Dany Mawas, Regional Director at INFINOX, unpacks eight tips that traders should consider to achieve success
Online trading has seen a surge in usage in 2020 as more people choose the practice as a means to boost their passive income. Dany Mawas, Regional Director at INFINOX (INFINOX.com), unpacks eight tips that traders should consider to achieve success.
The economic uncertainty brought about by Covid-19, coupled with the rise of the digital world, has seen an influx of Africans starting to trade online as a means to supplement their income. However, many may not necessarily have the expertise and support to trade effectively.
Dany Mawas, Regional Director at INFINOX, a globally-recognised and award winning FX and CFD broker, explains that while the forex market has gained formidable traction globally in the past few years, there is a growing need for traders to receive the right support and tools to be successful. As such, he highlights a few criteria traders should be aware of when choosing an online trading broker.
Regulations and licensing are key
All respected and trusted financial service providers and brokers are authorised to operate in the respective country they operate in. This safeguards traders from illegitimate brokers and scams. Being awarded a license to operate in a respective country means the broker needs to comply with the various regulations set aside by the authority.
Therefore, traders should only operate with brokers that are recognised, registered, and regulated by well-established authorities such as South Africa’s Financial Sector Conduct Authority (FSCA), and the United Kingdom’s Financial Conduct Authority (FCA), amongst others in different global regions.
Insurance and segregated client fund offering
It’s important to partner with brokers that segregate client funds from operational funds and other forms of investment. This provides traders with the peace-of-mind in knowing that their funds are secure and protected. Furthermore, while regulators protect all traders up to a certain level, brokers should have an insurance policy in place if the brokerage were to go insolvent for example.
Real-life real-time representation
While the brokerage operates online, firms that have a physical presence in their respective regions or countries demonstrate a commitment to their business, their teams, and ultimately their clients. Local representation is imperative to provide traders with the support that they will require to be successful.
Dependable proactive customer service
Apart from having a voice to speak to over the phone, traders require the necessary premium support from their preferred broker teams to ensure their success. This means proactive support, with timeous response to telephonic and email queries. On top of that, leading brokers also offer additional channels of communication including online chat platforms and mobile tools, while ensuring easily understood lines of communication through multi-lingual support.
“INFINOX is built on foundations of integrity, ambition, inspiration and excellence, all of which traders will experience first-hand when dealing with our proactive support teams”
An array of instruments
Not all traders trade the same markets. As such, traders should look to partner with brokers that offer an array of instruments to suit their preference such as Forex, CFD Equities (CFD), Indices, Commodities, ETFs and CFD Futures, amongst others.
Reputable and safe trading platforms
Two of the most popular trading platforms are MetaTrader 4 and MetaTrader 5, which are designed to provide traders with the necessary tools to take advantage of market opportunities in a safe and reliable manner.
Apart from valuable trading platforms, traders should opt for brokers that offer additional features like a social trading platform. Utilising these platforms allow traders to be a part of a trading community, learn from each other, copy experts’ trades, execute from a single place, share strategies, and monetise their knowledge.
Seamless deposits and withdrawals
Brokers should offer traders the peace of mind, flexibility and convenience of being able to deposit and withdraw funds easily via a client portal. This comes by partnering with trusted payment providers with low fees and fast transactions. Being able to access your funds at any point you choose if hugely important.
The brokerage that ticks all the boxes
“INFINOX is built on the foundations of integrity, ambition, inspiration and excellence, all of which traders will experience first-hand when dealing with our proactive support teams,” says Mawas.
Established in 2009, INFINOX is headquartered in London and has representation in more than 15 countries around the world. Licensed with the likes of the FSCA, FCA, FSC and SCB, the brokerage boasts a segregated client fund policy that provides traders with the peace-of-mind in knowing that their funds are in safe hands. Furthermore, INFINOX offers free deposits that are easily accessible through its client-portal within one day.
When it comes to instruments, INFINOX offers trading in FX, Stocks, Indices, Commodities, Futures and ETFs on the MetaTrader 4 and 5 platforms, as well as INFINOX’s IX Social trading app.
“The IX Social app allows traders the opportunity to share knowledge, trades and experiences with like-minded traders, and offers personalised trading signals and strategies from its verified and successful partner-traders,” concludes Mawas.
INFINOX is available in most African countries including Namibia, Mozambique, Lesotho, Swaziland, Botswana, Tanzania, Zambia and Ghana.
For more information, kindly visit INFINOX.com.
Distributed by APO Group on behalf of INFINOX Capital.