In recent years, forex trading has gained popularity in South Africa. It is because of its ease of access, high liquidity, convenience, and quick income rewards. According to a survey, South Africa has successfully made 35% growth in only one year in forex trading. These figures show the increasing number of people getting into the business of forex trading in the country.
How should you choose a forex broker in South Africa:
Registration with a Regulatory body:
Before investing with any forex broker, make sure a government body regulates them. These regulatory bodies ensure their transparency. You can check the NFA website to verify the broker details you are considering for trading.
Funding and withdrawal methods:
Some brokers charge a large number of fees when you withdraw money or close your account. At the same time, others may take a long period of time to transfer money. Go through the funding and withdrawal procedures of the broker that you want to invest with to avoid such complications.
Currency pairs offered:
Even though there is a variety of currency pairs available for trading purposes, it is important to understand that only a few get the attention and importance. Therefore you should trade with the currency pairs that have the greatest liquidity. You must consider your own choice of currency pairs to sign up with a forex company.
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Best forex traders in South Africa:
Here is a list of few verified forex brokers in South Africa:
Blackstone futures provide upto a 30% welcome bonus for new users. It is regulated by FSCA, which makes it a secure platform for trading. They provide same-day withdrawals, which is highly convenient for traders. Several options are provided for depositing funds, e.g., electronic funds transfer, OZOW, credit card, debit card, atm, skrill, etc.
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It is regulated by FSCA and FCA; these are high reputation regulators. They offer the lowest minimum deposit of 1$ in South Africa. Their funding and withdrawal methods are convenient, especially for South African people. The customer support is pretty good. Exness offers the latest platforms for trading, i.e., MT4 and MT5.
Tickmill is regulated by top regulators such as FSCA, CySEC, FCA; therefore, it is reliable and secured. South African traders can avail online bank transfer options in Rands(ZAR). The process of deposit and withdrawal is done within 24 hours. It consists of MT4, MT5 as well as Webtrader trading platforms. They don’t charge any fees on withdrawal or deposit of funds.
There are more than 50 forex brokers that accept traders from South Africa. Most of them provide the same services and features, but you have to choose the best one for yourself. This article provides a guideline on how to choose the best forex broker for yourself. We have mentioned the important things you need to know before kick starting your journey in the cryptocurrency market.