10 Best Successful Forex Traders in South Africa

To find the best forex brokers in SA, we created a list of all FSCA authorized brokers. Below is our list of the top Forex Trading South Africa brokers.

Online Currency Traders SA Guide

If you are new to currency trading then you will find this Forex Traders South Africa guide very useful. It features the list of successful Forex traders in South Africa. It could be the motivation you need to successfully begin your journey in Forex in South Africa. As we’ve seen with Instagram Forex traders showing us their flashy lifestyle on social media.

The Foreign Exchange Currency Market

Forex or the foreign exchange currency market is the biggest financial market in the whole world. Daily trading volume on the FX, exceeds global equities trading volume by 25 times. More than $5.3 trillion are traded on average daily. The foreign exchange market is the most actively traded financial market in the world. All currencies in the world are traded through this decentralized marketplace, with thousands of professional traders and 15 regional marketplaces.

It is easy to become an amateur Forex trader. It’s as simple as opening an account with a South African Forex broker. Some of the biggest S.A Forex brokers include:

• CM Trading – Popular Forex Trading SA broker
• FXCM – Top Broker 
• AvaTrade – Successful Broker
• XM Trading – Best Forex South Africa provider

Some of the biggest stockbrokers in S.A also offer Forex trading. If you have an account with any broker, you are more likely to start Forex trading through your stockbroker. You can do this by completing an online currency trading application. To open a new Forex account, you will be required to deposit a minimum of $100 depending on some brokers.

Making Currency Trades

Once you have opened a Forex account, you can start trading by choosing the currencies you want to trade. Currencies on the Foreign Exchange always come in pairs. When one currency’s value rises, the other currency in the currency pairs falls. Many starting online traders are advised to trade only the most traded currencies such as the Euro (EUR), the British pound (GBP) or the U.S. dollar (USD) because they have the smallest spreads and are the most liquid. A spread in forex is the price difference where a Trader may buy or sell an underlying asset. Forex traders, who are familiar with equities, also call it the Bid: Ask spread.

A Typical Currency Trade

You may think that the value of the U.S dollar is going to rise against the pound. For example, the USD/GBP currency pair is trading at a bid price of 1.1410 and at an ask price of 1.1411. This means that the US dollar is worth 1.1411 and that the spread is very small. The difference between the bid (1.1410) and the ask price (1.1411).

Remember that you purchase at a higher price, 1.1411 in this case study and sell at the lower price. For instance, you buy 10 000 USD at 1.1411. If the dollar rises to a selling price of 1.1522, you might want to sell your position. Your profit is equivalent to 10 000 times (1.1522 subtracting 1.1411), 111.00 Pounds. Well done, you’ve successfully made a profitable currency trade.

It Is Rewarding to Start Trading Slowly

Currency trades are highly leveraged as you’ve seen in the above example. Sometimes you will come across leverages such as 1 000 to 1 (1000:1). This can attract beginning traders to want to make large trades from small trading accounts. This means that even small accounts can lose a large sum of money. Deposits do not limit your losses.

The best way to start is by opening a Forex trading demo account (practice account). Demo accounts usually open with $50 000 of fake or virtual money. Practice until you feel comfortable. If you see that you are trading profitably, you can trade in your real Forex account.

List of Successful Forex traders in South Africa and their stories

Who are the top Forex traders in South Africa? According to forextraders.co.za, there are many successful Forex traders in South Africa. You can make a living through Forex Trading in South Africa if you stick to it and grow it. Some traders in SA started trading at a very young age until they become professionals. Some of these FX traders left their day job and dropped out of school and become full-time traders.

You’ve probably heard about people who are good at trading. So let us find out about the three most famous and richest South African Forex traders, who became rich through Trading Forex. Let us check out the list of the most successful forex traders in SA. Sandile Shezi, George Van Der Riet, Ref Wayne, Nelisiwe Masango, Paballo Nkwe and Danielle Lester, Jabulani ‘Cashflow’ Ngcobo, Simz D’ Mandla and Louis Tshakoane Junior are the popular Forex traders in South Africa.

1. Sandile Shezi – The richest Forex trader in South Africa

Sandile Shezi is probably the most popular forex trader in South Africa. His success story is not different from the ones you’d find with many other online traders in Europe or the US. However, it is very important to know that Sandile Shezi took a huge risk to become a young successful South African trader. Before beginning Forex, he used to sell muffins at school. One day, he decided to take all his tuition fees and invested all of it in the Foreign exchange market.

