Forex Trading SA

The Ultimate Guide for Beginners (​updated January 2020​)

By ​ForexBrokers.co.za

ForexBrokers.co.za: Your Guide to Forex Trading in South Africa.​ All Rights Reserved, 2020
Introduction of this guide:
For South African Investors, forex trading is a legal & regulated way to invest in the forex
market.

Retail Forex Trading is about speculating on the rise and fall of currencies with an aim to
make a profit. The daily turnover of forex trading in South Africa is estimated to be around
$20.3 billion USD per day in 2019. Also, South African Rand (ZAR) is the 18th most traded
currency in the world with annual trading volume of almost $70 billion USD in 2016.

It is likely that you want to start trading forex as an investment instrument because of the
higher market liquidity & quick pace. But there are many risks are well.

We will try to cover everything you must know before you can start trading & how much
does it take to get started?

You likely want to get the answers to all your questions, but don’t know where to start? This
guide will show you the basics on how to get started with forex trading as an absolute
beginner.

Go to Table of Contents

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Table of Contents

Chapter 1 Chapter 2 Chapter 3

What is Forex Trading? Understanding Currency Pairs How to start Forex Trading?

Chapter 4 Chapter 5 Chapter 6

Forex Trading Strategies Forex Trading Platforms Advantages & Risks of Forex
Trading

Helpful Resources/Links for Nigerian Forex Traders

1. Free Forex Trading Tutorial

2. Best Regulated Forex Brokers in South Africa

Best Rated Forex Brokers in South Africa

1. Hotforex South Africa (100% bonus)

2. XM Trading (50% Bonus)
3. Exness
4. FXTM South Africa
5. Avatrade South Africa
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Chapter 1

What is Forex Trading?

Forex trading involves buying & selling of global currencies in the forex market for making a
profit on the currency's fluctuations. Simply put, you buy a currency when you believe its
value is going to appreciate (go up) against the other currency or you sell a currency when
you believe its value is going to decrease (go down) against the other currency. When you
exit the trade, the difference between the trade's entry & exit price determines your profit
or loss.

Sounds confusing? No worries. This guide will show you the entire math behind the trade.
But first let’s know more about Forex markets.

What is Forex Market?

Forex Market refers to Foreign Exchange Market, or simply FX, sometimes even called Spot
FX, where the global currencies are traded against each other.

You may have seen ticker symbols of currencies like USD/ZAR, EUR/ZAR etc. while visiting
your bank. These are the rates of the currencies from the live Forex market.

Forex is the most liquid market in the world​, operating 24 hours a day, nearly five and a half
days in a week. The global daily average trading volume of this market is over $5 Trillion,
making it the largest financial market in the world. The number is so big that a big Stock
exchange like a New York Stock Exchange (NYSE) has to operate for about a month just to
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catch-up to the Forex market’s daily average volume.

The market participants in Forex include commercial banks, governments, central banks and
institutional investors, currency speculators and even commercial corporations (wanting to
hedge their risks or speculate).

Forex Trading: Real Life Example

Have you travelled abroad to another country?

If you have been to a foreign country, then it is likely that you may have converted your local
currency i.e. South African Rand (ZAR) to another currency like Euro or US Dollar. If you
exchanged your currency before, then you have already traded in the forex market.

Let's assume that you exchange R16,000 for $1000 through your bank or local regulated
exchanger, for travelling to the US. In this example, you would be physically selling your
home currency (South African Rand) for buying US Dollar. When you are exchanging your
money for travelling abroad, you (through your bank) are making a forex transaction in the
global forex market without even knowing.

The rate at which you can exchange your currency to another is called the ​Exchange Rate​.
This rate is continuously fluctuating every second as the forces in Forex market determines
the rate.

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If the ZAR's exchange rate in the live market is R15.70 per USD, then your exchanger/bank
would probably give you a rate of R16 per USD, or maybe even higher. ​The difference of
R0.30 (16.00 – 15.70) between the rate given to you by the bank & the actual market rate, is
the profit margin for the bank/exchanger.

In theory, Retail forex trading through an online broker is similar to currency exchange, but
still there is more to it. Don't worry, we will be explaining everything in the next chapters of
this guide!

Go to Next Chapter (Understanding Currency Pairs)

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Chapter 2

Understanding Currency Pairs

In a Forex market, any transaction involves simultaneous buying and selling of one currency
for another, hence called the ​‘currency pairs’.

For example:​ USD/ZAR (US Dollar & the South African Rand), EUR/USD (European Euro & the
US Dollar) etc.

