GBP/USD is 1.5 Pips

Avatrade has a zero-commission fee on trade. Although they charge an inactivity fee after three months, they do not charge any fee on both deposits and withdrawals.

However, you will be charged an inactivity fee if your account is dormant for the last 3 months.

Trading Conditions

You can trade multiple asset classes on AvaTradeGo app. This includes major & minor forex pairs, CFDs on metals, energies, global indices like NASDAQ etc.

Platforms

The AvaTradeGo app is compatible on both Android and iOS devices. The app is also installable on the older Android version 4.4 operating systems and above thereby, making it accessible to many Android users.

The AvaTradeGo app also comes with a Demo account to let beginners practice trading with virtual money.

Customer Support

AvaTrade customer support is available during their business hours from 07 AM to 11 PM. Their customer support runs 24/5 (Monday to Friday).

You can reach their customer support services through the in-app live chat, email, phone number or local office.

AvaTrade Pros

• Demo account
• Zero commission
• Fixed spread
• Touch ID
• AvaProtect Insurance/Risk Management Tool
• Pending Orders
• Smart Economic Calendar Tool
• Education & application Tour Videos
• Market Buzz & Analyst Views plus Research
• Excellent graphics and userfriendly interface

AvaTrade Cons

• No weekend support
• Inactivity fee
• A high minimum deposit fee

Read more about the AvaTradeGO app on the AvaTrade website

#5. FXTM Trader – Secure App for forex trading with Biometrics

Established in 2011, FXTM is very popular among retail traders. Its mobile app which was launched in 2018 has more than 1 million downloads on Play Store.

FXTM is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. They however do not have a local office in South Africa. But could be reached through other means including live chat.

Other FXTM regulators include:

• Cyprus Securities and Exchange Commission (CySEC)
• Capital Markets Authority Kenya CMA (where it operates as Exinity Capita East Africa Ltd)
• Financial Conduct Authority FCA UK (where it operates as Exinity UK Ltd.)
• Financial Services Commission Mauritius (where it operates as Exinity Ltd.)

Security

The FXTM mobile app is designed with enhanced security. It offers Two-factor authentication (2FA) and supports biometrics such as fingerprint scanner.

Payment methods

FXTM accepts deposits and withdrawals in ZAR through bank transfer. You can also use any of the alternative payment methods like credit/debit card, and E-Wallet payment such as Skrilland Neteller.

You can also make your payment transactions through cryptocurrency on the FXTM mobile app.

Fees

FXTM offers a variable spread which is dependent on market conditions. The average GBP/USD spread is 1.5pips.

FXTM does not charge a fee on deposits, but theycharge up to 0.5% on withdrawals

FXTM also charges a $5 inactivity fee after 6 months.

Trading Conditions

You can trade more than 250 financial instruments including major, minor and exotic currency pairs, oil, gold and natural gas on FXTM Trader.

It also offers Contracts for Differences (CFDs), Stocks, ETFs, Indices, and Commodities as well as cryptocurrency.

Platforms offered

The FXTM trader mobile app is powered by MetaTrader so you are actually using MetaTrader and it’s compatible on Android & iOS devices. For Android devices, it will require an operating system (OS) of 6.0 and above.

To download FXTM on the Play Store will only take 27.52 Megabytes.  Alternatively, you can download MT4 or MT5 and logon with your FXTM credentials.

The FXTM app also comes with a Demo account to let beginners practice trading with virtual money.

Customer Support

You can reach out to the FXTM customer support team through in-app live chat, email messages and phone calls. FXTM customer support operates 25/5 (Monday – Friday).

FXTM Trader Pros

• Powered by MT4 & MT5
• ZAR account available
• Fingerprint scanner

FXTM Trader Cons

• Inactivity charges
• Withdrawal charge
• No in-app education
• No pending orders
• No Market Sentiment info

Read more about the FXTM Trader app on the FXTM website

#6. IC Markets MetaTrader App– Low-Cost Forex App in South Africa

Established in 2007, IC Markets has its headquarters in Sydney, Australia situated at Level 4 50 Carrington Street, Sydney NSW, 2000 Australia.

Although licensed by the Australia Securities and Investment Commission (ASIC), Cyprus Securities Exchange Commission (CySEC), Financial Services Authority Mauritius (FSA), and Securities Commission Bahamas

IC Markets is however not licensed by the FSCA in South Africa and has no local office in the country.

Security

IC Market MetaTrader app offers Two Factor Authentication (2FA) as an extra layer of security. However, the IC Markets MT4 app does not support biometrics.

