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 BEST FOREX TRADING BROKERS FOR SOUTH AFRICAN TRADERS
NEW TO FOREX TRADING?
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. Recently, South Africa has started to become more interested in Forex trading, but while our nation is still emerging, Forex operates basically the same, just with slightly different regulations.
Learning to trade forex can be hard but you are not alone. We have put together a set of articles to get you comfortable enough to get you started and take that first step. Much of trading is learning by doing. Once you understand the basics because it is only using expert tools and doing your own analysis that you will start to understand what is involved. So, as you choose your broker, read the following articles.
GETTING STARTED WITH FOREX TRADING
- Find a broker on our website that would suit you.
- Open an account on the broker website by providing your name and phone number.
- The broker will call to see how to give you the best start.
- Verify your identity & personal details by providing the requested documents.
- Make your initial deposit to start trading & get access to training material.
Demo accounts are a good way for a new trader to try a broker without risking any capital. Demo accounts often have all of the features you would expect from the broker, and it gives the trader a good feel for what trading would be like with MT4 or with the broker’s own software or apps. Read more.
CURRENCY TRADING OPTIONS
Forex trading is only one of your options for trading. There are other ways that we can trade with currencies and these can be good to mix into your trading portfolio. CFDs, or Credit Default Swaps, can be traded with most brokers that you use for your forex trading. Some brokers will also allow you to trade cryptocurrencies, which can add a different flavor to your trading – cryptocurrencies are not affected by the fundamental data like inflation and unemployment that traditional currencies are subject to.
FSB REGULATION IN FOREX TRADING
South Africa’s investment regulatory body is 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.
We actively promote 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.
FOREX TRADING & SARS
When it comes to taxation, South Africans are expected to declare taxes just as with any other income either as an individual or a company. In contrary to popular belief, this is also true if you have your brokage and trading funds in overseas markets. For more on this read our taxation article for forex traders who reside in South Africa.
The South African regulatory officials have relaxed their Forex trading allowance standards over recent years. Individuals were previously allotted a 1 million ZAR sum to trade with Forex, with a 4 million ZAR stipend for setting up offshore accounts. In 2010 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. This makes trading in offshore accounts perfectly legal and easy for you to fund accounts with South African bank issued credit cards.