Globally, there are over 100 currency pairs (every country has their own currency), including
7 Majors, 50+ minors & many exotic pairs. It is highly important to learn about the currency
pairs, what they are, how they can impact your trading, and more, so that you can decide
which pairs you should be trading & which ones to stay away from!

This chapter will explain everything you must know about currency pairs. Let's begin!

Go to Next Page (What are Currency Pairs?)

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What are Currency Pairs?

Currency Pair is the quote of one currency relative to the other currency. In the Forex
market, all currencies are traded against each other, therefore being called '​currency pairs​'.
So when you are trading in the forex market you are actually trading 2 currencies
simultaneously.

For example: USD/ZAR is a currency pair where US Dollar is being traded again the South
African Rand. When the price of USD/ZAR currency pair is rising then it means that US Dollar
is getting stronger against the Rand, and vice versa in case the USD/ZAR's pair is going down.

There are other terms like a Base Currency, Quote Currency, majors, etc. Let's get to them.

Currency Pairs Lingo

Here we will explain all the important terms that you must know before understanding more
about forex trading. You will hear a lot of these terms commonly while trading, so let's start.

Currency Pair Terms:

1) Base & Quote Currency: In every currency pair like EUR/USD, USD/ZAR, the first currency
mentioned is the ‘Base Currency’ which is being compared to the second currency called
‘Quote Currency’.

For example, in EUR/USD, Euro is the Base Currency and the US Dollars is the Quote
Currency.

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If you hear the local business news or a trader talks about the currencies like: "The South
African (ZAR) edged higher against the Dollar today, reaching a two-week high of 14.454"

It simply means that the South African Rand has appreciated in value against the US Dollar,
where it’s valued currently at 1 USD at 14.454 ZAR.

2) Bid & Ask prices: 'Bid price' is the market price at which you can sell the base currency.
And 'Ask price' is the price at which you can buy the base currency in the pair. For ex: If you
want to trade USD/ZAR then the forex broker will quote you 2 prices, one will be the bid
price & the other will be the ask price. Bid price is always lower than the ask price.

3) Spread: Spread is the difference between the ask and the bid price. This is the fees
charged by the forex brokers for each trade trade, and it depends on the market liquidity,
and the currency pair that you are trading. The lower the spread, the better it is for you.

4) Pips: Pip stands for Percentage in Point, and it is the most common term in forex trading.
Simply put, 1 pip is the smallest measure at which the market moves. It is normally the
change/fluctuation in points of the last decimal for a currency pair.

For example, if the EUR/USD moves from 1.3456 to 1.3459 it moved by 0.0003 points, which
will be equivalent to 3 Pips. For the currency pairs that are quoted to 4 decimals like
EUR/USD, USD/ZAR, the movement in the last decimal is 1 pip (1.1000 to 1.1001).

Go to Next Page (Majors, Minors & Exotic Currency Pairs)

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Majors, Minors & Exotic Currency Pairs

1) Major Currency Pairs: ​The major pairs are most highly traded currency pairs in terms of
global trading volume, and they account for a volume of around 70%.

There are 7 major currency pairs, and these are generally the currencies of most stable and
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well-developed economies. The major currency pairs include: EUR/USD (Euro Dollar against
the US Dollar), USD/JPY (US Dollar against the Japanese Yen), GBP/USD (Great Britain Pound
against the US Dollar), USD/CHF (US Dollar against the Swiss Franc), AUD/USD (Australian
Dollar against the US Dollar), USD/CAD (US Dollar against the Canadian Dollar), NZD/USD
(New Zealand Dollar against the US Dollar).

2) Minor Currency Pairs/Cross Pairs: Cross currency pairs are the crosses of currencies in the
majors but doesn't include USD. They are typical less liquid and more volatile than the Major
pairs.

The minor/cross currency pairs account for almost 15% of global forex trading volume. The
important cross pairs are: EUR/GBP (Euro against the Great Britain Pound), EUR/JPY (Euro
against the Japanese Yen), GBP/JPY (Great Britain Pound against the Japanese Yen), NZD/JPY
(New Zealand Dollar against the Japanese Yen), CAD/CHF (Canadian Dollar against the Swiss
Franc), AUD/JPY (Australian Dollar against the Japanese Yen).

3. Exotic Pairs: ​Exotics are generally major paired against a currency of emerging economy.
The examples include: USD/ZAR – (US Dollar against the South African Rand), GBP/NOK
(Great Britain Pound against the Norwegian Krone) etc.

