Forex trading South Africa is an abridged word used of Foreign Exchange. It has to do with currency trading and involves major currencies from across the globe. The Forex market is the most versatile of all markets and it is several steps ahead of the stock market. However, the majority of the Forex trading around the world today do not make as much profit as expected. In fact, studies show that about 5% of the Forex traders can make consistent profit actually. This is to say that majority of Forex traders record losses. If you are one of these individuals, then you will find the information provided in this write-up to guide you towards becoming a better Forex trader and Top Forex Brokers in South Africa.
Top Regulated Forex Brokers in South Africa
|Forex Brokers||Minimum Deposit||Support||Rating||Visit Site|
|VISIT BROKER Deriv|
|FSCA regulated : Highly Recommended Forex trading Site South Africa!|
|VISIT BROKER Spectre|
|FSCA regulated : Highly Recommended CFD trading Site South Africa!|
|VISIT BROKER Exness|
|FSA regulatedExness South Africa|
|VISIT BROKER XM|
|FSA regulatedxm South Africa|
|VISIT BROKER olymptrade|
|FSA regulated:olymptrade.com South Africa|
|VISIT BROKER cm trading|
|FSCA regulatedcm trading Trusted forex Broker in SA|
|VISIT BROKER Hycm|
|FSCA regulated:hycm.com for Top Currency Trading in SA|
|VISIT BROKER fxgmza South Africa|
|FSCA regulated:fxgmza for Top Cfd Trading in SA|
|VISIT BROKER plus500|
|FSA regulated:plus500 South Africa|
|VISIT BROKER LegacyFX|
|VISIT BROKER markets.com|
|FSA regulatedmarkets.com South Africa|
|VISIT BROKER Axiory|
|FSA regulatedaxiory South Africa|
|VISIT BROKER Easy Markets|
|FSA regulatedEasy Markets South Africa|
24Forex is one of the leading companies in South Africa. This company had been around for a very long time now and has garnered a lot of experience in customer satisfaction. Consequent of the expertise and professionalism of this service provider, they have gotten what it takes to guide an intending trader on how to make profit from trading.
The aim of trading is to make profit and this is the only definition of success in trading. Those who are making losses do so because they do not know or fail to take the steps that those who make profit are taking. The purpose of this write-up is to enlighten you about those very important steps to take so that you too can join the about 5% South Africa companies that are already making profit from trading.
What is Forex trading south Africa ?
Forex stands for Foreign Exchange and it involves the buying and selling of currency pairs. You will make profit each time you make the right decision on buying or selling currency pairs and the profit will come from the fluctuation in the exchange rate or price of the currencies. Before you open any buy or sell trade on the Forex broker’s platform, you should first pick a particular currency pair that you want to trade. After that, you need to decide the specific direction that the currency pair will go. You will get profit from the trade if it heads on the direction you have earlier predicted; the reverse is the case if the currency pair heads in a different direction from what you predicted.
Currency pair talks about two different currencies with each having a value different from that of the other. Very good examples of currency pairs are USD/JPY and USD/ZAR. If, for example, the USD/ZAR is at 1/10, it is an indication that 1 USD is equal to 10 ZAR, with ZAR standing for South African Rand.
Check below for some common currency pairs being traded in the Trading market today:
When you buy EUR/USD, it means that you are buying the Euro and selling the US Dollars and these two actions are taking place at the same time. If the Euro gains value during the process when you are buying it against the US Dollars, then you will be in profit. On the other hand, if you sell EUR/USD, it means you are selling Euro and buying the US Dollars. If the Euro losses value during the period you are selling it, then you will be in profit. You will be in losses if the opposite happens.
Trading terminology made easy for beginners
Spot Forex trading
This form of trading involves buying and selling the important currency. for instance , you’ll buy a particular amount of British pound and exchange it for euros, then once the worth of the pound increases, you’ll exchange your euros for pounds again, receiving extra money compared to what you originally spent on the acquisition .
