Want to trade Forex online in South Africa? You have come to the right place. Trade Forex SA was established to bring answers to those who are starting in Forex trading and give honest and balanced reviews of the brokers. Trading Forex can be a lot of fun but it does come with a great deal of risk.
If we help you choose the best broker for you by weighing every pro with a con, we have then succeeded in our goal. The Foreign Exchange Market, or Forex, is the biggest financial market in the world.
Dealing in the trading of international currencies, Forex has different financial centers located around the globe, and buyers and sellers work throughout the week to trade currencies and other commodities for profit. If you are new to Forex trading you will need to get a solid understanding of how Forex trading works before you get started.
There are different types of brokers on the market and each of them works in a slightly different ways offering different features and signup up rewards.Africa's first Forex trading retail lounge opens in SA
Brokers offer demo accounts which allow you to try before you commit to them. Doing this will allow you try out their on boarding and customer service.
Once you have found a broker and you are ready to start trading, there is terminology you need to understand so you can gets tarted. There include understanding what a pip is , what a pivot point is , and how momentum works in the forex market. You will need learn to analyze the market for opportunities as well as learn to calculate your profits with different levels of leverage before you get make the order.
We have worked for many years in the industry, and we are well connected with the brokers and the reputations of the brokers in the community. We believe that a forex trading experience should be safe, and fun. South African has a regulatory body called the FSB Financial Services Board whose job it is to regulate all non-banking in South Africa.
Regulators like the FSB are put in place to protect the public from financial crimes and irregularities. Today, in addition to regulating trading on the JSE, the FSB regulates Forex trading brokers. TradeForexSA actively promotes FSB regulated Forex brokers because we believe that FSB regulation is the interest of our readers.
Once a Forex broker is FSB regulated, it means that they can take deposits into a local South African bank account making the funds even more secure.
The South African regulatory officials have also relaxed their Forex trading allowance standards. Individuals were previously allotted a R1 million sum to trade with Forex, with a R4 million stipend for setting up offshore accounts. In the foreign investment allowance of R4 million and the single discretionary allowance of R1 million have been combined, leaving SA Forex investors with an allowance of R5 million — the limit which you are allowed to invest.
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What this signals is that Forex standards are steadily changing South Africa. If the allowance can be combined in only a few short years, you can expect it to rise again.
For a full guide for how to fund offshore trading accounts from South Africa, read this. Forex Trading South Africa.
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Risk Warning Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. It is really important that you do not trade any money that you can afford to lose because regardless of how much research you have done, or how confident you are in your trade, there will always be a time that you lose.
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