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South Africa is a good market for forex trading. Here, there are a large number of forex brokers. Each of them has its own characteristics that differentiate it from others. Depending on their needs, traders will select the most suitable broker for them. Some traders already know how to choose an appropriate broker, but some still don’t know. For those who are still confused about the way to find a good broker, this article is worth reading. In this article, you will find the comparison about the best forex brokers in South Africa. From that, you can easily find a good one. You can absolutely trust the article as its information is based on our research and analysis on the most popular brokers conducted since 2008.
In order to compare the brokers, we analyze their regulation and reputation, their trading conditions and their account types. After analyzing, we will rank them so that we can know which one is most suitable.
- Regulation and reputation
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 depends on the credibility of a broker. Usually, credibility is determined by three things: regulation, trade execution method, and client fund management.
- Regulation: The more major regulators, the more reliable
- Trade execution: the less conflict of interest with traders, the more reliable
- Client fund management: the more clients are protected against bankrupt, the more reliable
- Trading conditions
Spreads
- Be measured in pips
- Can be either wide or tight: 15 pips are wide spreads, while 0.4 pip is tight spread
- An indication of the buy and sell price for any currency pair
- Different brokers will have different spreads on their FX pairs
Leverage
- An amplifier used in trading Forex pairs
- Is important
- Is presented in a format like 300:1 (it means a trader can increase the size of the trade by a maximum amount of 300 times)
- Varies between brokers
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- Account types
In the past, a broker tended to have varying amount of account types, but now it is different. Brokers tend to have fewer account types available. The main difference between account types is the difference between real accounts, demo accounts and swap-free accounts. As swap-free accounts are rare, we just explain the details of real and demo accounts.
- Real accounts (or live accounts) use real money to trade. Thus, you need to be careful when using this type as your activities on it will affect your account balance.
- Demo accounts are safer and offer the opportunity for you to try the trading platform, customer service, research area, and trading conditions.
This is the end of our article about the best forex brokers in South Asia. We hope you can gain necessary information after reading it so that you can easily find a good broker to trade with. Thanks for reading our article.
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