Best 5 Investment Apps For Beginners In South Africa

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Best 5 Investment Apps For Beginners In South Africa

Thanks to the advancements in technology and the invention of mobile devices with access to the internet, investors now can trade anywhere they want through investment app. In this article, we take an in-depth look at the TOP 5 investment apps that make it easier to get started in the world of trading. As well as introducing the apps, we will also discuss the basic considerations for beginners and the criteria to consider when choosing a suitable app.

Considerations for Beginners

Before beginners decide on an investment app, there are some important considerations to take into account. The first step is to understand your own financial goals and risk tolerance. Setting clear goals will help you choose the right app to meet your individual requirements.

Ease of use is a key factor in the success. Beginners should look for platforms that offer intuitive navigation and clear instructions. This not only makes it easier to get started but also helps to build confidence in the trading process.

Low fees are another important factor. High transaction costs can significantly affect returns, especially for investors with smaller capital. It is therefore advisable to choose platforms that offer competitive and transparent fee structures.

Educational resources also play a role in developing financial literacy and increasing your future prospects as a trader. A good investment app should provide informative tutorials, educational materials, and market analysis to help beginners make informed decisions.

Top Criteria for Selection

Choosing the right investment app requires a thorough evaluation of various criteria. Here are the factors we considered when making our list:

  • Ease of use. An easy-to-understand user interface is crucial to help beginners get started. Intuitive navigation, clear instructions, and an uncluttered design will help avoid confusion and boost user confidence.
  • Fee structure. The cost of trading can vary considerably. Beginners should choose platforms that offer competitive fees and transparency. This includes trading fees, spreads, and any hidden costs.
  • Investment options available. The variety of investment options on offer is important to allow for broad portfolio diversification. Good investment apps offer access to shares, bonds, ETFs, cryptocurrencies, and other investment instruments.

Customer support. Effective customer support is crucial, especially for beginners since they often encounter problems or have questions about how the platform works. The availability of live chat, phone, and email support helps build trust.

App #1 — BrokStock

BrokStock is an investment app that is aimed at beginners and offers a user-friendly platform for entering the world of investing.

Overview

The app is characterized by its user-friendly platform that makes it easy to get started in the world of investing. With clear instructions and a straightforward user interface, BrokStock is a choice for many.

Key Features

Among the most important features we can highlight:

  • Intuitive user interface. BrokStock offers an easy-to-use platform that allows beginners to navigate smoothly.
  • Low fees. BrokStock’s fee structure is transparent and competitive, keeping trading costs low.
  • Comprehensive educational resources. Beginners benefit from a variety of educational materials to help them understand the basics of investing.

These key features make BrokStock an attractive choice for people looking for a simple, cost-effective, and informative platform to start their investing.

Pros and Cons

To conclude, let’s look at the pros and cons of this app.

Pros:

  • Ease of use;
  • Low fees;
  • Comprehensive educational resources.

Cons:

  • Limited advanced features.

Overall, the advantages of BrokStock outweigh the disadvantages. The disadvantages are specific to more advanced users and may be relevant for experienced traders.

App #2 — AvaTradeGo

AvaTradeGo is our second recommendation.

Overview

This app is characterized by its user-friendly interface and a variety of trading instruments. With a strong presence in the market, AvaTradeGo offers a platform that is suitable for both beginners and experienced traders alike. Also, there are several types of accounts that provide users with different features, so that everyone can have a tailored trading experience.

Key Features

Among the most important features we can highlight:

  • Variety of trading instruments. AvaTradeGo allows trading in a wide range of financial instruments, including stocks, forex, commodities, and cryptocurrencies.
  • User-friendly platform. The well-designed user interface makes it easy to make trading decisions, even for those without extensive experience.
  • Mobile app for advanced traders. For experienced traders, there is an opportunity to change the interface of an app to include more advanced tools and charts.

As you can see, this app comes very close to BrokStock’s, even allowing the traders to go into pro mode.

Pros and Cons

Even thou this app is often placed at the top of such a list we had to put it as #2 because of one important disadvantage.

Pros:

  • Variety of trading instruments;
  • User-friendly platform;
  • Mobile application for on-the-go.