Go to Next Chapter (How to Start Forex Trading?)

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Chapter 3

How to start Forex Trading?

Legally trading forex is now possible for all individuals in South Africa. You just need a
laptop/device, fast internet connection, some starting capital (we advise you to trade with
atleast R7500), and a good strategy to start trading online.

For trading forex, you have to signup with a ​regulated Forex broker to place your trades in
the market. There are over 100+ brokers that accepts South African traders. We have listed
the 'FSCA & FCA regulated brokers' that you can safely trade with.

After you have learned how to open your trading account, we will explain to you the exact
dynamics of the forex trades, and how to calculate the profit/loss.

Let's begin this chapter!

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1) Open Trading Account with a Regulated Forex Broker
The first step to start trading forex is to choose a reputed & regulated forex broker, and then
open an account with it. Choosing a 'good' broker is an important step because the broker
plays a pivotal role in your trade.

There are many regulated brokers that accept South African traders:​ ​Hotforex (FSCA
Regulated)​,​ ​XM Trading​, Exness, Forextime, Avatrade, FxPro, and so many others.

We have compared & listed the​ ​best forex brokers​ for South African traders.​ We have only
selected the brokers that are regulated (with atleast 2 regulators including FSCA, FCA, ASIC,
CySEC), have competitive trading fees, and transparent record for fair dealing practice in the
past.

Hotforex​ is our #1 recommended broker for Forex trading in South Africa.

● Very Low Spread on majors (and zero fees on deposits & withdrawals)
● Free demo Trading account
● Easy to use (mobile-friendly) MT4 & MT5 platforms
● 49+ Currency Pairs, 3 Cryptocurrencies, 100s of Stocks
● Fast Withdrawals & Good support
● Your funds are safe – regulated with UK's FCA (Financial Conduct
Authority) and CySEC (Cyprus's Securities and Exchange Commission)

Start Trading at Hotforex

Important:​ Forex Trading involves high risk, and your capital is at stake.
Almost 75% of traders lose money, so have a solid trading strategy that you
have tested on demo before trading with real money.

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After you have made your choice on the broker, you then need to open your trading account
with that broker. Almost all regulated brokers offer a demo account, ​we recommend you to
practice first on a demo account​ & build your trading strategy before moving to live.

Note: All the regulated forex brokers require that you submit your ID proof & Address
proof for verification. You must verify your account before you can start trading on any
broker's platform.

2) Understanding Forex Trade

We will first dive into some important terms that you would need to know while placing your
trade.

1. Lot Sizes: In Forex, you either buy or sell a currency pair in ‘Lots’. The Lots are simply
united of currency that you are trading & have different names based on the number of
units.

There are mainly lot sizes i.e. the Standard lot, Mini lot & Micro Lot. 1 ​'Standard Lot' means
100,000 units of Base Currency. 1 ​'Mini Lot' means 10,000 units of Base currency while 1
'Micro Lot' involves 1000 units of Base currency. The number of lots that you can trade will
depend on factors like leverage, margin, your risk threshold etc.

2. Leverage: Leverage, by definition, essentially involves borrowing a certain amount of

money to invest in something. In Forex, if you are using leverage then it means you are
borrowing some money from your broker to place an order for a bigger position than your
actual capital. Sounds confusing? Don't worry, and follow through the following example.

Let's say that you want to place a buy order for 1 standard lot (100,000 units) on EUR/USD.
To trade this positive you would need $100,000 capital in your account. But what if you can
borrow money from your broker, and place the order. Let's say you use 1:20 leverage, then
you would now need 1/20th of the capital to place that trade, and can now place the order
with $5000 capital.

But Leverage is kind of a double-edged sword which has the potential to increase your
profits, but also increases the risk of a bigger loss to you. A leverage of 100:1 allows the
trader to take a position that is 100 times the amount of initial margin. If the trader is not
careful in setting up the stop-loss, it could quickly deplete your trading account. We’ll see
leverage in action with an example shortly.

3. Margin: Margin is the amount needed in your trading account to place a forex trade. Forex
brokers set margin requirements to open a trade, and this is the money set aside with the
broker when your position is open.

Let's say that you are placing an order for $10,000, with a leverage of 1:100. This would
mean that you can place $10,000 order with $100 capital. Your broker would now set that
$100 aside as 'margin' from your trading account. If margin goes down below a threshold
required by the broker, you will receive a notice from the broker to fill it up to the required
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levels.

