How to choose a Forex broker in South Africa? Our 5 Tips
The growing interest of individuals in Forex trading has led to an increase in the number of Forex brokers. Not all are equal, however. Fortunately, it is possible to find the best between these administrators and executors of trading orders based on the following criteria.
If you are looking for the best Forex broker of the moment, do not hesitate to consult our comparison of Forex Brokers.
Check Credibility
Unscrupulous brokers are currently legion. For this reason, before choosing one, it is recommended that you make sure of its credibility. This involves informing you about the regulation of its activity. The best way to find out is to go to the website of the FCSA website. You can also go through the sites of various major financial authorities, citing only the International Financial Services Commission (IFSC) and the Financial Conduct Authority (FCA).
Even if it is not in the crosshairs of the aforementioned authorities, a Forex broker may be less credible if he has not yet obtained, throughout his existence, awards for the quality of his services. These rewards should above all come from the most illustrious financial organizations and economic journals.
The credibility of a Forex broker is also proven by its longevity and customer base. Generally, an actor who has many years of experience and thousands of satisfied customers is trustworthy.
Find Out About Quality Support
A broker worthy of the name must ensure that his clients have all the resources necessary to generate gains in the practice of Forex investment. It supports them throughout their experience through training and educational content available on its website. Also, to allow them to better get used to its platform without having to risk their capital, it offers them a demo account. Added to the latter are the possibilities offered to customers to follow daily market news or to trade at any time and wherever they are thanks to an ergonomic and reliable mobile application.
Ensure The Quality of Services
A serious Forex broker also does not neglect the quality of its services. It thus has a platform highly appreciated for the clarity of its interface, its ergonomics and its design. This platform is also regularly maintained to enable its customers to enjoy better trading conditions at all times. It should indeed be known that the best reputable brokers are those who constantly carry out a technological watch. This allows them to make the innovations and improvements necessary to meet the quality of service requirements of their customers.
Find Out About the Availability of Customer Service
Some individuals who want to get into forex trading do not care about the quality and availability of customer service when choosing their forex broker. This is a big mistake knowing that during their experiments, they may encounter a problem that cannot be solved quickly without the help of a true expert. Before settling on the choice of a broker, therefore, find out if he has a specialized team that you can reach by telephone, chat and/or email 24 hours a day, 7 days a week.
Compare Costs
Only after implementing the previous tips can you learn about the costs of your Forex investment. For your profitability, avoid brokers who display commissions, spreads and brokerage fees that are too high. However, this should not lead you to overly attractive offers which can hide unpleasant surprises. The best thing is to make sure that there is really a correspondence between the fees displayed and the quality of the services attached to them.
Image Credit: IFXbrokers