Forex trading can be a profitable market in general; However, Forex Trading in South Africa has become something special. This status is determined by unique characteristics that appear only in that particular market.

 

Forex trading is the exchange of currencies from different countries in order to profit from the difference in the value of the coins of each country.

Currencies are traded in pairs, and what dictates the value of a particular coin is the overall economic status of its country of origin. 

While the value of a stock or share in a company is determined by how successful the firm is, the price of a currency will vary depending on the economic freedom and wealth of the nation.

Finally, the FOREX market is available through the so-called Foreign Exchange Brokers; these are agencies that offer the necessary platforms and tools to go to market. Alternatively, many brokers are the very markets where traders take positions against the company.

The Top 8 South African Forex Brokers

Here are the April 2021 best forex brokers in South Africa by fx trading category

• Markets.com- Best South African Forex Broker 2021
• Pepperstone- Top Trading Spreads
• FXTM- Highest Leverage (2000:1) SA FX Trading Account
• Plus500- Top FSCA Regulated Forex Broker For Beginners
• AvaTrade- Cheapest Forex Broker With Fixed Spreads
• FxPro- Good Forex Broker With  ZAR Account
• FXCM- Good No Commission Forex Broker Account
• ThinkMarkets- Best No Deposit FSB Trading Account

Why Fx Trading Is Popular In South Africa?

Before 2010, South Africans had to go through too many restrictions when it came to moving money across national borders. Capital control has been a big problem that is standard in countries in economic turmoil.

However, after 2010, the government provided more respite to citizens who wanted to legally move their capital ashore. The South African government began giving people restrictions on foreign exchange.

The new laws were for the first time in decades, and the FOREX industry was quickly filled with new and excited traders looking to experience Forex Trading in South Africa for the first time.

Aside from the recent permission to move African currency overseas, the country is also unbiased when it comes to how traders work. While Africa has a regulatory body for FOREX brokers, there are no laws prohibiting traders from using unlicensed agencies.

South Africa Forex Trading Strategies

When it comes to the forex market, failing to plan is planning to fail. The more strategies you master, the more likely you are to consistently profit. Start your journey with some vetted gameplans.

1. Price Action

If you like reading and interpreting charts, you should enjoy trading off of price action. Predict the next move, strike while the iron is hot and take profits quickly. The price action trader is more concerned with a currency pair’s pattern of movement.

Large macroeconomic conditions and long-term trends don’t matter as much because these trades aren’t meant to be long — sometimes only a few seconds (if that).

2. Day Trading

Day trading is a specific kind of price action trading that closes all trades by the end of the day. Placing a time limit on the action protects a trader from big overnight moves. Although forex trades 24 hours a day, weekend moves can be somewhat surprising.

Day traders exercise many of the same techniques as price action traders and are opportunistic. This kind of trading is also usually higher frequency than position trading, range trading or trend trading. 

3. Range Trading 

Range traders may hold a trade for minutes, hours or days. This kind of trading tries to take advantage of larger patterns based on support and resistance levels.

Range trading works when a currency pair has no definite direction — it is moving within a range that can be predicted. Successful traders buy at the low points of the range and sell at the high points over and over.

4. Trend Trading

Trend trading usually takes place over the same time frame as range trading. The major difference is the behavior of the currency pair — it’s moving in a direction rather than within a range.

The successful trader will identify the trend (usually just up or down) and trade accordingly. You will usually ignore small pullbacks and wait for bigger profits as well.

How does the Forex marketplace work?

One of the most unique and interesting aspects of this international marketplace is that there is no official central market for a foreign exchange like with Stock Exchanges.

Instead, currency exchange is done electronically, which means that all the transactions occur over global computer networks between various traders in different locations around the world, instead of one centralized exchange.

The Forex marketplace is open 24/7, (5) five and a half days a week, with hubs in some of the major financial centers in:

- London
- New York
- Tokyo
- Zurich
- Frankfurt
- Hong Kong
- Singapore
- Paris
- Sydney

 

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