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Keys to choosing a reliable Forex broker in South Africa

Best Forex Broker

Global financial markets are now accessible online. Three decades ago, the advent of retail Forex trading revolutionized the perception of currency exchange. Previously open to large institutional players, it may now be accessed by any individual. A number of companies in South Africa allow you to download mt4 that is the top software for online traders. However, a broker does much more than simply providing the tools.

If you are new to Forex, you may be confused by the flood of the advertisement from different firms. Picking a company is no trivial matter. Residents of South Africa have a lot to gain if they make the right choice and a lot to lose if they treat the task carelessly. Here is why.

The Basics of Forex Brokerage

A broker firm is indispensable for any retail trader. It serves as an intermediary that connects parties wishing to participate in the exchange. Even if you would like to eliminate the middleman, it is impossible. There is simply no other way to access the international marketplace. To trade alongside banks, hedge funds, and other big players, you need to register an account.

A local broker, such as ForexTime, is also your source of professional guidance and support. As a client, you will be provided with educational content and assistance to help you master the art of efficient trades. Any technical issues related to the use of dedicated software may also be addressed to the provider.

Brokers create demo and live accounts, which you need to have to unlock the features of your platform. While the demo mode is a risk-free simulated environment perfect for trainees, live trading is where real money on the real market comes into play. It is vital for any newbie to hone their skills with a demo account before depositing any actual funds.

All operations are conducted via state-of-the-art platforms created specifically for trading currencies, stocks, and other digital finance instruments. ForexTime, a well-established name in the realm of online trading, is among the most trusted brokers that operate in the South African region. Here is why.

Advantages to Look For

An aspiring trader should pay attention to certain features that determine a company’s competitive edge. Here are the key aspects, which are all found in ForexTime.

1.   Brand History and Experience

This is a prominent brand with a decade of successful experience behind it. Since 2011, the company has reaped over 25 industry awards and gained over 2 million clients across the world.

2.   Official License and Supervision

The company is officially licensed to operate in the region. It is subject to rigid control and supervision by the Federal securities Commission in Mauritius.

3.   Favorable Conditions

The company provides advantageous spreads, streamlined deposits and withdrawals, frequent rewards and incentives, and much more. Leverage, which allows you to trade with more than you deposit, is provided at different ratios. In the most generous scheme, it reaches 1,000 to 1. This means you may trade with $100,000 by depositing just $100. In this case, a return of $1,000 from a trade translates into a 100% profit.

4.   Broad Range of Finance Instruments

The choice is quite broad. If you wish to expand your portfolio with other profit generation tools, there are CFDs on shares, commodities, indices, and even cryptocurrencies. The sheer number of currency pairs is impressive as well (roughly six dozen).

A wise investor aims to diversify their selection of instruments. This reduces the overall risks, as gains in one field may compensate for the loss made elsewhere.

1.   Execution Models

FXTM provides trading in both existing models – market maker and ECN. The latter (electronic communication network) ensures the most transparency. In this arrangement, the broker receives a commission regardless of the trade outcome.

2.   Copy Trading

Being pushed for time is not a reason to stop the exchange activity. Delegate the job to a finance expert and have their positions replicated in your account. This scheme is popular with novices and veterans alike.

3.   Easily Reachable Support

Finally, it is vital to have uninterrupted access to your support team. The customer care squad FXTM works around the clock on weekdays. Whatever query you have, it will be dealt with quickly and effectively.

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1 COMMENT

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