There are so many Forex brokers out there with all of them claiming to be the best. However, not all of them can live up to expectations. So, you must take some time to investigate the Forex brokers before you register with them. A Forex broker is a very important entity in Forex trading. You just cannot avoid registering with one. So, you will do yourself a world of good to properly investigate them before registering with them. It can be overwhelming to choose a Forex broker. As a beginner, this can be very difficult for you. Not to worry; the information below can help you to make the right choice among the available ones.
Regulated Forex Brokers in South Africa
How secure is the platform?
Before you pitch your tent with any of the Forex brokers out there in South Africa, you need to find out how secure the platform is. You should only consider the Forex broker if it is regulated. An unregulated Forex broker is not safe at all. Studies show that regulation does not necessarily mean that the broker is safe and secure. Be that as it may, a regulated broker is still more trustworthy than one that is not regulated. If the broker is regulated, you can easily report the broker to the government body or organization that regulates it. If the broker is not regulated, you will have no one to report to if anything goes wrong.
The regulatory agency in South Africa is the Financial Board of South Africa (FBSA). So, find out if that broker is regulated by the FBSA before you register there to trade Forex in the country.
Cost of transaction
One other thing worthy of consideration is the transaction cost. Before you register with the broker, first find out if the broker charges low or high transaction costs. You should always be on the lookout for brokers that charge low transaction costs. If not, the transaction costs will eat deeply into your profit. For example, Deriv does not charge high transaction costs. You will not have to pay a dime to deposit money or withdraw your profit. Aside from charging low transaction costs, Deriv is also a highly reliable Forex broker.
To make things very easy for its registered traders, Deriv offers so many deposit and withdrawal options to enable each trader make money hassle-free on the platform. They will never make it difficult to withdraw your profit at all. In fact, the profit can arrive in your wallet almost instantly.