WHY THE BEST FOREX BROKERS IN SOUTH AFRICA DESERVE TO TRADE WITH?

I’ve been a regular partner with the best forex brokers in South Africa for several years. They can meet my needs of my education material, expert analysis, and trading tools.

I have conducted my research by trading with the top Forex brokers 2018. When comparing brokers, we put stress on the reputation of the broker and how they compare to each other.

Hopefully, this writing will help you find a regulated and reliable forex trading platform.

HOW TO COMPARE BROKERS IN SOUTH AFRICA?

In order to find the best Forex trading broker, it’s necessary to closely follow some criteria below.

  • Regulation is a symbol of trust in the investment business. There are major regulators and minor regulators and we took all of them into account.
  • Trading conditions are the details of the product the broker has to offer the trader, and we compared them.
  • Account types.

Of course, my broker rankings are based on broker regulation, platform choice, and trading conditions.

FOREX BROKER REGULATION

WHAT IS A REGULATED FOREX BROKER?

FCA, FSCA, CySEC & ASIC are governmental regulatory bodies responsible for setting the regulations within the boundaries. They long for ensuring that all brokers offer a fair trading environment while offering strict auditing oversight and protection of funds. A Forex broker regulated by more than one International agency is perceived to be more trustworthy.

FOREX BROKER REPUTATION

CAN YOU TRUST A FOREX BROKER?

Regulation, trade execution method, and client fund management are 3 things to be taken into serious consideration to understand if the best forex brokers in South Africa should be trusted or not.

Regulation is a strong indicator of the level of oversight offered by the government regulatory agencies. Besides, the method of broker’s execution, dealing desk involvement in the execution or if there is any conflict of interest between traders and the brokers play important roles in trust.

Finally, if all the client funds are arranged in different accounts at major banks in the local jurisdiction. This will help all client funds to be protected against the broker going bankrupt.

FOREX BROKER TRADING CONDITIONS

SPREADS

Spreads are either wide or tight and are measured in pips. This is an indication of the buy and sell price for any currency pairs which are far from each other, or close to each other. If the spread is 15 pips wide, that is considered a wide spread, where a 0.4 pip spread is considered tight.

Different spreads are offered to different brokers on their FX pairs. For the purpose of maximizing profits, most traders prefer to find a broker with the tightest average spreads on the pairs they trade.

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LEVERAGE

Leverage is a tool to amplify in trading forex. The fact that the market movements are so small, hence, it’s necessary to use a tool to amplify the size of the trade. This helps individual retail traders to participate in the business.

Leverage is shown on a scale of 1 to 300 – in this case, a trader can increase the size of the trade by a maximum amount of 300 times. Leverage varies between brokers, and brokers may also reserve the right to limit a client’s leverage according to their trading strategies.

FOREX BROKER ACCOUNT TYPES

There is a tendency to have fewer account types among each broker, but some popular accounts are compulsory. They are Live or Real accounts, the Demo accounts, and Swap-free accounts. Managed accounts are available, but rare.

LIVE OR REAL ACCOUNTS

Real money is put into these accounts to trade in the market. What you do in your account will an effect on your account balance.

DEMO ACCOUNTS

Fake funds are used in these accounts to protect traders from any risks of trading. Also, this gives the trader an opportunity to test the trading platform, customer service, research area, and trading conditions.

Some demo accounts are time limited but are usually easy to reactivate, and other accounts are unlimited to use.

In general, the best forex brokers in South Africa can achieve the standard of the best brokers. If you are a potential trader, one of them can be your good partners.

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