Forex trading South Africa : Open a Forex Account at 24 forex
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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 Forex trading.
Research shows that only about 5% of those trading Forex are making consistent profit in it. Most of those who are not making a consistent profit are guilty of the following:
- Lack of trading discipline
- Lack of a trading plan
- Failure to adapt to the prevailing conditions in the Forex trading market
- Learning Forex trading via trial and error
- Having unrealistic expectations
- Poor money and risk managements
Poor understanding and application of the Forex market and its various terms, like leverage, lots and so on.
The several reasons for failure as highlighted above informed our decision to open this platform and help Forex traders in South Africa to steer clear of the well-known pitfalls in Forex trading so that they can make a consistent Forex trading profiting.
One other reason why people record a consistent loss in Forex trading is a partnership with unreliable brokers, who are only out to rob their clients. Unregulated, unreliable brokers can make a lot of difference between a consistent profit and a consistent loss. We have taken the time to pick out the good cherries among the thousands of Forex brokers in the market. We have listed the reliable ones on our platform so that you will not have to search forever before you can get a reliable Forex broker to partner with.
Furthermore, we have provided straight answers to a series of questions on our platform so that the trader can get answers to disturbing questions related to Forex trading. Also, the information we provide on our platform is 100% true and can be verified from reliable platforms, like Investopedia and Baby Pips. Consequently, you will be in safe hands when you partner with us since all the details we have provided on our platform are designed for your success in Forex trading.
Trading does not have to be a source of worry or make you go bankrupt. You only need the right information so that you can make the right decisions that will lead to a consistent profit. We are here to serve you and will never disappoint you at any time.
What are the things you can learn on our website?
Our platform will furnish you with reliable, verifiable information about the following:
- How to become the best trader you can ever be in the Forex trading market
- All the essential tips and education you should have before you venture into Forex trading
- A list of trusted, reliable, regulated Forex brokers and the minimum deposit required by each of them.
- Regulated brokers domiciled in South Africa.
- Information about how to trade Forex and Forex bonus
- 100% honest reviews about each of the Forex brokers on our platform with each of them giving expert opinions without charging you a dime.
- Access to professional guidance by experts in Forex trading, many of whom had been in Forex trading for years.
Qualities of our preferred Forex brokers
The Forex brokers listed on out platform meet all the essential qualities to look for in a broker and some of these qualities are highlighted below:
- They are all regulated, which means your deposit and profit are 100% secure and will not be deducted from your account without your consent or knowledge
- Our preferred brokers offer tight spreads so that you can make more profits easily on their platforms
- The brokers support several trading platforms, like MT4 and MT5.
Deposit and withdrawal processes are very fast on their platforms; we have tested each of them, so we know how they operate. They also provide many payment and withdrawal methods so that their clients can deposit and withdraw their profits easily. Additionally, the deposit is instant with all the brokers, and many of them process your withdrawal within just 24 hours.
Also, the selected brokers on our website provide their registered traders with various trading tools, and their trading platforms support several technical indicators. You can also trade several currency pairs on their platforms and online trading
How to trade Forex
The highlights below will guide you on how to trade Forex profitably:
- Search our website for reliable, regulated Forex brokers
- Afterward, visit the website of the broker to open an account by providing simple details, like your name, phone number, email and other details.
- The broker will contact you to give you helpful tips on how to profit consistently in Forex trading south Africa.
- Send the broker the documents required by the latter to verify your trading account and personal identity
- Deposit money into your trading account so that you can start trading and also receive training materials from the broker.
However, check for the minimum deposit permitted by the broker before you make that deposit. You can start with the minimum deposit to test the water and increase it later when you get more comfortable with how the broker operates.
You will never regret your partnership with us on 24Forex.co.za as far as Forex trading south Africa is concerned. We are more concerned about setting you up for a consistent profit in Forex trading sathan anything else. Our years of experience stand us out, and we are ever ready to get you informed free of charge. Yes, we are domiciled in South Africa, but everyone from all countries of the world can also benefit from the invaluable information we provide on our platform.
