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Last updated on May 9, 2021
South Africa is the “hottest” region for forex trading and there’s pretty much no denying it. The investment culture in the country is one of the most vigorous in the world. Because of this, dozens of forex brokers have made South Africa their field of operations within the African continent, thus providing almost limitless service options for the locals.
However, one of these companies managed to stand out compared to the others. FXTM South Africa was at some point a household name within the country and still continues topping the charts within SA. The company’s unique approach to benefits, commissions, and available instruments set a trend that every forex broker is following nowadays. Thanks to this trend, it makes it much easier to explain how to get started with forex trading in this country.
The First Steps
The first steps on getting started with trading in South Africa is finding a forex broker and making sure they have an FSCA license.
For example, let’s go back to the FXTM broker we mentioned. The website where they were featured, 55brokers, emphasizes the importance of a license within the country if a broker wants to operate there.
If there is no license, it’s very unlikely for a broker to be trustworthy.
Never believe the company upfront about their license, always try and confirm it yourself. If the broker has a license, then you can continue with considering it, if it doesn’t though, it’s time to walk away.
Find the Features
The next things you need to find out about are the features and how they benefit you as a trader. These usually include things like instruments, bonuses, spreads, and commissions.
This information is mostly found on the broker’s website and is in most cases true. But don’t be afraid to check other websites on what they have mentioned about the broker to truly find out whether it’s worth your time or not.
Some brokers like to advertise themselves as the next best thing since sliced bread, but in reality, are at the bottom of the bottom 3 companies in the region. Make sure that the spreads and commissions are realistic, you don’t want to be paying most of the profits you generate for the service of generating them.