Learn To Trade Forex South Africa – With an estimated average daily volume of USD 5.1 trillion in 2016, it is not surprising that the foreign exchange market is recognized as the largest and most liquid financial market in the world – although, due to its status and size, it is not. It will come without its challenges. Due to 24/5 availability, the accurate and efficient regulation of this market is increasingly difficult – after all, how to control a globally interconnected digital market open 24 hours a day? As a result, there is no single government body that oversees market developments – instead, it is overseen by several independent national bodies.
Thus, for those who are thinking about entering the foreign exchange market for the first time – and experienced traders alike – it is important to know the specific laws and regulations that directly apply to the country you are in. Re-trade as well as global policy. So, in this blog post, we’re going to take you through the basics of forex legality, exploring the regulations that come with this widely traded and sometimes volatile market – ensuring you’re aware of the relevant rules early on and throughout your career. forex trading. . .
Learn To Trade Forex South Africa
As mentioned above, due to the sheer scale of the forex market, there is no single international organization that controls the daily activities that take place in the forex market. As a result, individual countries have their own regulatory bodies designed to protect local traders.
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In South Africa, the financial regulatory body responsible for overseeing domestic foreign exchange activity is the Financial Sector Conduct Authority (FSCA), whose role is to support the efficiency of financial markets in South Africa. By promoting fair treatment of financial institutions, as well as supporting customers with informed financial education.
Although the South African government does not impose any laws or regulations on the legality or illegality of forex trading platforms, the flow of money out of the country is controlled by the South African Reserve Bank (SARB) with an ongoing limit per person. From 10 million rand.
Given that the FSCA’s primary objective is to protect the local economy and citizens of South Africa from financial misconduct and crime, it is recommended that traders choose forex brokers managed by this financial institution – rather than choosing non-certified brokers who are is not liable in the event of liquidation, fraud or bankruptcy.
As such, for beginner traders entering the forex market for the first time, we cannot recommend enough that you check the forex brokers’ accreditation before opening your account with them. This involves making sure the sites are fully licensed by one or more jurisdictions – after all, it’s not just your money you’re sharing with these sites, but your personal information as well! When looking for an FSCA certified broker, be sure to check the company’s regulatory status against the database of authorized financial service providers here.
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In addition, the FSCA publishes annual public warnings about fraudulent forex brokers in the regularly updated media releases section of its website. So for those of you currently trading the market, be sure to check this regularly to ensure your current broker hasn’t fallen victim to some bad practices since you opened your account with them.
Forex brokers that are FSCA regulated offer traders using their platform that their money is safe because licensed brokers must put your safety as a customer before anyone else’s. This means that all capital on your account, as well as your personal data, will remain safely hidden from others with potentially malicious intentions.
Furthermore, it is considered illegal in South Africa for online forex brokers to operate without at least a trading license – allowing you to exercise discretion over what happens on platforms that do not have a license.
Globally, banks and financial institutions have signed up to a program called KYC, a law enacted to prevent money laundering by anonymous agents. As such, when it comes to signing up for an account with an authorized forex broker (and before making a deposit into the account), you must complete your KYC documentation to further protect you from money laundering.
Full Details On How Does Forex Trading Work In South Africa?
With many South African forex trading accounts unsupervised – and their trading profits invisible to the South African Revenue Service (SARS) – few traders know what their SARS forex tax obligations really are. As such, some traders choose to open trading accounts specifically with South African forex brokers, or their South African branches, to ensure that their capital does not leave the country and is easily accounted for.
Simply put, any profit from currency trading in South Africa is subject to income tax, forex trading is classified as gross income. Before paying, all expenses incurred must be deducted to determine the total taxable amount – and as all South African residents are required to pay international income tax, forex traders must declare all their profits each year.
Also, as per South African law, forex traders can deposit up to R1 million annually without SARS or SARB approval, but amounts above that and up to R10 million must be approved by the aforementioned authorities.
To ensure that you are taxed correctly, it is recommended that you contact a regulated tax professional or the South African Revenue Service directly.
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Ultimately, given the sheer size and scope of the foreign exchange market, without an independent international regulatory body, currency scams are inevitable. Although the execution of the most famous and old scams has significantly decreased in recent years, there are those that still exist – new attempts to defraud traders are constantly emerging.
To better protect yourself in the event of a scam that has the potential to drain your trading account, it is important to be aware of the following warning signs:
As with any new self-sustaining venture, forex trading is not an easy path to financial success. In fact, it’s just the opposite and you will have to invest a lot of time, money and patience before opening your first position. So to start your trading journey off right why not join us for one of our award winning free forex seminars and put yourself in the best position for success today. Our latest trading system pays off after just 29 trades. 5 month period for only one currency pair
To find out more about this 2-month course and how you can save over two-thirds of the normal cost for the same materials and costs as our 3-month class, click on the link below.
Most Successful Forex Traders In South Africa [infographic]
This course is designed for absolute beginners who have not done demo or live forex trading and is taught in a classroom session. Refers to the platform or software used as an interface to the broker through which all trading transactions take place.
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