It’s not uncommon nowadays to see tons of African forex traders looking for the best forex broker in Africa, West Africa to be precise. This is because foreign exchange over the years has gained popularity and has gone on to be one of the most active financial markets in the region.
HotForex the best forex broker in west Africa and some of the big names are excellent based on traders’ reviews in the last couple of years. Hence, to make your journey into forex trading easier and rewarding
We’ve put up this guide that discusses what a forex broker is, things to consider when opting for a broker, and the best and reliable broker in Africa presently.
Who is a Forex Broker?
A forex broker is a firm that functions as an intermediary between the buyers and sellers of foreign exchange. Forex brokers maintain the forex exchange market place and assists in ensuring liquidity in the market.
As the financial market grows, more and more brokers in the market are trying to gain from matching buyers and sellers up for an exchange.
As a beginner trader who’s just coming into this market, there’s no cut corner about this; you can only trade in the forex market with a broker’s help. It’s become increasingly difficult for the newbies to know which broker to choose as there are a ton of them available now.
However, consider these factors mentioned below before choosing a broker, and you’d be fine trading in the market.
Factors to Consider Before Choosing a Forex Broker
There are pockets of things you must consider as a beginner before you choose a broker for your trading; here are a few of them!
First up, checking to see if the broker you’re interested in is registered is one of the vital things to consider. You don’t want to fall into the hands of cyber scams who’re always looking for loopholes to take your hard-earned money away. Check if the company is registered with relevant authorities.
You also want to take it a step further by checking the broker’s history, is the forex broker reliable, credible and worthy of working with?
See what people are saying on forums as regards their service. That way, you can easily make an informed decision about using them or not.
Another important thing you must know about your intending broker is their spread.
Spreads are commissions placed on the traders’ accounts for trading on their platforms. You’re not paying the broker any money except through spread. However, the spreads must be reasonable.
There are tons of brokers who charge as high as 10pips; avoid these types of brokers. Look for lesser ones; spreads of 1-2 pips should be the target as a beginner. Reliable forex brokers in Africa, such as HotForex, charge around this range.
Simple Trading Platform
One of the beginners’ mistakes in the forex market is choosing a broker with a complex trading platform. This makes them spend hours before they could trade. No, you don’t have to go through this if you pay attention to details beforehand.
Ensure you choose a broker who has a simple trading platform; this will make your trading activities easier, quicker and neater.
As a smart newbie coming into this dynamic and tasking financial market, ensure you practice and practice before jumping right into it. Doing that isn’t a smart way of trading in the forex market.
Hence, it would help if you choose a forex broker that offers demo-trading and a broker who provides enough funds needed to practice.
Many brokers nowadays encourage demo trading for beginners by offering this feature on their platforms, but many don’t provide the required funds to do this effectively. Ensure you watch out for that, and go for the ones that tick these boxes.
Are you looking for the best broker as an African trader? Well, ensure you choose a broker with various trading products.This is crucial to ensure stability where there’s instability in one currency pair.
But in a case where a broker doesn’t offer this, it becomes a problem to trade during this time.
HotForex: Best Forex Broker in West Africa
If you’re looking for the most reliable and the best forex broker in West Africa, no other brokers tick all the boxes like HotForex. It’s a renowned broker globally with hundreds of thousands of registered traders.
This broker was founded in the year 2010 and since gone on to establish itself as one of the best brokers in the world today.
“In Africa today, HotForex is the most honest forex brokerage firm as it operates an openness and transparent accounts for African forex traders in the financial market”.
HotForex is an integral part of an insurance and funding programme that assists eligible traders if there’s an error, negligence or omission. As a smart trader in Africa, you sure want to use a best broker such as this.
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