The best brokers in South Africa are the ones who offer professional support and full support when you have questions about your trades. This is essential because they can make more profit from unsuccessful trades than successful ones. You can find educational materials and content on their websites, as well as seminars and webinars. If you want to learn more about the forex market, choose these brokers. Here’s a look at what they offer:
Professional Support And Full Customer Support
FSCA: This body regulates Forex brokerages in South Africa. The FSCA, a local regulatory body, acts as a back-up for investors. FSCA fines brokers who violate its regulations and revoke licenses. The FSCA also monitors the activities of local Forex brokers. However, they do not provide the same level of service or diversity of trading instruments as international brokers. The best forex broker south africa are licensed by the FSCA.
XM: This global broker has offices in both South Africa and Cyprus. It has a number of advanced trading platforms and offers competitive leverage. The XM Group has a reputation for excellence, and is one of the best brokers in South Africa. It also has a range of bonuses and is licensed by the most renowned regulatory bodies in the region and around the world. You can also take advantage of their low deposit requirements and high leverage.
FSCA-regulated brokers: FSCA-regulated brokers follow the laws of South Africa and get a better preference from local traders. Apart from FSCA, the Prudential Authority of South Africa regulates non-banking entities. They focus on promoting market infrastructure, online financial exchanges, and cooperative financial institutes. Regulatory bodies from overseas also welcome South African brokers. The FSCA regulates Forex brokers.
Oanda Offers An Advanced Web Trading Platform With An Intuitive User Interface
oanda is a leading fx broker in the UK, and it offers an advanced web trading platform with an intuitive user interface. The company also offers a trader program, advanced charting tools, and an array of advanced indicators. The firm’s platform offers over 100 charts and technical indicators, as well as drawing tools, chart pattern recognition, and position ratios. Its trading platform offers back-testing and a live account feature, and they offer insights from leading news providers.
Oanda offers over 100 different trading instruments, including major and minor currencies. The firm does not charge any minimum deposit or minimum trade size, and it does not impose added commissions. In addition, CFD trading is highly risky – around 74 to 89% of retail investor accounts lose money. Although oanda fx offers a wide range of currency pairs, it lacks many more, such as ETFs, individual stocks, and futures. In addition, crypto-derivative trading is banned by the UK’s Financial Conduct Authority in 2021, making it difficult for retail consumers to trade.
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Oanda does offer a practice account with nearly the same functionality as a live account, which is a great feature for new traders. Traders can test drive potential brokers in this account, and when they’re comfortable, they can easily upgrade to a live account. Another important feature of Oanda is their extensive range of trading and research tools, which include interviews with successful traders.