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How Forex Trading Works

How Forex Trading Works ? In times past, only the big boys with big monies could trade Forex. As a result, Forex trading profit was limited to only banks and big financial institutions in South Africa and elsewhere. The capital required to trade Forex in times past was just too huge that ordinary people on the street could not venture into it.

Forex Trading in South Africa

Deriv logo

Deriv

4.5
Demo account Yes
Minimum deposit $50
Minimum Deposit: $50
Deriv is an offshore broker offering both binary options and standard forex and CFD trading
Binomo logo

Binomo

4.9
Demo account Yes
Minimum deposit $10
Minimum Deposit: $10
Operational since 2014, Binomo may be a CROFR regulated binary broker which offers service packages for all kinds of monetary traders.
Exness

Exness

5
Demo account Yes
Minimum deposit $ 150
Minimum deposit: $ 150
Exness is FSCA & FCA regulated, which are 2 Top Tier regulators, so we consider them to be safe.
Quotex logo

Quotex

4.5
Demo account Yes
Minimum deposit $10
Minimum Deposit: $10
Quotex is a new digital options broker, innovated in 2020. The platform offers dupe trading and request signals.
olymp trade logo

Olymp Trade

4.6
Demo account Yes
Minimum deposit $30
Minimum Deposit: $30
Olymp Trade offers its customers a full range of monetary services within an equivalent account.
FXCC logo

FXCC

4.9
Demo account Yes
Minimum deposit $250
Minimum Deposit: $250
Forex Trading with FXCC, a leading regulated and Award winning ECN Forex broker - Start Trading today with our risk-Free Demo account
markets.com logo

Markets

4.8
Demo account Yes
Minimum deposit $250
Minimum Deposit: $250
Markets.com was established in the year 2010, being the best Forex trading company in South Africa the company grew tremendously.
BlackBull Markets logo

BlackBull Markets

4.5
Demo account Yes
Minimum deposit $250
Minimum Deposit: $250
BlackBull Markets was founded with the goal of becoming the leading online Financial Technology and Foreign Exchange broker.
Hycm Logo

Hycm

4.6
Demo account Yes
Minimum deposit $100
Minimum deposit: $100
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider
plus500

plus500

4.2
Demo account Yes
Minimum deposit $250
Minimum Deposit: $250
Plus500 is a popular CFD trading platform, that is also listed on London Stock Exchange. They are regulated with top-tier regulators including FCA (UK), ASIC (Australia) & CySEC.
markets logo

coinsraw.com

4.5
Demo account Yes
Minimum deposit $50
Minimum Deposit: $50
Between 74-89% of retail investor accounts lose money when trading CFDs with this broker.
Avatrade logo

Avatrade

4.5
Demo account Yes
Minimum deposit $150
Minimum Deposit: $150
Ava Trade, established in 2006 and originally referred to as AvaFX, may be a pioneer within the online trading industry.
IQ Option logo

IQ Option

4.6
Demo account Yes
Minimum deposit $150
Minimum Deposit: $150
IQ Option was first introduced to the binary options traders across the world back in 2013.
Vantage fx logo

Vantage Fx

4.9
Demo account Yes
Minimum deposit $200
Minimum Deposit: $200
Vantage Global Prime Pty Ltd, broker Vantage FX became available for binary options trading in 2009.
Easy Markets logo

Easy Markets

4.8
Demo account Yes
Minimum deposit $150
Minimum Deposit: $150
Easy Markets is an award-winning forex and CFDs trading platform launched in 2001 as the world’s first web-based trading platform.

Things have changed today, however. Virtually everybody in South Africa can now trade Forex since you may not need more than $500 to open a Forex trading account. In fact, some brokers do not charge more than $250 as a minimum deposit on their trading platforms. It may also surprise you that some brokers only ask for as low as $10 as a minimum deposit to start trading Forex! Furthermore, you can deposit money into your trading account in Rand.

forex trading strategies

Learn before you start trading

Forex trading is not a scam as some may want you to believe. You can make a lot of money from it if you understand how it operates. Your forex trading profit can also be consistent if you take time to learn before you start trading. You can try any of the free sources of information on the internet to learn how to trade here in South Africa. Also, you can register with reliable outlets that are offering Forex trading courses for a fee. Whichever method you adopt, nothing changes the fact that you must learn about Forex trading if you want to trade successfully.

Register with a broker

You can only trade Forex on a Forex trading platform. You do not have to register with a Forex broker to access a trading platform, especially if you only want to “demo trade”; demo trading means practicing on how to trade using virtual money while being exposed to the same market condition like someone who is into “real trading.” Real trading involves trading with real money. You will need to register a trading account with a broker before you can start real trading.

learn forex trading south africa

Develop a trading strategy

You need a good trading strategy to make consistent forex trading profit. You can choose any of the trading strategies available for free on the internet or develop your own trading strategy, which is only possible if you have adequate knowledge about Forex trading.

However, you must back-test and demo-trade your preferred trading strategy before you start using it for real trading. “Demo-trading” and “back-testing” can help you to access the reliability and accuracy of your trading strategy. You can make more forex trading profit if your strategy has a high degree of accuracy. After testing the strategy, you can forward it to other professionals to help access it before you start trading with it.