There is an important aspect to look for when choosing an FX firm: the fees they charge. In South Africa, fees can be quite high and choosing a firm on the basis of their fees can lead to poor outcomes. Most people join an FX firm because of recommendations, which can be a mistake. The fees charged by South African brokers can be outrageous, and there have been numerous discussions about this. While fees are important, it should be worth it if the fees are justified by the quality of services they offer.
To avoid getting ripped off, make sure to choose a broker that is regulated by a recognized body. A regulated broker is backed by the financial regulator of its country, which protects traders’ funds. The broker must also hold client funds in segregated bank accounts, so that they cannot be used to settle debts. KYC documents may be required from traders, including a South African passport, driver’s license, and proof of address.
The best brokers in south africa should have customer support. The support staff should be responsive and helpful. Forex is time-sensitive, and they should offer multiple methods to contact them. Customer reviews are another way to find the best broker in South Africa.
Oanda fx broker is an online broker that provides forex and CFD trading. They also provide corporate FX services and currency management solutions. The company also provides information on currency exchange rates for global enterprises. Founded in 1996, Oanda first offered spot forex and CFDs. Today, they provide 124 trading instruments and corporate FX services. The company’s FxTrade platform was the first fully automated forex trading platform.
With their advanced trading tools, Oanda’s clients find FX trading safe and convenient. They are regulated by international authorities and feature advanced trading tools. Trading foreign currencies was once an impossible dream for many people. But Oanda’s innovative approach changed the way the industry conducted business. In addition to the regulated markets, Oanda also offers a variety of underlying assets for traders to trade. The brokerage offers trading in commodities, forex, major and minor world currencies, indices, and cryptocurrencies. There are also demo accounts available for traders to practice without risk. As of April 2018, the brokerage is working to obtain the SVGFSA certificate, but this does not mean it is ready to do so.
With its advanced trading platform, oanda helps corporations make cross-border payments. With over 130 currency pairs and 170 countries to choose from, it provides an automated trading solution. Oanda FX Payments enables clients to manage cash flows and consolidate international transactions. The company also provides a forex order book for trading. Its platform is fast and intuitive. There are a variety of features available to help you start trading right away.
Oanda’s core pricing is the most transparent and competitive in the industry. It features lower spreads and a commission equivalent of one pip. Traders can choose between two pricing options: commission only or spread plus core spread. Oanda also charges low fees for forex trading. Traders do not have to worry about withdrawal fees or inactivity charges. However, there is a monthly inactivity fee for 12 months. Additionally, if they hold positive overnight positions, they must pay interest on them.