Forex simply means foreign exchange (FX) and is expressed by a country or group of countries’ as a monetary unit, such as the US dollar or the South African Rand. Foreign exchange is just the system of accessing foreign money so that payments can be made using a currency acceptable to that country.
The forex market is the largest market in the world with a daily trading volume average of just over $9 trillion.
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Is forex trading legal in South Africa?
It is legal to trade Forex in South Africa as the South African Government doesn’t have any laws governing the legality. Trading Forex is legal as long as you abide by financial laws that prevent money laundering and you declare your income tax
How many forex traders are there in South Africa?
How many individual forex traders are in South Africa? Out of the 55.91 million people who live in South Africa, 190,000 of them have traded online, according to a report by Broker Notes called ‘The Modern Trader
Is forex trading tax free in South Africa?
Is Forex trading taxable in South Africa? Yes, it is. Any profits you make with Forex trading are taxable, just like your regular income, which means you have to file a Personal Income Tax form. The tax rate can range from 18% to 40% and it depends on the profits you’ve made
Who is the best trader in South Africa?
In a result, both of the traders are in the list of top 10 richest forex traders in South Africa. Currently, George Van Der Riet is leading the Global Forex Institue together with Sandile Shezi.