Make money with forex in south africa




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Make money with forex in south africaHello and Welcome!

What is Forex?

The term Forex refers to the Foreign Exchange market, which is a non-centralized marketplace where orders are placed to buy and sell currencies. The Forex market is the biggest financial market in the wold, with estimated daily trading volumes of over US$2 trillion!

Why Forex?

Pull more than your own weight - the power of leverage

Broker guide

Trading Forex requires the use of an intermediary, a middle man, so to speak, to execute your buy and sell orders. This intermediary is the broker, and an internet search will reveal there to be thousands, each offering their own particular benefits to the trader. With so much choice, the question remains: Which one should I choose?

The primary concerns that one should look at are: features, trust, and convenience.

One of the main features that you may want to consider is how much leverage you can use given your trading balance. Many brokers offer micro accounts where smaller traders are given the opportunity to start making money, without having to invest the minimum amounts of $1000 or $10 000 that other brokers require. Obviously, the Dollar/Rand exchange rate is something to consider when trading from South Africa, and leverage can help greatly in reducing this disadvantage.

So, look at opening account minimums, leverage available, and other features to base your decision on.

The broker that you decide to use should be established and well respected, with a good track record and excellent customer service. The best way to ascertain a brokers credentials is to check whether they are registered with a recognized regulatory body.

Convenience is also important, especially given the fact that the broker you use will most likely be US or European based, and that you are located in South Africa. Look at ease of depositing and withdrawing funds, and costs involved, as a primary area of concern. If you have a credit card, it will be much easier to access funds in your Forex account, but many brokers also offer wire transfer and cheque options.