A Forex broker is a firm giving Forex traders access to Forex trading platforms via which the latter can buy and sell foreign currencies. A Forex broker can also be called a retail Forex broker; the broker handles a very small portion of the entire volume available in the foreign exchange market.
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The Forex broker earns a commission on every trade placed by the trader. The commission comes in the form of pip spread; that is, the difference between the “ask” and “bid” quotes of a particular currency pair. There are many of them in South Africa today, but not all of them can be trusted. Bear in mind that the reliability of the Forex broker can make a lot of difference between a profitable trade and an unprofitable one. Having a Forex trading strategy with high percentage accuracy may amount to nothing if your chosen Forex broker is manipulative, deceptive and untrustworthy. In this write-up, you will learn a couple of things you should consider when looking for reliable forex brokers in South Africa.
Find out if the Forex broker is regulated or not before you open an account with them or deposit money into your trading account with them. Also, find out if respectable regulators regulate them in South Africa. A regulated broker is reliable and will not steal your money or engage in improper activities, like intentionally delaying the execution of your trading order. Your investment is always safe with a duly regulated Forex broker.
You should steer clear of forex brokers with wide spreads. The “pip spread” (number of pips between the ask and bid quotes) is the commission paid to the Forex broker on every trade that you place in the Forex market. You should only consider those brokers with the tight spread so that you can make more profit from Forex trading.
Easy access to your money
Furthermore, find out about the terms and conditions associated with deposit and withdrawal before you give the broker your money. How long does it take your deposit to reflect in your trading account? Also, how long does it take them to process your withdrawal?
Do they reply to your emails .at all and how long does it take them to reply? How many means of contact do they provide on their website? Can you contact them via live chat or phone call? Do they sound friendly, helpful and professional when you contact them? The quality of customer service is essential when choosing a forex broker in South Africa.
Always read the terms and conditions before you partner with any forex broker in South Africa; this way, you will understand your rights, privileges, and limits before you start dealing with them.