Hey all,
I’m still going through the school, completely new to all this but gathering information on brokers. So far there isn’t much info on choices for Saffas. I’m leaning towards Avatrade operating out of Ireland regulated European and Australian, thoughts or info?
Thanks in advance.
Definitely “other”.
Our FSB seems to not be so choosy anymore when it comes handing out registrations.
Oops. Didn’t realize this was a corpse thread. Sorry. NEVERTHELESS…
I think any broker that accepts traders from that region would do. I use Forexchief broker and FXTM, both seem to be very favorable for traders in Africa due to their simple registration and verification process. If you opt for Forexchief, use their $100 free money to test their platform using a live account. No need to risk your money on a live account.
OUCH!!! I just realized this was an old thread, Sorry!_
Doesn’t matter that it’s an old thread (I fell into the same trap myself thanks to this new forum layout always “suggesting” threads) i.e. there’s bound to be a South African or two that’s going to stumble upon this thread sooner or later.
No offense but you do realize that you’re trading with or recommending two bucket shops???
On this issue of simple registration and verification processes: why is that a good thing again??? Let me ask this question: why is that well regulated brokers (CFTC, FCA, MiFID) have Trading Agreements that are pages and pages and pages long and require all manner of verification etc. etc. etc.??? Do you think that’s simply because they wish to create work for themselves??? Or could it possibly be that the terms and conditions of those Trading Agreements are legally binding and enforceable and that the verification processes are there for the protection of both client and broker???
THINK people. Please THINK.
Let me ask another question and just using one of the brokers mentioned above as an example:
What are you going to do if the broker goes bust, uses unfair practices, or whatever??? Do you seriously think that the regulator in Vanuatu is going to investigate and come down on them like a ton of bricks??? Not going to happen. Moreover: regulation or not. Such regulation does NOT guarantee client funds in the event of the broker going under. Yeh I know: they’ve gone to great lengths to detail safety of funds on their website. Client funds are kept in segregated accounts. And you think that’s safety of funds??? Just because the broker says so??? Yeh right. As I noted on another thread: if you think that this broker will not dip into those client funds if they start running into trouble then you’re living on another planet.
And one last thing: it sure worries me that at least one of those brokers SUPPOSEDLY has an office here and yet no FSB registration (although as I noted in my first post on here I doubt that’s worth much anymore given the veritable list of bucket shops that are now FSB registered).