Forex trading south Africa for Beginners
Forex (Foreign Exchange currency) – the simplest way of explaining this concept , it simple means you buy currency and sell it at higher price that way you get commission from selling the currency ,it will be worth more than it was the previous time. The concept Forex trading sa from that process:
How can Forex traders benefit from 24Forex?
- 24Forex has partnered with the Best Forex traders in the South African region to provide you with.
- Get latest News about Foreign Exchange (Forex).
- Trade from well know traders.
- We list the most secure platforms Forex brokers in South Africa.
- 24Forex guides pro-Traders and Beginners.
- We offer the best Forex trading sa Apps.
- The Best Guide Forex trading Guide for beginners.
- Get a demo account start learning without any commitment or payments.
- We offer free Bonuses for first time traders with affordable minimum bonus and zero pips.
Five Minutes Guide from 24Forex on how to trade.
Make a minimum deposit of R1500 on any of our listed accounts and get a free Bonus from our traders, if applicable. Note all partners platforms have been reviewed by professional Forex traders to make sure that we provide you with cutting edge platforms for trade.
Make sure that your account is verified with the correct details:
- ID Document if required.
- Banking account details this information.
- Proof of Address.
If not confirm with your account manager to make sure that information is not required.
Start Forex trading in south Africa with the guidance of your account manager.
Forex Trading for South Africans
At 24 Forex, we are committed to making available independent and trustworthy reviews about the series of Forex brokers South Africa. There are many of them operating here and we are set up to help you make the right choice among the multitude of Forex brokers.
We take time to compare each of the brokers operating here in South Africa and we base our rating and comparison on accurate and complete data. Also, we work only with Forex brokers that meet top regulation standards and provide topnotch customer care.
If you follow the guidance we provide on our website, then there is no way you will not become a successful Forex trader. We have so many articles, guides, and tips that can help make you stand out and beat the brokers every time. If you area newbie in Forex trading South Africa, we have got what it takes to help you start trading like a pro and making a profit in no time.
Independent and trustworthy Forex broker reviews in South Africa
Our goals are focused on two main areas at https://www.24forex.co.za/:
- We are focused on comparing the best Forex brokers registered in South Africa, thereby helping the Forex trader to make the right decision when choosing a Forex broker in South Africa.
- We also want to ensure the security of every category of Forex trader when he places his money with any broker.
To make it easy for every Forex trader in South Africa, we make a comparison of many Forex brokers using accurate and complete data.
We created a broker comparison system that is both comprehensive and easy to follow. We also provide a report on the current performance of Forex brokers in South Africa annually.
We base our rating and comparison of Forex brokers using the criteria highlighted below:
- Regulation: We partner with the FSCA in rating Forex brokers in South Africa. The FSCA has proved itself to be one of the best regulators in South Africa. The company has a great reputation and is known for protecting customers and preventing the activities of criminals. To be on the safer side, we suggest that Forex brokers pick a broker that is regulated by one or more of ASIC, CySEC, and FCA; these are the biggest regulatory agencies in South Africa.
- Broker type: Many of the brokers in South Africa are either market makers or ECN/STP brokers. There are, however, some brokers that combine the two. Many of the brokers in South Africa offer ECN/STP services to Forex traders with big trading capital and act as market makers to traders with small capitals, especially those that have Standard and Cent accounts with the Forex
- Trading conditions: This focuses on the spread types available, the leverages provided to traders and the number of currency pairs available on the trading platform of that particular broker’s trading platform. All the factors under consideration have a way of affecting how much profit or loss you record on that trading platform. You should, therefore, put them into consideration when choosing a Forex broker in South Africa.
- Trading platform: Find out if the Forex broker offers MetaTrader 4, MetaTrader 5, cTrader or any other trading platform. Be that as it may, MetaTrader 4 is still the most popular among Forex traders today.
- Minimum deposit: In most cases, the minimum deposit accepted by a Forex broker depends on the type of account you open with the Forex Studies show that the trading condition improves as the minimum deposit increases.
- Withdrawal and deposit methods: One other factor we put into consideration while rating Forex brokers in South Africa is the methods of withdrawal and deposit supported by the broker. Virtually all the Forex brokers in South Africa support the traditional payment methods, like credit/debit cards, as well as, many of the online payment methods, like Neteller and Skrill. Some Forex brokers even accept bitcoin as a method of payment on their platform.
