No matter if you're a small or large institutional forex trader, all forex traders need to trade through a forex brokerage company. You will be closer to major market participants, such as banks, mutual funds, and large investment firms. They account for approximately 75% of forex market capitalization. Brokers could also be a possibility for some banks. The remaining 25% of traders are individuals like you and me, or small trading companies.
It is not an easy task to find the best trading brokers in South Africa. It's a dynamic activity that depends on one or more of these factors:
-Regulated and non-regulated forex brokers.
Which stage of your trading career are you at? Trade for your own money, or manage the money of others.
-Amount of your trading capital
Services of a specific forex broker that meet your trading needs.
-Tax implications when you open a trading account with a broker based in the U.S., U.K., Switzerland, or tax haven nations like Hong Kong, Singapore or British Virgin Island, Bermuda, or Cyprus.
-Changes in the industry regulations. Traders who have accounts with U.S.-based forex brokers are already affected by new leverage of 50 to 1.
There are many brokerage firms available to you today, whether you are just starting in forex trading or looking for a career. This stage is likely to be a test of the waters. A few hundred dollars or a thousand dollars could be your deposit. This amount is not much. As you move up the trading ladder, thousands, or even hundreds, of thousands, or millions of dollars, will be large sums of money. Your greatest concern should be your fund's safety.