Forex is risky, as some of the best South African Forex brokers warn people about such risky investment. After investing all his money and focusing on his investments, he made it to the list as one of the most successful Forex traders in South Africa. Today, Sandile is the owner of Global Forex Institute, where they teach people about this financial market and hopefully become as successful as him. But, this 26-year-old couldn’t have done this by himself, he was mentored by George van der Riet, who is the best Forex trader in South Africa and Africa as a whole.

2. George van der Riet – The best Forex trader in South Africa

George van der Riet is one of the most recognized entrepreneurs in South Africa falling into the list of the famous millionaires’ thanks to currency trading. Mr George was born and bred in Cape Town South Africa. He furthered his studies in finance in the UK, Manchester. He later found a job where he worked in financial institutions and banks as a Forex trader. Today, George is one of the best South African Forex traders. Coming back to SA in 2010, he met Sandile Shezi and mentored him. He mentored Shezi until he becomes the youngest millionaire and the second best Forex trader in South Africa. George is also a co-founder of the Global Forex Institute which is aimed at teaching young South Africans about Forex Trading. We are not finished with the list, the next guy is Ref Wayne, maybe you are familiar with him.

3. Ref Wayne – The Forex trader and publishing writer

Ref Wayne real name Refiloe Nkele is Sandile Shezi’s biggest competitor. He became a millionaire at the age of 22. Today, he is one of the most successful and richest Forex traders in South Africa.

Ref Wayne is good at Forex trading and managed to found his own business called the African Forex Institute. Besides being one of the top Forex traders in SA, Ref Wayne is also the creator of the first SA cryptocurrency called Pip coin. There are probably more forex traders who make it to the above list of successful forex traders in South Africa. Besides these top 3 successful online traders in South Africa, we also have some of the most successful female Forex traders in SA. The likes of Nelisiwe Masango, Reabetswe Shongwe, Nobuhle Catherine Ndlovu, Paballo Nkwe and Danielle Lester share successful Forex trading testimonials in South Africa.

Top 10 richest Forex Traders in South Africa

This is the list of top 10 successful South African Forex Traders in no particular order. We’ve already discussed some of the Forex trading success stories in South Africa including Sandile, Ref Wayne and George’s stories.

1. Sandile Shezi – Richest Forex trader in South Africa
2. Jabulani “Cashflow” Ngcobo – Richest Fx Trading Trader in SA
3. Louis Tshakoane Junior – One of the most successful Forex traders
4. Ref Wayne – Popular FX trader in SA and publishing writer
5. George van der Riet – One of top Forex traders in the World
6. Simz D’ Mandla – The best South African Forex trader
7. Mike Ndlovu – Multimillionaire SA Forex Trader
8. Nelisiwe Masango – Female trader with successful story
9. Paballo Nkwe and Danielle Lester – Richest female Forex Traders in SA
10. Reabetswe Shongwe – Successful Female Trader

How to become a Forex trader in South Africa

The below steps are steps to become a Forex trader South Africa. Anyone with patience and little money can become a Forex trader. But the patience and skill needed to become a profitable or successful trader needs limiting losses while making the best trades. Let’s have a look at some of the steps for becoming a Forex trader SA.

1. Capital Trading

South African Forex traders don’t need to have a huge capital to trade in SA because they can trade on margin. An average Forex broker only needs about $250 to open a Forex account and start Forex trade online. A recommendation is to have at least $1 000 to sign up for a mini-account, $2 000 ideally. For Forex trading beginners these amounts may sound very high but they allow beginners to trade for a while in case of losses.

2. Using A Demo Account

As mentioned above, a FX trading demo account or practice account, is a trading account with virtual money but connected to the live market. You can use a Forex trading SA demo account to practice how trade Forex for beginners works. Trades can be made in real time and you will be able to see what would have happened if the money was real. Demo accounts give starting traders an opportunity to trade without the pressure.

3. How to Practice Forex Trading Before Trading Live

Besides from practicing, you may need some advice on Forex trading, find books for forex trading strategies or a mentor. As a trader, you will need to develop your own trading style and strategies. You can also download online Forex trade for beginners pdf or strategies for Forex trading online.

4. How Trend Traders Find Profit Targets on Their Trade

Before you open a real trading account, you need to see if you make profitable trades or your practice account. You should have a good track record of at least more than 3 months, ideally 6 months. After you find profit targets on your trades, you won’t stop trading and experience in Forex trading South Africa really counts. Hard work pays.

