By: Chime Amara
The foreign exchange market (Forex) today offers a wide range of instruments for traders to speculate on their price movements through proper technical and fundamental analysis. However, it is very easy for a beginner to increase their success rate when they trade their own local fiat currency paired against other foreign currency. This is because the individual can easily tell the direction of their local currency from what is happening in their country at each point in time. Hence, it is often very encouraging for South African trader to choose very often those brokers that offer the country fiat currency known as ZAR among their trading options.
Added to this, choosing a broker that offers a ZAR account benefits the South African trader all the more as it helps to reduce the conversion fees required in deposits and withdrawals.
Nature of Forex Trading in South Africa todays
Forex trading has become a very lucrative activity in recent years as more South African youths are increasingly showing strong interest to participate in the foreign exchange market and earn their living from it. To this end, South Africa is today known as the second-largest economy in Africa with one of the most diverse forex trading populations on the African continent and in the world. Based on the high population of traders participating in the forex market today and the increasing number of brokers emerging daily to compete for investors, it has become very difficult to fully sanitize and regulate the forex market in South Africa today. The Financial Sector Conduct Authority (FSCA) is the major body regulating forex trading in South Africa today. Often, some independent bodies such as wikifx tend to offer guidelines, support, information and survey of the activities of brokers in South Africa. They equally help to report and prosecute fraudsters in the forex market today.
Who are Brokers？
Brokers are intermediary financial service providers that link the traders directly to the market. They execute the traders orders directly at the market and bring back to him his profits or losses. Forex brokers offer more than just major, minor, and exotic currencies. Often they go further to provide the trader with other trading instruments such as:
· Stock
· Cryptocurrency
· Indices
· Commodities
Forex Brokers in South Africa that Offer Rand Trading Accounts
There are a lot of brokers offering ZAR accounts to traders in South Africans today. We have described earlier the advantages of trading the ZAR currency against any other international currency especially the USD. These brokers include:
· IFX Brokers
· Exness
· XM
· Khwezi Trade
· Blackstone Futures
· HotForex
· Globex360
· FXTM
· FXCM
· Plu500
· SuperForex
· FxPro
· Markets.com
However, before ever any trader proceeds to register and invest with any of these brokers, it is very necessary that he/she should visit the wikifx website and confirm the regulatory status of these brokers. This will enable the trader to avoid making a wrong choice and falling into scam brokers that elopes with the clients deposits.
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