Hi.
I am at the stage in my forex training where I feel that I need to get a demo account going. At the least to start getting a feel for real-time charts etc.
I am from South Africa and pretty much everything I have found on Forex is international.
Should I need to look for a Forex broker in my home country or can I use one in the USA or UK?
I know the USA and UK have regulators keeping a watch out for dodgy brokers, but I am not sure who manages that in SA.
Any assistance would be greatly appreciated.
Thanks
Donovan
Well how about that. Another South African. ‘Howzit’!!! LOL!!!
To answer your question: our Financial Services Board (FSB) regulates brokers here (same as, say, the FSA in the UK). There are only two INTERNATIONAL brokers registered with our FSB (and as of RIGHT NOW our application is being processed by the FSB so hopefully we’ll be the third and, of course, the best)!!! LOL!!!
But let me warn you: being regulated by the FSB is NO ‘guarantee’. As you may or may not know: some or the other ‘property investment scheme’ fell foul of our Reserve Bank about two or three weeks ago and, well, now the investor’s returns have been HALVED AND, what’s more, they’re not at liberty to withdraw their funds for the next FIVE YEARS and this particular ‘outfit’ was registered with our FSB. Same thing as happened with ‘ShareMax’??? How come the ‘Compliance Officers’ didn’t ‘pick up’ that something was ‘amiss’??? Now while I know I’m ‘shooting myself in the foot here’ (given that, for the purposes of credibility, we’re in the process of registering with our FSB): I’m ‘telling you like it is’.
So here’s a bit of advice: while being regulated is obviously (well SHOULD be) to your advantage and afford you at least SOME form of security you’d be better off looking at broker reviews given by traders. Forex Peacy Army (forexpeacearmy.com) seems to have become the ‘de facto standard’ for broker reviews but there are many other sites (even here, on this very thread) where you’ll find broker reviews given by traders. True (and unfortunately) some of the reviews are nothing more than the ‘rantings and ravings’ of some trader who was overtrading and has just lost his entire account and, of course, ‘first in the blame line’ is the broker. Then there are the ‘broker plants’ i.e. BAD reviews given by ANOTHER broker TO another broker (this is not the ‘cleanest of businsses’ in the world). But it’s easy enough to spot the ‘real’ issues that traders have had with a particular broker i.e. you see ‘patterns’ emerging in the reviews for example: ‘I cannot close out a profitable position with this broker but closing out a losing position is no problem’. You know what I’m saying: look for ‘common complaints’ or ‘patterns’ in the reviews as those are normally ‘genuine’ complaints (or there could be a ‘pattern’ of compliments which, OF COURSE, is the case with Deltastock)!!! LOL!!!
Otherwise, and over here, your only other alternative are the banks but they offer limited instruments for trading and their fees are ASTRONOMICAL (per trade) (same as our bank charges)!!! LOL!!!
Anyway: of course it’s my ‘job’ to (at VERY least) make you aware of Deltastock so either take a ‘squiz’ at their website (deltastock.com) or at my forums (deltastock.co.za or techtraderentral.proboards.com). And if those addresses get deleted (sometimes I ‘get away with it’ and sometimes I don’t) then go to my homepage (click on my username ‘dpaterso’ and then click on ‘Visit Homepage’)!!! LOL!!!
Regards,
Dale.
Thanks so much for getting back to me.
I will definitely have a look at the Delta Stock website and what it has to offer.
Appreciate all your assistance.
Donovan
I’m in Jo’burg and trading with ACM Gold. They are FSB and FSC regulated. Since i was already using their demo i wasnt hesitant to go live with them.
They have their headquarters here in South Africa in Sandton city towers and they offer paypal facility for both withdrawals and deposits. you can find more details on their website acmgold.com.
Also please tell me about the spread of Delta stocks?
Hello,
Why do I have a ‘funny feeling’ that I’m replying to ‘competition’ here i.e. I’ve checked your THREE posts made and all THREE SEEM to JUST HAPPEN to mention ACM Gold!!! LOL!!! (Remember: I’m ‘in the biz’ too)!!!
They are INDEED registered with the FSB (I checked OBVIOUSLY). Our (Deltastock’s) application has a status (on the FSB’s website) of ‘Processing’ so you, sorry, I mean, ACM Gold, ‘got in before us’!!! LOL!!! Although I’m not so sure about ‘headquarters’ being in South Africa i.e. how come they have a UK number listed for Customer Support BUT do NOT accept UK Clients??? And not to mention the banks listed (Cyprus, Barclays)??? I don’t see any South African Banks listed there!!! But HEY: if you’re, sorry, I mean, they’re ‘good enough’ for the FSB then that’s ‘good enough for me’!!! LOL!!!
Anyway: far be it any of my business (but of course I’ll ‘take the mileage I can get’ from such posts)!!! LOL!!!
What can I tell you???
Deltastock offers trading at EITHER fixed or variable spreads and is a TRUE ECN/STP Broker. On EUR/USD the variable spread can be (and almost always is) as low as 0.1 pips (and the fixed spread is 2 pips). But then: I have my doubts as to whether you REALLY wanted to know??? But in CASE I’m wrong: everything you want to know can be found on THEIR website i.e. deltastock.com!!! LOL!!!
Regards,
Dale.
Hi,
I’m surprised how you manage to notice that “LOL”,MR Dale everyone can see all my 3 posts and yes I have just mentioned about ACM Gold because I have only traded with them so obviously I wont discuss about any other brokerage house for example “Delta Stock”. Why are you mentioning about the status of your application as I never inquired about it. If you are not sure, then you should visit their office as I have been there many times so I am very sure about it. I usually call +27105001876 for support . I have already enquired for local deposits in Rand when I went live with them and they informed me that since South Africa has foreign exchange regulation, that is why no bank account in south,but they promised me to provide local deposits and withdrawals by Mid September till then I am using the debit card provided by them. I’m not interested whether its good enough for you or the FSB, as so far its good enough for me. Also contact there customer support for questions and not me. Thanks for the information, ill go through their website.
Hello,
Easy now. If I’m wrong then my apologies. Just having a bit of fun is all. And you are quite right: it’s like a trading system or trading methdology. If your trading system or trading methodology works for YOU then it’s got nothing to do with anyone else. If your broker works for YOU then that’s ALSO got nothing to do with anyone else INCLUDING me!!! Like I said: just having a bit of fun is all.
Although the above being said: there are INDEED brokers that ‘present’ themselves as having a ‘legal prescence’ here. MOST of them are registered in Cyprus and I don’t think that too many of them even know where South Africa IS (some even have South African toll free telephone numbers WITH our flag next to the number and calls to these numbers are simply routed to whichever ‘hole’ they made be located in). OBVIOUSLY: ACM Gold is NOT one of these brokers so my MOST humble apologies once again.
Anyway: nice to ‘meet’ another South African around here anyway.
Good trading is all I wish for you and everyone else (and a good, honest, reliable, and well regulated broker)!!! LOL!!!
Rather than argue: let’s be friends as there’s enough ‘sh*t’ going on in the world. All you need to do is look at equity futures today and you’ll see what I mean!!! C’mon over and visit me at my forums if you like (click on my username ‘dpaterso’ and ‘Visit Homepage’). I promise I won’t ‘shove Deltastock down your throat’ (the forums THEMSELVES take care of that on their own but NO you will not be ‘spammed’ for registering I assure you). But, well, you may find something there that’s of interest to you (sorry: I don’t know you or how long you’ve been trading or how you are doing OBVIOUSLY but if you ever need a ‘helping hand’ or maybe just a ‘trading chat’ well, then, it’ll be my pleasure).
Regards,
Dale.