Posted on September 17, 2021
Best Forex Brokers and Information – How to Choose Them
There are several things to do to trade forex successfully: the first is a strong trading strategy and the second is a good broker. One that will allow you to trade like a professional trader no matter what level or amount you are trading with.
However, most traders make the mistake of not getting the basics right, which is why they struggle and never achieve their potential.
In fact, many of the negative things written about various brokers on the internet in forex broker reviews come from the fact that traders don't take the time to learn the basics and develop a proper trading strategy and then end up feeling bitter. When their business doesn't make anything or lose money.
There are 4 important steps to find the best forex brokers in South Africa:-
1. Low minimum account opening and trading amount.
You should only trade as much as you can afford to lose. Using a broker with low trading and account opening volume means traders can trade at the level they are comfortable with.
Many experienced traders 'learn' small amounts and slowly work their way up.
2. Low spreads.
The spread is the difference between the bid and the asking price. The lower the spread, the more 'cheap' trading is.
3. Quick execution of orders.
A trader mustn't settle for a broker who re-bids when trying to buy or sell. This 'slippery' can have a significant impact.
Often it comes down to the liquidity a broker can provide, which is often indicated by the amount of trading that goes through them.
4. To take advantage of Leverage
Leverage consists of borrowing money to trade. For example, if you use 10: 1 leverage, you will be trading with ten times the amount of money you put in. If you used $ 1 from your account, you would actually be trading $ 10.
This can be a double-edged sword, as it means gains and losses can be huge and happen very quickly. A broker will allow traders to trade with higher or lower leverage as per the requirement.
Based on these 4 aspects, I have used my own industry experience to put this site together to review the current best forex brokers in the market.