The term CFD stands for “Contract for Difference”. it’s a contract wont to represent the movement within the prices of monetary instruments. In terms, this suggests that rather than buying and selling large amounts of currency, you’ll cash in of price movements without having to have the asset itself. along side trading online market , CFD trading South Africa also are available in stocks, indices, bonds, commodities, and cryptocurrencies. altogether cases, they permit you to trade the worth movements of those instruments without having to shop for them.
If you’re curious about knowing how CFDs add greater detail, we recommend the subsequent article: what’s CFD Trading?
A pip is that the base unit within the price of the currency pair or 0.0001 of the quoted price, in non-JPY currency pairs. So, when the price for the EUR / USD pair goes from 1.16667 to 1.16677, that represents a difference of 1 pip.
The spread is that the difference between the acquisition price and therefore the sale price of a currency pair. For the foremost popular currency pairs, the spread is usually low, sometimes even but a pip! For pairs that do not trade as often, the spread tends to be much higher. Before a trading becomes profitable, the worth of the currency pair must exceed the spread.
Margin is that the money that’s retained within the trading account when opening a trade. However, because the typical “Retail Forex Trader” lacks the required margin to trade at a volume high enough to form an honest profit, many Forex brokers offer their clients access to leverage.
This concept may be a must for beginner Trading online. The leverage is that the capital provided by a Forex broker to extend the quantity of trades its customers can make.
Successful Forex Trader and Online traders
Have you been trading Forex for quite a while now but have not made much progress in your effort? Maybe you have been recording repeated losses and cannot translate your years of experience to profit? The information here can guide you and help you to turn the recurrent red into repeated green.
24Forex is set up for Forex traders in South Africa. We have been in the industry for a very long time and have built experience over the years, which make us the best outlet to guide our visitors towards consistent profiting in online trading.
The aim of Forex trading is to make profit and this is the only definition of success in online trading. Those who are making losses do so because they do not know or fail to take the steps that those who make profit are taking. The purpose of this write-up is to enlighten you about those very important steps to take so that you too can join the about 5% South Africa companies that are already making profit from Forex trading.
It all begins with learning start Forex trading South Africa
Learning always comes before earning. You need to first give attention to learning before you can ever start to earn. The Forex market is very highly dynamic and you need consistent learning to be able to make money by trading Forex. There is always something new to learn about Forex trading and you need to be ready to learn so that you can always outsmart the Forex brokers in South Africa and only the 5% that make consistent profit from Forex trading. A strategy that seems to win in trading online market today may fail to win tomorrow. Consistent learning will enable you to have adequate knowledge to update your trading strategy and transform the losing strategy to a winning one.
Do not add to a losing position
You should ever make the mistakes that many beginners in Forex trading are making today, which is to add more positions to a losing position. They think they can get back to the market by doing this. Trying to get back at the market will end up getting your fingers burnt. This is because the losing position may never turn to a winning position. Things may go south and your account will get wiped out fast.
Avoid emotional trading when trading in Forex trading South Africa
Emotion trading is not the right method of trading since it can get your account wiped out in no time at all. This is where many Forex traders in South Africa get it wrong. Poor emotional management can do you a lot of wrong in Forex trading and it is about the most common cause of consistent loss by many traders. As a Forex trader, you should be able to put your emotion in check and not allow your human nature to take over. One of the best ways to keep your emotion in check in trading online market is to treat Forex trading as a real business. First of all, make sure you only trade Forex with money you can afford to lose. It will not be difficult to reduce your emotional imbalance by reducing your risk.
What can you learn from our website?
On or website, we will provide you with verifiable and reliable information in the following areas:
- How you can become the best trader in trading online market .
- We will show you all the important education and tips needed for everyone to make profit from trading Forex.
- Access to a list of regulated, reliable and trusted Forex brokers; we will also tell you the minimum deposit on each of the brokers.
- Information about Forex brokers that is regulated and domiciled in South Africa.
- Access to helpful information about how you can trade Forex successfully, as well as, how to access the Forex bonus.
- You can also find 100% honest reviews about the Forex brokers reviewed on our website and this will help you to make an informed decision when choosing any of them.
