You should have the following under your considerations when choosing the suitable one from the pool of South African forex brokers.
Every forex broker should have got approval from the regulatory bodies out there. There are chances where your broker could cheat you and end you up in a financial scam. So, you should ensure that there is a regulatory body that could put rules of operation and make sure that the broker follows them. So, your money would be safe when you trade with a regulated broker.
Internet is wide enough in this era and you can get to know about almost anything within a few minutes using your mobile. So, you will not find it tedious to find whether the broker you choose is reliable or not. You can get to see several blog posts and magazine reviews on specific brokers online. You can spend a little of your time on these resources to know the various services offered by the brokers and the ease of working with them. You can also join social media groups that talk about the various brokers out there. Online forums would help you discuss them and other users would share their experiences with the brokers. So, you can choose a reliable and suitable broker who has a better reputation online.
Funding mechanisms and charges
You would have to deposit with the brokerage to start your trading sessions. However, the size of this initial deposit would vary between the brokerages. You can choose a broker who is asking for a deposit amount that you could afford. After checking the deposit amount, you should check for the payment methods available in the brokerage platforms. Some of the available payment and withdrawal methods would be direct bank transfer, e-wallet payment, Skrill, PayPal, Neteller, and many more. There will be a specific charge for each withdrawal and you should know this beforehand.
There are some types of trading accounts depending on the method of charging the traders. Some brokers would charge you depending on the spreads, and some would charge a fixed amount of spread. You can also find brokers who have a commission-based model. You should choose the one accordingly.
Risk management tools
Since the forex market is highly volatile, you may lose your money fast when the market falls rapidly when you are unaware of it. It is almost impossible to keep an eye on the market movements all the time in your busy schedule. Hence, you should check whether the platform you trade with contains some risk management tools that could reduce your losses. Stop-loss orders are those that could get you away from the risky jump in the market. Although you are not there to monitor the market and sell the pairs, you can fix the rate at which it is to be sold beforehand. Likewise, you should find a broker that offers a range of risk management tools.