Jul 14 2020 1
South Africa is the fastest growing country in the Dark Continent, so there are a lot of forex traders there. However, most traders in South Africa don’t know what time to trade because their country is in a different time zone from other big markets in Europe or Asia. So when are the forex trading sessions in South Africa time? And who are the best forex brokers in South Africa?
Forex trading sessions in South Africa time
There are four major forex trading sessions: the Sydney session, the Tokyo session, the London session and the New York session, which together add up to 24 hours of a day. Here are the forex trading sessions in South Africa time:
|Session||GMT||South African time (GTM+2)|
|Tokyo||00:00 – 09:00||02:00 – 11:00|
|London||08:00 – 17:00||10:00 – 19:00|
|New York||13:00 – 22:00||15:00 – 00:00|
|Sydney||22:00 – 07:00||00:00 – 09:00|
Research for best brokers in South Africa
It is true that different brokers will structure different policies and it takes comparisons to know about different offers that brokers can give their traders. The research should be focused on the main points about brokers such as the trading condition, the account types, trading platform and the regulations. Comparing these aspects will reveal the benefit that you can have from them.
What aspects should be considered to define the best forex brokers in South Africa?
It is about experience and time to learn a lesson about which brokers are reliable. We have started studying a lot of brokers to filter the best brokers and the method is to focus on some main points of brokers to compare:
- Their regulation: this should be checked from the regulators that provide the licenses for brokers. The regulatory organizations can be big or small and it is wise to check all about them.
- The trading condition and the benefit that they can bring to the trading process of the traders.
- Compare what account brokers can offer and how each account works.
In general, the focused points should be trading conditions, reputation and platform of brokers.
Examine trading cost
This cost is measured by pip and it is known as the scale to count the width between bid prices and ask prices. This width can be close or far depending on the number of spreads. The spread may be 15 pip, which is quite far and or it may be 0.4, which is close. To save more money for this kind of fee, traders can go with the lowest spread brokers.
To encourage small or retailer brokers, leverage is a helpful tool, which can maximum the original amount from their account up to hundreds of times. Take 1:300 leverage for an example; this is when traders can raise the trading lot up to 300 times bigger than. Leverages are sometimes restricted or limited based on the level of the traders.
Examine the reputation
This matter can be seen in three aspects, which are the regulations, executions and funding solution. Regulation is the matter of trust. If brokers are ruled by famous regulations, they can be recognized as the reliable and transparent brokers that have been checked by law maker organizations. The execution tells a lot about how the brokers function if the interest is stable and if the brokers are clear or scam. Fund protection is important to gain trust from traders. It is more truthful if their money is saved in a legal bank that can keep the money from being bankrupted.
What regulation is reliable?
Regulation is the presence of reputation and trust. With reliable certification from some reputable organizations like FCA, FSCA, CySEC & ASIC, brokers definitely have the right to assure that their trading system has been checked by a set of rules and can ensure a healthy trading process with audited statements. Therefore, the more legal organizations guarantee, brokers can gain more trust from traders.
What kind of accounts they have
Best brokers in South Africa have some certain kinds of accounts that are popular in South Africa. They are Demo account, Real or Live account and Swap-free account.
Demo account is for traders who want to check the trading condition, platform and service... belonging to brokers. There will be no actual losses about trading Demo accounts because Demo accounts are traded by unreal money that brokers give for traders.
Real or Live accounts are different because money used to trade is real money from the owners’ accounts.