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Top 20 Brokers. But in this case the training material was very clear and easy to understand, also the fact that the class size is very small so one truly gets individual attention. With the equipping I obtained through this course, I believe I am on my way to become a successful Forex trader. Thank you Ernest for the great service, I would recommend this course to anyone serious in improving their trading skills and making trading a success.

Basically I had a good week. I did 12 trades, of which 8 were in profit; total pips profit , total pips loss 17; overall profit pips. In one case I closed a trade for a small loss because it was going the wrong way, then some hours later checked and found that if only I had been patient, it subsequently moved as expected.

So overall a good and encouraging start. Once again thank you for the excellence of your training which I am confident now has given me the basis to become a successful trader" - Peter. Whether you are a novice or have a little bit of a trading history you will definitely learn a great deal on trading with currencies.

I found this course extremely helpful and informative. I will definitively urge you to take the one-one-one course. Ernest himself is a successful trader and have lots of knowledge and tricks you can learn from him. I found the course very thorough, and you took pains to lay out the whole picture for us. I really like your follow-up emails and tips for the day. All-in-all, an excellent experience for me and a big thankyou to you for making it so. Sounds confusing? No worries. This guide will show you the entire math behind the trade.

Forex refers to Foreign Exchange, or simply FX, sometimes even called Spot FX, where the global currencies are traded against each other. while visiting your bank. These are the rates of the currencies from the live Forex market. Forex is the most liquid market in the world , operating 24 hours a day, nearly five and a half days in a week.

The market participants in Forex include commercial banks, governments, central banks and institutional investors, currency speculators and even commercial corporations wanting to hedge their risks or speculate.

If you been to a foreign country, then it is likely that you may have converted your local currency i. South African Rand ZAR to another currency like Euro or a US Dollar. If you exchanged your currency before, then you have already traded in the forex market.

In this example, you would be physically selling your home currency South African Rand for buying US Dollar. When you are exchanging your money for travelling abroad, you through your bank are making a forex transaction in the global forex market without even knowing.

The rate at which you can exchange your currency to another is called the Exchange Rate. This rate is continuously fluctuating every second as the forces in Forex market determines the rate.

If the ZAR's exchange rate in the live market is R The difference of R0. In theory, Retail forex trading through an online broker is similar to currency exchange, but still there is more to it. Don't worry, we will be explaining everything in the next chapters of this guide! Currency Pair is the quote of one currency relative to the other currency.

In the Forex market, all currency are traded against each other, therefore being called 'currency pairs'. So when you are trading in the forex market you are actually trading 2 currencies simutaneously. There are other terms like a Base Currency, Quote Currency, majors, minors etc. Let's get to them. Here we will explain all the important terms that you must know before understanding more about forex trading. You will hear a lot of these terms commonly while trading, so let's start.

If you hear the local business news or a trader talks about the currencies like: "The South African ZAR edged higher againt the Dollar today, reaching a two-week high of And 'Ask price' is the price at which you can buy the base currency in the pair.

Bid price is always lower than the ask price. This is the fees charged by the forex brokers for each trade trade, and it depends on the market liquidity, and the currency pair that you are trading.

The lower the spread, the better it is for you. Simply put, 1 pip is the smallest measure at which the market moves. It is important to select a broker that charges the lowest spread in pips. We will explain this more in the chapters below. So, don't worry if you don't understand this now. The are are 7 major currency pairs, and these are generally the currencies of most stable and well-developed economies. They are typical less liquid and more volatile than the Major pairs.

Exotic Pairs: Exotics are generally major paired against a currency of emerging economy. Legally trading forex is now possible for all individuals in South Africa. For trading forex, you have to signup with a regulated Forex broker to place your real trades in the market.

Choosing a 'good' broker is an important step because the broker plays a pivotal role in your trade. There are many regulated forex brokers that accept South African traders: Hotforex FSCA Regulated , XM Trading , Exness, Forextime, Avatrade, FxPro, and so many others. You should also decide on the Account Base Currency that you want to choose.

We have only selected the brokers that are regulated with atleast 2 regulators including FSCA, FCA, ASIC, CySEC , have competitive trading fees, and transparent record for fair dealing practice in the past. Hotforex is our 1 recommended broker for Forex trading in South Africa. Start Trading at Hotforex Important: Forex Trading involves high risk, and your capital is at stake.

Note: Before you open your trading account with any forex broker, make sure to check that it is licensed or authorized by the FSCA for offering derivative instruments. Some brokers may claim to be authorized but may actually be unlicensed.

Also, it is important to note that some fake forex brokers may use the license number of an authorized broker on their website, claiming that they are authorized, which may not be a true claim.

Check the products for which the broker is licensed. And verify that you are opening account on the website actually licensed by the Regulator, avoiding any clones. For example, Tickmill South Africa is authorized by FSCA under FSP No. After you have made your choice on the broker, you then need to open your trading account with that broker. For ID proof, you can normally submit your Driver's License, and a Home Utility Bill of your Residence for the Address proof.

You must verify your account before you can start trading live on any broker's platform. Opening a demo account does not require KYC, but it will be required when you are opening a Live Account.

An important question is how much money is required to start forex trading in South Africa? In ZAR the minimum is R70 at Hotforex. But it is advised to start with a capital that is not too low, otherwise you are likely to use very high leverage in order to gain more profits.

And this puts your entire trading capital are huge risk with every trade. We will first dive into some important terms that you would need to know while placing your trade. There are mainly lot sizes i. The number of lots that you can trade will depend on factors like leverage, margin, your risk threshold etc.

