South Africa The Pilot Of The FX Industry In Africa

Demand for retail and spot forex (FX) is increasing in South Africa.

The industry has developed in recent times with a growing number of traders, ever-increasing demand among investors, interested brokers and a well-regulated finance sector.

Nigeria comes second and kenya comes third to South Africa.

South Africa leada in terms of local retail traders

One of the main reasons for this is the strong and regulated financial sector paired with local demand from the investors.

According to data by the Bank of International Settlements, the daily trading volume of retail forex trading in SA stood at $19.1bn in 2017, making it the highest volume in Africa (according to ForexBrokers.co.za).

While the dominating currency in the global retail forex market is the dollar, the rand is the 20th-most-traded currency and is projected to improve.

Further, strong foreign investor interest in the South African economy and currency adds to South Africas strength.

South Africa is becoming a popular market for both traders and brokers.

This is due in part to the role played by the Financial Sector Conduct Authority (FSCA). The FSCA is the most respected and oldest financial regulator in the continent and has over 1,000 registered financial entities.

Get Started with Forex in South Africa

Anyone who knows how to trade forex will tell you the game is 90% preparation. Your infrastructure needs to be solid or even the best laid plans will fall flat. As the biggest financial market in the world, forex is a global competition that takes no prisoners. Heres how you can get started.

1. Connect online

2. Search a broker

3. Make sure the broker is regulated via wikifx

4. Open an account

5. Download a trading platform

6. Fund your account

7. Trade

REMEMBER! Before you trade seek out the knowledge of trading, but becareful for scams.

First you learn then you earn!