Cryptocurrency trading has opened new avenues for investors in South Africa, allowing them to profit off of the lucrative cryptocurrency markets and the inherent volatility of these fluctuating digital coins.
For new South African traders, identifying the best crypto trading platforms is the first crucial step which can make all the difference to their profitability. In this article, we examine the 5 bet crypto trading platforms in South Africa which offer advanced features and competitive trading conditions.
1. IFX Brokers
IFX Brokers is a leading South African Forex broker which offers access to a broad range of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple.
Traders with IFX Brokers are able to access the price of cryptocurrency pairs without having to own the underlying asset, significantly reducing the risk associated with storing digital coins and also allowing them to profit off of fast-moving price changes.
IFX Brokers offers crypto trading on the comprehensive and feature-rich MetaTrader 4 and MetaTrader 4 platforms, both of which cater to beginner and advanced traders with a user-friendly interface, a wealth of technical tools, and ultra-fast execution.
2. IC Markets
Bitcoin CFD trading in South Africa can be done at IC Markets, which is a low-cost broker. ASIC Tier 1 regulation and the lowest costs among other Bitcoin brokers make them an excellent option for investors.
The amount of cryptocurrencies available for CFD trading has also increased, with Bitcoin, Litecoin, Ripple, Ethereum, Dash Coin, and four additional cryptocurrencies included.
Trades can be made on three different platforms, including cTrader and the popular MetaTrader 4 (MT4). There are no delays in the processing of orders and their customer service is excellent.
With a leverage of up to 1:10, HotForex allows customers to trade cryptocurrencies on margin with up to seven different cryptocurrency pairs.
They charge relatively little to trade Bitcoin, and you can get 1 Bitcoin for about $30 in spreads. Traders can begin and end trades by placing limit and stop orders, allowing them to set their own entry and exit points. With each account, they also include negative balance protection.
Almost all of HotForex’s trades are completed immediately, thanks to their rapid order execution.
Compared to other platforms, Plus500 has the most crypto CFD instruments accessible. Leverage can be as high as 1:30, depending on the crypto-to-crypto pair.
They have an online and mobile trading platform that is very user-friendly and straightforward to use. Deposits and withdrawals are free of fees, and orders are processed quickly and without hiccups. Also included in their Risk Management Tools are Guaranteed Stop Orders.
For cryptocurrency CFD trading, Exness provides leverage of up to 1:100. Their platform has a $1 USD minimum deposit requirement.
7 cryptocurrency CFD pairs are offered for trading, including BTCUSDm, BCHUSDm, BTCJPYm, BTCKRWm, ETHUSDm, LTCUSDm, and XRPUSDm.
There is a bit of a premium on their spread for trading in crypto, and this premium changes based on the type of crypto instrument you are using and the current market conditions. They provide trading platforms for MetaTrader 4 and 5. Deposits and withdrawals are free of charge.