South African Forex Brokers
It is safe to say that South Africa is becoming the Forex trading hub in the region. There are a few reasons for such rapid growth of Forex trading in South Africa. However, we will not be looking at those reasons now.
SUBSEQUENTLY, there are several new brokers in the South African market. If you are a new user, it is very hard to decide.
In this article, we will explain the factors you need to find in South African Forex brokers, and then we will suggest a few trusted brokers in the end.
What to look for in a broker?
Following are the things that you need to find in your broker before you go ahead and trade with them.
A broker must be regulated for you even to consider it. We can’t stress enough the importance of trading with a regulated broker. A non-regulated broker is very risky, and you can end up losing your money instead of earning any profit.
2. Trustworthy reviews
Reviews do matter! After confirming a broker’s regulation, the first thing you should do is to check for user-based reviews. Many websites allow actual users to post their reviews online. You can also check for reviews on social media and the broker’s website. However, the broker has likely removed any bad reviews about their website.
3. 24/7 trading support
Forex is a 24/7 trading market. You can open and close a trade any time of the day and week. Thus, your broker shouldn’t be the one stopping you. You should be able to trade whenever you want. Most brokers offer consistent trading support, but you should confirm before selecting a broker.
4. Minimum deposit limit
Make sure to check that the deposit limit of your selected broker doesn’t exceed the number of your trades. For instance, if you are likely to be trading under 100 USD, then selecting a broker with a 250 USD minimum deposit limit will cause some problems.
5. Customer Support
A broker’s customer support is a very important factor that you should check before investing with them. Ensure that your broker offers a 24/5 support system with preferably multi-language support.
6. Trading Platform
The trading platform is the main area where you will be interacting with the Forex market. Hence, we suggest going on with MT4 or MT5 trading platform support. Don’t settle for anything less.
Following is a list of our selected brokers in South Africa;
- AvA trade
- BD Swiss
- IFX brokers
Frequently asked questions
Traders often ask the following questions when they are selecting a broker.
Can I change my broker later if I am not satisfied with it?
Yes, you can change your broker if you are unhappy with it.
Can I trade with multiple brokers at the same time?
You can make several accounts with multiple brokers. However, you can’t open more than one account with the same broker.
Make a list of all the qualities you need in your broker and cross-check with your potential options. This will help you make a calculated decision about a broker.