South Africa is no doubt Africa’s most developed country. As a G20 member, its financial operations are supervised by the local Reserve bank (which, among other things, issue the local currency, the ZAR, or rand). While having various naturally derived resources, such as precious metals, depends heavily on trade with Europe, the United States, and Asia. South Africans have embraced currency trading as a result of their open economy. With nearly $20 billion exchanged in 2018, they are Africa’s largest forex market. Namibia, the number 2 country, has only 10% of South Africa’s currency trading volumes.
South African brokers provide forex trading software
To trade currencies, you must first download and install free software from the website of your forex broker. By 2021, it is safe to assume that all trading software allows you to add technical indicators to your charts (great for analyzing price action). Furthermore, it is realistic to believe that all best brokers in South Africa provide free trail accounts, allowing you to try out the software’s capabilities and interface in real-world market conditions using virtual money. Many experts also utilize demo accounts to test out new strategies or to fine-tune their trading techniques.
Most brokers provide either MT4 or MT5, or both. This is the most popular trading software globally, and its success may be attributed to its user-friendly design.
Forex trading regulation
Forex trading may be a profitable source of income if done correctly, but there are many factors to consider before entering this business. Understanding the regulations that govern forex brokers is one of the most important factors to consider when selecting the best forex broker. The different brokers will be subject to different restrictions, affecting how these brokers handle your money. The financial sector conduct authority regulates local forex brokers in South Africa (FSCA). However, forex traders can choose brokers regulated in another country or not regulated, which might be a risky alternative.
South Africans are rapidly using mobile devices to conduct business
mobile phones are now used by over half of all South African to communicate and make online transactions. Brokers have also stepped up their game, providing mobile versions of Metatrader that allow traders to buy/sell currencies and monitor their positions anywhere. Android and systems are both supported.
Traders can utilize these Apps for free and enjoy most of the functionality found in the desktop version. So, whether you like to use your phone or a tablet, you will never miss another trading opportunity, especially since many key economic report announcements occur in the middle of the day.
Conclusion
Hugo sway is a few new companies in the forex broker market that are not supervised by any rules. This means they can provide infinite leverage and promotional bonuses and other benefits that, on the surface, may be attractive to South African traders. Choosing such brokers can be extremely dangerous. These brokers have no controls, and many historical forex frauds have been related to unregulated brokers. It is strongly advised not to use such brokers.
