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Abstract:The goal of retail forex trading is to generate money by speculating on the rise and fall of currencies. Any FSCA-regulated forex broker that is permitted to sell Derivative products to traders in South Africa is able to facilitate lawful foreign exchange trading for South African citizens. In 2017, it is anticipated that the daily currency trading volume in SA would be close to $19.1 billion USD. Additionally, with an annual trading volume of approximately $70 billion USD in 2016, the South African Rand (ZAR) is among the top 20 most traded currencies globally.
Due to the increased market liquidity, round-the-clock trading hours, and swift speed, you probably wish to start trading forex as an investment vehicle. But there are a lot of hazards that come with CFD trading. We'll do our best to cover all you need to know before you can begin trading, including how much it costs to get started.
It's possible that you want to get the answers to all of your questions but are unsure of where to begin. You will learn the fundamentals of how to begin trading foreign exchange in this course.
Steps to start trading forex in South Africa for beginners:
Learn the basics of Forex trading
Learn about the different Currency Pairs
Choose a broker & open your Forex Trading Account
Learn the different Forex trading strategies
Compare Online Forex Trading platforms
Understand the Risks of trading forex
Being conned is the main danger to avoid while trading forex. Brokers are among the greatest trading fraudsters. Fortunately, WikiFX is a forex research group that enables traders to examine brokers and scammer data. WikiFX compiles all of the broker's data and offers a grade, making it simple for traders to identify con artists. Both the app store and the play store offer the WikiFX app.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
A revered broker name is what you want to associate with being a forex trader. Fortunately, you have plenty of such names on WikiFx where the best forex brokers and regulators are listed to ensure your transaction is genuine. One such name is FXCM, a regulated forex broker in the United Kingdom (UK). Let’s check out more details about FXCM through this article.
Mulling foreign exchange contract options - Spot vs Forward - to begin or consolidate your trading journey? Read this comprehensive guide explaining the differences between spot and forward contracts. You can select better using it.
Forex trading is a happening place with massive currency trading for all five days of a week from Monday to Friday. You can't rule out losses while there are potentially high gains. That’s why smart traders employ effective currency hedging practices to offset losses. It can be your go-to method to deal with sudden price fluctuations that define the forex market. Read on to learn smart forex trading tactics.
The Securities and Futures Commission (SFC) of Hong Kong has issued a restriction notice against GA (Int’l) Capital Management Limited (GCML), raising serious concerns about the firm’s integrity, reliability, and competence in carrying out its regulated activities.