We can see many Forex brokers are existing nowadays in South Africa. As a trader, it is important to get an appropriate intermediary so that your work is more fluent. Meanwhile, every tradesman has a different characteristic, and hence, more demand needed when it intervenes the teaching material, master analysis, and dealing ways.
Since 2008, we have worked with and analyzed the best Forex brokers in South Africa and got some discoveries. When matching them, we keep in mind the renown of the seller and the way they differ from others. Below is what could help you in the way to succeed in Forex trading domain.
THREE FACTORS WHEN COMPARING BROKERAGES IN SOUTH AFRICA
We started dealing forex in 2013, and we have cooperated with over thirty brokerages and refused over sixty at the same time. Our goal is to know what is the best Forex dealing intermediary, so we compared them in some criterions:
- Regulation is confidence in this business sector. We have two kinds of regulators: important and unimportant one.
- Dealing qualities are the key to the product the brokerage must show to the tradesman, and we likened them.
- Account types.
Our hierarchy of broker uses three factors: brokerage rule, platform option, and dealing status for their’ customers.
FOREX BROKER RULE
WHAT DO WE NEED TO KNOW ABOUT THEM?
An organized Forex broker is the one who follows set of rules given by official regulatory groups, for example, the FCA, FSCA, CySEC & ASIC. The mission of these agencies is to assure a balance dealing environment while making harsh auditing observation and keeping the safety of fund. The more global organizations perceive, the more trustful and honesty a broker has.
FOREX BROKER FAME
A TRUSTED FOREX BROKER?
In order to know whether a broker is confident or not, we base on three important keys: rule, dealing method, and customer funds management.
One of the significant indexes is the major regulators that a broker has. If a broker has lots of regulators, it means that they are more reliable thanks to the level of faith the governmental regulatory organizations have on them. How the brokerage does your transactions or a dealing desk is intervened in the execution or any dispute of gain between both sides of the trade is as well a part of confidence. If a financial incentive for your brokerage occurs and make your money disappears, it is counted as a minus point for the intermediary’ credit.
Ultimately, all client wants their fund to be safe in any condition. Thus, a trustful and honest broker is the one responses to this demand. The broker can separate customer money in diverse accounts at elite banks in the regional jurisdiction.
FOREX BROKER DEALING STATES
What is spread? It is the discrepancy of the asking price and the bid price. It is measured in pips and it is a very important indication. We consider fifteen pips spread is wide, while a 0.4 pip is tight. For every broker, they have various spreads. It is recommended that a tradesman should look for a broker with the smallest spread in order to increase the gain money.
Learn more about the best forex bonus.
Now we talk about leverage, an amplifier in Forex trading. As we call it, it is used to raise the proportion of the deal since the moves in the market are minor and it is hardly joining in the business. Now we know the role of it, so what is the format of leverage? It is 300:1, which means you could raise the proportion of the trade up to three hundred times. Each broker has a different leverage, and they can hold the right to narrow a client’s leverage.
FOREX BROKER ACCOUNT TYPES
For every brokerage, it is suggested to have various account types but not too many due to the bias in this business domain recently. The important distinction among them is Live or Real accounts, the Demo accounts, and Swap-free account. A minor part of broker also has managed accounts, it is unusual though.
LIVE OR REAL ACCOUNTS
These types use real funds to deal with the markets. Remember that what you do would affect your account balance.
One big difference they have from Live or Real accounts is the money is imaginary. That means you don’t have to worry about getting into any issues. You have an opportunity to test the dealing platform, client service, research domain, and dealing states. Some of this types are forever, some are not.
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