Forex Brokers in South Africa

As a South African trader, it is difficult and stressful to find and work with a reliable broker, not only does this take up a lot of time and energy, but also equally as difficult to establish exactly which brokers to trust and which brokers won't end up leaving you broke and losing all your hard earned money.

As traders we all understand how important it is to find an honest and reputable broker! In order to do this, we have to make absolutely sure that we consider a few things before making a decision on which broker to go with and start our trading journeys.

All traders in Sout Africa should consider the following criteria very carefully before making this crucial step atvthe very beginning of their journeys to financial freedom.

1. REGULATION

This is the first and most important step to take. Compliance is important because when a broker is regulated, it's held to a very high standard of laws that ensure the safety and security of the money you invest in your portfolio. There are many brokers who seem legit but do not have the necessary regulation in place and as such pose a great risk to beginner traders and other investors alike. Always do your research and make sure any broker is fully regulated, this can be done with ease through the use of WikiFX.

2. LEGITIMACY

While doing some site visits to a few local brokers in Johannesburg, South Africa, WikiFX field survey team has found that a lot of these brokers are not even located at the addresses given on their websites. This is and should be considered as a HUGE RED FLAG such action usually highlights that the broker must be looked into and vetted a lot more or even left alone altogether. A broker who is not available at the given address is usually one who does not want to be found and you should beware of the high risk involved in dealing with such a broker.

3. CUSTOMER SUPPORT

Once you have visited WikiFX and established that the main 2 points above have been satisfied the last and most important thing to establish is whether or not your chosen broker offers compitent and efficient customer support on 24/5 basis, this is crucial to the success of your journey when trading the global markets and since the markets run 24 hours a day 5 days a week. You as a trader should be able to contact your broker at any time during this time frame should you need assistance, regardless of which session you trade.

Once again if the first 2 criteria are not met, do not expect customer service to be any good.

There will continue to provide you with the latest news on South African brokers in WikiFX and which ones can be trusted and which should never be considered. Stay tuned for a lot more information about what the South African Forex Industry has to offer and what to expect in future.

CONCLUSION

Not all brokers are scammers, a lot of them are actually very good and really do want to see their clients succeed, others who are in it to rip people off only want to see their own pockets get fuller and fuller while taking your hard earned money and never getting it back.

At WikiFX we are here to guide you with the latest news on broker regulation and market information.

Download the WikiFX app then, and join millions of traders on the platform that puts traders first.