In terms of fees, AvaTrade’s trading fees with their account are lower, than other brokers that we have compared. They offer fixed spread accounts, with EUR/USD spread being 0.9 pips (on average) with Retail account. But their & non-trading charges are high, as they charge an inactivity fees (for non-trading for 3 months) of $50, and an Administration fee of $100 for 12 months of inactivity in an account. Their funding & withdrawal methods are quite convenient sasol shares for South African traders. They have local Internet banking transfer option for deposits & withdrawals, with all major banks supported. But some users have complained about issues with their withdrawals at Exness & high currency conversion charges for local withdrawals (see our cons below).
Shaun Benjamin
His book Cashflow Naked is a biography and a lesson of financial education. Sources put his net worth at $2.4 billion making him https://www.tradingview.com/ one of SA’s wealthiest forex brokers. Aspiring traders can learn a great deal from these individuals, whether through their educational platforms or by following their trading strategies. The journey to becoming a successful forex trader is challenging, but with dedication and the right guidance, it is possible to achieve significant financial success. Ref Wayne, born Refiloe Nkele, is a self-made millionaire and a highly respected forex trader in South Africa. He is the founder of the African Forex Institute and the creator of the Armageddon trading system.
- Part of his teaching is to help young traders develop their own trading strategies, rather than depend on those developed by other traders.
- Louis Tshakoane’s goal was to create a network base for business people to communicate ideas and strategies, giving back to the community.
- By learning from these successful individuals and utilizing the educational tools they provide, aspiring traders can enhance their trading skills and increase their chances of achieving financial success.
- Both these are generally good indications that the broker is serious about compliance & have proper risk management in place to handle client funds properly.
- They are now one of the leading forex broker in terms of daily trading volume.
The Impressive Profiles of Renowned African Forex Traders
You get nervous and scared since if you lose this money you will get yourself in a bad financial situation. In this case, there is a big chance that you will get into a condition that we call emotional trading. To avoid this situation, you should always trade with the money you can afford to lose. Becoming one of the most successful traders in South Africa, or anywhere else in the world, does not require much money from the beginning.
Best South African Forex Brokers
Jabulani Ngcobo, also known as Cashflow Ngcobo, is a prominent figure in the South African forex trading scene. He is the founder of Cashflow Pro, a company that offers financial education and trading strategies. Ngcobo’s journey from modest beginnings to becoming a millionaire is a testament to his dedication https://www.liberty.co.za/ and trading acumen. His approach focuses on market analysis and risk management, providing valuable insights to his followers. Apart from being one of the top richest and most influential forex traders in South Africa, Jabulani Ngcobo prides himself as being a self-made millionaire.
Conflict of Interest with Broker
These traders have surmounted obstacles such as market instability, financial https://www.absa.co.za/ losses, and the steep learning curve of Forex trading. To be successful in the Forex market, you must have a thorough grasp of the market, a well-developed strategy, and strong risk management abilities. Successful Forex traders often exhibit discipline, patience, resilience, and a thorough grasp of global markets.