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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.

  • Support
  • Platform
  • Spread
  • Trading Instrument
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