Introduction
There are many forex brokers in south Africa out there but not all of them are regulated. Forex trade has now become the order of the day. More and more people are now considering this kind of trade. It is a trade that is global and it involves currency trade and currency exchange. In the world of the internet and technological advances, it is very easy to trade, attract customers. However, there are many scammers out there who are always waiting for the perfect opportunity to steal from traders. Forex trading can make you as many profits as you want and wish but if you are not very careful, you will end up being a victim of scammers. First things first, never choose a forex broker who came first on your way. Before making any decisions, it is very important to consider doing some research, reading reviews, and running a few trials with a broker before making the best decision. That is the reason why you should only work with a forex broker who is regulated. There are many reasons why you should only work with a broker who is regulated. Here are some of them
For transparency
The first important thing that should make you work with regulated top 8 forex brokers in south africa is for the sake of transparency. A regulated forex broker will always submit to regulations and the rules due to the supervision of different financial watchdogs. This will include little but yet important things such as audits which may have a tangible effect on the forex trade. Forex brokers who are regulated can never manipulate the trade. They are the best to work with because you will be sure that everything will not only be transparent but also by the law.
They are insured and they can compensate you
Anything is very possible when it comes to forex trading. There are many possibilities that your forex broker goes wrong. In such cases, you will be needing your money back or even some of it. Depending on the regulations and the rules, some financial authorities will offer you extra security. That means that you will not lose everything because the forex broker is licensed. Although compensation must be by terms and conditions, working with a licensed force broker can be the best thing ever to do.
Anti-money laundering
When you are working with a regulated forex broker, you will be sure that the forex broker is legal. This is a very important factor to always consider because money laundering has always been an issue that many countries are now dealing with from all over the world. Some people are even taking the advantage of forex trade to facilitate their money laundering activities. When you are dealing with a licensed and regulated forex broker, you will be very sure that they can never do any money laundering. You will also know that your money is in safe hands. You will not have to worry about being on the wrong side of the authorities.
