Dec 22, · List of the 10 Best Bitcoin Brokers in South Africa. 1. 🥇 FXTM 2. 🥈 AvaTrade 3. 🥉 Alpari 4. XM 5. FP Markets 6. Go Markets 7. XTB 8. Plus 9. eToro IC Markets. Not keen to trade crypto yourself? Why not invest in the acclaimed Exosphere Crypto Asset Fund – read more here. . Dec 03, · eToro is a leading broker with millions of clients worldwide, including South Africa. The broker is known for offering a social trading platform which comes with unique tools, such as the CopyTrader tool. This feature lets users automatically copy the trades of other successful traders. All Bitcoin trading south africa in more detail. You can compare Bitcoin Trading South Africa ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
Top bitcoin brokers south africa10 Best Forex Brokers in South Africa of - affcrypto.de
As the Covid pandemic continues, the impact on forex trading and financial markets in general will be huge, with emotions overriding rational investment decisions and fast-changing situations dramatically changing how traders analyse market dynamics. Regular day traders who have had more time on their hands due to the pandemic lockdown and those dabbling part-time in forex trading who find themselves suddenly unemployed will be looking for opportunities to profit from the bear markets and currency fluctuations that this world has not seen for a very long time.
To do this, you need to align yourself with the best forex broker in South Africa that offers a premier trading platform, high-quality analytics and extensive knowledge-based support. The retail forex market is growing by the day. A decent computer with a good Internet connection, some trading knowledge and a small amount of capital is all you need to access one of the most exciting markets in the world.
To be make a success and, more importantly, make money from forex trading, you need to appreciate the risks involved and learn how best to manage them.
Fortunately, there are tried-and-tested risk management strategies for the forex market that you can draw expertise from but they only limit the risks to some extent. Some people make money trading forex but many people lose a lot of money.
The four dominant risks to trading forex online relate to factors beyond your control. Factors such as inflation, political turmoil, a pandemic like Covid, terrorist attacks and changes in legislation are just a few that affect the entire market. Market risk is different to unsystematic risk where market conditions only affect specific assets, market sectors, countries etc. The latter can be managed through diversification and other practices recommended in risk management strategies.
With market risk, traders are hit by anything that impacts the price of the currency they are trading. In the form of market volatility, it can be beneficial and profitable.
You need price movement to take advantage of changes in currency prices, otherwise you have a stagnant forex market which in itself is unprofitable. Liquidity in the forex market allows traders to open and close trading positions fast and conveniently.
This is because there is a healthy balance of buyers and sellers in the market. Liquidity refers to the volume or number of currencies traded on a daily basis. Forex is one of the most liquid markets in the world but during periods of low liquidity, the cost of trading and losses incurred increase. When the forex market experiences low liquidity, brokers typically increase the size of their bid-ask spreads. In this case, brokers ask for more money in the form of commissions to handle the transaction, doing this by increasing the spread.
The spread is the difference between the selling price and the buying price. The solution to this risk factor is to find a broker that offers fixed spreads.
Forex is highly leveraged, meaning you can borrow far more money than you have person capital available. It lowers the barriers to entry and allows new or inexperienced traders a foot in the door, sometimes to their peril. The money is typically borrowed for forex trading from your broker.
With leverage, forex traders can build up and control a large amount of money. The standard strategy is to trade with stop-losses to limit losses from sudden price movements in the wrong direction. A disciplined approach to forex trading implementing recommended risk strategies should safeguard you against ballooning leverage and loss. Forex traders are entirely beholden to their brokers to open and close trading positions. There are many brilliant forex brokerages in South Africa and a few rotten apples who operate outside the boundaries of strict regulatory sanctions.
To narrow down the long list of forex brokers in South Africa, there are 10 important questions you can use to evaluate their standing in the market. The retail forex market is risky, competitive and often overwhelming.
Choose the right broker for your trading style to improve your chances of making money from the most traded instrument in the world. The forex market is regulated whereby brokers are required to operate within the sanctioned boundaries of strict financial rules and standards.
However, the forex market, or rather its many brokers, as a whole is not as strictly regulated as traditional financial institutions. They act as arbitrators in cases of fraud, bankruptcy or other misdemeanors and provide online retail forex customers with a regulatory body they can take their case to or voice their complaints. When a regulated brokerage breaks any rules, the company should be subject to an inquiry and sanctioned if it comes to that.
Retail forex traders who trade online are particularly vulnerable to rogue brokers. The most serious problem is forex brokers not honouring withdrawals and not paying their customers the money owed to them. As long as you trade online with a regulated forex broker, you at least have recourse that there is a higher entity that you can report them to when things go bad.
