Almost all Forex brokers now provide their Trading apps for both Android and iOS, which allows you to trade currency pairs & other CFD instruments on the go. But not all forex apps are safe or the same.

How good is the forex trading app being provided by a broker? Are they regulated and registered by the FSCA in South Africa?? Do they have good reviews on the Google play store? What about the availability of EFT or Internet Banking transfers for funding and withdrawal for South African traders? How many fees do they charge for trading & non-trading?

For this guide, we have reviewed 30+ brokers that offer their forex trading apps in South Africa on both Android and iOS devices. We compared these Apps based on our 11 Factors.

Our aim is to cover their safety, fees, ease of withdrawals & sufficiently inform you on what you should look for in a forex trading app.

Comparison of Best Forex Trading Apps in South Africa

Forex Trading App Typical Spread (EUR/USD) Minimum Deposit Local Bank Transfer Max. Leverage (Forex)
Visit
HotForex MetaTrader App

1.3 pips with Premium Account
$5 (R70)
Yes
1:1000 (Micro Account), 1:500 (Premium Account)
Visit Broker
Exness MT4

1 pip with Standard Account
$10
Yes (Instant Funding & withdrawal within 48 hours)
1:2000 (Standard Account)
Visit Broker
AvaTradeGO

0.9 pips
$100 (R1,750)
Yes
1:400
Visit Broker
OctaFX Copy Trading

0.7 pips with MT4 Account
$25
No
1:500
Visit Broker
XM Mobile App

1.7 pips with Micro Account
$5
Yes
1:1,000
Visit Broker
FXTM MetaTrader

1.9 pips
$10
Yes
1:2,000
Visit Broker
Tickmill MT5

0.1 pips
$100
Yes
1:500
Visit Broker

Best Forex Trading Apps in South Africa

Here are the 8 Best Forex Trading Apps in South Arica ranking based on our tests

  1. HotForex – Best Forex Trading App in South Africa
  2. Exness MT4 – Forex Trading App with Low Fees
  3. AvaTradeGO – Good Forex Trading App for Fixed Spread
  4. OctaFX – Forex Copy Trading App
  5. XM Mobile App – Spread only Forex Trading App without Commission
  6. FXTM – Good MetaTrader Forex Trading App
  7. Tickmill – MT5 Forex Trading App with Low Fees
  8. IC Markets – Forex Trading App with Raw spread account

Let’s cover all these forex trading apps one by one using factors like their ranking in the play store, supporting devices and operating systems, execution time, etc.

#1 HotForex – Best Forex Trading App in South Africa

EUR/USD Benchmark:
1.3 pips on average with Premium Account

Trading Platforms:
MT4, MT5

Account Minimum:
$5 or R70

HotForex (HF Markets) is a forex brokerage firm that was established in 2010.HotForex is registered in South Africa as HF MARKETS SA (PTY) LTD with the FSCA. It has Financial Services Provider (FSP) number 46632.

The HotForex app has a 4.2-star rating on the Google play store. It also has a good number of positive reviews from its users. This app comes with a couple of features such as allowing deposit, withdrawal, and transfer of funds, and advanced chart functionality- this allows traders to choose between various graph types, and time frames and apply technical indicators. It also provides daily market analysis.

For iPhone users, the HFM app is available on iOS devices in the apple store. It can easily be downloaded. The features on the iOS app include; entering instant and pending orders, the ability to hedge funds, monitoring live orders, dynamic monitoring of account details, viewing full trading history, one-click execution, etc.

HotForex offers ZAR as account currency and allows deposit and withdrawal via South African local banks via EFT. It also allows debit card deposits and other alternative options like Ewallets for funding MyHF Account & trading via their app.

#2 Exness MT4 – Forex Trading App with Low Fees

EUR/USD Benchmark:
1 pip on Standard Account

Trading Platforms:
MT4, MT5, Exness Trader App

Account Minimum:
$10

Exness is a forex brokerage firm that was established in 2008. Excess is registered in South Africa as a Financial Service Provider with the name EXNESS ZA (PTY) LTD. It has FSP number 51024.

Excess uses the MetaTrader 4 platform as its app. This app can be downloaded on the Exness website or google play store for Android users. Alternatively, iOS users can download this app from the Apple store.

