What is a forex broker? It is an intermediator between you and the stock market. South Africa offers numerous quantity of financial agents within the country so SA citizens can sign up and trade with each of them.
However, despite having a wide choice of companies to work with, it is recommended to go only with the best FX brokers, which are regulated by the FSCA of South Africa. Being licensed by a top regulation body authority is the first aspect traders should bear in mind before selecting a broker to have deals with.
Our experts are preparing detailed research of SA licensed FX companies so you can be assured of trading with a trusted forex broker.
Currency speculation is one of the most popular online forex trading preferences. If you want to get into currency trading, take a decision on whether you want to stick to a ZAR account or use US dollars as your primary currency for future deals. Very few brokers allow using ZAR accounts, but in this way, you will save money in terms of conversion fees and ensure that your money is deposited with a local bank, which really gives you a great back up in case of any issues with money withdrawals or refunds. Take into account the following points when start dealing with a broker for currency trading:
Keep these points in mind before making an ultimate decision on which broker to pick up.
Forex trading involves the use of special software (trading platform/terminal). It determines how convenient the trade will be. Therefore, it is vital to choose a trading terminal wisely, with some pre-research done. You should pay attention to its stable performance during trading and compatibility with all possible forex tools (automatic advisers and technical analysis indicators). Cutting edge trading platforms usually possess the following features:
The most important thing that is necessary for choosing a perfect trading terminal for yourself is to determine the purposes of the software you are going to use and your trading strategies.
Trading costs are always the first concern among SA traders. Overall, the costs will fluctuate depending on your trading volume and approach.
You can select trading with a no-commission broker, which often charges FX traders a fixed spread per trade, or go with a commission charging agent that will carry out a fixed commission per trade, plus a variable spread, that is regularly below the spread offered by no commission financial agents. The option of commission type depends on your trade volume and variety of instruments in trade. No-commission forex brokers with variable spread are the best for choice for minimum trading volumes and less liquid instruments.
It allows optimizing South African traders’ accounts for periods of less or more liquidity, giving them control of the spread costs.
Before 2010, South African citizens struggled a lot when it came to FX online. Both newbies and experienced traders had to go through tough restrictions related to transferring money abroad. Government control was a critical issue. However, after 2010, the state gave more freedom for people who wanted to legally transfer their money out of the country. The SA government initiated giving citizens the right to currency exchange with some limits being imposed.
With the new rules in force, the financial industry was immediately saturated with new traders and brokers. Nowadays, the state has a regulatory body for financial agents and no rules are prohibiting financial operations online in terms of forex trading. Therefore, the country is more than forex-friendly to international companies and it is of no issues to start trading using top services of the best forex broker.
If you have never heard of day trading, it might be a tough challenge for you to get into this strategy. Day trading is a popular approach when a trader makes small purchases and sales of the same financial instruments during a single day. It involves any security, even options. This strategy is risky but rewardable for those SA traders who have prior experience in the forex activity. Experts highlight that a Professional Client Status has a great range of perks when it comes to the above-mentioned way of speculation. If you do want to get into day trading, we recommend you to learn more on PCS and choose a reputable International broker.
Choosing a broker to work with is a crucial step. When picking a prospective FX company to deal with, South African traders should remember about several points:
These are just several but essential points to look up to when selecting a broker. Do not underestimate the pre-research. ForexN is always here to give you a hand with your findings of a trustworthy forex broker South Africa.
While preparing our full research on best forex broker SA we analyze different aspects, including legislation issues within the country. To come up with the most relevant information on top 10 forex broker in South Africa we review:
If you are eager to know more about the best forex brokers in SA, stay tuned for our detailed upcoming research.
South Africa is a forex-friendly country with a wide range of financial agents available for domestic traders. SA residents are provided with both local brokers and international ones. Even though it is hard to open a trading account in ZAR, traders may stick to reputable global companies with USD or other currency accounts. Nevertheless, no matter, which company you decide to work with you should take into consideration your trading approach, relevant experience, and real-customer reviews before giving a green light to a particular FX broker. Meantime, ForexN will help you on your way toward successful online forex trading and selecting the best forex broker.
ForexN is currently in development. We are in the process of conducting global market research of forex and forex brokers. Soon we will be able to provide you with the most comprehensive information for your use.