She is the founder of Bear Run Investments, a forex trading and investment company. Masango is also a motivational speaker and a strong advocate for financial literacy. Louis Tshakoane is a seasoned forex trader and the founder of Undercover Millionaire’s Currency, a platform that provides forex trading education and mentorship. Tshakoane has built a significant fortune through forex trading and his various business ventures. She is the director of the Forex trading company known as Bear Run https://www.tradingview.com/ Investments.
Richest Forex Traders in South Africa ( Updated for
There is no extra commission per lot nor is there any inactivity charge. But if patrice motsepe agc investment you are holding your trade over days, there is swap charge of −0.57 if you are Long. Note that no licensed platform can promise you returns from any markets. Trading in financial markets has substantial risks which can lead to loss of capital. Because there have been cases in the past where the brokers have gone out of business. In case of a STP broker, as soon as you place the trades, they send it to their liquidity providers & hedge against any directional risk.
Top 10 richest forex traders in South Africa
Even the best strategy will sometimes make losses, and how you handle those losses will determine your overall success in trading. Therefore, before investing your money into forex or any form of futures or derivatives trading, make sure you learn from an experienced master. After that, convince yourself of your abilities with months of demo trading. When you are sure that you can be consistently profitable, then you can go ahead to trade with real money. Sandile Shezi now teaches forex through his Global Forex Institute where he seeks to mold the minds of future traders who can also conquer the markets. Part of his teaching is to help young traders develop their own trading strategies, rather than depend on those developed by other traders.
- He is the founder of the African Forex Institute and the creator of the Armageddon trading system.
- With Raw spread accounts, the spread is as low as 0.1 pips (plus $5-6 commission per Standard Lot depending on your platform, which can be MetaTrader or cTrader) for most CFD instruments.
- You can check the app’s review from Google’s Play store & iOS App store.
- While each broker offers its own unique features, they all aim to satisfy the evolving needs of South African traders looking for reliability, innovation, and regulatory compliance.
Shaun Benjamin
Even before the book was released, there were already more than 2,000 pre-orders and copies sold online. It has sold well due to the massive loyal African followers that he has gathered over the past five years. 23-year-old Shaun Benjamin is the founder and CEO of Benjamin Forex Academy and the Benjamin Investment Group (Pty) Ltd director, a qualified miner, property https://standardbank.co.za/ investor, and entrepreneur.
Financial Services & Investing
Some of the leading businesses in the industry offered him great insight into the upper floor of the sector. Simz D’ Mandla is a https://satrix.co.za/ young millionaire from Tembisa who made his money trading Forex. This was despite an impoverished childhood and the lack of opportunities. His breakthrough came when he met his mentor, Mr. Willem, who taught him how to trade in exchange markets. Van Der Riet came back to South Africa in 2010 and started with personal Forex trading.
Challenges faced by South African traders
Forex trading has provided a way for many people in South Africa to achieve financial independence and become self-made millionaires. The individuals listed above are just a few of the many successful Forex traders in South Africa. However, it is important to note that Forex trading is a high-risk activity and traders should always do their own research and seek professional advice before investing their money. Moreover, these financially savvy individuals extend their impact beyond personal gain, launching educational and mentorship programs that stand as fortresses of knowledge for burgeoning traders.
Which Forex Broker is for Professional Traders?
They charge low spreads with this account type, but there is a commission of $3.5 per 100,000 units. For example, on average, their spread for major like GBP/USD, their spread is 0.55 pips. Looking ahead, PrimeXBT remains dedicated to its mission of democratising access to financial markets in South Africa. The company plans to further expand its educational resources, introduce new trading instruments, patrice motsepe trading platform and enhance its trading capabilities. As the company continues to grow its presence in South Africa, it will maintain its focus on empowering traders to achieve their financial goals.
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The most popular base currency option is USD, but as per our research trading accounts in local currency are very popular among traders in South Africa. Overall, we find Tickmill, HotForex, XM & Exness offer the fastest deposits & withdrawals and all 4 brokers charge zero fees on funding & even on withdrawals. FXTM is also quick in processing payments, but they lack in the fees as they charge “Fees/Commission” with most of the withdrawal methods that are suitable for South Africans. When checking the ‘trading fees’ at ECN broker, check the commission charged + any spreads. For example, we checked the fees for EURUSD at FxPro with their cTrader account (commission + spreads). For ECN brokers, Exness & HotForex are very competitive with their spread.