The Exness Trade app has a 4.2 stars rating on Google Playstore and comes with some unique features. The app allows users flexible trading. This includes trading using two types of execution. It also allows users to trade using a variety of executions regardless of their complexities.

The Exness MT4 app has trading analytics for users. There are 30 built-in technical indicators and around 23 analytical objects. Due to a special built-in robot called Expert Advisors, trading operations can be fully automated on the platform. You can create your own EAs as well on MetaTrader.

Exness offers ZAR account currency and allows traders in South Africa to deposit funds from their local bank accounts via Internet Banking Transfer and also other payment systems such as credit cards, skrill, Neteller, etc.

#3 AvaTradeGO – Good Forex Trading App for Fixed Spread

EUR/USD Benchmark:
0.9 Fixed Spread

Trading Platforms:
MT4, MT5, Web Trading, AvaTradeGO

Account Minimum:
$100 or R1,750

AvaTrade was established in 2006. It is registered with the FSCA as AVA CAPITAL MARKETS (PTY) LTD AVA TRADE. Its license number as a Financial Service Provider is 45984.

The app offered by AvaTrade is called AvaTradeGO. The AvaTradeGo App allows traders to view trades at a glance, see live prices and create one’s watch list. The app also has a unique feature – the AvaProtect. This feature allows a trader to protect their investment against losses up to one million USD in exchange for a Hedging fee.

The AvaTradeGO app has a 4.6-star rating on Apple Store and a 4.3-star rating on the Google play store.

AvaTrade offers ZAR account currency and accepts deposits via bank transfers in ZAR, credit cards, and other e-payment systems such as skill, WebMoney, and Neteller. It also has the same methods for the withdrawal of funds.

#4 OctaFX – Forex Copy Trading App

EUR/USD Benchmark:
0.7 pips

Trading Platforms:
MT4, MT5

Account Minimum:
$25

OctaFX was established in 2011. They are not regulated by FSCA in South Africa. Globally, OctaFX is only regulated by a tier-2 regulator – the CySEC.

We consider OctaFX a more high-risk broker than other brokers as one’s investment and funds may not be protected because they are not regulated in South Africa.

The OctaFX app is called OctaFX Copytrading. It has a rating of 3.9 stars on the Google play store. OctaFX also has another app called the Trading App which has a 4.3-star rating also on Google Play Store.

The OctaFX CopyTrade is only available for Android users. It is not available for those using iOS devices.

OctaFX does not offer ZAR as an account currency and currently does not support local funding methods i.e. EFT in ZAR. OctaFX allows deposits/withdrawals via cards e-wallets (Skrill, Neteller) crypto (Bitcoin, Ethereum, Litecoin, Tether USDT (ERC20, TRC20) and Dogecoin).

#5 XM Mobile App – Spread only Forex Trading App without Commission

EUR/USD Benchmark:
1.7 with Micro and Standard account

Trading Platforms:
MT4, MT5, XM App

Account Minimum:
$5

XM was established in 2009. XM is not regulated by the FSCA in South Africa.

XM is registered with the CySEC and IFSC Belize. Hence, the broker is considered a high-risk platform for South African traders.

The XM Mobile app has a Google play store rating of 3.9 stars and 4.0 stars for its iOS app.

XM Broker has four account types; the Standard account, Micro account, XM Low Standard, and XM Ultra-Low Micro Accounts. The average spread for major forex pairs is around 0.0003 and 0.59.

XM offers ZAR as account currency and allows deposit and withdrawal via cards, payments, bank wire transfers, local bank transfers,s, etc. It also accepts deposits in different currencies which it converts to the base currency of one’s account.

#6 FXTM – Good MetaTrader Forex Trading App

EUR/USD Benchmark:
1.9 pips for Standard/Micro Account

Trading Platforms:
MT4, MT5

Account Minimum:
$10

FXTM is registered with the FSCA as FOREXTIME LTD and is a Financial Service Provider with FSP number 46614. So, they are considered low risk for SA traders.

The latest version of the FXTM app allows traders to open and close positions quickly, access live currency rates, and manage their trading accounts better. The FXTM app is available to Android users on the Google play store and iOS users on the Apple store.

On the Google play store, the FXTM app has an average 3.8 star rating.

