The Forex trade market is one of the emerging names in the online trading world. It is the most popular and fast-growing financial market in the world.
The market observes daily transactions of 5 trillion dollars worldwide with approximately 10 thousand active users across the globe.
Forex trading has helped people free themselves from time and geographical barriers. Still, it has also helped millions of people of different regions generate passive income in the least possible time.
And fortunately, South Africa is the name included in the names of that regions. However, thier are certain things that you must consider before jumping into the actual forex trading world. And getting an online ‘Regulated’ forex broker is one among them.
Just as forex trading is important to free the trade process from all sorts of barriers, similarly, the regulated forex brokers are also important to avoid every kind of unease.
So, what are regulated forex brokers in South Africa?
In simple words, a regulated forex broker refers to a forex broker licensed and regulated by the local governing body of the state. In South Africa, FSCA( Financial Sector Conduct Authority) is the regulatory body for forex brokers.
Hence if you are going to start the trade in the region of South Africa, your broker must be affiliated and licensed by FSCA to be called the ‘regulated broker.’
Thier are numerous benefits of why are regulated forex brokers in South Africa a must. Let’s look at some of them for a better understanding.
Let us have a look.
Why are regulated forex brokers in South Africa a must?
Protection of money
The Forex trading world in South Africa is full of scams and frauds, which was a trader we don’t want. One best way to avoid these frauds and scams is to get collaborated with a regulated forex broker.
Regulated forex brokers are legalized by the local governing authorities and are compelled by laws. The firm is asked to submit its historical records along with the periodical financial reports to get regulated.
They are unlike un-regulated forex brokers who do not have an over-seeing eye above thier heads. Thus they ensure maximum money security as failure to do so can get their firm a permanent ban and cheating charges imposed. 450
Being regulated, the forex broker gains credibility for thier firm, which is a plus point in the forex world. A credible regulated forex broker can help you in any way, and a case dispute is one of them.
Any case dispute opened by you in the forex world can be catered to in a much quicker time if you have collaborated with any of the regulated forex brokers. And all of this is because of the reputed position of the broker firm.
Transparent trading operations.
As mentioned above, South Africa is the hub of scammers in terms of forex trading. However, the regulated forex traders are bound by the state’s law to serve thier clients with complete transparency.
And same is the reason that with regulated forex trades, the chances of money scams or fraud are minimized to zero. And you get a quick plus transparent transaction operation of money.
Strong and reliable customer support.
Regulated forex brokers are always obliged by the local governing authority to ensure that the following customer support services are always present.
These services include a customer support landline number, e-mail address, and a real person sitting behind the desk to ensure speedy assistant.
Adcancement and upgardement,
A reputed and regulated forex broker knows the importance of the advancement of technology in the forex industry.
Thus the firm rest assures to keep up its standard with the latest technological trends. And as a result, customers are provided with the latest tools and trading platforms.
With regulated brokers, you get the best advice.
Forex brokers not only help you to enter the marker of foreign exchange trading, but they also aid you to keep floating by giving you the right advice at the right time.
It means they suggest you the correct trading platforms, tools of utmost value and prevents you from getting blinded by the desires of instant profit generations.
They keep your funds separate from the company’s funds
The financial sector conduct authority ( FSCA ) in South Africa is very strict regarding the division of assets. And as directed by the government authorities.
TheThe regulated forex brokers keep your funds separate from that of thier firm’s fund. This scenario indirectly aids in minimizing the chance of big money blunders, which grants you many benefits in the long run.
They provide you with compensation.
Unlike unregulated brokers, the regulated brokers do not use your money to recover thier loss.
It means that if the forex broker firm suffers a loss and gets bankrupt, It will not harm your money in any way. Instead, the broker firm will provide you with complete compensation.
The compensation scenario is specially great for beginners and for people who keeps a wholesome of money in their trading accounts
To sum up, we would say that all of the principles mentioned earlier are efficient enough to convince a sensible person about why regulated forex brokers in South Africa are a must.
So if you are the person who is thinking of starting their trade in the region, then do no get scammed by attractive frauds or non-regulated forex brokers in the form of handsome bonuses.
Instead, always opt for a credible and reputed forex broker to avoid every kind of discomfort in the long run.
However, here is a small too for all of our readers that. And that tip is that don’t ever deposit a handsome amount of money in your trading account.
Putting more money in your account is equal to keeping yourself under the risk of heavy loss. So it is rather recommended to stay consistent by depositing a smaller sum after every few weeks to stay on the safe side.