6 Best Forex Brokers with ZAR Accounts 2020 (Rand Trading ...



The offshore broker 10CFDS is situated in Belize. It provides many trading instruments, consist of more than forty FX pairs and binary CFDs. The leverage is up to 1:200 and is provided on a web-based trading terminal. However, it's regulatory and license status is not at all promising. If any of you are willing to trade with it, make sure to read this 10CFDS review first.

About 10CFDS:

The broker 10CFDS provides all sorts of trading instruments. It involves forty-six FX pairs viz SD/HKD, USD/MXN, USD/CZK, USD/RUB, USD/SEK, USD/NOK, USD/SGD, USD/PLN, USD/ZAR, USD/TRY, and USD/DKK. It also provides CFDs on natural resources, the farm produces, twenty-four indexes, shares, and cryptocurrencies.
The leverage offered by this broker is 1:200. Many Markets Authority has decided to allow the maximum leverage of 1:30. The broker's offerings miss on the regulator’s directives. The payment can be made by cards, wire transfer, PaySafeCard, Neteller, Skrill, and Western Union. Unfortunately, the broker does not accept payment via bitcoins. To start trading with 10CFDS traders are required to deposit $250 only. This requirement is acceptable but several regulated brokers in the market accept very low initial deposits.
The SPEED SOLUTIONS Ltd is the owner of the 10CFDS trademark and is registered in Belize. The firm claims to be regulated by the local International Financial Services Commission. The client's payments are processed by the Estonian firm named SPEED PAYMENTS OU.
The IFSC does not require strict prerequisites to offer regulation. It also loosely oversees such brokers. Hence there is no guarantee for the safety of funds. All reputed regulators have banned controversial trading bonuses but the broker under consideration offers several bonuses. These bonuses are merged with uncontrolled trading practices such as the requirement of the specified trading volume. If these conditions are not fulfilled, the broker can cancel your trading account, locking invested funds.
Furthermore, the withdrawal process at 10CFDS may take up to 21 working days to be processed. This time frame is lengthy. Also, the withdrawal is charged with a 3.5% service fee, $ 1.5 is charged as a profit clearance fee, and an additional $ 20 is applicable as a monthly maintenance fee. A regulated broker does not have such practices. The provided spread of 3 pips can be seen on EURUSD FX pair while checking the web-based trading platform. This spread is high and attractive but it raises the cost of trading. For higher profit, tighter spreads are anticipated. The broker claims to offer to trade on the MT platform but in reality, it offers some web-based platform.

Is 10CFDS scam or legit?

The above discussion indicates several flaws of this broker. The regulation of this broker does not cover investment refunds. The broker is also offshore. We are convinced that the broker is hazardous to the trader's fund and can be a forex scam broker. Staying away from this broker is advised.
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FX trading can be described as currency trading that traders across the globe can participate.. According to data gathered by the Bank of International Settlements, the daily trading volume of retail forex trading in SA stood at $19.1bn in 2017, making it the highest volume in Africa.. With the Brokers on this list, traders can open accounts in ZAR and use this currency for deposits and ... Many global brokers have opened South African subsidiaries in order take advantage of the increasingly high demand for online financial trading services mostly resulting from the country’s growing economy. Furthermore, South Africa’s regulatory agency is not as demanding as the ones found in Europe and in other major Forex centers, which in itself is an alluring prospect. Trading South African Rand. Launched as the official currency of South Africa in 1961, the South African Rand’s name originates from the word “Witwatersrand” which is a term in Afrikaans for “white waters ridge” and refers to a geographical location where gold mining was historically carried out. But ZAR Forex brokers offer trading accounts that keep the trading balance in ZAR, which is useful if you want to avoid currency conversion fees. Having a ZAR account also means your trading funds will be kept in local bank accounts, which makes deposits and withdrawals by bank transfer faster and more convenient. Unfortunately, only local SA brokers and a few international brands have ZAR ... If you trade USD/ZAR online, you may want a broker with tight spreads on US Dollar currency pairs. In this up-to-date comparison, we've compared the USD/ZAR spreads (as of November 2020) of some of the top online forex brokers, including AvaTrade, Plus500 & eToro for you to decide which broker is best for you. Trading Conditions: Not All Forex Brokers Are Created Equal. Apart from the spread, there are several other trading conditions which will affect your trading experience. One of the most important to consider is the leverage offered by a Forex broker. Leverage is how much you can borrow from a broker to make a trade; this is a risky but necessary aspect of Forex trading. Leverage also directly ... We researched 10+ forex brokers that offer ZAR Trading accounts, and have listed the best in terms of fees & features. By Rahul Sharma (Editorial Staff) — Updated August 23, 2020. ZAR Forex Trading Accounts are quite useful for traders in South Africa. This will help you avoid losses in fees during the conversion of currency on deposits or withdrawals. Having a ZAR Account implies that all ... Trading Conditions – Hotforex has ZAR trading account option too, so you can have account with Rand as your base currency to enter into trades. You need to make a minimum deposit of $5 to open your account, which is a quite nominal. The trading app & account will allow you to trade in a range of markets like 49 forex currency pairs & 1000+ CFDs on commodities, stock CFDs, metals and energy ... At Compare Forex Brokers we examined the top forex brokers with ZAR accounts and SuperForex is exclusive in offering ECN ZAR account type. SuperForex is regulated and governed by the International Financial Services Commission (IFSC) which ensures the safety of your funds and a secure trading environment. You have the option to choose from a diversity of account types to match your trading ...

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