Check their website. A reputable forex brokerage who is regulated will provide the name of the regulatory authority or authorities on its website. You might like: View the top 26 Forex Brokers in Nigeria. This is self-explanatory. The forex market talks and you should listen to what investors have to say.
However, when reading through online broker reviews, look carefully at who is reviewing the broker and what their gripe is about. Do your research and check with the regulatory authority — if they are regulated — for any complaints or claims of fraud. That gives you time to experience their service first-hand. Avoid any forex brokers that have complaints against them for any of the following pricing and account management issues:. When a broker is not able or willing to give you a trade based upon the price you entered.
This usually happens in a fast-moving market, typically before a big news announcement. Excessive slippage. Slippage is where currency prices can change while an order is being placed, causing traders to enter or exit a trade at a price that is either higher or lower than they anticipated. Front running in forex trading is unethical and illegal trading practices. Stop hunting is an unscrupulous strategy executed by certain forex brokers that attempts to force their trading customers out of their positions by driving the price of an asset to a level where their stop-loss order has been set.
Read the fine print. Some forex brokers specifically prohibit customers from using their services for certain trading strategies. Brokers charge for their services in a few different ways, some of which are hidden fees that catch you by surprise later. Brokers earn money through spreads, commissions and rollover fees. They compete mostly on spreads, in other words offering low, average or high trading fees. The spread is the difference between the bid buy and ask sell price, otherwise known as the bid-ask spread.
There are always two prices given in a currency pair; the bid price, the price at which you can sell the base currency; the ask price, the price you would pay to buy the base currency. The base currency is on the left side of the currency pair and the quote is on the right. If you buy a currency pair; you buy the base currency and indirectly sell the quoted currency.
And if you sell the currency pair, you sell the base currency and receive the quote currency. Trading fees are determined by the broker and differ from one to another.
They even differ from one account to another. Basically, a broker charges a spread only and all other fees excluding the rollover rate are included in the spread or they charge a spread plus commission. The commission is based on the amount you trade. The spreads are either fixed, meaning they stay constant; variable, meaning they change according the traded asset, volatility and available liquidity.
Some brokers offer zero spreads. The lowest spreads suit active or frequent traders. Forex brokers who offer low spreads are the most popular. Forex positions that are kept open overnight incur an extra fee, otherwise known as the rollover rate. The rate is the difference between the net interest rates of the two currencies over the period of time the position was kept open.
It relates to leverage where traders have borrowed money to hold open the position. When traders roll over a position, they delay taking delivery of the currency. This happens when they want to profit from changes in the exchange rates. What happens is the existing position is closed at the daily close rate and re-entered at the new opening rate the next trading day.
The traders either earn interest in their account for a high-yielding long position or need to pay interest if the currency they borrowed has a higher interest rate relative to the currency they bought. Brokers earn interest on money borrowed for rollover trades. Beware hidden fees that will erode your profits. Here are some of the questions you need to ask when summing up one forex broker against another on the issue of fees.
Forex is a highly leverage market, meaning you can borrow money to trade. The money is typically borrowed from your broker. Margin-based leverage is calculated by dividing the total transaction value by the amount of margin you are required to put up. Margin-based leverage is expressed as a ratio:. When selecting a forex broker, you need to know what leverage they offer in different circumstances.
Remember, brokers offer leverage to entice people to trade more. The more you trade, the more the broker benefits from fees and commission.
Leverage is one of the main reasons traders are attracted to the forex market. Generally, you can get far higher leverage on forex than you can get on other financial instruments such as stocks. Leverage can be used to profit from relatively small price changes in currency pairs. It can increase profits but also losses. Used wisely, leverage can enlarge your profits. Used irresponsibly, leverage can be your downfall. As a rule, you should not use all your available margin; only use leverage when the forex market is on your side.
There are hundreds of currency combinations available to trade on a daily basis. The question to ask is whether the broker offers the currency pairs you want to trade? Most forex brokers offer the major currency pairs, but not all of them cover minor and exotic currencies.
The major currency pairs are the most heavily-traded pairs in the world. They are commonly cross-traded with commodity currency pairs, otherwise known as minor pairs. Adding commodity currency pairs in the mix, the Top 10 major currency pairs covered by forex brokers should be:.
Forex brokers typically ignore exotic currencies. These are lesser-known and infrequently trader currencies, mainly from developing and emerging markets. The South African Rand is considered an exotic currency pair. On the other side of the coin, exotic currency pairs offer forex traders huge opportunities. Exotics can provide good profits where the major pairs are not offering up much in low volatility environments.