4. Stop Loss: Stop loss is the level that you can set, at your desired price where you decide to
exit a losing trade. Losses are inevitable, but how you manage that loss is important. So
always remember to set a stop loss whenever you are placing a trade.

Now let’s take a real-world example of a trade to better understand all these terms & the
dynamics of an actual trade.

3) How to place a trade in the forex market? – Real world example:

We will now take example of actual trading positions, and how you can place the trade in
Forex market.

Suppose you have a trading capital of $10,000, and you decide to trade EUR/USD. Let's say
the EUR/USD is quoted as 1.4400. You think the EUR is likely to go up against the US Dollar in
the next 3 months, so you decided to place a buy order on EUR/USD.

Case 1 – Buy order 1:10 leverage: You want to buy 1 Mini Lot of EUR/USD thinking the EUR
might rise in value against the USD. So you’re buying the EUR/USD currency pair, which
means you are buying EUR and selling the USD simultaneously. If you buy 1 mini lot, you
need to use 10:1 leverage (10*1000 =10,000 units of USD).

Profit case: Let's say that over time, EUR/USD moved up from 1.4400 to 1.7000 i.e. 2600
Pips. Assuming the value of 1 Pip is $1 for 1 mini lot, you stand to gain $2600.

Loss Case: But if the market goes against you, let's say to 1.2600, then the market would
have gone 1800 pips against you, so you would have lost $1800.

Below is an example of a Long/Buy Order in Forex.

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Case 2 – Sell Order with 1:10 leverage: Now, let's suppose that you think that EUR has
peaked against the USD, and so you decided to sell the EUR/USD. Assume that you have a
trading capital of $10,000, and the current price of EUR/USD is 1.4400. You decide to place a
sell order on EUR/USD.

Profit case: Let's assume that EUR/USD goes down from 1.4400 to 1.1500 over a period of 3
months, about 2900 Pips. If you had placed a sell order for 1 Mini lot, then you would stand
to gain $2900 for the trade.

Loss Case: In case the market goes up, from 1.4400 to 1.7000, then you would have lost 2600
pips, that is almost $2600 in case of 1 mini lot.

Below is an example of how a Sell Order works in Forex trading.

Both the above cases highlight how you can lose or gain from a forex trade, depending on
your position, position size (lots), leverage etc. It is best to fully understand all these
dynamics on demo, and only then trade live when you have a proper strategy in place. And
always remember to use a Stop-loss for every trade.

Go to Next Chapter (Forex Trading Strategies)

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Chapter 4

Forex Trading Strategies

Successful forex traders follow a sound trading strategy. Most rely on 2 types of strategies
which are 'Technical analysis' & the 'fundamental analysis'.

With technical trading, you are trading based on the chart patterns like candlesticks, moving
averages etc. On the other hand, fundamental trading involves trading long term based on
macro economic factors of a country like their employment data, Retail Sales, Central bank's
interest rates etc.

We will give you a brief idea of these 2 trading strategies in this chapter.

Read about Forex Trading Strategies on Next Page.

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1) Fundamental Analysis
Fundamental analysis mainly involved trading based on the news releases. Fundamental
Analysts believe that analysing a country’s economic indicators such as inflation, economic
growth rates, interest rates and monetary policy & unemployment etc. would determine the
price of currency and base the decisions of currency movement by analysing these factors.

There are plenty of online Forex news calendars available for free if you want to make it your
sole trading strategy. Also, you can get an idea on how a particular information may affect
the market movement upward or downward.

For example​, the release of employment news data of a country is a major news because if
the higher population is employed, it is a sign that the economy is improved and hence this
would reflect in the overall currency value. Similarly, a bad news or policy change by the
central bank of the country would likely affect the currency' price's exchange rate in the
short term as well as long term.

2) Technical Analysis
Technical analysis is the most popular trading strategy & it basically involves trading off the
charts. This strategy is right if you are a short term day trader.

A technical trader focuses on the historical price of the assest to make his/her decision of the
future market movement. According to technical analysis theory, the emotions of the market
participants are reflected in the current & historical price that is visible through the charts.
Technical traders also use various indicators & chart patterns to buy or sell currency pairs in
the forex market.

Which Trading Strategy Should you choose?

You should use a combination of technical analysis & fundamental analysis. Even if you are
trading based on chart patterns, you cannot ignore the news as the markets are generally
affected in the short term & long term, based on factors that affect the country's economy.