- Connect with experts and professional guidance in trading online market and benefit from their years of experience.
Qualities of our preferred Forex brokers
All the Forex brokers that you can find on our website fit the criteria to consider when looking for the right Forex brokers to partner with. Check below for some of the qualities:
- All the brokers are regulated. This means that your profit and deposit will be secure 100% and there will be no deduction at all from your account without you authorizing it.
- The Forex brokers reviewed on our website have a very tight spread and this will enable you to make more profit when you register on any of the Forex brokers.
- Each of the brokers we have listed on our website support both MT4 and MT5 trading platforms.
Each of the Forex brokers on our website also provides very fast deposit and withdrawal processes. We have also taken time to investigate and test each of the Forex brokers on our website. As a result, we know how each of the brokers operates. The registered member will have access to several payment and withdrawal methods on each of the websites. As a result, the clients will not have a problem depositing or withdrawing their profits. What is more, the Forex brokers will process the deposits instantly and it will be available in your trading account immediately. Additionally, your withdrawals will be available in your bank account within just 24 hours.
Furthermore, you can access several trading tools on the website of each of these Forex brokers. You can also get a lot of technical indicators on the brokers’ websites. The brokers offer so many currency pairs available for trading.
How to trade Forex
Check the highlights below for helpful tips on how you can trade Forex successfully:
- First of all, look for a regulated and reliable Forex broker among the ones we list on our website.
- Check the website of the broker to register an account there. You will only need to provide a few details to register an account, like email. Phone number, name and so on.
- Then brokers will then get in touch with you and provide you with helpful tips on how you can be profitable by trading Forex in South Africa.
- Send the required documents to the broker and they will use the documents for verifying your account and personal identity.
- The next thing is to make deposit to your trading account and you can then start trading Forex on the platforms. The broker can also provide you with various training materials.
Before you register with any of the Forex brokers on our website, make sure you first check the minimum deposit required by the Forex broker. The minimum deposit can help you to test the waters to know how reliable the Forex broker is. You can then increase your minimum balance later after you have gained experience and boost your trading confidence.
Partnering with us will prove to be one of the best decisions you have ever made in your effort to become a profitable Forex trader in South Africa. At 24Forex.co.za, we have got what it takes to make you a profitable Forex trader. We have many years of experience also and we are ever ready to bring our experience to bear on your needs. While we are located in South Africa, our services are also open to people from other countries of the world. The information we provide here is invaluable and you will find it helpful in your effort to become a better trading online market .
Forex trading for beginners in South Africa
Forex stands for Foreign Exchange. This is about the simplest meaning you can ever get. It involves the buying and selling of currencies. What Forex traders do is to buy a currency pair when then the pair is at its lowest level and sell the currency pair when its market value has reduced. You will be given a commission when you buy or sell currency. You can only determine if to buy or sell if the market condition favors that decision.
How 24Forex can be of benefit to Forex traders
- 24Forex is in partnership with some of the best Forex brokers in South Africa and the countries surrounding it.
- The Forex trader registered on this platform will have access to the latest news and information regarding Forex (Foreign Exchange).
- Also, the Forex trader registered here will also be able to view trades made by frontline traders that are also registered on that broker.
- You can find the most secure of all the trading online market platforms available in South Africa on our website and you can pick virtually any of them.
- Our visitors can access special guides for Beginners and pro-Traders on our website also.
- The visitor will have access to some of the best trading online market apps of south African traders on our website.
- We also provide the best guide to beginners Forex traders on our website.
- The brokers listed on our website also offer demo accounts so that their registered members can learn without paying money.
- Additionally, the South African Forex trader can access free bonuses provided for first-time traders and also have easy access to zero pips and affordable minimum bonus so that they can trade Forex with minimal risk.
24Forex five minutes guide on how to trade
Start by making a minimum deposit of R 1500 after you have registered with any of the approved Forex brokers on our website. You will then receive a free bonus from these brokers after making the deposit if this is applicable. Our professional Forex traders have been able to review all the Forex brokers listed on our website. As a result, there is a 100% assurance that you will be registering with reliable Forex brokers when you come over here to trade Forex.
