How To Open a Forex Trading Account In South Africa

Below is How To Open a Forex Trading Account In South Africa

There are a few steps to opening a forex trading account in South Africa and in this post I’ll explain step-by-step what you need to do.

I’ve written an ebook that summarises all the key points and gives simple links to all the resources that you need to start trading safely and successfully.

Step One: Find A Broker

The first and most important decision to make is who to choose as a broker.

The forex industry is rife with scams and people collaborating and out there just to get your money and so choosing a trustworthy broker is essential for long-term sustainable trading.

Step Two: Try A Demo Account

First, start with a demo account and make sure you understand how to place orders (market orders and limit or stop orders), and the know-how to place a stop loss and take profit levels.

Be aware that a demo account is not the same as a live account from a technical perspective, brokers sometimes use different servers than the ones used for live trading.

Step Three: Open A Live Account

Once you’ve gotten used to practicing trading on your demo account

ALL registered and legal brokers will want some form of FICA from you.

Mostly that means sending them a copy of your ID and proof of address.

The admin process takes a few hours to a few days, the compliance department works to see that you are who you say you are and when they give you the all clear, they’ll send you the login details for y our platform (the better ones use MT4, one of the most popular platforms around.

Step Four: Fund Your Account

Its more convenient to have a broker that’s resident in South Africa, you can make a local EFT into their bank account and receive EFTs when you withdraw.

Most of the international brokers also allow you to fund your account with Skrill, Paypal, or some of the other online payment processors.

After your EFT or funding clears and the broker receives your funds, your platform with that amount and you’re now ready to trade.

Optional Step Five: Get Training

If you are a total beginner, you may strike it lucky and get a string of profitable trades.

But like most beginners, you will either get too cocky and overleverage or risk too much of your account and lose money.

Get some training, is my advice and learn from a professional trader.

How much does it cost to start Forex Trading in rands?

Trading accounts can be opened for as little as 5 USD (70 ZAR), though most brokers require a minimum deposit between 100 USD and 200 USD.

What is the best trading app in South Africa?

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Best Forex Trading Apps in South Africa

Hotforex Metatrader – Best Forex Trading App for Beginners.

XM Trading App – Best Forex Trading App for PC.

Exness MT5 – Best Forex Trading App in South Africa.

Tickmill MT4 – Best Forex Trading App for Low fees.

Plus500 App – Best Mobile Trading app.