In South Africa, there are many Forex brokers operate just as places all around the world. The fact is to choose the good dealer in order to make sure the success of your trade. Each buyer has a various personality and they also have more demand when facing teaching material, master analysis, and trading way.
To assist you to find a suitable Forex broker, we have processed our research with the best forex brokers 2018. We compare in two aspects: fame and how they parallel to others. We will give you the contents of our findings:
BROKERS COMPARISON IN SOUTH AFRICA
We commenced in this domain in 2013, and we have worked with over thirty companies, and meanwhile, rejected more than sixty. For the goal to realize the greatest Forex trading intermediary, we judged them based on some criterions:
- In the investment sector, it is the regulation that has the trust from people. We concern two types: major regulators and minor regulators.
- The brokerage has to give the trader the good dealing conditions, so we considered it.
- Account types.
We rank the broker using regulation, platform option, and dealing status for the customers.
FOREX BROKER REGULATION
DO YOU KNOW THE DEFINITION OF REGULATED ONE?
There are many governmental regulatory organizations like the FCA, FSCA, CySEC & ASIC that give out regulation for brokers. If Forex brokers work under these rules, they are assumed to be regulated ones. The main functions of these agencies are to guarantee a balance trading place, offer tight auditing oversight, and prevent losing fund. the top Forex brokers in South Africa which are organized by more agencies are considered to have more faith and integrity.
FOREX BROKER NAME
TRUSTING A FOREX BROKER?
To clearly understand the confidence of a broker, we will need to keep in mind three elements: direction, trading technique, and client money organization.
We know that important regulators are a strong gauge to judge the quality of oversight the intermediary has, and hence a gauge to know the level of confidence the government regulatory agencies have of them. Doing transactions, involving trading desk in the execution or conflicting of interest between two sides of the trade is in addition, a vital feature of belief. If your broker makes you lose your trades because of a financial incentive, it will make the broker less honest.
Ultimately, a good broker must give a customer a safety feeling. They can do it by segregating funds in various accounts at superior banks in the native jurisdiction. It is because even if the broker does fail, the money is still safe. This is a great indication of trust.
FOREX BROKER ACCOUNT TYPES
Working in this domain, every broker has at least two accounts. Nevertheless, it is suggested to decrease the number of account types you have. The primary dissimilarity among them is Live or Real accounts, the Demo accounts, and Swap-free one. On the other hand, we have managed accounts, but they are unusual.
LIVE OR REAL ACCOUNTS
The main characteristic of them is to use the actual fund to trade. Be aware that what you do to them, it could affect your account balance.
DEMO ACCOUNTS
This is a type that all the money in the account is imaginary, hence no worry about risk when using them. The buyer can enjoy it because it allows them to test the transaction platform, client care, the research sector, and dealing states. We have two types of these accounts: eternal accounts and limited accounts.
Best forex contest for demo account.
FOREX BROKER DEALING CONDITIONS
SPREADS
Spreads have two states: wide and tight, and it is measured in pips. It is an indicator of the purchase price and vend price for any unit of currency. We call a spread is wide if it is 15 pips, and in contrast, a tight spread if it is 0.4 pip. For every intermediary, they have different spreads. Thus, to increase the win money, a buyer should work with the broker who has the low spread.
LEVERAGE
We know the moves of the market is so small that nearly impossible to do business. That is why leverage has a crucial role in dealing with Forex pairs. It allows us to enlarge the size of the trade up to three hundred times because the format is like 300:1. Leverage is also diversified between brokers, and an experienced broker could preserve a client’s leverage.