At Forex Trading South Africa, we have two goals. We hunger to assist you to associate the greatest agents in South Africa so you can discover the correct one for your wants. We want you to feel safe when you put your money to your broker, we compare forex brokers side by side with complete and accurate data. To meet these goals, we developed a comprehensive broker comparison process and created the annual status of the Forex Market Report.
We compare and evaluate each broker we work with using the following criteria:
Regulation: The FSCA is a good regulator in South Africa – they have a good track record of protecting customers and reducing offenders – but for added security, you should seek a broker who is controlled by at least one of the big three regulatory agencies (FCAs). , CySEC, ASIC)
Broker Type: Most brokers are ECN / STP or market makers, but some may be a combination of both; When many brokers act as market makers for their Cent and Standard accounts, you will find that they offer ECN / STP service in their high-deposit account types.
Trading Terms: What kind of spreads are there, how much Forex Trading South Africa is issued and how many currency pairs there are. All of these factors directly affect your profit or loss, so you don’t want any surprises.
The platform of Trading: Metatrader 4 is still manufacturing level, but many brokers suggest MetaTrader 5, C Dealer or their own branded websites.
Minimum Deposit: Depending on the type of account for many brokers, higher minimum deposits are often linked to better trading conditions. We always highlight the minimum deposit available regardless of the type of account.
Deposit and Withdrawal Methods: All brokers accept traditional payment types such as debit/credit cards, many accept online payments through Skrill and Neteller, and some even accept bitcoin.
If you already know what you want from a broker, you can use our comparison tool to quickly narrow down the field to find the right broker for you.
Risks of Forex Trading
If you are a new trader, finding a good broker is only the beginning. Forex Trading South Africa is a high-risk venture and most traders will lose money in the long run. There are many reasons for traders to lose money, but they can generally be placed in four categories:
- Lack of Forex Education
- Lack of business discipline
- Untested business plan
- Poor or non-existent risk management
But you can avoid these pitfalls – our education section is full of articles and tips for new and experienced traders in trading.
Quick Guide to Start Foreign Exchange Accounts in South Africa
We also publish a quick guide to opening Forex trading accounts in South Africa:
- How to choose a broker
- How to use the demo account
- How to learn to trade successfully
- How to Build a Business Strategy
- How to manage risk
- What documents should you provide to your broker