5. Are You On The Right Track With Your Trading?

  After using a demo account for a few months, getting some Forex trading education, read learn to forex trade books, developing strategies for forex trading and making profit constantly, you can start making live trades. Although it is different have the real money on the line, if you continue using the same profitable strategies you were using in your demo account, you will become one of the richest forex traders in South Africa. The foreign exchange market comes with a lot of opportunities. If you stick to your profitable strategy and use these tips, you will be added to the list of the best forex traders in South Africa.

Top Apps for Forex trading used by Top SA Forex Traders

Active currency traders always prefer to be kept updated about the market news, charts, quotes and their trading accounts. This has seen the rise of mobile applications among currency traders. Majority of currency pairs traded in Forex are volatile and very active and traders see opportunities anytime and everyday. Below are some of the top Forex trading apps to help you trade.

Best Forex Trading Apps for iOS & Android

The Trading Game – Best Platform For Practice & Experience

This is one of the most popular trading apps available on both iOS & Android devices. This free app gives users an opportunity to practice and experience how it feels like using a real forex account. The trading platform is recommended for both novice and professional traders. Forex tutorials and quizzes are available to help you understand the Forex market.

The eToro Mobile Trading App – Best Forex App for Social Trading

The eToro trading app is available for both Android and iOS devices. It allows traders to perform all the activities available on the investing and trading platforms. It also notifies you about market events. This social trading real money platform is the best forex trade app.

Go Forex – For Learning The Basics

GoForex is one of the leading forex trading learning applications. The app is your guide to currency trades and Forex market. It serves as your trading hub. The app is best suitable for starting traders and it also comes with quizzes to test your knowledge in the foreign exchange market. Go Forex app is a quick way to master Forex fundamentals and strategies.

Bloomberg Business Mobile App – For Financial News

Bloomberg trading app gives traders access to financial business news, stock market and data. Choosing this app will help you know what’s happening in the financial market and in-depth analysis of the markets. Also, it allows you to read about trending topics such as cryptocurrency and bitcoin.

The Forex Hours App – For Trading Alerts

The Forex Hours is an app for both Android and iOS smartphones which provides services in a foreign exchange field such as forex market hours, real-time charts, forex tools, forex calendar and central bank interest rates. Furthermore, this best app shows the exact time of when the market opens in a particular timezone or country.

Tips for Forex trading SA traders

The best online currency traders hone their trading skills through discipline and practice. They come up with strategies for Forex trading that help them become successful. To see what drives their trades, they also conduct self-analysis and learn how forex trade works. The below are the skills every Forex trader should know.

• Know the Markets
• Develop a trading strategy
• Practice using demo accounts
• Know your limits
• Practice patience
• Choose the right trading partner for yourself
• Feel free to explore the market
• Choose the right broker and trading platform

Forex Trading in South Africa

As mentioned, trading forex (currencies) in South Africa (SA) is popular among Forex trading South Africa residents. South African brokers can accept forex and CFD traders in SA as clients as they don’t need to become authorized by The Financial Sector Conduct Authority (FSCA), which is the financial regulatory body in South Africa. The FSCA’s website is fsca.co.za The FSCA was formed by the Financial Sector Regulation Act 9 of 2017 (the FSR Act) to become a dedicated market conduct authority replacing the Financial Services Board (FSB).

Forex Trading in SA

Foreign exchange (Forex or FX) trading is when you buy and sell foreign currencies with an aim to make a profit. Even the most experienced and skilled traders find it difficult to predict the movements in currencies. Forex trading South Africa is risky and highly complex.

How Forex trading in South Africa works

Foreign exchange traders try to make money by predicting the value of one currency against another. Forex trading is usually done through ‘margin trading’. A portion of your funds that your Fx broker sets aside from your trading account balance to keep your trade open and to make sure that you can cover the potential loss of the trade. Trading in foreign currencies demands an immense amount of research, monitoring and knowledge. Get an independent advice from a licensed financial adviser before you put your money on the line. For more information about how forex works, here is the link to ‘What is Forex trading and how does it work in South Africa’.

Contracts for difference (CFDs)

A contract for difference (CFD) is a contract between two parties, usually described as “buyer” and “seller”, stipulating that the buyer will pay to the seller the difference between the current value of an asset and its value at contract time (if the difference is negative, then the seller pays instead to the buyer).

