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⭐ 5 Regulated Forex Brokers For South African Traders (FSCA Regulated Forex Brokers) - YouTube
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Top 5 Regulated Forex Broker for Traders
Are you looking for a trustworthy broker to
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participate in foreign exchange trading? The Forex
market is highly competitive and highly liquidity,
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so you will need to get a regulated
broker supervised by a known regulator.
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FSCA, also known as Financial Sector
Conduting Authority. Specifically
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protect the interests of African traders.
In the last few years, thousands of Forex
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brokers have emerged, offering their services
through online trading platforms. Unfortunately,
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many of them are unregulated, and you
can face many problems and even suffer
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significant financial losses. Trading with
a regulated broker gives you the benefit of
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knowing that it is credible and secure.
Read on to find out the top regulated
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Forex brokers, factors to consider when
choosing a Forex broker, and much more.
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Factors to consider when choosing a Forex broker
Determining the best Forex broker can be
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challenging, especially if you don't
know what you are looking for. Here
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are the important things you should consider.
Regulation – A good broker should be regulated
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by reputable agencies. After all, you are going to
deposit your hard-earned money to start trading.
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Some of the popular regulatory bodies
include FSCA, FCA, CySEC, etc. And
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when you're living in South Africa, you're
regulated by the regulatory body named FSCA.
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Trading fees– Regardless of the broker
you are using, you will have to pay
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a spread or commission for every trade you
execute. So, choose a broker that offers
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affordable rates and be careful with the hidden
cost, such as inactivity and withdrawal fees.
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Trading platform – Most of the Forex trading
activities happens on the trading platform.
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So, look for a broker that offers a
stable and user-friendly platform with
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all the tools and features you need to
trade. While MetaTrader 4 and 5 are the
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most popular trading platforms, other
brokers offer proprietary platforms.
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Top 5 regulated brokers on
the market for African Traders
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CM Trading
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CM Trading is a reputable Forex and CFD broker
based in South Africa. It started operating in
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2012 and is authorized and regulated by the
Financial Sector Conducting Authority (FSCA),
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a reputable regulatory authority. Yet your
funds will be kept in segregated bank accounts.
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CM Trading established this website in 2012, this
website received over 100,000 visitors per month,
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most of them are from Kenya, South Africa and
Nigeria which are part of the Africa Contitent.
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CM Trading has quickly grown into the
largest financial broker in Africa.
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As they claimed, over a million clients
have registered in their platform.
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You can access the Forex market through
the MetaTrader platform or Sirix web
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trader to trade over 50 forex pairs
and a handful of cryptocurrencies.
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The spreads will vary greatly depending on the
currency pair, with the EUR/USD averaging 1.5 pips
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and standard leverage of 1:200,
and a maximum leverage of 1:400.
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Other than that, the company CM Trading
conduct a copy trading platform themselves,
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named CopyKat Trading, which is accessible
thru CM Trading Sirix WebTrader platform.
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Sort of like eToro, where trader shares
their trade results and opinion. And you
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were allowed to copy their trade performances.
Account registration is free, though soon after
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you register you will be redirected to
the "Deposit Page". But a demo account
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is created as soon as you open a real account.
The minimum deposit is $250, offering you various
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deposit methods through credit/debit card,
Neteller, Mpesa, bank wire transfer, etc. Fees
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and processing time will depend on the method you
use. To withdraw your funds, click the 'Withdraw'
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button and fill in the request form, which
will be processed within three working days.
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Pros
Regulated by FSCA
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Segregates accounts
Social trading & Copytrading
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Cons
High minimum deposit
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CM Trading has bad reputated for it's
trading specialist offering promising
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results but went disappear after. This site
received no complains about withdrawal issues.
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Seems like the regulatory body
FSCA did have their job done here.
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AvaTrade
AvaTrade is a reliable
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Forex broker that offers competitive spreads and
an extensive selection of tradable instruments.
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Their Establishment started in 2006, it is one
of the well-established brokers on the market.
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This site received an estimate of 330,000 traffic
every month, it looks like it's declining. Then,
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they claimed to have over 300,000 registered
traders with them. The company is headquartered
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in Ireland but has offices in Australia,
British Virgin Island, Japan, and South Africa.
