If you are a college student or a young adult in South Africa, you must have heard about Forex trading. Forex trading is free for all open trading platforms that allow traders to invest money and trade in currency pairs.
If you are considering Forex trading, you must have thought about finding a broker. But what is a good broker after all? It gets confusing, we understand.
This article will explain some good Forex trading brokers in South Africa.
Like we mentioned earlier, the Forex market in South Africa is very populated. Thus, it is equally hard for brokers and traders to make a name and earn in this environment. So, how can you survive this storm? The first thing is to understand your trading needs.
We will go over a few parameters that most users face in Forex trading.
1. Trading purpose
It matters a lot that why do you trade in Forex? Are you just doing it as a time pass hobby, or do you plan to make it a full-time business? At this point, we can divide users into two categories.
- Professional trader
- Part-time trader
A professional trader’s needs for a broker will be completely different from a trader who does Forex trading in his free time.
2. Your investment limit
If you have an unlimited supply of cash, then go ahead and choose whatever broker you like. But if you have to be careful with your money, then make sure you pick the right broker. A right broker has its trading conditions completely coherent to your investment limits.
3. Your goals
Ask yourself this question, what do I want to achieve from Forex trading? If you plan to earn a constant monthly income, your requirements will differ from the trader who does Fores trading to become a millionaire in a month. Hypothetically speaking, of course.
Get over the internet and look for all the information that you can find about brokers and their trading conditions.
You will start to understand the market condition and your capacity to trade. This will allow you to pick a broker that suits your needs.
We want to give our readers a headstart in their research. Thus, you can use our article and get the initial idea of what you should be looking for in your broker.
AvaTrade is our pick for the best overall broker in South Africa. This broker does so well in almost all trading departments that most traders are satisfied with it.
The minimum deposit limit of AvaTrade is the only thing that new users frown upon. 100 USD can be too much for young people to spare and invest in Forex trading. Other than that, the broker is legitimate with better leverage rates and trading platforms.
Exness only needs 1USD to get you started on Forex trading. If you have just gotten off your demo account, then give it a try to Exness and catch its 10 percent bonus program as well.
We suggest our users search the internet and find as much information as possible before deciding to go with a broker.