You should ensure that your trading online market account is verified and that you provide the correct details like:
- ID document
- Proof of address
- Banking account details that contain your personal information
You should not hesitate to discuss with your account manager to find out about the required documents for verifying your account.
You should discuss with your account manager in South Africa and get helpful guidance on how to trade Forex in the country.
Latest Forex South African News
Forex trading for South Africans
At 24Forex, we are always fully committed to providing trustworthy and independent reviews about each of the Forex brokers operating in South Africa that we have listed on our website. You will find many of them operating in the country, but the helpful details we have provided on our website will help you to make the right decision among them.
We have taken time to make a comparison among these Forex brokers on our website and all our ratings and reviews about these Forex brokers are based on complete and accurate data. Additionally, we work with Forex brokers that are operating according to top regulatory standards. The Forex brokers on our website also provide top quality customer service.
Following the guidance that we have provided on our website will ensure that you become a successful Forex trader. The various helpful details we provide on our website are available in the form of tips, guides and articles and each of them can assist you to be an outstanding Forex trader and have what it takes to beat the broker each time. Are you a newbie in trading online market in South Africa? Then you can trust us to provide you with assistance on how you can be transformed from a beginner to a professional Forex trader.
Reviews of trustworthy and independent Forex brokers operating in South Africa
We have focused our goals on 24Forex on two main areas:
- Our focus is on the comparison of the best Forex brokers that are registered in South Africa and we have what it takes to help any south African Forex trader to make the right trade-in decision at all times.
- Additionally, we are concerned with providing adequate security and safety to all categories of South African Forex traders when they register with any of the brokers we have listed on our website.
We also make use of various data to ease the process of choosing Forex brokers for South African Forex traders. The data we use is complete and accurate.
You will find the broker comparison system on our website to be helpful since the system is easy to follow and highly comprehensive. Additionally, you can get helpful information about the current performance of the Forex brokers operating in South Africa on our website and the performance information is provided annually.
Our comparison and rating are based on the criteria given below:
- Regulation: We are in partnership with the FSCA to enable an appropriate rating of the various South African Forex brokers on our website. The FSCA is undoubtedly one of the best regulatory bodies in South Africa today. The reputation of the company is great and it is known to protect the customer, as well as, prevent criminal activities. When looking for the right Forex broker to start your journey into trading online market , you should only go for a broker that is regulated by FCA, CySEC or ASIC. These regulators are the biggest regulatory bodies in South Africa.
|Government Regulatory Body in South Africa||FSCA ( Financial Services Conduct Authority ) formerly known as the FSB ( Financial Services Board )|
|FSCA Physical Address and Details||Address: 41 Matroosberg Rd, Ashlea Gardens, Pretoria, 0002
Phone: 012 428 8000
Email: [email protected]
- Broker Type: you should also consider the type of broke you want to deal with before registering an account there. Find out if the broker is an ECN/STP or a market maker broker. Some brokers in South Africa are known to combine the two, however. If you have a big trading capital, then you can enjoy ECN/STP services from brokers. Such brokers can act as the market makers for traders that have small capitals, especially if the clients operate Cent and Standard accounts with the Forex broker.
- Trading conditions: The trading conditions are focused on the type of spread available per currency pair, the number of currency pairs you can trade on that platform and the leverages provided by the broker to the trader. All the factors we have mentioned above can affect how profitable or otherwise your Forex trading effort becomes. You should not forget to put each of these factors in mind when choosing a Forex broker to partner within South Africa.
- Trading platform: Before you register with that Forex broker, first find out if the broker supports various trading platforms, like cTrader, MetaTrader 4, MetaTrader 5 or any other trading platform for that matter. However, the most popular of all the trading platforms today is MetaTrader 4.
- Minimum deposit: The type of account you open with any of the Forex brokers in South Africa can go a long way to determine the minimum deposit on the particular broker. Bear in mind that the trading condition will improve as the minimum deposit increases.
