Traders practicing in South Africa should always make sure that they are acting within the law. Forex South Africa is governed by regulations that other countries don’t seem to enforce. However, as the popularity of currency trading has grown over the years, these regulations have relaxed a little. It is still of utmost importance to traders that they adhere to legislation that still exists because penalties for traders who break the law are strict.
Tips to Succeeding in Forex South Africa
• Register with SARS (South African Revenue Service) before you start trading. You will have to get a tax clearance certificate that you should present to your bank as well. This is so that you can be on record with SARS as well as FICA because you will be taxed on any income you make through currency trading.
• Find a broker to handle your currency trading account. Thanks to the online nature of currency trading, you are not limited to geographical boundaries and even though you will be trading from South Africa, your broker does not have to be based here. Be sure to do thorough checks to vet the broker before you do business with him though. This is to avoid falling victim to any brokerage scams and losing your investment.
• Only deal with authorized and accredited currency trading companies. There are also a few commercial banks in South Africa that offer Forex opportunities to their clients. Research your options well and find a solution that is best suited to you. Banks like First National Bank, Standard Bank and Bidvest are some of the best banks that offer forex trading services.
• Professional traders know that prioritizing security over huge profits is what pays off in the long run. So keep your trading safe and take it slow; your profits will increase over time and the risk of losses will greatly decrease.
Forex South Africa Is No Different
Although it might seem intimidating to embark on a currency trading venture in South Africa at first, once you get through the red tape that litters the commencement phase of this practice, you will find that Forex South Africa works much the same as it does anywhere else in the world. As long as you remember to take the necessary steps to mitigate the risks involved and always practice within the law, you are bound for success in currency trading.
Forex South Africa
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