How Many Forex Traders In South Africa

What is Forex Trading?

The foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies.

This market determines foreign exchange rates for every currency. 

How Many Forex Traders In South Africa

The South African Reserve Bank (SARB) reported that there were over 190,000 forex traders in the country in 2019.

However, this number may be higher as the SARB only regulates forex brokers and not individual traders. The popularity of forex trading in South Africa can be attributed to several factors.

Who is the richest forex trader in South Africa?

Among South Africa’s richest self-made millionaires, Jabulani Ngcobo, 37, made his millions through Forex trading.

Currently, he has an estimated net worth of $2.4 billion, but that number could grow. Prior to becoming successful, Jabulani worked as a casual laborer at Toyota for eight months carrying doors.

How much do forex traders make in South Africa?

Trading experience – Experienced traders are more likely to make profits than novice traders.

According to research, the average earnings of forex traders in South Africa range from R10,000 to R50,000 per month.

How does forex trading work in South Africa?

In the Forex market, all currencies 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 simultaneously.

For example, USD/ZAR is a currency pair where US Dollar is traded again the South African Rand (ZAR).

Is forex trading profitable in South Africa?

Trading experience – Experienced traders are more likely to make profits than novice traders. According to research, the average earnings of forex traders in South Africa range from R10,000 to R50,000 per month.

How difficult is forex trading?

There is a steep learning curve and forex traders face high risks, leverage, and volatility. Perseverance, continuous learning,

efficient capital management techniques, the ability to take risks, and a robust trading plan are needed to be a successful forex trader.