If you really want to get into foreign currency trading, you can do it for a faction of the cost. Last year we wrote make companies offering courses on foreign currency trading through online adverts and social media. There are many companies offering to teach you the secrets of trading at a substantial fee. Mostly they target foreign currency trading but some may also advertise similar services for trading on forex JSE. One company that has been very aggressive in its marketing has been Knowledge to Action. They offer an intensive weekend course for R and once you start trading you have to open an account with a minimum deposit with an overseas trading platform called ETX Capital. You also have to subscribe to charting software at R USD a month. What they do not tell you is that you can obtain all of this for free by going directly many the broker. These advertised businesses are built around legitimate overseas trading platforms. James Saulez, head of online trading at Global Trader explains that legitimate offshore brokerages sign contracts with local introducing agents or partners in other countries who receive a kickback off revenue earned. Saulez says these agents go on to build businesses around these agreements. These businesses offer educational seminars, courseware and access to a platform many at very inflated prices. If you went directly there would be no minimum deposit or monthly money, it is so competitive overseas. It is the local partners that have put in all the costs. One way to know whether or not you are dealing with a legitimate broker is the marketing. If you look at websites like Global Trader, World Spread Trading or Standard FX Trader, there is no aspirational marketing, no promise of getting rich quick. The reality is that you can lose a lot forex money trading forex. Apart from the fact that you are being taken for a ride, you may also be breaking the law. Many of these companies allow you to trade using your credit card. This is against the rules of money exchange controls. If you want to trade overseas you have to get foreign exchange approval and it must form part of your foreign investment allowance. Global Trader, World Spread Trader and Standard FX Trader are three South African based companies with global ties that many you to trade currencies and you only pay a fee when you trade. There is no fee to access the platform; they provide charting tools, technical analysis and educational support for free. So rather than blowing R to R on signing up to dubious platform, use it to kick start your trading portfolio. Global Trader and World How Trader both offer spread trading which allows you to trade currencies with rands so you do not have to use your foreign investment allowance. They also offer offshore trading capability for investors with offshore funds. Standard FX Trader offers foreign currency trading offshore so you will need to apply for your foreign forex allowance. Rupert Brown, head of collateralised foreign exchange trading at Standard FX Trader says the advantage of dealing with an institution like Standard Bank is that you are dealing with a large reputable bank and you know where your funds are should you encounter a problem. Money brokerages make their money through long-term relationships so the focus in on educational support. They cannot grow their businesses if customers are losing money. Any good brokerage offers simulated accounts which allow you to trade without using real money until you are comfortable to begin. Brown says Standard FX Trader offers a 3y risk-free no obligation demo account. This allows first time traders to get a real feel for what trading is about and the risks that are involved. Clients are encouraged to phone the team and ask for help and advice. Although Standard FX Trader does not provide advice on what to buy, once you become an active client you have full access to their global research to help you make your own decisions. Global Trader has a trading desk that will assist clients with trading ideas and clients will receive regular phone calls from the team to offer support. Saulez says one of the biggest problems with the seminars offered by the marketing companies is that they cram your head full of information over a weekend and then tell you that you are ready to start trading, there is no follow actually or on-going support. Saulez says only brokers that are registered with the Financial Services Board FSB can offer advice. If you receive trading advice from someone who is not registered you will not be protected under the FAIS Act. One of the selling points the marketing companies use is that local trading platforms are too slow to take advantage of international markets and therefore you have to use international platforms. Saulez says the difference is literally milliseconds and only makes a difference to institutional or highly professional forex traders who are using algorithmic based trading and rely on high end actually analysis techniques. Global Trader does offer these money through its London partner, however for the average retail customer it makes absolutely no difference and those more complicated platforms are not a good place to start. Even if you did want to trade on those platforms, it is also free! Standard Online Trading actually free day seminars on various aspects on investing including: Contracts for Difference, Warrants, understanding company financials, trading futures, technical analysis. Truth is I tried Standard Bank FX, I must say it not easy to trade on their platform and another thing it limited only few branches have forex trainers make sometimes you walk in a branch and no one knows about forex but only forex travel not currencies. I studied through make companies blamed but I gained experience and got face to face training. I like all your comments and suggestions as I feel this is as good advice as one can get rather being robbed forex cheated. So it would depend on how much your total savings are worth. You would need to speak to the brokers offering the platform as to how much you need to be cost effective but it is probably around R Therefore you would need to have around R of savings in lower risk investments before starting to trade currencies. You do not need to register a company to trade but you need to open an account with a broker like Standard Bank or Global Trader. I would recommend that you start using simulated trading — ie: you do not trade with your own money, until you get the hang of it pls i need you advice i want to attend sharenet course the are offering the following a introduction to how markets, b forex tranding for profits c equity,index and cfd trading. Sharenet is a good company and R550 is not unreasonable, if you have the money and you also have saved money to invest money it is make worth it. Just do not borrow money to invest! You must be logged in to post a comment Home Public Speaking Events Forum Video Tips About Saving Investing Retirement Budgeting Borrowing Banking Insurance Property Never Miss A Post Again! If you want to trade overseas you have to get foreign exchange approval and it must how part of your foreign investment allowance How to access trading for free Global Trader, World Spread Trader and Standard FX Trader are three South African based companies with global ties that allow you to trade currencies and you only pay a fee when you trade. If you receive trading advice from someone who is not registered you will not be protected under the FAIS Act Trading speed One of the selling points the marketing companies use is that local trading platforms are too slow to take advantage of international markets and therefore you have to use international platforms. Log in to Reply Maya Fisher-French says August 27, at am Thank you for your query — I have got a reply which I will post on the site Log in to Reply Mthokozisi Dlamini says August 8, at pm Truth is I tried Standard Bank FX, I must say it not many to trade on their platform and another thing it how only few branches have forex trainers and sometimes you walk in a branch and no one knows about forex but only forex travel make currencies. Log in to Reply samuel Ndonga wanjau says June 23, at am i appreciate your artical……am situated in kenya nairobi …do the three companies named above have the free forex training institutions in kenya nairobi or the training is only done online? I advise people actually be aware. Log in to Reply Maya Fisher-French says October 30, at pm as indicated in the article you do not need to pay for a course as both Standard Bank and Global Trader offer good educational courses for clients. Rather save your money and use it to start your trading porfolio Log in to Reply Malefetsane. Where must i go to register the busseness? I would recommend that you start using simulated trading — ie: forex do not trade with your own money, how you get the hang of it Log in to Reply REUBEN KHOSA says January 16, at am pls i need you advice i want to attend sharenet course the are offering the following a introduction to the markets, b forex tranding for profits c equity,index and cfd trading. Log in to Reply Maya Fisher-French says January 17, at pm Sharenet is a good company and R550 is not unreasonable, if you have the money and many also have saved money to invest then it is actually worth it. Log in to Reply Leave a Reply Cancel Reply You must be logged in to post a comment Follow Me facebook twitter linkedin Maya on Money Sound Cloud Previous Podcasts Things to ask when choosing your medical scheme Affordability — What does this mean? 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Making Money From Forex Trading - Reality or Dream?
Making Money From Forex Trading - Reality or Dream?
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I turned that all around and now I build wealth rather than debt.