Forex in Africa
What is Forex Trading and How Does it Work in South Africa?
This is short, easy-to-read information with outlines of the key concepts mainly concerning forex trading in South Africa.
Learn more on how to start online forex trading in South Africa.
Currently, the dynamic and active forex trading community in the country has resulted much better in part from the nation’s support of foreign investment.
It has in return attracted many forex trading brokers in South Africa and now has a substantial presence in the country.
In an introduction to forex trading in South Africa, you will discover more about the fascinating world of forex trading.
Find out why this market is rising in popularity along with a diverse group of individuals from all walks of life, ages and careers.
First of all, you should know what forex is and how it functions.
How Forex Trading Works
First of all, forex trading is the process of changing one currency into another currency with the aim of making a profit.
In forex trading, you always trade in pairs. As a result, you buy one and sell the other.
The main concept is to make a profit when the currency you buy rises its value counter to the currency you sell. The variation in price is where you either make a profit or a loss.
Trivia:
It seems like in Africa, online forex trading is gaining popularity. It happened when potential investors were promised quick and huge returns.
Interesting Details:
Some of the reasons why forex trading surges these days are due to unemployment, escalating cost of living and internet penetration rates. As a result, trading is mostly performed by young, educated, internet-savvy Africans as an alternate source of income.
Synopsis: Trading Forex in South Africa
South Africa’s maturing economy and population of 50 million makes forex trading in the country desirable to foreign-based brokers and with South Africans in the same way.
However, trading forex and having expertise in the currency market does not entail the geographic location of the trader.
Moreover, traders based in South Africa must remain aware of numerous elements about trading in forex because of the reason that they are unique to the country.
How to Start Trading Forex in South Africa
Before you get involved in forex trading, first and foremost it is necessary to understand the forex market.
The forex market is a unique market in the world – as a result, there is nothing like it.
In addition, the forex market also rises above all other capital markets combined. It is due to an average daily revenue of more than $5 billion.
Additionally, the market has its own dynamic range, which varies on the relative economic circumstances specific to the countries that issue their currencies.
Top Registered Forex Brokers in South Africa
South Africa is one of the most cultivated countries in Africa. Thus, it’s not shocking that the country enjoys one of the most trustworthy and proven regulatory.
Additionally, get to know the 3 best SA regulated forex brokers, with their detailed list of reviews for traders in the country.
This is our list of the most excellent Forex brokers for SA Residents. They are the ones who value prominent regulation but also want the safest account conditions available.
Furthermore, each listing has strong regulation, comprehensive education segments, demo accounts for beginners.
1. FXTM
Minimum Deposit
USD 10
Trading Instruments
Commodities, Cryptocurrencies, Forex, Indices, Metals Equities
Type of Broker
ECN/STP
Regulated By
CySECFCAFSCA
Trading Platforms
MetaTrader4, MetaTrader5, WebTrader
Deposit Methods
Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay
Trading Conditions
Maximum Leverage: Flexible
Minimum Spread: 0.1 pips
Currency Pairs: 59
2. FP Markets
Minimum Deposit
USD 100
Trading Instruments
Commodities, Cryptocurrencies, Forex, Indices, Metals, Bonds
Type of Broker
STP
Regulated By
ASIC
Trading Platforms
MetaTrader4, MetaTrader5, WebTrader, IRESS
Deposit Methods
Bank Transfer, Visa, Mastercard, Paypal, Skrill, Neteller, Fasapay, BPay, PaySec, POLi
Trading Conditions
Maximum Leverage: 500:1
Minimum Spread: 0.1 pips
Currency Pairs: 50+
3. AvaTrade
Minimum Deposit
USD 100
Trading Instruments
Commodities, Cryptocurrencies, Forex, Indices, Equities, ETFs
Type of Broker
Market Maker
Regulated By
ASICFSCAB.V.I FSCFSA
Trading Platforms
MetaTrader4, WebTrader
Deposit Methods
POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer
Trading Conditions
Maximum Leverage: 400:1
Minimum Spread: 0.7 pips
Currency Pairs: 50+
These international forex trading companies in South Africa are appreciated for their commitment to customer protection, solid oversight and rapid enforcement of restrictions on fraudulent brokers.
The South African regulator is called the Financial Services Conduct Authority (FSCA) and is the most reliable regulator on the African continent.
A straightforward broker must be regulated by at least one of the major regulators or the FSCA. Brokers that are regulated by greater than one regulator are deemed more reliable.
Final Thoughts
Finally, forex trading turned out to be more well-received in South Africa. Furthermore, this was after the escalating economic and heightened interest in trading have made the industry flourish.
Finding the most excellent online brokerage for your demands is the key to successful research and understanding of trading.
