Forex Trading In South Africa For Beginners

In this video we will be taking a look at an overview of Forex trading in South Africa for beginners.

This Video Overview Includes:

📢 Overview on how Forex trading works
📢 How to choose your broker
📢 How to open a trading account
📢 Educational resources
📢 And more...

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0:30 Regulation
1:24 What is Forex trading?
3:41 Choosing a broker
4:46 Choosing an account type
6:03 How to open a trading account
7:14 How to be successful
8:22 Using educational resources
10:39 Conclusion

Read our Video Script:

Forex Trading in South Africa is regulated by the FSCA (Financial Sector Conduct Authority) which is a regulatory framework in South Africa that authorizes brokers to offer Derivative instruments to traders. Forex trading in South Africa is 100% legal, as long as you are trading with a regulated and licensed broker. An average of around $25 billion USD / R 400 000 000 000 ZAR is traded every day in the South African FX Market. There are approximately more than 450,000 traders in South Africa and our top 5 FSCA-regulated brokers are Exness, AvaTrade, IFX Brokers, CMTrading and HFM.

Forex, which is also commonly referred to as FX, is a decentralized global marketplace where all the world’s currencies trade with one another. It is a network of buyers and sellers, who transfer currency between each other at an agreed price. Forex trading is done electronically and all the transactions occur over global computer networks between various traders in different locations around the world. What makes Forex so appealing is that it is one of the most liquid markets in the world with average daily trading amounts exceeding $5 trillion. Forex trading is the process of speculating on currency and commodity prices to potentially make a profit.

Forex is all about attempting to speculate on the fluctuating currencies between two different countries. These two currencies are usually referred to as ‘currency pairs’ and these pairs are made up of the base currency and the quote currency. Some of the most popular major currency pairs include EUR/USD, USD/JPY, GBP/USD, and USD/CHF. A Forex trader will buy and sell currencies with the main aim of making a profit. Currency trading is generally facilitated by global and central banks, with central banks being the core element of the Forex Market.

What are the risks of Forex trading?

The Main risks of Forex trading are:

Trading with unregulated, unlicensed or off-shore brokers.
Not having the knowledge you need to understand how or when to trade
Using margin or leverage and exposing yourself to higher risks
Trading without a strategy and not following a clear plan or budget.

Finding the right Forex broker can be a complicated task. While most brokers may offer the same level of access and qualities in the foreign exchange market, the procedures and policies may differ dramatically. Each Forex broker will represent a different level in the industry. Some will represent a high level of expertise with direct access to the market while other brokers are seen as distant with very little connection on offer. Brokers offer similar instruments and trading conditions, but similar brokers may use different execution models, which determines the type of broker it is.

Success and Profitability in Forex can and will only be achieved when an investor understands the Forex Market, Trades with the right strategy, Selects the right Broker, and makes use of safeguards such as stop-loss orders. Always look at your broker’s regulations, the quality of service and products provided and the overall costs of trading with the broker you choose. Remember, 75% of retail investors lose money when trading CFD and forex trading and there is a high risk of losing in the forex market when trading or speculating in forex or commodities.

It is important to understand that no everyone makes large amounts of returns from Forex trading so be sure to practice, use educational resources, learn how to trade using your brokers trading platforms and make use of your brokers customer support team who could advise you on how to create the preferred account type that you need which currency pairs are best suited for your type of trading needs but most importantly take your time in understanding the Forex market.

Learn more about forex - https://forexsuggest.com/

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