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One of the reasons you should choose AvaTrade is
that top-tier regulatory agencies regulate it.
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They include the Central Bank of Ireland, the
Australian Securities and Investment Commission
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(ASIC), Financial Services Agency
(FSA) in Japan, and Financial
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Sector Conduct Authority (FSCA) in South Africa.
It provides more than 55 currency pairs, including
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minor and exotic currencies. Furthermore, the
broker offers 14 major cryptocurrencies such as
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Bitcoin, Etherium, Bitcoin Cash, Litecoin, etc.
And not last but least, they offer trading future
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contracts on commodities like Crude Oil, Silve
and Gold. AvaTrade does not charge commissions,
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but only competitive spreads with the EUR/USD pair
at only 0.9 pips and maximum leverage of 1:400.
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Their trading platform are similar to eToro,
Plus500. Which is simple and straightforward, new
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traders shouldn't had an issue with them. Though
if you feel unsure about using their platform,
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they had demo account available for free.
The minimum deposit amount to start trading
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is only $100. AvaTrade offers several
deposit methods, including credit cards,
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bank wire transfers, PayPal limited to
selected countries, Skrill, WebMoney,
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and Neteller. You can withdraw your funds through
the same method you used to deposit. Withdrawal
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time will mainly depend on the method you use
but mostly take between 1 and 5 days to process.
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Pros
Well regulated
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Simple & Straight Forward Trading Platform
Founded in 2006
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Cons
No ECN-execution option
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I had traded this platform
and I can tell the service
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they offered are much better than most broker.
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HotForex
HotForex is a well-established multi-asset
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broker offering Forex trading through six core
trading accounts. The company was founded in 2010
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and is headquartered in Cyprus with offices in
Dubai and South Africa. Originally reputated
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in the Asia countries but now, with an average of
700,000 visitors traffic they received per month,
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over 2,500,000 live accounts opened, one of fifth
of their traffic actually comes from Nigeria.
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The broker is registered in St Vincent and
the Grenadines as an international business
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company. It is also regulated and authorized
by the Financial Conduct Authority (FCA),
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Dubai Financial Services Authority (DFSA), Cyprus
Securities and Exchange Commission (CySEC), the
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Seychelles Financial Services Authority (SFSA),
and Financial Sector Conduct Authority (FSCA).
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It offers you the ability to trade over
150 instruments, including 49 Forex pairs,
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commodities, indices, stocks, shares, bonds,
ETF, and cryptocurrencies. Trading costs such
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as spreads, commission, and swap rates mainly
depend on the account type and trading instrument.
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The accounts excluding the Zero Spread account
do not charge commissions on Forex pairs,
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but spreads start from 1 pip. On the other
hand, the Zero Spread account comes with 0 pips
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but commissions per each trade you execute.
Traders are allowed to experience live tradiing
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with only a tiny little amount of deposit, $5
on Micro account and offers 1:1000 leverage,
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while other account types offer 1:500.
HotForex broker gives you the flexibility to trade
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at the level you want with six different trading
accounts that include Micro, Premium, Zero Spread,
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Auto, PAMM (Premium), and HFCOPY. There is also a
free demo account and Islamic swap-free accounts.
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You will be required to pay a minimum
deposit of $5 to start trading for micro
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account. Supporting multiple payment methods,
including bank wire transfer, credit cards,
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and other e-wallets such as Skrill, Trustly,
Neteller, etc. Processing time will vary,
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with deposits taking between few minutes to
2 days, then withdrawals processed within 24
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hours after sending a request.
The best part of HotForex are
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Pros
Regulated by multiple entities
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Fast Order Execution
Competitive spreads
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Low minimum deposit.
Founded in 2010
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Cons
Does not have a proprietary platform
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I traded with HotForex, I can tell
they execute orders fairly quick.
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IQ Options
IQ Options is another great choice broker,
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initially a broker whose offered Binary Option
trading, then expands to trade Forex, stock,
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cryptocurrencies, and other tradable commodities.
It has a powerful proprietary trading platform
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that is compatible with all major operating
systems including, Windows, Mac Operating System,
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Web and Mobile like Android and Apple iOS. The
unique design are made specially for inexperience
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also for experiences traders like
you and me, sort of like All-in-One
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platform, where you can add indicators
and your studies into the chart. Love it.
