Copy trading is growing in popularity among new traders in South Africa. You don’t have to be an expert to get started—just find reliable trader with a solid track record and copy their trades.
You will have the opportunity to learn the skill and make a profit without in-depth knowledge of how the stock or forex markets work. However, your success lies in choosing the best copy trading broker in South Africa.
This guide will walk you through the steps to find the best broker for your needs.
Safety and Regulation
This should be your top priority before considering factors like multi-platform support or hidden charges. Make sure the trading broker is regulated and approved by reputable authorities such as the Financial Sector Conduct Authority.
Check the broker’s website for information on compliance and approvals. Regulated brokers are trustworthy and you will not have to worry about losing your investment. You can also be assured that your data and other personal information is safe.
Use-Friendly Apps
As a new trader in South Africa, you want a platform that is user-friendly and easy to navigate. Look for copy trading brokers with intuitive platforms or applications. Most traders like Weltrade have multi-platform apps to allow their customers to trade using their smartphones or PCs.
You can always sign up for the demo account to explore the trading application before making a decision. Read reviews from other users of the app store and the broker’s website to learn more about the applications.
Fees and Costs
Copy trading isn’t free. The broker will deduct fees from your account, and if you aren’t careful, the charges can eat into your profit. You will also pay subscription fees to access trades from experienced investors. Other copy trading brokers charge a performance fee, which is a percentage of the profits you make from copying a trader.
Read the terms and conditions and the fine print before signing up. Watch out for hidden charges to avoid losing money after depositing cash into your account. Additionally, look into how much the broker charges to deposit and withdraw funds from your account.
Professional Customer Care
The best copy trading brokers in SA have 24/7 customer support across all platforms. Look for a broker that can be reached via chat support, email, telephone, and SMS. Ensure that they have support in your native language.
This will help you should you run into challenges when setting up your account. They will also offer help if you have trouble depositing or withdrawing money from your account.
Wrapping Up
The best copy trading brokers in SA offer tutorials and learning resources to help new investors learn the skill. Start small and build your portfolio. As a trader, don’t risk more than you can afford to lose.
Always learn from previous mistakes and switch the traders you copy if you notice their performances aren’t what you expected. Lastly, never stop learning, and stay informed about what’s happening in the markets.