Payment methods

Available payment methods on IC Markets MetaTrader App include Card payment, PayPal, Skrill, and Neteller. IC Markets MetaTrader also supports deposits and withdrawals in ZAR via bank transfer.

Fees

IC Markets does not charge deposit and withdrawal fees on your account. IC markets takes zero spread on its Raw Spread account but at the same time charges a commission of $3.5 per lot per side.

On IC markets standard account spread is from 0.6 pips but commissions are zero. On the standard account average spread on GBP/USD is 0.83 pips

Trading Conditions

You can trade more than 60 currency pairs on IC Markets MetaTrader App including major, minor and exotic pairs.

The app also offers trading on 13 commodities, including metals, energies, and agriculture.

You can also trade bonds, Stock CFDs, and 23 global Indices including NASDAQ, S&P500, FTSE100, and the Nikkei on the IC Markets MetaTrader platform.

Additionally, you can also trade Cryptocurrencies such as Bitcoin, Ethereum and Ripple.

Platforms offered

IC Markets offers MT4& MT5 variants of the app which are compatible with Android and iOS devices. The IC Markets MetaTrader app also comes with a Demo account to let beginners practice trading with virtual money.

Customer Support

IC Markets offers 24/7 customers support through in-app live chat, email and phone numbers.

You can also reach out to them on any of their official social media pages such as Twitter and Instagram.

IC Markets Pros

• 2FA
• 24/7 customer support
• Zero spread

IC Markets Cons

• No FSCA Regulation
• No biometrics
• High $200 minimum deposit

Read more about the IC Markets MetaTrader app on the IC Markets website

How to Choose the Best Forex Trading App in South Africa?

a. Regulation:The first thing to check is if the forex broker is regulated in South Africa by the Financial Sector Conduct Authority (FSCA).

Get the brokers FSP number from the regulation corner at the bottom of their website and head to the FSCA website to view the list of Authorized Financial Service Providers (FSPs)

For example, when you key in FSP number 46632, ‘HF Markets SA (PTY) LTD HotForex Authorized’ comes up.

b. Compatibility: You should check if the app is compatible with your mobile device. Check if it is available on Android and iOS devices. Consider if the trading app has a desktop or web-based trading platform.

c. Demo account: Check if the forex trading app provides a demo account that allows you to practice trading without risking real money.

d. Local Payment Options: Check if the app accepts electronic fund transfers in South African Rand (ZAR). Look out for other alternative deposit and withdrawal options such as card transactions and e-wallets.

e. Ratings/Reviews on the App Store: Check the app rating and Review to know more about what others think about the app.

f. Account minimums: Check for any minimum account balance requirements for opening and maintaining an account with the trading app.

g. Security: Check for the trading app’s security features, such as encryption and two-factor authentication, to protect your data and transactions.

h. User interface: Look for a trading app with a user-friendly interface that is easy to navigate and understand.

i. Social trading: Look for a trading app that offers social trading features, such as following other traders, copying their trades, and sharing investment strategies.

j. Investment options: Determine the investment options available on the trading app, such as stocks, bonds, ETFs, and options.

k. Customer support: Look for a trading app that provides reliable and efficient customer support, including live chat, email, or phone support.

l. Education resources: Consider the trading app’s educational resources, such as articles, videos, webinars, and tutorials, to help you learn and improve your trading skills.

Frequently Asked Questions – Best Forex Trading Apps in South Africa

Which is the easiest to use forex trading app in South Africa?

There are lots of good apps for trading, but the HFM app by HF Markets overall is good for trading forex& other CFDs.

It has one wallet for multiple accounts, customized trading to let you place orders with any amount of money you have, transaction history, etc. It also supports biometric two factor authentication and comes with a free demo account.

What Is the Best Android App for Forex Trading?

The HFM app by HF Markets is the best android app for forex trading

What are the best MT4 app to open account with?

Exness is the best MT4 broker, and they have an MT4 app called Exness Trade App, available on google and Apple play stores.

Exness is considered a moderate to low-risk forex broker for SA traders, with FSCA regulation, and Tier-1 regulation from the Financial Conduct Authority (FCA) UK.The ExnessTrade app has good reviews on play store, and it is fast with advanced capabilities for trading.

Are forex trading apps legal in South Africa?

Yes, forex trading is legal in South Africa, so any app from a regulated broker is legal. However, you should ensure that you onlydownload app of an FSCA regulated broker to avoid losing your capital.

Avoid any trading app that is not from a regulated forex broker.