According to the International Finance Corporate, the Internet resource will contribute $180 billion to the $2.6 trillion African GDP by 2025. The report shows fintech, which is inclusive of online trading and e-commerce as drivers of growth.
Key African markets that are expected to drive the growth in online trading are South Africa, Mauritius, Nigeria, Kenya, Ghana, and Uganda, according to the Official Monetary and Financial Institutions Forum (OMFIF) index. The OMFIF index ranks countries based on the attractiveness of their financial markets, and South Africa is the undisputed leader.
By evaluating the current state of South Africa’s advanced financial markets and its online trading, one can get an insight into the future of online trading in Africa. The top trading platforms in South Africa offer trades for financial instruments such as bonds, metals, energies, commodities, indices, debt, properties, and currencies traded in money and capital markets.
Essentials of an Effective Online Trading Platform
Regulation
Online trading platforms in South Africa are regulated by the Financial Sector Conduct Authority (FSCA). This government agency has robust and up-to-date policies that strive to protect the interest of investors to promote the growth of financial markets. Hence, it is crucial for investors to only trade in approved platforms, although other trusted offshore brokers are not subject to any regulators.
Advanced Features
An online trading platform holds investors’ accounts, and security features for data protection and online security are paramount. Another critical feature of a brokerage platform is trading platforms such as the xStation 5, Webtrader, MetaTrader 4, Expert Advisor Bot, Live trading via SMS and Email, MetaTrader 5, HF Copy, and other platforms. Trading tools, trading instruments, funding options, and trading training resources.
Here are the top trading platforms in South Africa that are set to define the future of online trading in the continent.
XTB Africa
XTB Africa is the most trusted online broker in South Africa. The platform features over 2100 trades in global markets, offering CFDs and ETFs for commodities, stocks, and more. At a minimum deposit of $5, an investor can open a ZAR/USD account trade.
CM Trading
CM Trading is an international brokerage platform licensed in South Africa. Although the minimum deposit of $250 is relatively higher, the investor returns are bolstered by the $100 bonus deposit that is offered.
AvaTrade
AvaTrade is an international online trading firm that offers 8 advanced trading platforms, including its trademark AvaOptions and AvaTradeGo. The minimum deposit is $100, and the account supports ZAR, USD, and EUR currencies.
HotForex
The brokerage platforms support ZAR, EUR, and USD with a minimum deposit of $50. The online trader guarantees the security of funds through maintaining accounts in major banks and an insurance program. HotForex also offers competitive leverage and spreads that can be as low as 0 PIPs.
IQ Option
IQ Option is registered in Seychelles and licensed to operate in South Africa. The brokerage allows a $10 minimum deposit, and an investor can also subscribe for a $10 000 demo account. The two provisions are popular with South African online traders. The spreads are tight, which increases the trade margins.
See Also:
