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Trading Point is a forex trading platform that is quite well suited to being used in South Africa, for a number of reasons which I’ll explain as I go. It’s based on the ubiquitous MetaTrader 4 platform, which you’ve probably encountered if you’ve used any forex trading software. It’s fast, reliable, easy to use and has a quick learning curve, so it’s great for beginners.

Features:

• Spreads as low as 1 pip (most commonly 2-3 pips, however)
• Extremely fast execution time, even in remote locations
• Trade forex, commodities and CFDs
• Licensed in the EU
• Leverage up to 500:1
• 20% first deposit bonus and 10% bonus on all subsequent deposits
• Great support
• Quick deposits/withdrawals even in South Africa
• Minimum lot $1,000 (micro lot) on a micro account
• Islamic accounts available

Why Trading Point?

People are usually drawn to Trading Point because of their massive bonuses for deposits, and the fact that their micro account has no minimum deposit and up to 500:1 leverage. All in all, Trading Point is suited for beginners who want to make the most of their money, without a big commitment.

Two other features of Trading Point great for South Africans are that it’s quick to get money in and out, and that their deal execution time is so quick, you’re not at a disadvantage compared to traders in the USA and EU.

Trading Point – Pros

Trading Point is a robust market maker that seems to be above board to the point of being generous. Spreads are generally around 1-3 pips during calm market conditions, but these can go up to 8 pips when things get choppy. One thing that saves it from this volatility is the “no requotes” guarantee, which is a godsend for traders working with a bit of extra connection latency in turbulent markets.

Trading Point – Cons

Trading Point is slightly limited in its access to some markets, so if you’re looking for a platform that allows you to trade absolutely everything, you might find it a little short on options. Aside from this, there are no real downsides with Trading Point.

Trading Point offers you three different accounts, which have different minimums and leverage. Aside from being able to deposit more and trade bigger lots, there are no major advantages to having a Standard or Executive account. Executive accounts do also get access to additional trading tools:

Micro Account

• Minimum lot: $1,000
• No minimum deposit
• Max leverage 500:1

Standard Account

• Minimum lot: $100,000
• Minimum deposit: $3,000
• Max leverage 200:1

Executive Account

• Minimum lot: $100,000
• Minimum deposit: $100,000
• Max leverage 100:1
• Access to Executive trading tools