Do you think you are now ready to start trading forex? Make sure that you go through the below section to learn how you can open a forex account in South Africa. Follow the below three steps and start trading currencies within minutes.
Step 1: Open a trading account
- In order to start trading forex, you need to open an account with any forex broker in South Africa. Visit them and create an account. Opening an account is fairly simple and fast. All you have to do is to fill in an application form online.
- Once you have successfully filled in the application form, you will receive an account number. This account number will be sent to your email address. Make sure that you click on the link to confirm or verify your registration.
- After confirming your account via email, an account manager from your South African forex broker will call you to explain how forex works and also answer any questions you may have.
Step 2: Fund your account
- After you have successfully open your forex trading account, you will be required to deposit a minimum amount so that you can start trading. Funds can be deposited into your trading account by Pay Pal, Wire Transfer, or Bank.
- Depending on the broker, the minimum capital required to start day trading forex can be anything between $5 and $250 in South Africa.
Step 3: Start trading
- After funding your account, you can now start trading.
- Login into the forex trading app and choose whether you want to trade CFDs or Forex. Choose your forex pairs and open a position.
- Nowadays, some forex trading platforms show live charts, trading news and live price feeds.
- You can also download trading platforms or trade directly from the website.