It is wise to learn about both the strategies on demo, spend hours to analyse the charts, and
also analyse how the currencies are affected during news hours, and only then trade based
on the strategy that works for you.

Go to Next Chapter (Forex Trading Platforms)

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Chapter 5

Forex Trading Platforms

Most Forex brokers offer multiple trading platforms for online forex trading. The most
popular are the Metatrader, cTrader & Zulutrader.

In this chapter, first we will list for you all the popular trading platforms offered by different
brokers. And then give you the comparison of all the best forex brokers based on their
platforms.

After considering 12 factors in a broker, we have made a list of the brokers that are
regulated with FSCA or FCA, and also have trading platforms that support multiple devices
including mobile, PC & web.

Let's go to Best Trading Platforms of 2020…

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2020's Best South African Forex Trading Platforms

Forex Broker Regulation Leverage Account Forex Trading Visit Broker
minimum Platform(s)

Hotforex FSCA (South 1:1000 $5 MetaTrader 4, Visit Hotforex

(Offers 100% Deposit Africa), FCA (UK), MetaTrader 5 for web (Get 100% Bonus)
Bonus)
CySEC & mobile

XM Forex FCA(UK), CySEC, 1:888 $5 MetaTrader 4, Visit XM

(Offers 50% Deposit ASIC, MetaTrader 5, for PC,
Bonus)
FSCA(application Mobile(including iOS,
pending) Android)

Exness FCA(UK), CySEC 1:2000 $1 MetaTrader 4, Visit Exness

MetaTrader 5 for web
& mobile

FXTM FSCA, FCA and 1:1000 $10 MT4 & MT5 for PC, Visit FXTM
CySEC mobile, and Webtrader

Avatrade FSCA and ASIC 1:1000 $100 MT4 4, MT 5, Mobile Visit Avatrade
App

Below is a list of the popular trading platforms offered by most brokers:

1. MetaTrader (MT4 & MT5): MetaTrader is the most popular Forex trading platform that
comes with support for PC, Mobile & Web. It is highly used by forex & CFD traders, because
of its advanced charting, multiple time frames & automation features.

Metatrader gives traders the ability to perform advanced trading operations, run Expert
Advisors and copy trades of other traders. This platform is owned by MetaQuotes Software
Company. The best feature with MT4 also offers the flexibility to write your own code and
create your own custom indicators and Expert Advisors. Most of the brokers offer MT4 (or
the latest MT5) for free. We advise you to go for a broker that offers Metatrader.

2. cTrader: Numerous brokers offer WebTraders where you can just open the chart in a
browser instead of downloading the software. For a start, you may want to consider trading
off a WebTrader.

Go to Next Chapter (Opportunities & Risks of Forex Trading)

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Chapter 6

Opportunities & Risks of Forex

Trading

Forex Trading is risky, and it is said that almost close to 75% traders lose their money. ​Even
the best traders have bad days, but with good money management you can minimize your
risk.

As for the pros, ​trading in the forex market offers opportunity to gain income. But for this
you must have a sound understanding of the markets & a working trading strategy.

But there are many risks also. ​A single losing trade with no stop loss, or without proper
money management would likely cause loss of your capital, as well as mental & emotional
stress. So it is important to know about the risks & properly manage them.

We will now list down for you some of the opportunities & the risks of forex trading.

Go to Pros & Risks

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Forex Trading Pros

1. Start with low minimum deposit & also low trading fees: ​So many brokers offer very
low minimum deposit requirements & you can start trading with as low as R70 ($5),
some offer even lower minimum deposit. But it is advised to start with atleast R15,000
(1000 USD) capital & not use more than 1:20 leverage. Also, you should not risk over
2% of your trading capital on a trade. Moreover, the trading & non-trading fees these
days is also very competitive with almost all the regulated brokers.
2. Huge Liquidity: ​Forex market has a daily trading volume of over $6 trillion USD, making
it the biggest financial market in the world (bigger than Stock Exchanges). This is the
reason that it is highly liquid, so you can easily open and close trade on most of the
currency pairs, and you never have to worry about a particular pair not being available
for trading, especially for the Major currency pairs.
3. Buy & Sell Orders: ​In forex markets, you can make profits both ways, wither by buying
or selling. You can place a buy order on a currency pair if you believe that the base
currency is stronger. Alternatively, if you think that the currency is not going to do well
for some reason, then you can place a sell order. For ex: If you think that the price of
Euro is going to go up against the US Dollars, then you can buy Euro (by selling USD).
4. You can trade 24 hours: Forex markets are open 24 hours a day, 5 days in a week,
from Monday to Friday. So you can even trade according to your time zone, but the

