Online trading has evolved over the years. In South Africa, people are becoming more aware of online trading and what are the trading platforms available to them. You can now choose a trading platform that will work better for you.
With the rise of online trading brokers and trading platforms, it makes it difficult to choose a good trading platform. All these trading platforms fiercely compete with each other to attract more and more new traders, setting new exciting features, tools and offering promotions.
Our researchers have developed some tips to help traders choose a trading platform that will benefit them. To make the right choice, we’ve done some comparison of the best trading platforms on the market. We’ve also included the description of stock markets and their advantages and disadvantages of these online trading platforms.
Best Forex Trading Brokers in South Africa
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Comparison: Trading Platforms
The trading platforms that are featured on 24 Trade Forex have met our criteria, promise to their reliability and quality. South African authorities and other juristic regulate these platforms, which guarantee traders a maximum level of security. All your financial transactions, deposits, trades and withdrawals are secured and are kept confidentially.
When choosing trading platforms, you also need to check the quality of the instruments offered and its usability.
Different online trading brokers offer different stock trading instruments such as indices, commodities, investment products, currencies, stocks or assets. You can make up your mind based on what the platform offers and if it suits your needs.
Tools and specific features:
Although choosing a one broker over another can be difficult sometimes, it is always important not to choose a broker because of their bonuses and promotions. Choose them because they offer a platform of your choice. Most common trading platform such as Metatrader platform might offer features that others do not offer, but others make you feel comfortable trading at your comfort of your own home.
To check if the platform meets your needs, check using a free demo account. Trading demo accounts are here to help you understand trading before you start with real money. Some brokers that don’t offer demo accounts usually have video tutorials where they demonstrate how a platform works and how to start online trading.
As a trader, you must also check if the platform comes with the tools and features that you need.
Spreads and other fees:
Trading brokers do not charge fees. They are paid on the spreads practiced. The amount of the spreads is essential when choosing a broker. All traders are advised to beware of prefer fixed, guaranteed spreads, as well as variable spreads. If you want to compare the spreads of different traders on currency pair, check a live currency pair table, that’s where they are usually displayed.
Trading platforms and the security of your transactions:
With the rise of online trading platforms, it is now difficult to choose which platform to trade with. All the trading platforms listed on 24 Trade Forex are secured and your personal data and all your transactions are safe. These platforms are regulators by European and South African authorities and they make sure that comply with financial transaction standards. They also make sure that all these platforms can be used without risks of lawsuit.
If you believe that a certain platform is not reliable, don’t be afraid to check on their website where they got their regulations and it must mention it on their website. Keep in mind that authorities are in charge of these regulations and carry a blacklist of brokers who pose risk to your security.