How to Verify FSCA Authorization

To verify if a forex broker is licensed to operate in South Africa, you need to check the register number located at the bottom of the website’s homepage. Below is an example of Markets’ key disclosure text: “Markets.com is regulated by the CySEC under license no. 092/08 and by the FSCA under license no. 43906. Safecap is located at 148 Strovolos Avenue, 2048, Strovolos, P.O.Box 28132, Nicosia, Cyprus.” You can also conduct FSCA Issued License Search by visiting FSCA’s official website at https://www.fsca.co.za/Fais/Search_FSP.htm. Enter FSP number or do a partial search of the company name or postal code and click on the ‘submit’ button.

Risks of forex trading

• Forex scams and fraud
• Small market movements can have a big impact
• Limited protection from risk management systems
• Forex provider risks
• Currency markets are extremely difficult to predict
• Trading delays can severely affect results
• Exchange rates are very volatile

Forex trading software programs, seminars and courses

There are Forex software programs available for Forex trading South Africa clients. They claim to know when is the right time to make a trade. However, no program or a person can precisely predict the movements in foreign currencies. You need to be careful of companies or programs claiming to know the the correct movements and quick money. At first, they will offer you their free trial in the beginning, but this is another way of making you to buy the trading platform or software. Also, attending a basic seminar or a Forex trading course won’t give you enough information to begin trading currencies.

Forex Risk Disclaimer

“Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.“

FAQ – Frequently Asked Questions about Forex Trading

Here are some of the answers to the frequently asked questions in the trading industry and foreign currencies.

1. Can you get rich by trading forex?

Forex trading may make you rich if you are a skilled trader, but forex trading can make you lose money.

2. Who are the best forex traders?

World’s most successful traders in the world include: George Soros, Bill Lipschutz, Andrew Krieger, Paul Tudor Jones, Bruce Kovner, Stanley Druckenmiller, Joe Lewis, Michael Marcus, Urs Schwarzenbach and Richard Dennis.

3. Are forex traders legit?

Forex is a profitable legitimate forex business but some Forex traders SA scam people. Forex is not a scam.

4. Is forex trading legal in South Africa?

It is legal for individual South Africans residents to trade the Forex Market. The South African Government doesn’t have any laws governing the legality of Forex.

5. Is Forex taxable in South Africa?

SARS (The South African Revenue Service) treats profits from Forex trading as gross income and is then subject to income tax as per the Income Tax Act.

6. How is Forex taxed in South Africa?

Forex is taxed in SA

7. How much do SA Forex traders make?

Successful Traders can make up to an average of $20 000 per annum if they risk $1 000 and can make an average of $10 000 per year if you risk $5 000

8. Can I trade forex with $10?

Yes you can start forex trading with $10. Check with the broker if they allow you before creating an account.

9. Is Forex trading just gambling?

Forex trading is more than gambling, however, as you predict if the price will fall or rise, you are basically betting on the currency

10. What is a Pip in forex?

A Pip is the smallest whole increment used in Currency Trading

11. Is Forex a Good Investment?

Compared to stocks Forex can be a very good investment. Forex is a good business.

12. How do pips work in forex?

The amount of change in the exchange rate for a currency pair is measured by a Pip and is calculated using last decimal point.

13. What exactly is Forex Trading?

Forex trading is the act of buying or selling currencies.

14. How do I start trading forex?

Start Forex Trading by finding a Forex broker. Create an account and deposit money.

15. How much do you need to start trading forex?

If you want to day trade forex, you can start with as little as $100

16. Do I need a license to trade forex?

No, you do not need a license to trade currencies

17. How do I succeed in forex trading?

To become one of the most successful forex traders in South Africa, you need to develop a strategy. Minimize losses and be patient.

18. How do I trade in forex?

Follow our beginners guide to learn how to Trade in Fx

19. How is profit calculated in forex?

To calculate your profit or loss, you take the selling price, subtract the buying price and multiply the difference by the transaction size.

20. How much do I need to start trading forex?

Many forex brokers require only $100 as a minimum deposit amount to invest

21. What is Forex simple?

In simple terms, Foreign exchange is the process of changing one currency into another currency with aim of making profit.

22. How many dollars is 100 pips?

10,000 (units) * 0.0001 (one pip) = $ 1 per pip

23. What is a lot size in Forex?

The standard size for a lot is 100,000 units of currency

24. Do banks trade forex?

Of course, big banks in South Africa trade forex.

25. How much is Sandile Shezi worth?

Sandile Shezi Net Worth. Shezi has an estimated net worth of $2.3 million.