FxGrow Promotion

We have compiled 10 best-performing forex brokers that are suitable for swing traders in South Africa.

• IC Markets: IC Markets is particularly suitable for traders who value easy trading execution and low trading costs.
• Exness: The broker is regulated by several trusted authorities such as the FSCA, FCA, and CySEC.
• Khwezi Trade: Khwezi Trade supports Rand-based forex and CFD trading with a wide range of trading instruments.
• FXTM: The broker supports MetaTrader 4 and 5 as trading platforms, both of which can be accessed from various devices such as PC, laptops, tablets, and/or mobile phones.
• FBS: Traders can open a trading account with only $1 and there is no inactivity fee.
• AvaTrade: When it comes to trading fees, AvaTrade offers a fixed spread of 0.9 pips per trade.
• FxPro: The broker also provides customer service that responds quickly and is able to provide relevant answers in multiple languages.
• FP Markets: One of the greatest advantages of this broker is that it uses true ECN bridges and advanced technology.
• Pepperstone: Pepperstone is often considered to be the best broker in Australia that's suitable for almost any kind of trader including swing traders.
• HF Markets: Conveniently, HF Markets offers a ZAR trading account for South African traders as well as USD and EUR accounts.

Continue Reading at 10 Brokers for Swing Trading in South Africa

Offshore brokers refer to brokers who are established in countries other than your country of residence. Most commonly, it is referred to brokers who are located in areas away from mainlands such as in islands and other small, secluded countries. Saint Vincent and Grenadines is one of the popular places for offshore brokers to build their companies.

In theory, they are just like any other broker. They provide their services by acting as a middleman between you and the financial asset you wish you trade with. They offer you their services for a certain amount of spread or commission which varies by the asset being traded. However, with rewards also comes a reasonable amount of risk.

Continue Reading at Trading in an Offshore Broker: Pros and Cons

Generally, there are five major factors to consider when choosing a broker and they are:

1. Level of regulation: You need to know if the broker is subject to the regulations of the Central Bank of Nigeria and if they operate accordingly. A lack of regulation should be a red flag and set off alarm bells in your mind.
2. Trading platform: How does the trading platform look? Is there a registration number on the website that can be verified? Is a demo account available where you can test strategies and other account features?
3. Currency pairs being offered: What kind of currency pairs does the broker have on offer? Is it just the minor pairs or exotic pairs that have low liquidity? Are major pairs that have high liquidity and are more profitable available?
4. Account features: how are charges and commissions deducted and what are the percentages? What kind of leverage and margin accounts are offered? And what are the terms of deposit and withdrawal? 
5. Customer service: Is the customer service reliable? Can they provide succinct answers to your inquiries?

Continue Reading at Identifying Fake Forex Brokers in Nigeria

Yes, it might be.

You may receive a phone call asking for more deposits or more frequent trade. This is possible as your contact information is accessible to the company.

Thus, your data may facilitate the broker to contact you by email or cell phone, urging you to be more speculative and increasing your risks in the market.

Continue Reading at Broker Red Flags: Signs You Should Leave Your Broker