- Withdrawal and deposit methods: When rating the various Forex brokers on our website, we also rate them based on the process of deposit and withdrawal offered by the brokers. You can easily deposit and withdraw via the traditional methods on any of the Forex brokers in South Africa. Some of the supported traditional methods are debit cards and credit cards. Many of them also support deposit and withdrawal via Skrill, Neteller and several other online payment methods. You can even make deposit and withdrawal via bitcoin.
The helpful details we have made available on or website can help you always to make the appropriate decisions when picking a Forex broker in South Africa. The comparison we provide on our website about Forex brokers will ensure that you do not get misled at any time. This is because our comparison is based on accurate data.
Risks that are involved in Forex trading
You can make a lot of money by trading Forex, but you should also be wary of the various risks associated with it. First of all, you need to understand that not everyone can trade Forex because the risks may prove to be too much for some people to bear. The risks are part of the factors that make many beginners in Forex trading to lose their money very fast. Check below for the four categories of why many of the Forex traders around lose their money:
- Lack of sufficient Forex trading education
- Lack of adequate discipline by the trader
- Improper back-testing of the Forex strategy being used
- Poor or non-existent risk management
You can successfully avoid falling into any of the categories highlighted above if you give good attention to the various tips and guides we provide in the education section on 24Forex. You will find loads of articles and helpful tips in that particular section. You can make a lot of profit from Forex trading by simply following the series of guides we provide on the page. Aside from guiding you on how to make money, the tips we have provided will also help you to make the right choice among the series of Forex brokers on our website. By following our guide, you will be more able to minimize the loss you record in Forex trading.
How you can open Forex account in South Africa
You can find a lot of helpful tips on how to open a South African Forex trading account on our website. Check below for the areas we cover in this guide for opening a Forex trading account.
- How you can successfully manage risk
- How you can develop a working Forex trading strategy
- How you can easily choose a reliable Forex broker
- How to go about using a demo account
- How to learn everything you can ever need to know about Forex trading
- The particular types of documents you need to verify your Forex trading account in South Africa
How to trade Forex
You will need to first register an account on a Forex broker before you can trade Forex. A Forex broker can either be an ECN broker or a market maker, as mentioned earlier. The ECN broker offers direct market access, while the market maker maintains the market.
The execution of Forex trading usually occurs through Contract for Difference (CFD) with the broker. This will stand for contracts between the trader and the broker. The contract places compulsion on the broker to pay the trader the difference between the value of two currencies in a currency pair between the opening and closing period of the trade. You will never have to handle the currencies before you can trade them in Forex.
Equity trading vs. Forex trading
Forex trading is never part of the stock market but some individuals still make the mistake of including it. There is a very huge difference between the two of them. We are going to show you some of the differences below:
- Those who trade equities do so like they are trading physical shares bought for cash but Forex trading occurs in pairs.
- Forex market is a decentralized exchange that occurs over-the-counter. There is also a high level of confidentiality regarding all the transactions and participants. This is not the case with the equity market that is centralized and members of the public can see the information about the buying and selling activities.
- Forex trading has a low cost of entry. As an inquiry trader, on the other hand, you will be required to invest a lot of money if you are to make a lot of profit. This means that investors that cannot afford to put in big money may not be able to venture into equity trading.
Forex trading is not an investment and this is because Forex traders do not possess the assets that are being bought or sold. All a Forex trader does is to speculate on the possible future value of that currency pair.
As a result, if this, Forex can rarely be referred to as a form of investment since it only involves speculation.
What is the leverage?
Leverage makes it possible for Forex traders to make a lot of profit from Forex trading. With the help of leverage, it will be possible for the Forex Trader to only invest a small amount of money to make a huge profit. The leverage is left over-borrowed from the financial instructions or banks working with the broker. Check below for the two effects of leverage on Forex trading.
The cost involved in Forex trading is very low and there will be a magnification of the profit when you use leverage. This is equally applicable to losses. You only will take responsibility for all the losses you make when you trade Forex with leverage.
