As a beginner in forex trading, you should look for a broker who provides a free demo account, is FSCA-regulated, and provides good educational materials. We researched 50+ top brokers, and here are our top picks:
- HotForex premium account is the best overall broker for beginners.
- XM Trading Ultra-low account is the best low-spread broker.
- Tickmill Pro account is the best NDD OR ECN/STP, broker.
How should you choose a forex broker?
Finally, it is determined by your trading requirements, such as the currency pair you wish to trade, your deposit methods, leverage requirements, whether you require a raw spread ECN account broker, and so on. However, you should follow some general guidelines before depositing with any broker.
Always go with a broker regulated by a top-tier regulator, like the FCSA, FCA, or ASIC. Another factor to consider is the spread. The lower the spread, the better.
Check to see if your preferred broker provides the platform of your choice. Most traders prefer MT4 and MT5, so check with your broker to see if these two platforms are available. Other factors to consider include customizable leverage ranging from 1:10 to 1:50, a variety of trading platforms on mobile and web, 24/5 responsive support, and simple deposit and withdrawal procedures. It is a good thing if your broker offers ZAR accounts.
How can you check if your forex broker is regulated or not
First, you should only choose a broker who a top-tier regulator regulates. However, not all regulations are the same, as many brokers claim to be regulated but are regulated with some offshore regulators to avoid compliance. As a result, you should ask your broker if they are regulated by reputable organizations such as the FCA, FSCA, CySEC, or ASIC.
We have also compiled FSCA-regulated forex brokers for South African traders.
Can find regulation information on a broker’s website. Almost all brokers include this information near the bottom of their websites or on their about pages. Furthermore, all regulators, such as the FCA and FSCA, have a public search on their website where you can check the broker’s regulation and license number. Furthermore, all brokers we have reviewed on our website and regulated by top regulators.
Which forex brokers are regulated with FSCA
There are over 1000 FSCA-regulated entities that deal in foreign exchange and other derivative instruments. We investigated and discovered that HotForex, forex time, tickmill, Exness, and AvaTrade performed best in our ranking parameters and user reviews to simplify your search.
However, if you are looking for a broker with a low spread and FSCA regulation, Exness is our recommendation, with a spread of nearly 1pip for EUR/USD in their standard account.
Conclusion
As a beginner in forex trading, look for a broker that offers a free demo account and is FSCA-regulated. Always use a broker who a top-tier regulator regulates. Other considerations include adjustable leverage ranging. Many brokers claim to be regulated, but only a few offshore regulators regulate them.
