How to open aforex trading account in south africa

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How to open aforex trading account in south africaHow to open a forex trading account in South Africa

There are a few steps to opening a forex trading account in South Africa.

The first and most important decision to make is who to choose as a broker. You see this industry is rife with scams and people collaborating and out there just to get your money. Theres s a few brokers that I recommend and trade with, you can find them here .

After youve done your research and chosen a broker, its time to open your account. First start with a demo account and make sure you understand how to place orders (market orders and limit or stop orders), and know how to place a stop loss and take profit levels.

Be aware that a demo account is not the same as a live account from a technical perspective, brokers sometimes use different servers than the ones used for live trading. The emotional impact of trading with a live account is also much different for trading on a demo account, more on this in later posts.

ALL registered and legal brokers will want some form of FICA from you. Mostly that means sending them a copy of your ID and proof of address. The admin process takes a few hours to a few days, the compliance department works to see that you are who you say you are and when they give you the all clear, theyll send you the login details for y our platform (the better ones use MT4, one of the most popular platforms around. Now its time to fund your account.

Its more convenient to have a broker thats resident in South Africa, you can make a local EFT into their bank account and receive EFTs when you withdraw. After your EFT clears, and the broker receives your funds, they fund your platform with the amount and youre now ready to trade.

Good luck and happy trading. I hope that you have an effective strategy to give you an edge in the market, proper money management techniques so that you win big and lose small and the mental skills to put in trades in a clear and carefree state of mind.

If you need some help, please subscribe to the mailing list that you see on the site, or contact me (look to the top left to find my contact details.)