With forex trading you can also choose to have a long-term strategy or more of short-term strategy that you trade with immediate fluctuations in the market.
Now for anyone to start trading online, you would have to choose the best broker that will be able to offer you the most options in terms of trading forex pairs. Now there are quite a few out there online, but for people specifically in South Africa, we would recommend that you strongly look at 24Option as your preferred trading company.
24Option offers a variety of trading options that include forex, commodities and stocks and offers a wide range of choices to choose from.
How does Forex Trading work?
1. With forex trading you first of all have to choose the best broker that you want to trade with.
2. Secondly, you need to deposit funds into your account with them and this can usually be done in a variety of ways, that include PayPal, EFT transfer, Credit card payment etc.
3. Once your funds clear on their side and reflects into your account, you can start with trading online.
4. You then need to decide what currency pairs you want to trade with and how much you want to use when placing an order with them. This would be discussed in more detail later on.
5. Once you have accumulated funds and want to withdraw, then you can contact their customer service to assist in this process.
So, this is the quick 5 step process of forex trading and we only outline this and will be discussing this in much more detail in future posts.
Note: Currencies, Commodities, Cryptocurrencies and CFD’s traded on margin carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with leveraged financial trading before deciding to trade because you can lose some or all invested capital. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.
Forex Company Comparison:
Please see the various online forex companies reviews below:
Trade Forex, Stocks, Indices and Commodities.
|Demo Account: Yes|
South African Office: Yes
|Min Deposit: $250
Shaw Academy: FREE Financial Trading Course.