You will get lost if you start counting the number of forex brokers with ZAR accounts on the web. However, there are certain elements to keep in mind to end up with the best online forex broker. Let us look at some of them.
Referrals and reviews
It is better to know the mindset of the past and present customers of the brokers out there before you invest your money with them. So, you can check the suggestions provided by these customers on various online and offline platforms. Sometimes, you may get a person with personal experience. Else, you can go through the trading blogs and magazines online. Some websites may be dedicated to reviews of forex brokers. You can get an idea about the forex broker with these reviews.
If a company or a service provider has a license to operate as such, you can believe them and make use of their services. Similarly, a trading broker should have a regulatory certificate or a legal registration number offered by any of the authoritative bodies of the forex market. If there is a central exchange for forex trading, you may not think of a regulatory body other than it. As there is no such thing, you should ensure that the broker has met the regulatory standards put forth by these bodies.
Opening a trading account involves a lot of account features. For instance, you should deposit a certain amount for the opening of your account. This initial deposit could vary from one broker to another. While depositing this amount, you would have to look at a suitable method of payment. As there will be several payment methods available like credit card and wire transfer, you should look for a suitable method beforehand. Also, you should know the broker’s way of charging the customer. Some will ask for a commission from your spreads, while some will have a fixed charge for each trade. Also, you would have to pay a certain amount while withdrawing money every time. You should beware of all these account features before opening a forex trading account.
You should also check the trading platform and the features available on it. You should make sure that the platform has all the necessary tools to analyze the market. It should be user-friendly also.
As you would have to deal with everything online alone, you cannot meet anyone in person even if there is an issue. The only way to contact the people of the broker’s entity would be to use the customer care system available on the site. If you are in a serious situation of losing money and there is no response from their end, you would be in trouble. Hence, you should check the quality of the customer support team beforehand by texting them with a simple query. It is advisable to trade only with a platform with a high-end customer support system.