- Forex Trading
- Online Brokers
Reputable Forex Brokers in South Africa 2019
With increased internet access throughout the country and more disposable income, South Africa is fast becoming a force in the forex market. Forex brokers in South Africa are hot property, giving aspiring traders the keys to access one of the most heavily traded instruments in the world.
Forex Trading in South Africa
The FSB (Financial Services Board) is the independent body tasked with regulating financial services in South Africa. Their mission statement involves maintaining a sound financial investment environment in the country and they achieve this by overseeing the activities of approved brokers. This includes ensuring that each broker has a minimum capital in which to operate. They also run a customer complaints service and an appeal system, giving South African investors even more protection.
When choosing a forex broker in South Africa, it’s important to make sure that you only sign up with regulated firms. Trade with an unregulated broker and you could be at risk of fraudulent activity or a scam. With the FSB, you can view all of their currently regulated brokers to make sure you are trading with someone legitimate. This piece of advice also applies if you are looking to trade with an international firm.
While regulation is by far the most important aspect of choosing any forex broker, there are several other things to keep in mind. Here’s several points to get you started:
Proper tools to trade
The outcomes of a trading opportunity can often be influenced by the tools and platform at your disposal. If you choose a mediocre platform with the most basic tools, then you should expect average results. Thankfully, there are plenty of high quality forex brokers in South Africa that offer platforms like MetaTrader 4 and advanced proprietary software. Some brokers even give you access to free research and market signal data for even more trading insights.
Demo Accounts: Try before you buy
Not sure if you will get on with the platform tools available? Then give them a whirl with a free demo account. Also known as a practice account, this is like opening a live version of the software, accept you don’t have to put any real money in. Instead, the broker will give you a demo balance, allowing you to experience the platform and all of the features. This is also a good option for new traders looking to explore the forex markets; with a demo balance, you can practice risk free.
First Rate Customer Service
You want premium customer service from any broker - and sometimes this can be hard to gauge. With your free demo account, you can really get a sense of what it would be like to trade there - and what kind of support you will receive. Hop on the live chat or have a browse around the FAQs; you will soon know if this broker is worth your time and cash.