How a newbie can learn Forex trading
You should start trading Forex using a demo account as a beginner. It will teach you how to trade without using your own money. We have provided helpful information about this on our website.
Huge profit-making in Forex trading will never begin overnight; it will take some time before you can start making money regularly. So, you need a lot of persistence and patience before profit-making can become a reality.
How to pick the right Forex strategy
There are loads of Forex trading systems out there today with each of them claiming to be profitable. You should consider using multiple trading online market before you can make profit in Forex trading. Make sure that there are agreements among the various strategies, however.
The Forex trading strategy may be based on fundamental analysis or technical analysis depending on your type of trader. Technical analysis takes into consideration technical indicators and price action. Fundamental analysis, on the other hand, considers economic trends and geographical events. Good examples of such events are president Trumps’ speech or impeachment, US-China Trade War, Brexit and so on. Technical analysis is unlimited while the reverse is the case with fundamental analysis.
When developing a Forex trading strategy, you should not forget to also consider the time of the day.
Reliable Forex Brokers in South Africa
A Forex broker is a firm giving Forex traders access to Forex trading platforms via which the latter can buy and sell foreign currencies. A Forex broker can also be called a retail Forex broker; the broker handles a very small portion of the entire volume available in the foreign exchange market.
The Forex broker earns a commission on every trade placed by the trader. The commission comes in the form of pip spread; that is, the difference between the “ask” and “bid” quotes of a particular currency pair. There are many of them in South Africa today, but not all of them can be trusted. Bear in mind that the reliability of the Forex broker can make a lot of difference between a profitable trade and an unprofitable one. Having a trading online market strategy with high percentage accuracy may amount to nothing if your chosen Forex broker is manipulative, deceptive and untrustworthy. In this write-up, you will learn a couple of things you should consider when looking for reliable forex brokers in South Africa.
Find out if the Forex broker is regulated or not before you open an account with them or deposit money into your trading account with them. Also, find out if respectable regulators regulate them in South Africa. A regulated broker is reliable and will not steal your money or engage in improper activities, like intentionally delaying the execution of your trading order. Your investment is always safe with a duly regulated Forex broker.
You should steer clear of forex brokers with wide spreads. The “pip spread” (number of pips between the ask and bid quotes) is the commission paid to the Forex broker on every trade that you place in the Forex market. You should only consider those brokers with the tight spread so that you can make more profit from trading online market .
Easy access to your money
Furthermore, find out about the terms and conditions associated with deposit and withdrawal before you give the broker your money. How long does it take your deposit to reflect in your trading account? Also, how long does it take them to process your withdrawal?
Do they reply to your emails online that host the companies website .at all and how long does it take them to reply? How many means of contact do they provide on their website? Can you contact them via live chat or phone call? Do they sound friendly, helpful and professional when you contact them? The quality of customer service is essential when choosing a forex broker in South Africa.
Always read the terms and conditions before you partner with any forex broker in South Africa; this way, you will understand your rights, privileges, and limits before you start dealing with them.
If you follow the various points mentioned above, it will not be difficult for you to start making a consistent profit from Forex trading. Taking the points above seriously will help make a lot of difference in your Forex trading experiences.
If you are not part of the 5% successful Forex traders yet, taking note of the points mentioned above will change your state and transform you to the successful winner in Forex trading as you have always desired. If you are not yet a successful trading online market , then it is possible you are guilty of any or many of the points listed below:
- Poor risk and money management
- Lack of trading discipline
- Having unrealistic expectations
- Lack of trading plan
- Learning Forex trading via trial and error
- Failure of the trader to adapt to the conditions prevalent in the Forex trading market
One other factor that can contribute to failure of a trader to record success in Forex trading is the poor application and understanding of various terms in Forex trading like lots, leverages and so on.
The reasons given above compelled us to put this write-up together in an attempt to assist Forex traders in South Africa, who may be struggling with Forex trading ; this will help them to avoid the common pitfalls in Forex trading and become profitable consistently as they trade Forex.