Although FXTM does not offer ZAR as an account currency, the broker accepts Internet banking transfers in ZAR, cards, and other e-payment systems for deposits and withdrawals.

#7 Tickmill – MT5 Forex Trading App with Low Fees

EUR/USD Benchmark:
0.1 pips

Trading Platforms:
MT4, MT5

Account Minimum:
$100

Tickmill is registered in ZA as TICKMILL SOUTH AFRICA (PTY) LTD. Their FSP number is 49464. They are also regulated by the FSCA with FSP number is 49464. We consider Tickmill low-risk.

Tickmill’s integrates its trading into the MT4 and MT5 mobile trading applications. You can use the app on Android and iOS devices.

CFDs on forex, stock indices, stocks, commodities, bonds, and cryptocurrencies are available on the app and it supports all trading orders. Stop limit and buy limit are part of the six pending orders supported on the app.

Other perks that come with the app include trading signals, unlimited symbols, 38 technical indicators, and 44 analytical objects. The execution is quick with an average of 0.20 seconds.

Tickmill does not have ZAR as an account currency. You can deposit and withdraw funds on Tickmill via local bank transfers in South Africa, cards, and e-wallets.

How we selected the Best Forex Trading Apps?

We used various parameters to arrive at the best Forex trading apps in South Africa.

These parameters are regulation (trust & safety), trading fees/commissions and charges, range of trading instruments, the trading platforms available, and lastly ease of funding and withdrawal for South African clients.

We’ve explained below in much detail how you can track some of these parameters or factors yourself.

1) Regulation – Is the Forex Trading App Regulated?

The Financial Service Conduct Authority (FSCA) is the government body that regulates the activities of forex brokers and other financial service providers operating in South Africa.

This body is important because it serves as protection against any form of misappropriation or fleecing from financial service providers. The FSCA does its job by issuing a unique number to all financial service providers registered under it. This unique number is called the FSP license number.

Forex brokers and financial service providers usually sample this FSP license number on their websites. This is done to create trust on the part of the client.

However, it is advised a potential trader verifies the authenticity of the broker’s claim of regulation. This can be done on the platform for Financial Service Providers. https://www.fsca.co.za/fais/search_fsp.htm

We will use HotForex to demonstrate how to verify the authenticity of a broker’s claim of registration by the FSCA as a financial service provider.

Step 1: HotForex has an FSP licence number 46632. This is listed on the broker’s website, and you can generally find this information on the footer section of the pages on the website.

Example of HotForex Forex Trading App License No.

To verify registration, you either search using the FSP number or using the name on FSP authorised financial service provider website. In this case, we will use HotForex’s FSP license number.

Step 2: Firstly, we search HotForex’s license number on the FSP website. You can enter the FSP Name of the FSP No. that you have gotten as explained in the step above and click submit.

Verify Forex Trading App FSP Number

Step 3: Secondly, we check the authorization status of the broker. Their trading name and FSP name.

HotForex FSCA License Number

You can go further to check for other information about the broker by clicking on ‘Details’ to see other information about the broker such as contact info, compliance officers, products approved, key individuals etc.

HF Markets South Africa License

The illustration above is for those registered with the FSCA. There are also other international regulatory institutions such as the Financial Conduct Authority (FCA) in the U.K, the Cyprus Securities and Exchange Commission in Cyprus, and the Australian Securities and Investment Commission (ASIC) of Australia. All these are referred to as tier-1 regulators. Brokers who are registered with these regulators have a higher trust rating compared to those who are regulated by low-tier regulators. These low-tier regulators are regarded as high risk for traders.

For traders in South Africa, it is important to choose a broker that is registered with the FSCA.

2) Trading Fees, Charges and Commission

In choosing an app for forex trading, it is a trader or investor had full knowledge of the broker’s charges or fees. Most brokerage firms make their profits through these charges. Some brokers do charge a commission on deposits and withdrawals. These charges can eat into a trader’s profits or capital.

A trader wishing to register with any broker should make proper enquiries on their charges and commission. This information is either found on the broker’s web page or you can contact their customer care platform to get authentic info on trading fees.

Some brokers do charge commission on some account types and exempt charges on other account types. There are cases of brokers who charge conversion fees when one’s local currency is different from the currency of trade. Potential traders should know all these before registering on the trading app.

