South Africa is one of the most developed countries in Africa, so it’s not surprising that the country enjoys one of the most reliable and established regulatory bodies in the region for those who want to trade Forex (and pursue other economic trading opportunities). The Financial Services Board (FSB) is an independent institution, established to oversee the South-African non-banking financial services industry, and it was established over twenty years ago, making it a reliable regulatory body for South Africa Forex brokers.
The best South African Forex brokers will, of course, hold FSB regulation, though there are many South African Forex brokers that operate in the country without oversight. We would recommend that in order to become a successful Forex trader in South Africa, you choose a broker that is regulated and that adheres to industry standards meant to protect traders’ funds, such as maintaining segregated client accounts and minimum capital requirements.
Before you begin Forex trading in South Africa, consider what type of trading you want to pursue. Do you plan to trade the South African currency, the rand? Or are you looking to trade standard currency pairs such as EUR/USD? No matter what pair (or pairs) you choose, look at the spreads offered by the brokers on the South African Forex brokers list below and make sure you’re getting the best spreads available. Likewise, make sure that your Forex broker will allow you to deposit in rands, if necessary.
While you’re evaluating the trading conditions of the Forex brokers in South Africa, it’s also important to look at the trading platforms available. Are you looking for South African MT4 Forex brokers, or for a web-based option? Do you want a broker that has its own platform? Don’t be afraid to open a demo to try different South African Forex brokers before deciding which one is best for you. With a demo account you can optimize your trading strategy and really test the platforms and trading conditions for yourself. With the right research and testing you should have no problem finding the best South African Forex broker.
Source: New feed