Should you choose South African local brokers or international brokers?

The truth is choosing a broker should be a very subjective matter, one should not choose or use a broker based on someone else‘s preferences. There are many factors that could affect the choice of your desired broker. Most of these successful traders that promote certain brokers are getting paid to do so, it is not so advisable to follow someone else’s footsteps without doing your own research.

In the past few years, the South African forex trading community grew rapidly, offering a vast of opportunities to people in our country. Some people were able to be full time traders and quit their jobs, some opened forex classes and some of the few big traders opened their own trading brokers. There is one broker of choice by Sandile Shezi who is charged with defrauding his business partner out R500 000.

The global forex institute by Sandile Shezi had ACM Gold broker as a broker of choice so they say, but this broker has had its license temporarily by the Financial Services Board. Recently we have seen a broker (FBK Markets) by Coach Kgopotso Mmutlane (DJ Coach), this broker is still new and there is not a lot that people say about it.

Factors to consider when choosing a broker.

1. Minimum deposit.

2. Spread.

3. Trading instruments.

4. Leverage.

5. Minimum withdrawal and withdrawal turnaround time.

6. Regulated or unregulated.

7. Ownership, history and reputation.

8. Currency used

9. Local or international

There are many good reasons that could make you choose a local South African broker. Withdrawals are going to be a little bit faster if you are local, there would not be any need of exchange in capital currency like in South Africa you can use the South African Rand (ZAR) as your capital or base currency. In that case you will not have to pay the exchange rate. A trader must be very careful when using a broker that has more hype than longevity, we have seen JPMarkets minor issues and we should learn from it.

The safest and most reliable place to check the eligibility of your broker or where you could do your research is at www.wikifx.com for more information. You will get a variety of legit forex brokers from any country, from their license, spread, leverage and many more news about a certain broker including the reviews and some other users experiences. There is also an app for your own convenience, where you could find more about brokers scams, rankings, the regulators, the stories about people who could not do their withdrawals and many more useful forex fundamentals that could help you from losing your hard-earned money and wise trading decisions.