The unreliability of the Forex broker is one other factor that can cause failure in Forex trading. It is unfortunate that some Forex brokers are only out to fleece their clients and this can undoubtedly affect your Forex before you register with a Forex broker, you should find out if the broker is reliable and regulated by the concerned authorities in South Africa; this is because the type of Forex broker you register with can determine if you make consistent profit or loss in Forex trading .
You can find helpful information on our website about reliable Forex brokers in South Africa and you can rely on any of them to help you become a successful Forex trader. Thanks to the information we provide, you will not have to search for too long before you can find the right broker.
Additionally, you will come by several helpful answers that we have provided for a series of questions that may bother you as a trading online market . Every detail you can find on our website is 100% true and you can even verify them on various authority websites, like Baby Pips and Investopedia. We have professionals, who are also ready to guide you in your choice of a Forex broker. Every detail we provide on our website is focused on making you a better Forex trader.
We have provided the right information on our website that can help to prevent bankruptcy or losses when you trade Forex. If you can make the right decisions, it will not be difficult for you to make money by trading online market and the information we provide on our website will help you to always make that right decision.
The trading online market remains the most liquid and biggest financial market in the world today. It is, however, unfortunate that many aspiring trading online traders in South Africa do not have an adequate understanding of the market, which makes it difficult for them to profit consistently from it. However, their consistent record of losses does not remove the fact that trading online market can make you a rich man, provided you have adequate knowledge about it.
Why Is Forex Trading Very Important to a South African Trader?
Forex market serves a lot of purposes, which place if far above the equity market, which only focuses on helping established companies to raise capital for their businesses to form a large number of people. Forex market is so important that it can shape the economy. In fact, you can better understand its importance by studying the South African economy.
The trading online market can cater to the currency needs of travelers, importers, and exporters to and from South Africa. An increase in demand for the Rand in the foreign exchange market can boost the economy of the country due to simple demand and supply rules. Increase in demand for the Rand will cause a form of scarcity, especially when the demand is more than the supply. The situation will automatically push up the value of the Rand against other major currencies, like Great Britain Pounds (GBP), United States Dollars (USD), European Union Euro (EUR) and so on.
The increase in the value of the Rand will automatically lift the South African economy since a lot of foreign currencies, like GBP, USD, JPY and so on will be introduced into the economy. Consequently, you can buy more items with just a few Rand notes.
This is not an investor-oriented market, unlike the equity market. While the equity market requires an investor to function, the South African investor depends on for overseas investment.
The independence of the market is one of the major factors that make it very important and unique. For example, it can continue to operate and thrive irrespective of the participation of speculators and investors. Therefore, any investor in the stock market trading is just coming in to make money from an ever existing market. The investors will, therefore, not need the input of a third party before he can make consistent profit from trading, provided he has a good trading online strategy and can find a good South African Forex broker.
Furthermore, the trading market acts as a meeting point for currency traders from across the globe. Participating in the market in South Africa makes you a contributor to activities in the market and a co-beneficiary, especially if you are dealing with huge capital.
FAQs about Forex trading
What is Forex?
Forex is a shortened form of Foreign Exchange and it involves currencies from different countries.
How can I make profit from it?
You need to simply deposit some money to your trading account on a broker to start trading. After that, analyze the market and make the right trading decisions.
Can South African Rand be traded on Forex?
Yes, you can trade South African Rand against other currencies.
Will I pay any fee to trade Forex in South Africa?
Different brokers charge different fees. Some Forex brokers do not charge anything.
What makes Rand popular among Forex brokers?
ZAR records a remarkable fluctuation in price and this is why it is considered by many Forex brokers. In fact, Rand makes up about 1% of global currency trade.
Is there a regulation for Forex trading in South Africa?
Yes, trading in South Africa is under the regulation of the Financial Services Board (FSB). The CySEC of FSA are international bodies that issue license to Forex brokers in South Africa.
Is there tax on trading online market in South Africa?
Yes, the profit you make from trading is taxable.
The lives of many people in South Africa have been improved via trading and you too can join them today. You can quit your job and by giving trading a try today.