Have you ever heard about the best forex brokers in South Africa? If not, this article is for you. There are a number of Forex brokers operating in South Africa, so choosing the best brokers is not hard, but choosing a suitable one will be hard unless you know how to compare them. In this article today, we would like to share you a comparison of the best forex brokers in South Africa in order to help you find an appropriate broker. We can make sure the article is trustworthy because we have conducted our research by trading with and analyzing the most popular Forex brokers since 2008.
First I will tell you the way to compare the brokers, and then I will give you the details about such way. With our experience of trading for a long time with more than 30 brokers, we recommend you to make a comparison of the brokers on these criteria: regulation, reputation, account types and trading conditions.
After comparing, you should rank them based on: regulation, platform choice, and trading conditions for the clients so that you can easily choose the most suitable one.
There are many definitions of regulation, but the simplest one is that regulations are governmental regulatory bodies like FCA, FSCA, CySEC & ASIC. If a broker wants to be trusted, it needs to obtain one of these regulations. That’s because such regulations are responsible for ensuring that the brokers maintain a fair trading environment while offering strict auditing oversight and protection of funds. A Forex broker which is regulated by more than one International agency is perceived to have more trust and integrity.
The reputation of a broker depends on the following things:
- Regulation: the more main regulators a broker has, the more reliable it is
- Trade execution method: whether or not a dealing desk is involved in the execution or if there is any conflict of interest between traders and the brokers is also a key component of trust
- Client fund management: a broker is supposed to be credible in case all the client funds are segregated in different accounts at major banks in the local jurisdiction
- Account types
There are three types of account: live (real) accounts, demo accounts and swap-free accounts. However, I just mention the first two types as swap-free accounts are rare.
Live or real accounts use real money to trade. Your account balance can be affected by the things you do in this account type.
Demo accounts are safe for traders. They give traders a chance to experience the trading platform, customer service, research area, and trading conditions. We suppose this type is worth trying.
- Trading conditions
When talking about trading conditions, we will talk about spread and leverage. Spreads are considered either wide or tight and are measured in pips. A trader will always find a broker which has the tightest average spreads on the pairs they trade. Leverage is an amplifier for the use in trading forex pairs. Leverage varies between brokers, and brokers may also reserve the right to limit a client’s leverage based on their experience.
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In conclusion, after reading the article, we believe that you now can find the best forex broker in South Africa to trade with, right?
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