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The broker is registered in Cyprus, where IQ
Option Europe LTD is authorized and regulated
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by the Cyprus Securities and Exchange Commission
(CySEC). It is a relatively new broker founded
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in 2013 but has grown exponentially great to
become one of the leading trading platforms
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on the market. This website serves approximate
60 million visitors per month, the majority of
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them comes from Brazil, Hola, and countries from
South America. It used to popular in Asia too, but
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I assume they stop promoting here. It was known as
one of the largest forex broker trading platform.
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IQ Options offers more than 188 tradable asset,
so you can have a wide selection to choose from.
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The provider recently added 12
cryptocurrencies, including Bitcoin,
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Etherium, Ripple, Dash, Litecoin, etc.
One of the most innovative features
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is the Cryptocurrency Multiples. It is a
leveraged asset where prices are amplified,
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ranging from x20 to x100. This creates
a huge opportunity but also a big risk.
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The trading cost will depend on the currency pair
you are trading with the benchmark EUR/USD pair
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at just 0.3 pips. The minimum trading size
can be as low as $1. You will choose between
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the standard and VIP accounts with minimum
deposits of $10 and $1900, respectively.
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The maximum leverage for non-EEA members is
1:1000 but is capped at 1:30 for EEA traders.
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IQ Options allows you to deposit funds through
PayPal, Skrill, Sofort, Neteller, WebMoney,
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bank transfer, credit/debit cards, local bank
which supported by most countries. The process
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is free and will take between 1 and 3 minutes
to complete. Withdrawal time and charges will
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depend on the method you are using. For instance,
the bank transfer method will take 1-3 days and a
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commission of $31, but with credit/debit
cards, the process is free and instant.
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Pros
Free demo account
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User-friendly interface
Top-notch supports
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Low minimum deposit.
Cons
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Some countries are restricted
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I had used IQ Option, and was amazed by
the design of their trading platform.
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IC Markets
International Capital Markets (IC Markets) is a
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trustworthy Forex broker, it's headquartered in
Sydney, Australia. The broker was established
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in 2007 and is an excellent choice if you are a
high-frequency trader or prefer automated trading.
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This broker is fairly popular among experienced
forex traders, where most traders in forums
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like babypips and forexfactory recommended.
It is regulated by the Australian ASIC and
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Financial Services Authority (FCA) of Seychelles,
both globally recognized regulatory authorities.
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Serving with over 3.5 million visitors per
month. In addition, your funds will be segregated
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with a tier-1 bank for further protection.
The broker offers over 60 currency pairs
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with a maximum leverage of 1:500.
You will also get 10 tradable
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cryptocurrency pairs with a leverage of 1:20..
IC markets allow a minimum deposit of $200
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on all account types. It supports multiple
depositing methods, including credit/debit cards,
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Neteller, PayPal, Skrill, bank wire transfer,
UnionPay, Bpay, etc. Processing time will
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depend on the method you choose with instant
withdrawals using Neteller, Skrill, or PayPal.
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The spreads and commissions are competitive and
will vary with the currency you are trading.
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For instance, the EUR/USD pair is 0.1 pips with a
$7 commission on the raw spread account. However,
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there is also a commission-free
account with a spread of 1.0 pip.
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Pros
Commission-free trading account
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True ECN account
Low trading costs
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Intuitive interface
Cons
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Slow live chat
High minimum deposit
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Their reputation seems to decline this year,
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though make sure to research it
yourself for a better insurance.
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Bottom Line
It is recommended
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to trade with regulated brokers to avoid
getting dubbed. After thorough research,
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we have compiled the best-regulated forex brokers
on the market to make it easier for you to choose.
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My top pick broker is IQ Option because of the
extensive selection of tradable instruments,
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low deposit amount, competitive spreads, multiple
payment methods, quick live support and most
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importantly their trading platform, which more
like a blend of social media and a trading site.
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But the best picked broker for
African users will be CM Trading,
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because trader's fund are secured by FSCA and you
will less likely to encounter withdrawal issue.
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That's all for this video, if you like my
research do give me a thumbs up, and good bye.
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