Different from our previous articles which mentioned about the best forex brokers in the world, in Asia, in Thailand, etc., in this article we will tell you about the best forex brokers in South Africa. We believe the article is attractive to you as it is about the comparison between the best forex brokers. From that, you can easily choose a suitable one. To write the article, we use the information from what we have researched and analyzed the most popular forex brokers since 2008. Therefore, you can trust it.
In order to compare the brokers, we use these criteria: reputation, regulation, trading conditions and account types. Specifically:
REGULATION
FCA, FSCA, CySEC and ASIC are examples of trusted regulations that brokers should obtain. Such regulations can guarantee that brokers will maintain a fair trading environment while offering strict auditing oversight and protection of funds.
REPUTATION
Talking about regulation means talking about its reliability. The trusted brokers are those:
- Having more major regulators
- Well executing your trades, having less or no conflict between brokers and traders
- No financial incentive for your broker to have you lose your trade
- Protecting your funds against their bankrupt
TRADING CONDITIONS
Trading conditions include the spreads and leverage. More details about them are presented as below.
SPREADS
- 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
- Presented in a format like 300:1. Such format 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
The differences between the Live or Real accounts, the Demo accounts, and Swap-free account show the distinction between the account types. Managed accounts are available, but rare.
Live or real accounts: use real money to trade the markets. Your account balance could be affected by the things you do in these accounts.
Demo accounts: do not expose a trader to any risks, and bring the traders a chance to experience the trading platform, customer service, research area, and trading conditions. Most demo accounts are limitless regarding the time you can use them; others are time limited but are usually easy to reactivate.
In short, the best forex brokers in South Asia are good choices for traders. However, their personalities are sometimes not suitable with traders’ needs. That’s why we write this article. Though the article is short, we hope it can give you sufficiently clear and useful information in making your selection.
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