Forex trading has taken over every trading form in the past few decades. The main reason for success lies within the ease of control that it offers to its customers. For instance, you don’t need a proper time frame or physical workplace. Instead, you can pursue your trading operations from anywhere in the place at any time.
Nevertheless, there is only one constraint in this niche of business. And that is, you have to shake hands with one of the brokerage houses, and the case gets even more essential if you are planning to become a South African forex trader.
We are saying this because the Forex market in South Africa is one of the fastest-running markets of the world, making it difficult for a new trader to penetrate in. And the same is the reason that getting in collaboration with one of the regulated brokers becomes a necessity.
Now XM is a well-reputed firm when it comes to forex trading. However, there is a specific question that an individual came up with while choosing a brokerage house, including is XM regulated in South Africa or not? So keep on reading to find the answers.
All you need to know about XM traders
Is XM regulated in South Africa
Moreover, the firm came into being in 2009 and has grown to become one of the world’s leading forex trading firms. It has its head office in Cyprus and possesses more than 250000 clients across the globe.
The XM Broker is a fully regulated forex trading firm in South Africa. The firm has got its regulatory license from 2 of the top-notch regulatory bodies of the world: CySEC and ASIC. However, they are not regulated by the local FSCA
Are XM brokers safe to trade with?
As we discussed above, XM is a wholly regulated brokerage house. And regulated firms are obliged by the state law to serve their customers with complete transparency of operations as failure to do so can even cause the organization to get a ban.
Also, the firm holds no commission charges on a variety of its accounts, which symbolizes legitimacy. In our research, we did not find any of the scam scenes with the company.
Moreover, XM is not a new name and holds a credible position in the forex trade market. Thus one can entirely rely upon it.
On the bottom line
For summing up, forex trading has emerged as one of the fastest-growing trading forms all over the world. Nevertheless, getting yourself registered with one of the brokerage houses is essential, especially in Southern Africa due to the fastest running market.
XM is one of the credible brokerage firms that two top-tier firms in the region regulate. Thus one can trust the firm without worrying about loss risk. However, always remember that you should not get into forex trading until and unless you own someone who is experienced enough to assist you in the beginning.
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