Cons:

  • Higher fees for certain account types.

Overall, AvaTradeGo is a powerful investment app. However, higher fees for more advanced accounts make it a bit less desirable.

App #3 — Plus500

Plus500 is right in the middle of our, which makes it a solid choice for beginners. Although there are a few downsides to this app. 

Overview

Plus500 offers a straightforward platform with a clear focus on the needs of beginners. It has a simple trading environment without unnecessary complexity. Unfortunately here also lies one disadvantage – the number of assets available for trading is rather limited. 

Key Features

Among the most important features we can highlight:

  • Simple trading platform. Plus500 stands out with its simple trading platform that focuses on basic features.
  • Account with no minimum deposit. Beginners can open an account without a minimum deposit and test the platform risk-free.
  • Free demo version. A free demo version allows users to familiarize themselves with the platform without risking real money.

Unlike our top 2 choices, Plus500 actually was not created for professional traders. And even thou this might seem like a disadvantage in the long run, it also makes it perfect for beginners.

Pros and Cons

Keeping in mind what we said above, let’s look at the pros and cons of the Plus500 app.

Pros:

  • Simple platform;
  • Account with no minimum deposit;
  • Free demo version.

Cons:

  • A limited number of trading instruments.

This app is a recommendable investment app for beginners who are looking for an uncomplicated platform and want to take their first steps in the world of trading.

App #4 — IG

IG is one of the oldest apps in the market and it still stands out for its extensive features.

Overview

As an established player in the market, IG offers a wide range of trading opportunities. It has almost every asset class imaginable and advanced trades are especially drawn to it.

Key Features

Among the most important features we can highlight:

  • Wide range of markets. IG allows you to trade an impressive variety of markets, including stocks, indexes, forex, and cryptocurrencies.
  • Advanced analysis tools. Experienced traders will appreciate IG’s advanced analysis tools, which provide detailed insights into market conditions.
  • Extensive research resources. IG provides comprehensive research resources to help users make informed decisions.

The educational material of IG is very impressive, and even if the interface can be a bit overwhelming for new users, the complexity can be a good thing when you inevitably grow as a trader.

Pros and Cons

At this point if might be wondering why this app is so low on our list if e it is so great. The explanation lies in the disadvantage that is crucial for new investors.

Pros:

  • Extensive features;
  • Advanced analysis tools;
  • Extensive research resources.

Cons:

  • Higher fees for inactivity.

Because of the pretty high fees, we could not place the IG app any higher. It definitely deserves its place if just have to realize that it might cost you a bit more to use this platform.

App #5 — Pepperstone

Pepperstone is our fifth and last recommendation.

Overview

As a provider with a focus on low spreads and fast order execution, Pepperstone has created a niche for itself. If you are a trader who is looking for a tight spread and does not mind rather limited educational material, it is the app for you.

Key Features

Among the most important features we can highlight:

  • Low spreads. Pepperstone is known for its low spreads, resulting in lower trading costs for users.
  • Transparent fee structure. Pepperstone’s fee structure is transparent and easy to understand, which avoids confusion.
  • Fast order execution. The platform offers fast order execution, which is beneficial for active traders.

Even thou we can not call it the best app for beginners, Pepperstone is worth knowing for when you evenitably start looking for a more advanced option with lower fees.

Pros and Cons

And now let’s take a brief look at the pros and cons.

Pros:

  • Low spreads;
  • Transparent fee structure;
  • Fast order execution.

Cons:

  • Limited educational resources.

Overall, if you don’t have a problem with finding educational material outside of trading platforms, Pepperstone can be a good choice.

Final Thoughts

Each app has its own strengths and weaknesses, and it’s important that beginners choose the one that best suits their investment goals and preferences.

BrokStock offers a simple platform for beginners, while AvaTradeGo scores with a wide range of trading instruments. Plus500 focuses on simplicity, IG offers comprehensive features and Pepperstone impresses with low spreads.

In conclusion, we encourage beginners to try out the different apps and choose the one that best suits their individual approach and goals. With these tools, they can not only expand their financial knowledge but also successfully immerse themselves in the world of financial markets.