Are you a beginner in forex? As a beginner in forex trading, you have to look for a broker such as forex brokers with zar accounts which is regulated by FSCA, offers a free demo account, and has a good education so that you can learn more about forex trading. The following are some of the frequently asked questions about forex trading which you should use to learn more about the trade:
How should you go about choosing a forex broker?
It all depends with your requirements for trading, like the currency pair which you would wish to trade with, the methods of depositing, the requirements for leverage, if you need a raw spread ECN account for forex brokerage.
But, you have to know that, there are some guidelines in general that you have to check before going ahead and depositing your money with a broker. You have to always ensure that you choose a broker who is regulated with the regulators who are top tiers like the FCA, FCSA or ASIC. Something else that has to matter is the spread, when it is lower, the better for you.
There is a need to check out if the broker whom you desire is offering a platform of your choice. Majority of the traders are known to prefer MT4 platform or MT% platform, and thus, a need to see if the broker offers the two platforms.
Plus, there are some other considerations which are customizable leverage which could be between1:10 to about 1:50, a variety of trading platform options on web and mobile, 24/5 responsive support and easy withdrawal and deposits. If your broker is known to offer ZAR accounts then it might be a positive thing for you.
How can you check if the forex broker is regulated?
For the beginning, you have to choose only brokers who are regulated with the regulator who are top tier. But not all the regulations tend to be the same, as most brokers claim to be very regulated, but mostly by some regulators who are offshore to avoid complying. And thus, there is a need that you check your broker, if they are regulated with regulations like FSCA, FCA, ASIC or CySEC.
You will be able to get all the information about regulation on the website of the broker. Almost all brokers add the information at the section of the bottom on their website or their other pages. Further, all the regulators such as FSCA, FCA also have a search which is public on their website to the check broker’s license number and regulations.
Which forex brokers are known to be regulated by FSCA?
There are over 1000 FSCA regulated brokers who deal with FX plus other derivative instruments. Check them out online and you will be in safe hands if you use them for your South African forex trading. Ensure that, whatever you choose is going to work well for you and that, you will be able to make more profit with them.