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 liquidity may be higher during certain times of the day or week. South African
timezone allows traders to trade during 2 most active trading sessions i.e. London
session & New York sessions.
5. Leverage: One benefit & also a con of trading forex is the availability of high leverage.
With leverage you can trade on a margin that allows you to trade with more money
than your actual capital. A leverage of 1:100 & higher is very common with most
brokers. While leverage is a double-edged sword, it can help you gain massive profits,
if you are winning your trade. But we advise you to never use more than 1:50 leverage.
6. Little gapping (on weekdays): Gapping refers to the assets abrupt changes in the price
leading especially due to lack of trading activity. Gapping is common in stock markets,
but the forex market is so liquid, that you see little gaping atleast in case of major
currency pairs. You may see some gaping during week opens on Monday after the
weekend, but on weekdays it is very uncommon for major pairs to experience gapping.

Risks of Trading in Forex Markets

Forex trading involves certain risks, and you can lose your capital trading in the market. So
you must know about all the risks to trade successfully.

Continue Reading the Risks….

22
  
1. High Risk that comes with Leverage: ​1:500 & even more leverage is very common
with many forex brokers (some brokers offer even higher leverage). With 1:1000
leverage you can place order/trade worth $10,000 with just $10 capital. If you are
using very high leverage then you can even lose most of your trading capital on a
single losing trade. ​Take an example: Assume that you make a deposit of $500 to fund
your Live trading account, and you use 1:200 leverage to place a 1 standard lot buy
order on EUR/USD. You could make approx. $200 profit if the market goes up by 20
pips in your direction, but you also risk losing $200 of your capital if the market goes
20 pips against you i.e. 40% of your trading capital in 1 trade. So you can notice how
the amount/capital at risk is increased exponentially with leverage. ​Hence it is
important to not use more than 1:50 leverage & never risk more than 2% on a trade.

2. Unregulated Brokers: Many unregulated forex brokers have come up recently, most of
them are running ponzi schemes & similar scams. There are cases where the
unauthorised brokers lure people into scams by way of false promises is common and
any broker promising high returns or high income from forex should always be
avoided. Before choosing any broker, you should always check if your ​broker is
regulated by atleast 1 of the top tier regulators i.e. FSCA (South Africa), FCA (UK),
CySec etc. Also, if you have checked that the broker is regulated, then the next point
should be to check their reviews, transparency in dealing with issues in the past etc.
3. Forex Markets are very Volatile: ​Every market comes with a degree of risk associated
with uncertain volatility. There are a number of factors which affect the current/future
value of a currency, including political, micro/macro economy & other factors.
Unfortunately, most of these factors are not in control of a trader. Hence, it is advised
that before opening or closing any trade, you should always check if there is upcoming
some news that can impact the volatility. Also, make sure to always have a stop loss in
place in case the market goes against you.

4. Mental & emotional Stress: ​Forex trading (or any markets for that matter) involves
high risks. And this can cause you lots of mental & emotional stress that comes after
any losses. Hence it is really important to be wise with your money management &
never risk any money that you cannot afford to lose.

Can the risks associated with forex trading be managed? Yes, it is possible. Most of the
traders who lose money either don't have a working trading strategy & start trading live
without practising first on demo, or they are bad at money management & risk too much on
a single trade.

As a rule of thumb, make sure to have a working trading strategy (fully tested on demo for 3
months atleast), never use more than 1:50 leverage, never risk more than 2% of your trading
capital on a trade. All these are sound money management practices that will ensure that
you have a better chance of being a successful forex trader.

Contact us (How does Forexbrokers.co.za help you?)

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Thank you for reading our guide!

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 How does Forexbrokers.co.za help you?
ForexBrokers.co.za aims to help South African traders get started with regulated Forex
Trading. We have compared over 50+ forex brokers based on 12 factors & then selected the
best ones that are regulated with FSCA, FCA, ASIC, so you can safely trade with trusted
brokers.

Moreover, we have researched & written comprehensive trading guides for beginners where
you can learn the basics of forex trading. Read our forex guides, see unbiased broker reviews,
and our best South African forex brokers listing before getting started.

You can reach us by emailing us at: ​[email protected] for any help regarding our
website or guide.

This guide is brought to you by

ForexBrokers.co.za is a broker comparison & education website for South Africans. We aim to help traders in South
Africa find the best forex brokers. ​Read More

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