Dominion Options: the Best Forex Broker for African Traders
As a forex trader on the African continent, you will get various brokers you can pick to work with. However, knowing which broker will suit your needs is important before deciding. It is also essential to compare each broker's various features to see where your chances of success will be higher.
This article will compare three brokers with Dominion Options. You will see why Dominion Options is your best option and how it has an edge in the industry.
Why Dominion Options
Dominion Options has some of the lowest execution speeds in the industry. Moreover, its tight spreads and fast withdrawals make it a favorite among traders.
However, there is more to Dominion Options than meets the eye. The comparison will look at XM, Eightcap, and Admirals. You will see all the great features you can only get when working with Dominion Options, including courses, trading tools, a traders community, and the cTrader platform.
| Broker | Trading course | Risk management tool | Discord community | cTrader |
|---|---|---|---|---|
| Dominion Options | $50 | 0.10 | Yes | Yes |
| XM | $100 | 0.79 | Yes | Yes |
| Admirals | $100 | 0.48 | No | No |
| Eightcap | $100 | 0.32 | No | No |
Trading Courses
Dominion Options forex course
Dominion Options gives you access to two of the biggest courses in the forex industry for a small fee. Education is a big part of forex trading. There are many forms of education that you can get with your broker. These include educational articles, videos, and podcasts.
However, although these can improve your skills, there is no clear structure to take you from a losing beginner to a profitable trader. Moreover, sometimes you can pick to consume just particular educational resources, leaving out the rest.
Importance of Trading Courses
There are many reasons why trading courses are good for traders.
Understand The Market
A trading course will help you understand how the market works. Many traders out there trade without basic knowledge of the market. These basic things include how the market moves and what price action tells us about the market. With a trading course, you start from the beginner level and work to the top. Therefore, when you trade, you understand the structure of the market.
Know How to Trade
After you understand the market, a course will teach you how to trade. There are many ways to trade the forex market. These include fundamental trading, technical trading, day trading, swing trading, and position trading. If it is a course focusing on technical trading, you will learn to identify patterns on charts that you can trade profitably.
Know When to Trade
A good course will teach you when to trade. It is essential to understand the different conditions in the market and what they mean. A trend trader should learn to identify a range market and wait until a new trend develops. Traders who don’t know when to trade end up overtrading and making significant losses.
Develop A Strategy
A good trading course will teach you to follow or develop your strategy. A strategy gives your trading structure and ensures you have a system for entering and exiting the market. This will increase your discipline and make you a better trader.
Reduced Learning Time
A trading course will significantly reduce your learning time. Learning to do anything takes a long time when there is no structure or someone to guide you. However, with a course, you get both. Therefore, you skip the trial and error phase, which could take years.
Dominion Options course features
However, it gets even better with the forex courses on Dominion Options. You get,
- Live trading and simulation sessions.
- Live Q&A sessions to ask any burning questions.
- An expert’s strategy you can copy and use.
- Mentorship and calls with some of the best traders.
- Nine years of trading experience.
A comparison of the brokers we chose shows that XM, Eightcap, and Admirals all offer educational resources, but none have a course.
Magic Keys
Dominion Options Magic Keys
The Magic Keys trading tool on Dominion Options has a large customer base of over 42,000 traders. It is unique and very functional, making trading more immediate and precise. Not many brokers create a tool to help their clients keep more money. The Magic Keys tool comes with many benefits.
Risk Management
The Magic Keys tool lets you quickly place orders with your risk parameters. It automatically calculates your lot size depending on your risk, reducing your work. Therefore, you can take advantage of quick moves.
Automatic Trade Management
The tool lets you manage your trades automatically. After placing an order, you can set break-even and partial take-out triggers. Therefore, you reduce your involvement and emotion while trading.
Faster and Easier Trade Exits
The tool gives you many options for closing out your positions. These include entire or partial positions, moving stop losses or take profit targets, and typing in the amount in pips you want to close. Exiting trades becomes so much easier, especially if there are many.
Statistics
Before taking any trade, the tool analyzes your performance on single instruments and gives insight into your risk. This information improves your trading.
Magic Keys reviews
No other broker in our comparison list will give you such a tool. The image above shows some positive reviews of the tool. XM has no tools, and Eighcap has FlashTrader, which has much fewer features than Magic Keys. Moreover, it is not really a tool but an account type. Finally, Admirals has no tools.
Discord Chat
Dominion Options Discord server
Dominion Options lets you have access to other traders using the same broker. The Discord chat gives you a community of traders to work with. This way, you can share trading ideas, network, support, and motivate each other. Dominion Options is the only forex trading brokerage that offers this to its clients. XM, Eighcap, and Admirals do not have such communities.
cTrader Platform
Dominion Options trading platforms
From our list of brokers, none offers the cTrader platform except Dominion Options. This sets it apart from its peers, mainly since cTrader provides much more than any other trading platform. cTrader has a more modern look that allows you to customize most things in your workspace. Therefore, you can have your style. This beats the more rigid design you get with the MT4 and MT5 platforms.
Moreover, the cTrader platform gives you more advanced order types, chart types, and timeframes. Analysis and trading on the cTrader platform are well ahead of other platforms. Another excellent feature on cTrader is the Market Replay, which allows you to backtest your strategy with live market conditions. There is no such feature on MT4 or MT5.
Join Dominion Options today and increase your chances of surviving in the competitive forex market. Access the best tools, a trading community, forex courses, and the cTrader platform.
