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The foremost thing to know about the OTC market is that it relates to trade that is not carried out on formal exchange but between a third party and a broker. Forex Market The foreign exchange market is the biggest and most common OTC market globally. Forex trading takes place in OTC transactions. All traders participate in currency exchanges five days a week and 24houra a day, which is different from other centralized exchanges. The forex market allows traders to sell and buy currency CFD's anytime through a network that connects several participants. It includes retail traders, brokers, hedge funds, dealers, institutional investors, etc. Choosing a Forex Broker It is important for South African traders to consider several factors linked to forex brokers before selecting any broker and engaging in the foreign exchange market. Consider the broker fees and trading expenditures to check that the forex broker has the proper authority and regulation. Also, verify if there are forex brokers with ZAR accounts that helps traders to withdraw as well as deposit money without incurring any currency conversion expense. Traders of South Africa may need to pay trading fees for forex trading depending on the trading of currency pairs. Using a ZAR account and overseas broker, you can lower your cost as the account where the foundation currency is the South African Rand. The following South African forex brokers offer ZAR accounts with other trading instruments and reasonable spreads. Khwezi Trade It is a regulated forex broker based in South Africa operating since 2013. It provides several competitive trading methods, financial markets, a trustworthy trading platform, and a maximum leverage ratio. Traders get the feature of live trading account keeping the base currency as ZAR along with including ZAR deposit in the retail investor account. Pros Forex traders use strong trading technologies Authorized ODP and FSP in South Africa Forex brokers are trustworthy and regulated through financial sector conduct Authority Khwezi trade is a nonbank firm and industry-leading broker to achieve OTC licensing. Offers competitive spreads Offers maximum decent leverage ratio Plus500 A well-known broker in the CFD trading sector is plus500, which offers worldwide investors and traders service. Traders can register a ZAR-dominated account, and Muslim traders can use a swap-free account along with a virtual trading account that is used before you risk your money in a live market where foreign exchange rates fluctuate. Traders access plenty of trading opportunities and payment systems to finance the transaction. Pros Large funding means Plenty of tradable instruments Commission-free trading Strong proprietary trading platform. Exness Excess is the best option among forex brokers for all South African traders. It offers few products but a wide range of features and retail investor accounts. It paves the way for a competitive trading environment and includes the following features- minimal spreads, competitive commission, configurable maximum leverage ratio. Pros Biggest forex brokers in customer base, trading solution, and volumes Flexibility on trading sizes as it provides maximum flexible leverage levels Competitive trading conditions and comprehensive trading solutions. Robust charting and strong trading platform Professional traders get accessibility to VPS XM group A well-known online global broker offers flexible trading and comprehensive solutions to South African retail traders. It offers automated forex trading tools that offer a competitive trading edge. Pros Includes high trust score in the forex industry and well-regulated broker Offers mobile trading apps and protection to retail accounts with negative balance security Free education to beginners in trading High-class trading tools Competitive spread We are happy to be approved by FSCA, and we are a competent and leading Forex Brokers with ZAR account in South Africa forex trading. Unlike other foreign brokers, we offer dedicated and consistently reliable service to our customers and ensure their security. START TRADING TODAY! – OPEN A FREE TRADING ACCOUNT
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