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This is a software used for the opening, closing and managing of market positions through an online broker, who acts as a financial intermediary. They are used in the trading of the forex (foreign exchange) market. The trading platform is segmented into two various types; Prop and Commercial platforms.

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Commercial platforms are mainly for retail investors and day traders, while Prop platforms are developed by a large brokerage who suit their requirements and trading style. A variety of contrasting trading platforms are used by traders, depending on their trading style and volume. To be concise, the fees and features available are the main factors traders and investors consider before deciding on the trading platform to utilize.

A few other platforms are not free, especially those used for stock trading. Although most stock trading platforms charge for account maintenance fees and commissions, there are also some platforms that allow trading for free stocks like Webull, Tradestation, Ameritrade, interactive trade and Robinhood. In general, there are myriads of different trading platforms, among which the best online trading platforms are;

• Merrill Edge

• E*Trade

• TD Ameritrade

• Interactive brokers IBXR Pro

• Tradestation

Each of these platforms is different; hence even experienced traders need to enlighten themselves about how they work before trading with real money to avoid the phrase “had I known.” An example is a Forex trading demo account, which gives traders the benefit of learning how good a platform is regarding recording transactions for tax.

Forex Trading In South Africa

Forex trading is the process that involves the exchange of currencies, viz.—simultaneously selling and buying currency at an agreed price with the primary purpose of gaining profits. There is an increase in the level of volatility of currencies every day in the forex market, which brings about a greater chance of high profits attainment and also increases the risk of losing.

Risky right?

Types of Forex Markets

– Spot forex market: This involves exchanging currency pair on the spot or within a short period, then at that exact point, the trade is settled.

– forward forex market: Involves a contract of agreement to buy or sell a set of currency of a specified amount at a specific price to be settled at a set date in the future.

– future forex market:

This is similar to forward forex market but requires a legally binding future contract. When it comes to the popularity of forex trading with regards to locality/countries, South Africa is a great example; one of the several reasons is because the country posses a multinational and multilingual community. It is easier to create a forex account with an amount As low as 70 ZAR (5 USD) to open a trading account in South Africa. Still, it is advisable to deposit a minimum of 200 USD because of how much leverage one can use is dependent on one’s account balance.

List Of Successful South Africa Forex Traders

• Sandie Shezi

• George Van Der Riet

• Ref Wayne

• Jabulani Ngcobo

• Shawn Benjamin

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