Nowadays, many Forex brokers exist in South Africa, and we all know working with an appropriate brokerage will help you in your trading. Every trader has different characteristic and demand when talking about education matter, adept study, and trading ways.
For years since 2008, we have conducted a study on the largest forex brokers. We traded and analyzed them, then we compared the result. While doing these jobs, we concern about the fame and the comparison among them. Follow are our discoveries that can aid you to find a trusted and organized Forex trading platform.
COMPARING BROKERS IN SOUTH AFRICA
From the beginning in 2013, we have worked with over thirty sellers and refused more than sixty. With the intention of finding the best Forex dealing broker, we paralleled them based on these standards:
- The rule is trustful in this sector. There are two types of them: major and minor, and we took note them all.
- Trading status is the description of the product that intermediary needs to propose to the buyer, and it is carefully noticed.
- Account types.
Our brokerage hierarchy is formed from their’ direction, platform option, and dealing state for the customers.
FOREX BROKER RULE
DEFINITION OF A REGULATED FOREX BROKER?
A controlled Forex broker runs inside the obligations created by national regulatory teams such as the FCA, FSCA, CySEC & ASIC. They assure the top forex brokers in South Africa follow the rules and have an equal trading place while granting rigorous auditing oversight and security of money. A Forex brokerage has more regulation by these agencies is considered as trustful and honest.
FOREX BROKER FAME
BELIEVING A FOREX BROKER?
We will give you three factors that need to be concerned to know whether a brokerage is trustful or not. They are direction, trading way, and customer money supervision.
If an intermediary has more major governors, it is a strong index of the state of supervision. Therefore, they have a high indication of the grade of belief the national regulatory steward has on them. The way broker doing transactions, and if a trading desk is related in the action or any dispute of profit appears between two sides is a main part of assurance. Plus, if a seller has an economic motivation causing you to lose the deal, this can be judged as making the seller untrusted. Lastly, if the majority of the buyer money are separated in diverse accounts at a superior bank in the regional jurisdiction, this is a nice sign of confidence. We can say that customer’s fund is safe from the merchant failure and more secure.
FOREX BROKER COMMERCE CONDITIONS
What is spread? It is the difference between the Ask price and Bid price and is measured in pips. If the spread is high, we call it’s widespread, and in contrast, we call it’s a tight spread. Each brokerage has various spreads on their FX pairs. In order to increase win money, a buyer has to search for a low spread broker.
It is used widely in dealing Forex pairs to resize the trade. This is extremely vital since the moves of the market are so hard to recognize, so without it, the retail buyer couldn’t join in the trade. Leverage is also shown in a format such as 300:1. In this situation, a tradesman could grow the proportion of the dealing to 300 times. One more thing is that leverage differs among brokers and brokers might keep the interest to restrict a customer’s leverage using their knowledge.
FOREX BROKER ACCOUNT TYPES
We know that a broker must have several account types. However, there is a tendency to reduce these types recently. The main difference is between the four types: Live or Real, the Demo, and Swap-free. We also have managed accounts, they are uncommon though.
LIVE OR REAL ACCOUNTS
For this type, we have to use actual funds to deal the markets. What you do with it could make an influence on your money.
In this type of account, all the money are imaginary, thus, you don’t have to worry about getting into any issues. You have a chance to test the business platform, client service, search field, and trading status. Some accounts are restricted time, some are not which means you can use them forever.
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