You can use the helpful details we provide on our website to pick among the many Forex brokers in South Africa. You will never be misled at all since our comparison is based on accurate data.
Risks associated with Forex trading
Forex trading is a good way to make money, but it is also associated with lots of risks. In fact, Forex trading is not for everyone since not everyone can withstand the risks associated with Forextrading. In fact, many newbies end up losing money in the long-term. In this section, we have classified the reasons why many Forex brokers lose money into four categories:
- Lack of adequate education in Forex trading
- Lack of the right discipline
- Inadequate testing of Forex strategy
- Non-existent or poor risk management
You do not have to fall into any of these problems if you follow the guides and tips in the education section of our website. There are so many tips and articles awaiting your arrival on the page. The information we have provided on this page can help you to make more profit from Forex trading and also guide you on how to choose a Forex broker. You can minimize loss a great deal if you allow us to guide you.
How to open a Forex account in South Africa
On or website, we provide helpful tips on how to open a Forex account in South Africa. The information we provide cover the following areas:
- How to manage risk
- How to choose the right broker
- How to learn about Forex trading successfully
- How to make use of demo account
- How to develop your trading strategy
The types of documents required for validating your account with the Forex broker.
What is Forex Trading?
Forex trading simply translates to the exchange of different types of currencies and making a profit from the fluctuation in the price or exchange rate of these currencies. When you want to open a trade on a Forex broker’s platform, you need to first choose the currency pair to trade. You also need to decide the particular direction that the Forex pair will go. If the trade goes in your desired direction, you will make a profit; you will, however, record losses if the trade goes against you.
Currency pairs represent the expression of the value of a particular currency against another currency. Good examples of currency pairs are USD/ZAR. If this pair is at 1/10, for example, it means that 1 USD is equivalent to 10 South African Rand.
Some of the common currency pairs are:
Buying EUR/USD means that you are buying the Euro and selling the US Dollars simultaneously. When you close the trade, it means that you are selling the EUR that you have bought and also buying the USD that you have earlier sold. If the Euro has gained value against the US Dollar throughout the trade, it means you will be in profit; you will be at a loss if the reverse is the case.
How to trade Forex
Individuals can only trade Forex via a Forex broker. As mentioned earlier, a Forex broker can either be a market maker (those who maintain the market) or an ECN broker (those who offer direct market access) whatever the case may be, the retail trader is required to create a trading account on the broker’s platform.
Usually, Forex trading is executed through what is called Contract for Difference (CFD) with the broker. This represents a contract between the broker and the trader. The contract binds the broker to pay the retail trader the difference in the price of two currencies between the opening and closing of your trade. You or the broker does not need to hold the currency physically before you can participate in Forex trading.
Forex trading vs equity trading
Some schools of thought make the mistake of including Forex trading as part of the stock market. It must be clearly stated here that there is a huge difference between Forex trading and equity trading. Some of the areas of difference are highlighted below:
- Equities are traded as physical shares that people buy for cash, while Forex trading is done in pairs.
- Forex market is an over-the-counter, decentralized exchange; all the participants and transactions are confidential. The stock market, on the other hand, is centralized and there is a public record for every buying and selling activity. As a result, the identities of the buyers and sellers are made public.
- The cost of entry for Forex trading is low. On the other hand, equity traders will have to put in a large sum of money as the capital before they can make substantial profits. As a result, investors with very small capital may not be able to venture into stock trading.
Forex trading cannot be categorized as an investment because the Forex traders do not own the asset they are buying or selling. The trader only speculates on the future value of the particular currency pair being traded. Consequently, we cannot call Forex trading an investment since the traders are simply speculating on the future value of assets.
What is the leverage?
CFD Forex trading is leveraged and this gives the trader more opportunity to make a profit. The trader will only have to use a very small amount of money to open large trading positions. The leftover is borrowed from the banks or financial institutions that work with the broker.
The effects of leverage are two and are highlighted below:
The cost of trading Forex by the retail trader is low and all the profits you make from Forex trading are magnified; this also applies to the losses you make from Forex trading. The trader will be responsible for the losses recorded in the full trading amount.