All forex brokers offer online retail traders a demo account as an entry-level account but they should also offer a micro account, and one with no set minimum deposit requirement.
Both are important to attract newcomers to forex trading without putting them at risk of losing much money as they learn to trade. Micro accounts, also known as cent accounts, are a stepping stone into forex trading. The difference between a micro account and a mini account is that the amount of money traded using a mini account is significantly higher than a micro account.
With a micro account, online retail traders receive the same quotes and experience trading in the same conditions as a micro or real account but they trade in cents rather than Dollars. Mini accounts allow forex traders to trade in tenths of a lot 10 units.
In addition, a mini account allows traders to trade in units 25 mini lots. With standard accounts, you have to trade or units. Brokers hold onto your money to facilitate trading. Getting your money back from your broker should be convenient, fast and hassle-free. However, if you review complaints about forex brokers online, thousands of them complain about missing funds or problems withdrawing money from their forex account.
In the same vein, depositing money into your forex account should be easy. Trading platforms can be accessed via your PC and on most mobile devices, ranging from Smartphones to tablets. They typically come with added features such as charting tools, real-time quotes, APIs, news feeds and research resources. The majority of forex brokers offer an electronic trading platform on license from a software developer. The most well-known, popular and trusted trading platform is the MetaTrader 4, with MetaTrader 5 offering customers more advanced software features.
Some offer a customised version of MT4. Proprietary trading platforms are a way for a brokerage to differentiate themselves from their competitors. It supports multiple timeframes and has a large library of technical indicators that traders can access to overlay their trading accounts.
An important aspect of forex trading is slippage which means responsiveness is key. Slippage occurs where a trader places a stop-order loss and a high-volatility event occurs, causing a gap that results in a lower-than-expected value on the trade.
Trading on a responsive platform through a quality broker should limit negative slippage. You need a stable trading platform, particularly if you practice an aggressive trading strategy or make large, frequent trades.
A user-friendly interface is one that allows traders to place an order or close a trade smoothly and efficiently. It allows one-click trading and management of stop-loss and limits. The platform interface should also be easy to navigate and set up trading charts and tools as well as optimised to work with several charts at a time. An automated trading system allows traders to set rules for opening and closing positions. A trading platform like MT4 incorporates algorithms that offer up suggestions for trades and also allow you to build your own algorithms which automatically places orders according to preloaded conditions.
Analysis tools are vital to trade effectively and profitably. Your trading platform should provide a collection of technical indicators that forex traders rely on and add to their charts. In some cases, traders subscribe to forex signal trading services or apps for certain tools. Forex traders should also subscribe to online resources that provide up-to-date news on the financial and forex markets.
Trading platforms like MT4 offer a comprehensive package of technical indicators as well as automated trade capabilities. Also known as oscillators, indicators give traders entry and exit signals before an event affects price movements. Using indicators in technical analysis allows forex traders to set more accurate entry and exit points on the charts but keep in mind you do get false signals at times. SI is used by forex traders to determine overbought and oversold conditions in the market.
In other words, where there is too much buying in the market and prices could be due for correction, or there is too much selling and a possible rebound is due. This indicator consists of two lines that move together and interact with each other at some point. It has an upper and lower zone, where the upper zone is the overbought area and the lower zone is the oversold area.
When the two lines converge in the lower area, the SI is giving you an oversold signal. When the two lines meet in the upper area, the SI is giving you an overbought signal.
The RSI provides overbought and oversold signals as well as divergences. RSI indicates bullish and bearish divergences.
Bullish divergences signal potential upward price moves; bearish divergences indicated potential downward moves. In addition to indicators, trading platforms have built-in tools that provide powerful technical analysis. Technical analysis forms part of a comprehensive trading strategy and provides a framework in which forex traders analyse price movements.
The data supplied is historical, with the idea being that historic price movements help traders determine current and future price movements. An economic calendar helps forex traders by scheduling dates of significant releases or events that may have a negative or positive affect on currency price movements. The sites also relay breaking news on political developments, national disasters, employment issues and production health of strategic natural resources.
These all have an impact on global exchange rates and positively or negatively affect the value of currency pairs. A Pip Value Calculator helps forex traders determine the value per pip in their base currency relative to their position. It allows forex traders to monitor their risk per trade more accurately. A pip is the lowest trading unit for a currency pair is typically worth a different amount, depending on the base and quote currency.
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