Otherwise you risk losing your total capital in a single trade. Let's understand this with an example. You risk losing your entire account balance on a single trade. Leverage: Leverage, by definition, essentially involves borrowing a certain amount of money to invest in something.

In Forex, if you are using leverage then it means, you are borrowing some money from your broker to place order for a bigger position than your actual capital. Don't worry, and follow through the following example.

But what if you can lend money from your broker, and place the order. But Leverage is kind of a double-edged sword which has the potential to increase your profits if you are right, but also increases the risk of a bigger loss to you if you are wrong.

A leverage of allows the trader to take a position that is times the amount of initial margin. If the trader is not careful in setting up the stop-loss, it could quickly deplete your trading account. But if the trader is right in his trade, then he can gain from the trade. But as you can understand from this example, the risks of using excessive leverage to trade forex is very risky.

You must never use more than leverage. Margin: Margin is the amount needed in your trading account to place an forex trade. Forex brokers set margin requirements to open a trade, and this is the money set aside with the broker when your position is open. If margin goes down below a threshold required by the broker, you will receive a notice from the broker to fill it up to the required levels.

Stop Loss: Stop loss is the level that you can set, at your desired price where you decide to exit a losing trade. Losses are inevitable, but how you manage that loss is important. So always remember to set a stop loss whenever you are placing a trade. Some brokers also offer GSLO Guaranteed Stop Loss , which guarantees that your position will be closed at the price limit set in your order. We will now take example of actual trading positions, and how you can place the trade in Forex market.

Loss Case: But if the market goes against you, let's say to 1.

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When it comes to countries who produce the most Successful Forex Traders in the world , South Africa is without a doubt the front runner. The popularity of Forex Trading in South Africa has seen a steady increase over the past decade and the country has become a Financial Investment Hub of note.

When looking at the Most Successful Forex traders in the world , the list is mainly male dominated, but South Africa is changing the stereotype by offering up not one, but three extremely successful female forex traders.

Sandile Shezi is a Forex trader who has a controversial success story. The story may not be unique but is still worth a mention. Shezi decided to start off his Forex Trading career by putting a full years tuition money into the Foreign exchange market. After his first investment, he was able to make a noteworthy profit which eventually put him at the top of the list of the best forex traders in South Africa.

Currently, Sandile owns the Global Forex Institute where he acts as a teacher to young African entrepreneurs. He teaches his students about Forex trading , how to understand the tools and markets, steps to creating a powerful trading strategy and how to become successful in the trade.

Whilst his story has a happy and profitable ending, he advises young traders not to risk any amount of money which is supposed to cover any living costs. George Van Der Riet started off his trading career by steadily learning about the Forex Market before making his first investment. George was born and raised in Cape Town , and furthered his studies in Manchester.

During his time in the United Kingdom , he worked in financial institutes such as banks and the Forex industry. The experience gained helped Van der Riet to become professional and one of the most successful forex traders in South Africa. Since this time George has built up an excellent reputation and was offered various job positions by the different South African companies. However, he decided to go at the Forex Market on his own. In Van Der Riet met Sandile Shezi , who he personally mentored for several years.

Currently, George Van Der Riet leads the Global Forex Institute side by side with Sandile Shezi. Ref Wayne is a South African who is making waves in the Forex Industry. Ref Wayne turned to developing his trading skills due to a lack of career development opportunities.

This became his main driving force and he became a multimillionaire at only Not only is Ref Wayne a leader in the Forex Market but he also created the first South African cryptocurrency named Pip Coin. He puts a lot of time and effort into providing proper financial education to South African entrepreneurs , even going as far as to create the African Forex Institute. Nelisiwe Masango is the director of a Forex trading company called Bear Run Investments.

Following her school career, Masango started learning entrepreneurial management, but soon decided to focus on Forex instead. Paballo Nkwe and Danielle Lester is a extremely powerful female duo in the Forex industry. The due owns a company together — iSelect Wealth , where they mentor not only individuals but also start-ups, South African forex traders and companies alike. Together they have created models and platforms through the use of technology and financial intelligence.

In addition, they have an incubation program, where they visit women in South African Universities , teaching them about the finances. He leads a very public, flashy lifestyle filled with sleek cars and more. Simz is a famous forex trader who made his very first million at the age of Louis Tshakoane Junior reached the heights of success at the age of He is best known as a famous rich kid, who started his business in his teens, working with many high-profile firms such as USB and Lamborghini.

Shaun Benjamin is a very well-known, year-old forex trader in South Africa who earned his first-ever million at the age of After making a huge profit in the Forex Exchange Market , he left his job and opened the Benjamin Forex Academy.

One thing all Successful South African Forex Traders have in common is the use of a Reputable, Regulated Forex Broker. Forex is a highly emerging market with vast potential but needs to be approached with caution. Choosing the wrong broker can lead to a massive loss, and Traders need to do their due diligence when choosing a firm with which to invest.

Here is an overview of the 10 Best Forex Brokers and Trading Platforms which accept South African investors. Alpari with its long-standing brand history, numerous offices, range of account types and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms. Alpari is regulated by the FSC. Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker.

The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer. FXTM or ForexTime was founded in and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.

Proprietary Platforms Some forex brokers offer their own platform. CM Trading 7. In Forex, if you are using leverage then it means, you are borrowing some money from your broker to place order for a bigger position than your actual capital. Currency Pair is the quote of one currency relative to the other currency. It was every bi-weekly when I did the course but now weekly. How to buy Santam shares on the JSE. He leads a very public, flashy lifestyle filled with sleek cars and more.

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