The Most Reliable Broker for Trading in South Africa
The best thing to do before opening an account for Trading is to check their reviews. This is the best option for you to make sure that you are going in the right direction. Because online you would see multiple brokers offering various kinds of offers and no deposit offers and much more, but when you will dig deeper, then you will understand why they were offering such unbelievable offers many amongst them are not even licensed that makes the whole Trading quite risky, especially for someone who’s just starting.
The most reliable one here who only operates inside South Africa is none other than the fxgmza, as this company operates from inside of the country only. And functions and does all the other work in South Africa only, making it more reliable for its traders.
It also works according to the South African laws and rules and regulations. Therefore there’s no chance of fraud. It allows its customers to trade equities, commodities, forex, as well as indices too. And is known as one of the leading forex brokers. As for a client,this looks like a great advantage.
- The FSCA regulates it.
- The broker is verified and safe too.
- Is an auto chartist.
- You also get up to ten protected Losing Trades.
- Sadly, you won’t get to enjoy any demo account.
- Also, there is a lack of educational material as well.
Regulation: As mentioned above in the pros, it is regulated by the FSCA meant by South Africa Financial Sector Conduct. The license is by FSP authorization with the no. 50202. While FXGM South Africa ltd runs the whole name of the brand.
Tradable Products of fxgmza–
Currently, this brokerage firm has over forty forex currency pairs, including the soft and hard commodities, popular US and South African stocks, and the major nine global indices. And as for the client, one can engage themselves in crypto trading at the company, which can be done in six significant cryptocurrencies.
Also, notice that all these financial instruments are available at this brokerage firm in various accounts.
Different Account types-
Currently, five kinds of accounts are available for the traders to start with,
- Starting with the junior account, here, the requirement of minimum deposit range is between $200 to $9999. With this, they get a lot of features, including e-book, training, auto-chartist, one-click Trading, and even a personal customer service agent.
- But for the premium account, you need to do an initial investment of around $10,000 to $29,999. For the features, in addition to the junior account, you would additionally get full access to Trading central.
- For the VIP account, the initial investment is high and ranges between $30,000 to $49,999, and you would get all the features included in the junior and the premium account. The only additional thing you would get is the spread discounts on FX majors, indices, and commodities.
- While the executive account is necessary to deposit between $50,000 to $99,999, the person gets all the features mentioned above and an extra tither spread for tradable products.
- Lastly comes the royal account, where a minimum deposit of above $1,00,000 is required, and this account also offers extra tighter for spreads with all the features mentioned above included.
One disadvantage here is that the FXGM does not provide a free demo account, but, on the other side, an advantage is that all its clients receive their manager to manage those accounts for them.
They also strive to provide every client with extensive information based on the trading platform features, including Forex market news and updates. This platform even provides information based on different strategies for Trading. However, one thing to remember is that the account manager will not be providing you with any advice related to the investment you would be making.
That’s why they are considered one of the most reliable brokers to start with, and being a company based in South Africa only makes it easier to trust.