South Africa is changing yet there are still disadvantages. The country of 57 million citizens has relatively high GDP compared to other sub-Saharan countries, but still burdened by the high rate of poverty and unemployment status. Trading with the top trusted forex brokers in the world is one method to overcome the current situation as individuals.
Our research started in 2008 to figure out the stable and trade-worthy brokers for SA citizens. After years of observation, the team signed up with more than 30 names and started with real fx-accounts. We tied ourselves with the high-class standards and examined various strategies. This article is to present our accomplishment as one Christmas gift preparing traders in the upcoming years of 2019.
Regulations can help guarantee fair trading under strict observation and funds protection from world-class financial associations like the FCA, FSCA, and CySEC. The trading conditions vary between associations, hence tighter the trading term with too many licenses. One good license is adequate, US and UK licenses are of the standard, but it’s not worth seeking help from the other side of the Moon.
Traders should also check brokers history to understand how they treat clients and action through storm after years of operation, or to find a scam report if there are any as well as significant achievement.
The support is critical as South African is a multi-ethnic society encompassing a wide variety of cultures, languages, and religions. Broad and strong local office system strengthen and profit all traders besides a long list of language support for eleven official languages in SA.
It should be a crime if not mentioning the local payment system, as this is one of the most practical key components to find not only traders’ withdrawals but also brokers’ credibility. This, along with regional office system and language support, could help traders advance further to achieve success, and to avoid scamming and fake brokers as well.
The conditions surely connect to three main group Cent, Classic, and ECN accounts. In general, these choices are suitable for rookies, experienced, and veteran respectively. There are also Demo, Swap-free, and Islamic accounts for optional use.
Traders could have fun with demo money in demo accounts, no true risk, and virtual profit. However, don’t spend too much time collecting your unreal coins and pennies, many have become overconfidence with HP Leprechauns gold and think that they could immediately get profit like a pro, hence feed others they will.
The Spread, besides commission, is brokers’ main income counts by pips as an indication of buy and sells price for each currency sets. Different brokers offer different spreads, and low spread is preferred to reduce trading cost. The commission is usually for veterans with ECN accounts.
Leverage lets you trade for much more with limited budget margin in your account. 1:100 leverage means 1 margin unit and 100 units to swap, so lighter and faster to gain a huge. So, any brokers that offer unlimited leverage? Yes, Exness open 1:000 leverage for many of its accounts, the one and only.
In a nutshell
Don’t hesitate, research carefully, understand yourself as well as your strategy. Keep it tight with regulation and support, trading condition and your discipline, then you could advance steadily.