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“THE BEST FOREX BROKERS IN SOUTH AFRICA”
This article is about the comparison of the best Forex brokers in South Africa. The purpose of it is to help traders have a fundamental to find a perfect broker for them. We can ensure that its information is reliable as we have conducted our research by trading with and analyzing the most popular Forex brokers since 2008. Hope you enjoy the article.
METHOD FOR COMPARING BROKERS IN SOUTH AFRICA
We usually use the following criteria to compare the best forex brokers 2018:
- Regulation: we took all major and minor regulators into account.
- Trading conditions: we made a comparison about the details of the product which brokers have to offer traders.
- Account types.
- REGULATION
Regulations are the governmental regulatory bodies such as FCA, FSCA, CySEC & ASIC. Brokers will sign up with such regulations to make sure that they can maintain a fair trading environment while offering strict auditing oversight and protection of funds.
- REPUTATION
When compare their reputation, you should base on three things including regulation, trade execution method, and client fund management.
For regulation, the more regulators a broker has, the more trusted it is. For trade execution method, a reliable broker is the one that has less or no conflict of interest with traders. For client fund management, you can trust a broker if it can protect you against bankrupt.
- TRADING CONDITIONS
The trading conditions comprise of spread and leverage.
Spread is measured in pip. It can be considered wide of tight. For example, 15 pips are wide spread and 0.4 pip is tight spread. Spread is an indication of the buy and sell price for any currency pair. Such currency pair can be far or close to each other. Don’t worry about spread with the best ECN brokers.
Leverage is an amplifier used in trading Forex pairs. It is presented in a format like 300:1 which means a trader can increase the size of the trade by a maximum amount of 300 times. Leverage is very important in trading.
- ACCOUNT TYPES
The most popular account types are live or real accounts and demo accounts.
Live or real accounts
These accounts use real money to trade the markets. Everything that you do in this account could have an effect on your account balance.
Demo accounts
Such accounts are worth experiencing as they do not expose a trader to any risks. Moreover, they give the traders an opportunity to try the trading platform, customer service, research area, and trading conditions. What a wonderful opportunity it is!
In short, we have just given you more information about the best forex brokers in South Africa. If you apply the above-said method when choosing the brokers, we ensure that you can certainly choose a perfect one to trade with. Thanks for reading our article!
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