Forex Trading South Africa

Want to trade Forex online in South Africa? You have come to the right place. Trade Forex SA was established to bring answers to those who are starting in Forex trading and give honest and balanced reviews of the brokers.  Trading Forex can be a lot of fun but it does come with a great deal of risk.  If we help you choose the best broker for you by weighing every pro with a con, we have then succeeded in our goal.

The Best Forex Trading Brokers For South African Traders


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About Forex Trading in South Africa

The Foreign Exchange Market, or Forex, is the biggest financial market in the world. Dealing in the trading of international currencies, Forex has different financial centers located around the globe, and buyers and sellers work throughout the week to trade currencies and other commodities for profit. Recently, South Africa has started to become more interested in Forex trading, but while our nation is still emerging, Forex operates basically the same, just with slightly different regulations.

Learn to Trade Forex with TradeForexSA

Our goal with TradeForexSA is to introduce South Africans to this new and wonderful world of Forex trading.  If you are new to Forex trading you will need to get a solid understanding of how Forex trading works before you get started.

Once you have a basic understanding of how this market works, you should compare forex brokers to find out which of them suit you best.  There are different types of brokers on the market and each of them works in a slightly different ways offering different features and signup up rewards.  Brokers offer demo accounts which allow you to try before you commit to them.  Doing this will allow you try out their on boarding and customer service.

Once you have found a broker and you are ready to start trading, there is terminology you need to understand so you can gets tarted.  There include understanding what a pip is, what a pivot point is, and how momentum works in the forex market.  You will need learn to analyze the market for opportunities as well as learn to calculate your profits with different levels of leverage before you get make the order.  These are all things discussed in our education section, where there is much more that will help you learn to trade Forex.

How we review Forex Trading Brokers

We use a number of factors for evaluating brokers.

  • We only list brokers which are regulated by one of the major regulators, and we actively request brokers that we do feature to become members of the FSB.  These regulations make your trading more secure.
  • For the interest of transparency to our visitors, it is important to understand of the broker is a Dealing Desk or Non-Dealing Desk broker.  This makes a difference in how the broker makes money and also makes clear where a conflict of interest can occur.
  • We appreciate brokers who offer micro-accounts to beginner traders that require a low minimum deposit so that traders only need to risk what they feel is acceptable.
  • We prefer to list brokers that offer premium services to our visitors, in addition to the free educational materials that a trader would need to get started – and that sometimes includes making a phone call to clear up any questions.
  • We like to review the details of forex trading brokers.  These are things like the types Of Forex market orders available, the trading costs, and try to identify those with a larger range of currency pairs available to trade.

We have worked for many years in the industry, and we are well connected with the brokers and the reputations of the brokers in the community.  We believe that a forex trading experience should be safe, and fun.

Different Currency Trading Options

Forex trading is only one of your options for trading.  There are other ways that we can trade with currencies and these can be good to mix into your trading portfolio.  CFDs, or Credit Default Swaps, can be traded with most brokers that you use for your forex trading.  Some brokers will also allow you to trade cryptocurrencies, which can add a different flavor to your trading – cryptocurrencies are not affected by the fundamental data like inflation and unemployment that traditional currenices are subject to.

FSB Regulation

South African has a regulatory body called the FSB (Financial Services Board) whose job it is to regulate all non-banking in South Africa.  Regulators like the FSB are put in place to protect the public from financial crimes and irregularities.  Today, in addition to regulating trading on the JSE, the FSB regulates Forex trading brokers.

TradeForexSA actively promotes FSB regulated Forex brokers because we believe that FSB regulation is the interest of our readers.  Once a Forex broker is FSB regulated, it means that they can take deposits into a local South African bank account making the funds even more secure.

Regulation & SARS

The South African regulatory officials have also relaxed their Forex trading allowance standards. Individuals were previously allotted a R1 million sum to trade with Forex, with a R4 million stipend for setting up offshore accounts.

In 2010 the foreign investment allowance of R4 million and the single discretionary allowance of R1 million have been combined, leaving SA Forex investors with an allowance of R5 million – the limit which you are allowed to invest.

What this signals is that Forex standards are steadily changing South Africa. If the allowance can be combined in only a few short years, you can expect it to rise again. Plus, as an added bonus, if you’re operating a business or some type of investment firm in SA, the Reserve Bank is looking more favorably at your applications.

For a full guide for how to fund offshore trading accounts from South Africa, read this.