How a beginner can learn to trade Forex
As a beginner, it is advisable to start your Forex trading adventure with a demo account. This is where you can learn the rope before you put real money into a live account. You can learn about how to get started on our website. We equally have materials that can teach you about how to place your first trade in Forex.
You will not start making millions of dollars overnight in Forex trading. Making money regularly will take time. You will need to be patient and persistent if you are to make anything from Forex trading.
Tips to choose a Forex strategy
So many Forex trading strategies are out there today and they all claim to be reliable. Some experts think that you need multiple Forex trading strategies to make good money from Forex trading. However, all the strategies you use must agree with one another.
You can build a Forex trading strategy that relies on technical or one that relies on fundamental analysis, depending on the type of trader that you are. Technical analysis has to do with analyzing price action and technical indicators, while fundamental analysis has to do with the analysis of geographical events and economic trends, some of which are Brexit, US-China trade war, President Trump’s impeachment saga and so on. While fundamental analysis is somewhat limited in the number of data you have to access, technical analysis, on the other hand, is wide and there are so many strategies to consider.
The time of the day is one other factor you should consider when developing a Forex strategy. The time of the day can affect the volatility of particular currency pairs. You should equally consider the order types, like trailing stop loss, instant execution, and so on. Instead of going through the stress of manually following a Forex strategy, you can simply opt for a Forex trading bots or software. The software can see movements in the market that you are not aware of and can trade on your behalf without your intervention.
What is the minimum amount required to trade Forex?
The minimum amount you need depends on the Forex Canada broker and the type of account. Some brokers may ask for a minimum of $500, while some other ones may ask for a minimum of $250. Some brokers accept a minimum of $100 and some even allow you to start trading with a minimum deposit of $10. No to worry; leverage can help to increase your account balance so that you can open a large position with very small money.
FAQs about Forex Trading
If you’re new to Forex trading in South Africa you may have some questions. Check out our Frequently Asked Questions Guide below.
FAQ 1: What is Forex?
Forex is an abbreviation of Foreign Exchange, meaning the currencies in different countries.
FAQ 2: How do you make a profit by trading money?
You can trade with most worldwide currencies, all it takes is a bit of capital to get you started. To make money, you need to be aware of the speculative risk that you will be taking. Essentially, you are placing a bet that one currency’s value will increase in relation to another currency.
FAQ 3: Can you trade South African Rand?
Yes, South African Rands (ZAR as their short code in Forex Trading) are a popular choice for many Forex traders. Many top Forex brokers off ZAR today in pairs with Euros, US Dollars and the Great British Pound. There are a few brokers that may also pair other currencies with the Rand too.
FAQ 4: Will I be charged any fees for Forex trading in South Africa?
The fees you pay depend on the broker. Most of the top Forex brokers don’t charge anything for trading through them. However, there may be other additional fees such as fees for withdrawals or account maintenance.
FAQ 5: How come the Rand is a popular currency among Forex brokers?
ZAR is a popular currency because of the fluctuations in value that have been seen in recent years when looking at its value against USD and GBP. Recently, Rand trading has made up over 1% of the entire worldwide currency trade. Most of this comes from different countries rather than SA itself and Forex Bonus.
FAQ 6: Is there a regulatory body in South Africa to regulate Forex trading SA?
The Financial Services Board (or FSB) is the non-banking related finances, but they don’t issue licenses to Forex brokers often. However, some brokers do have licenses from alternative international bodies such as the FSA or the CySec.
FAQ 7: Can Forex trading be taxed in South Africa?
Profits from any Forex trading is treated just like regular income and is taxable in the same way, based on the relevant tax rates. You are able to list profits on your income tax IT12 return, listed as foreign income.
FAQ 8: How can I learn more about Forex Trading in South Africa?
There are courses that you can attend to become more familiarised with Forex Trading. There are many in South Africa, as well as some online international courses. Furthermore, many brokers offer the flexibility of opening a ‘dummy’ or practice account so that you can ‘trade’ currency in a risk-free scenario until you get confident that you can make gains from it.
Forex trading has improved many south Africans life, many south Africans have quit their jobs they had tripled their salaries in short term.