February 25, 2024


News, Tips, and Stories for Pet Lovers

Forex brokerage and what you have to know before embarking on it

When you approach a brokerage like the forex brokers with zar accounts, you need to know the following information which will ensure that you settle for the best:

How good is their trading platforms and apps

Majority of the broker tend to have multi-device platforms which include desktop application, webtrader and the mobile app but there are some which don’t have the desktop app:

  • Webtrader and desktop :Most of the CFD and forex brokers are known to offer standard platform of metatrader, which is known to be available on all devices. There will not be a lot of variations on the interfaces of MT4 or MT5, but the actual orders of execution and broker experience might be different vastly. Even though the demo account might not be the best to test all that, it could be a good idea to test the platform using the demo first so that you get used to it before opening a live account. Also, there are some brokers that are known to have their own web based platforms.
  • Mobile trading app: If you happen to be a trader who happens to prefer using your mobile device to trade on the forex, then the broker app should be one of the main considerations that you should look out for. There is a need to ask the question of if it is available for iOS, android apps? Check out the instruments available in the app and are desired pair of currency that they have and if it is fast enough for use. A good mobile trading app would be quick to be able to place and at the same time close trades, get the news feed, price alerts. And much ore. You have to compare the best forex trading apps for the traders in South Africa.

It is better to choose a broker offering support to all the available devices. Plus you need to check the negative reviews of the trading app before going ahead and downloading it. 

Is the customer support of the broker good?

The customer support of the forex broker is a factor which is really important when making comparison. You have to track the support of the brokers that you are thinking of using. Find out which one is knowledgeable and supportive.  A good broker needs to offer support of 24 hours during the week through live chat, have a local number in South Africa and ensure to have a 24/7 email. 

But if you look around, not all brokers are offering the 24/7 support as some offer only the support to customers during the business hours and thus, you might have a long time for waiting when having customer support related issues. 

The broker needs to have a support which has a quick response to chats which should be available for the 24/5 days that trading happens without having much hold time. They should reply their emails within 12 hours maximum.