As a beginner Forex trader, it is crucial to first educate yourself as much as possible about the Forex market, and the various aspects of Forex trading. There are many great online resources for this, many of which are offered for free.

Next, it is important to research all the different trading strategies that have been developed and to backtest these to find the one which best suits you. Finally, it is crucial to research all the prospective Forex brokers which are available for online trading in your country. When choosing the right brokers, it is vital to check that they are properly regulated, to research their trading conditions, and to make sure that the number of currency pairs and instruments which they offer will best suit your trading strategy.

Of course, you can choose to trade without a strategy, but this is not advised. Trading without a strategy will leave you without a plan or a trading goal and make you far more susceptible to sustaining severe losses. A forex strategy will help you to trade unemotionally. This is especially important as emotional trading can cause you to make serious mistakes. JP Markets offers a welcome bonus to all new traders who choose to register for a real account.

JP Markets is considered a low-risk and can be summarized as trustworthy and reliable. JP Markets is regulated by the top-tier Financial Services Board, Based. Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds. IW Bank clients may experience different fee structures according.

com does not offer a sign-up bonus for first-time sign-ups or beginner traders. No sign-up bonus, deposit bonus, or welcome bonus is offered to traders. The Minimum Deposit for 1st-time traders might vary based on. com offers Spreads and commissions vary according to the account type that the trader is using. RSS Feed. Top 4 Brokers.

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Read our complete guide for beginners. Last updated: July 20, Retail Forex Trading involves speculating on the rise and fall of currencies with an aim to make a profit.

South Africans can legally trade in the foreign exchange market via any FSCA regulated forex broker authorized for offering Derivative instruments to traders in South Africa. But there are many risks are well associated with CFD trading. This guide will show you the basics on how to get started with forex trading as an absolute beginner. If you are searching for regulated forex brokers in South Africa to trade with then see our table below:.

What is Forex Trading? Chapter 2. Understanding Currency Pairs. How to trade Forex in South Africa? Forex Trading Strategies. Forex Trading Platforms in South Africa. Simply put, you buy a currency when you believe its value is going to appreciate go up against the other currency or you sell a currency when you believe its value is going to decrease go down against the other currency.

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.

The more choice that the broker has, the easier it would be to expand your portfolio in the future, should you wish to do so. Oanda Review. However, you may also be able to trade forex with an offshore forex broker who offers certain trading products and services that an FSCA forex broker cannot. By Rahul Sharma Editorial Staff —. Top 4 Brokers.

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