Are you struggling to find an authentic and well-regulated broker but never find one? Or are you not satisfied with your broker services? If yes, then this guide can surely help you. In this article, we will discuss details about the metatrader 5 brokers providing services in South Africa.
If you are a beginner, it becomes highly significant to do proper research before choosing a broker. So, delve into the article to learn more about the ECN brokers in South Africa.
Quick Introduction of ECN Brokers
The acronym of ECN is electronic communication network. ECN brokers are also named forex financial experts. They play a vital role in helping customers get direct access to multiple participants in the forex market. We can say that ECN allows traders or investors to trade outside the conventional market hours.
What characteristics should an ECN broker have?
Before getting services from an ECN broker, it is highly crucial to ensure that they exhibit some essential characteristics. Firstly ask them clearly about their trading execution policy. If a broker is reliable and authentic, then they will clearly explain their execution policy. Furthermore, the brokers may provide ECN accounts that they share with newbie traders to ensure a smooth and pleasant trading experience.
Another term that you should know is hybrid mode. It is the mixture of both STP and ECN. Some brokers offer this mode; therefore, it is highly significant to be clear about the brokers you will select. But as a beginner, it is better to pick a well-regulated broker with low fees and a rapid execution policy.
Some famous ECN brokers in South Africa
We hope that now you have understood the true meaning of ECN broker. Now, let’s discuss some of the famous ECN brokers in South Africa.
BDSwiss is a forex broker regulated by CySec, and it gives the facility of multiple trading account types. In the case of classic accounts, their fees are a bit higher, but the RAW account fee is comparatively lower. When it comes to currencies, sadly, ZAR is not allowed. In addition, they offer an extensive range of trading instruments that comprises 250+ CFD, 50+ currency pairs and 20 cryptocurrencies.
FXTM is also among excellent ECN brokers. They are authorized by top-notch regulatory bodies such as FCA, FSCA which depicts a safe and legit broker. The minimum deposit that you require for this broker is $50. Furthermore, the maximum leverage per trade is 1:2000.
FCA, FCSA, and CySEC regulate Tickmill, and most of the experts ranked it as one of the best ECN brokers. The minimum deposit required to start trading is $100 if you are a pro account holder. Additionally, they do not ask for extra fees. They trade in almost 62 currency pairs, a pretty impressive number.
IC market is a famous CFD and forex broker based in Australia. If you are in search of a credible ECN broker with affordable fees, then consider it. Moreover, it is regulated with ASIC.
To wrap up the discussion, I would say our list of ECN brokers in South Africa will surely assist you if you are striving to find a reputable ECN broker. But always keep in consideration that you should choose a broker after detailed research.