Another form of trading fees/charges is spread. A spread is the difference between the buy and sells price of an instrument on offer by a broker. Most brokers who claim not to charge trading fees do have a very high spread.

A trader should check for brokers with low spreads or at best zero spreads to protect their investments. All this information can be got from the broker’s website or you can ask their customer support.

3) Range of Instruments

As a potential forex trader, you should have an idea of the instruments you plan to trade. Some brokers do not offer particular currency pairs for reasons best known to them.

All brokers do not offer the same number of currency pairs on their platform. Some offer more currency pairs than others. A trader should also take note of the currency pairs on offer.

In forex trading, we have major, minor, and exotic currency pairs. The major currency pairs are EUR/USD, GBP/USD, USD/JPY, CHF/USD, etc. They are called major currency pairs because they are the most traded forex instruments in the world.

Minor currency pairs are those that do not include the U.S dollar. Examples include; CAD/GBP, EUR/CHF, JPY/EUR, etc.
An exotic currency pair includes one major currency with another from an emerging market or developing country.

Before choosing a forex trading app, the broker must have major, minor and exotic currency pairs on offer to have a diverse array of forex instruments to choose from.

4) Available Platforms

A very important factor a trader should look out for when choosing a broker is their platforms for trading. Questions one needs to ask here include; Is the trading platform being offered suitable for me? Is the platform compatible with my device? Is it available on my device?

Answers to all these above questions will determine whether the broker is the right one for you.

Most forex brokerage firms use the MetaTrader 4, MetaTrader 5, Web, and App as their platforms for trading.
For brokerage with apps, you must confirm how the app works, its user interface, and whether it’s available on your device be it desktop, Windows, Android, or iOS.

You can verify how good the trading platform is by going through reviews on the Google play store or Apple store. Here you get first-hand information on the platform from users.

5) Ease of Funding & Withdrawal

Perhaps the most important that guided our selection of the best forex trading app is the ease of funding and withdrawal.

For forex traders in South Africa, your choice of forex trading app should be one that is regulated & where your trading accounts can be funded easily and profits are withdrawn without hassle.

The forex brokers listed in this review offer deposits from local South African banks directly to your account.

Exness, AvaTrade, HotForex, and FXTM all accept ZAR deposits which are converted the USD. Although, some brokers do charge for withdrawal into local South African banks.

6) Other Features to check on Trading App

There are a few other features that you should check in the app.

a. Risk management Tools: In unique situations, the market might execute your stop-loss order at an unfavorable price, leading to more losses. A guaranteed stop-loss order (GSLO) makes sure your stop-loss order is executed at your desired price. You should speak to your broker to know if they offer GSLO.

b. Is Customer Support Good or Bad: Your broker should be reachable via different means. Email, local mobile number, live chats, and instant messaging should be available. Quick response is the hallmark of good customer support so make sure to carry out a personal test.

c. Two Factor Auth: Does the platform support 2FA? This will provide added protection against hacking. Some forex brokers have 2FA for their accounts, and you should check this with the support of the broker that you intend to signup with.

d. Education: You want to choose a forex broker that allows you to learn. This is why education on trading apps should be key for you. The education content could be videos, written content, podcasts, or ebooks. Most of this content is usually on the broker’s websites.

FAQs on Forex Trading Apps in South Africa

Which app is best for Forex Trading?

As per our research, HotForex, Exness & AvaTrade have good apps for Forex Trading. The most important factors that you should check the security, fees, ease of use & withdrawal time.

Which forex trading apps have low Fees?

XM has the lowest minimum deposit in dollars ($5). In Rand, Hotforex has the lowest (R70)

Which forex trading app has low spreads?

Based on comparison of spread only trading accounts at regulated forex brokers, AvaTrade, Exness & IC Market have low spreads. If you choose Raw spreads ECN type commission-based account, then HotForex, Tickmill & Exness have low overall fees (commission + spreads).

How to download a Forex trading app in SA?

You need to select a forex broker that you want to trade with. After you have done that & completed the KYC, you will receive an email from the broker regarding the login details & app download link. You can download the Forex broker’s app from the App Store or Google play, and use the credentials to log in.

HotForex is the #1 Rated Forex AppVisit