Best Copy Trading Platforms in South Africa - Top Picks for 2024

Best Copy Trading Platforms in South Africa – Top Picks for 2024

Over the past decade, the number of online traders has increased significantly in Africa, with South Africa leading the pack. In addition, more people are interested in trading today but have yet to develop the right skills.

The good news is that most brokers operating in Africa have embraced copy trading, a service that enables one trader to follow the proven trading strategies of another. Are you in South Africa and don’t know how to trade? This article explores the leading brokers offering copy trading services in your country to help you replicate the trades of professionals and start earning immediately.

RoboForex

This broker is popular for its vast asset offering. It supports over 11,000 tradable instruments, ranging from indices to stocks, energies, futures, and metals. Moreover, RoboForex’s tight spreads make the brokerage platform ideal for traders who like keeping their trading costs as low as possible.

RoboForex is committed to providing an unmatched user experience. This explains why the broker executes trades quickly and offers an easy-to-navigate interface.

start trading

Advantages and Disadvantages of Copy Trading on RoboForex

Advantages

  • The required minimum investment capital is low ($5).
  • RoboForex processes withdrawals within a few seconds.
  • All accounts have access to the broker copy trading platform.
  • Low trading costs enable copy traders to retain a significant portion of the realized profits.

Disadvantages

  • Some accounts cannot copy trade certain currency pairs.
  • Compared to rivals, RoboForex lacks enough analytical tools for lead traders.

Exness

With close to 750,000 active customers, Exness is arguably one of the largest brokers in the world. The trading platform is known for its exceptional ability to process large monthly volumes. As of June 2024, Exness allows clients to copy trades in five markets, including crypto, indices, commodities, Forex, and stocks.

The Broker’s account offerings cater to all types of traders, from novice to experienced ones. Additionally, Exness customer service is available 24 hours a day to support clients when they need help.

Advantages and Disadvantages of Copy Trading on Exness

Advantages

  • The customer support team is responsive and available 24/7.
  • Exness processes withdrawals quickly.
  • It makes available multiple analytics tools for master traders.
  • Exness is a highly regulated broker, thus ensuring the safety of clients.
  • Users do not pay fees to deposit or withdraw funds.

Disadvantages

  • Exness’ copy trading platform has few educational materials.
  • Although the broker’s customer support is available 24 hours a day, it’s not offered in multiple languages.

Bybit

If you want to copy cryptocurrency trades in South Africa, then Bybit has got you covered. This Dubai-based crypto exchange gives all users access to its futures market and allows them to copy trades using high leverage (Up to 100x). The platform’s copy trading network has grown over the past two years. As of this writing, Bybit hosts close to 5,000 master traders and nearly 17,000 copy traders.

Furthermore, the crypto exchange offers its debit card, which allows customers to use their crypto assets to pay for their daily purchases.

Advantages and Disadvantages of Copy Trading on Bybit

Advantages

  • Bybit comes as a web app and a mobile app, allowing clients to access its copy trading platform with multiple devices.
  • It integrates with TradingView to give traders access to a wide range of trading tools.
  • The exchange’s low minimum capital requirement ($5) allows anyone to copy crypto trades.
  • High leverage amplifies Bybit copy traders’ returns.

Disadvantages

  • Futures copy trading can be complicated for starters.
  • Bybit’s customer support team takes long to respond to clients’ issues.

VT Markets

VT Markets is one of the highly regulated brokers. In South Africa, the brokerage firm has secured an operating license from the Finance Sector Conduct Authority of South Africa. VT Markets’ efforts to offer traders a conducive trading environment have been recognized over the years, winning 13 awards.

Advantages and Disadvantages of Copy Trading on VT Markets

Advantages

  • VT Markets offers special accounts for Muslims to copy trades.
  • There are more than 250 assets available for copy trading.

Disadvantages

  • The minimum copy trading amount ($100) is relatively high for some users.
start trading

Leave a Reply

Your email address will not be published. Required fields are marked *