South Africa is the leading Forex industry in Africa, although Forex Trading is very risky. There are more than 200 000 Forex Traders in South Africa and some very successful forex traders in SA. Here are 10 most successful Forex Traders in South Africa.
ALSO READ: Successful Female Forex Traders in South Africa
10 Most Successful Forex Traders in South Africa
Sandile Shezi
Sandile Shezi is a South African Forex Trader with a very controversial yet mention-worthy success story. Having initially invested all his tuition money in the forex market, Sandile was able to make a solid profit, making him one of the best South African Forex traders in the market.
George Van Der Riet
George Van Der Riet is a South African based Forex trader who was born and raised in Cape Town, South Africa. Before diving into the Forex market, Riet has worked with many financial institutions and Banks. Along with Sandile Shezi, Riet founded the Global Forex Institute, which aims at helping the South African youth to develop more skills and knowledge about the financial market.
Ref Wayne
Ref Wayne has been in the forex business since 2011 and has been one of the top ten major crowd pullers in South Africa. He is not scared of showing off his wealth, as is evident from the many luxurious cars he owns. Ref Wayne is also the author of “The art of trading and Armageddon”.
Jabulani Ngcobo
Born in 1985, Jabulani Ngcobo is a self-made millionaire and one of the richest Forex traders from South Africa to date. With an estimated net worth of $2.4 Billion, he authored a biographical lesson in financial education, called Cashflow Naked. One of his popular sayings – “An entrepreneur knows how to build an empire with the same stones thrown at him”.
Louis Tshakoane Junior
Louis Tshakoane is a famous rich kid turned 30-year-old millionaire. After starting his first business in his teenage years, he worked for a few high-profile companies such as Lamborghini and UBS. This expanded his networks even more. His new venture called “Undercover Millionaires” provides youth with a platform to showcase their ideas and supports them.
Shaun Benjamin
23-year-old Shaun Benjamin is a well-known forex broker in South Africa who earned his first million Rand when he was 21 years old. Some circumstances forced him to start trading foreign exchange. However, he ended up making a lot of funds, quitting his job and opened the Benjamin Forex Academy.
Simz D’ Mandla
Simz D’ Mandla is a South African forex trader born in Tembisa and raised in Midrand, Gauteng. He made his first million when he was 19 or 20 years old. Currently, Mandla is a Forex Analyst, motivational speaker, business strategist, wealth coach, serial entrepreneur, philanthropist and active trader as well.
Nelisiwe Masango
Nelisiwe Masango is one of the very successful and richest Forex traders in South Africa. After initially planning to be a neurosurgeon, Masango changed course later in life. She developed a strong bond with financial markets which lead her to study Entrepreneurial Management. However, instead of finishing the course, she started to learn how to trade in Forex.
Paballo Nkwe
Paballo Nkwe is a well-known female forex trader in South Africa. Along with Danielle Lester, they form a powerful female duo who are regarded as game-changers for the South African Forex industries. She is also co-owner of iSelect Wealth, in spite of the fact that she is still in her 20s.
Danielle Lester
Danielle Lester is another female South African Fore trader in her 20s. Along with Paballo Nkwe, they own iSelect Wealth. The duo has also started an incubation program for women where they visit them in South African Universities and teach them about the financial markets, financial intelligence, forex trading and ways to make future market investments.
Forex trading in South Africa is on the rise
The number of South Africans interested in Forex trading is growing by the day. Forex trading in South Africa is legal. Many South Africans are willing to learn Forex trading so that they can make money online legally. In 2020, trading of foreign exchange (Forex), became one of the fastest ways of making money online and this is because anyone with internet and a smartphone or computer can trade forex in South Africa. To trade currencies, you need basic understanding about foreign exchange and currency trading. There are many richest forex traders in South Africa who are making consistent profits.
Forex Trading in South Africa
Forex exchange (Forex) trading involves buying and selling foreign currency with an aim to make a profit off an international foreign exchange market. Since the value of the world’s currencies is frequently changing, the aim is to time the buying and selling of foreign currencies, trading one currency against another, so that the forex trader gain profits from currency swings with minimal losses. It’s very important that you educate yourself about forex trading in South Africa. If you have ever traveled outside South Africa, you will know the importance of exchange rates and foreign currencies.
One of the biggest advantages of forex trading is that it doesn’t require traders to have any formal requirements to start trading forex and make money. In this post, you will see that we’ve put together a detailed guide on how South Africans can make money online in South Africa by trading forex on a computer or smartphone.
Step 1: Learn about Forex market & terms
Trading forex is a good business in South Africa. It’s very important that South Africans equip themselves with the right forex education before venturing into it. There are several steps that new beginners should take before they start transacting in the forex market. Learning about the financial market and basic keywords and terminologies used by Forex traders is the first step you need to take.
The forex market is open 24 hours a day, five days a week, except for holidays. It is one of the biggest financial markets in the world, with a global daily turnover estimated to exceed $6.6 trillion. All transactions made on the forex market involve the simultaneous buying and selling of two currencies.
Step 2: Find a good and reliable Forex broker
The next step for forex trading business is finding a good and reliable forex broker in South Africa. Sign up with a reputable South African broker to trade with. We’ve listed the best list of Forex brokers in South Africa. The forex market is so competitive and sometimes it can be very hard to find a good broker. Make sure you read our broker reviews before deciding which broker offers values and services that best meet your needs.
Step 3: Start trading with a demo account
Almost every broker listed above has a demo account. Demo accounts are virtual accounts with virtual money which is connected to a real trading platform, receiving real data on the market. This means that traders can open and close trades without spending any cent. A forex trading demo account helps traders understand how the forex market works. Trades can be placed in real time and represent what would be true losses and gains if the money were real.
You will need some practice before you put any money on the line with trading. A demo account will give you the ability to practice trading without the pressure.
Step 4: Learn to analyse currency trends
For a trader to be able to make the correct prediction about currency trends, he/she needs to be able to analyse current trends and movements in the Forex Markets. In forex, there are two main types of analysis that currency traders usually focus on, this includes technical and fundamental analysis. Technical analysis is the study of price action, including looking at momentum, trends and reversal patterns, while Fundamental analysis is the study of macro events that will alter the course of a currency pair.
In Forex, currencies are traded in pairs, such as USD/GBP or USD/ZAR. The reason we have currencies quoted in pairs is because in every foreign exchange transaction, traders simultaneously buy one currency and sell another.
Step 5: Start trading with Real Money
After going through these steps, you can now start trading with real money. Remember forex trading in South Africa is a risky business. While the idea of ‘buying low’ and ‘selling high’ might sound easy, in reality, profitable trading in forex is extensively more challenging than just buying when price moves down, or selling when price moves higher.
According to research in South Africa, many richest forex traders in South Africa for 2021 have taken a highly technical approach in their forex trading strategies. Always make sure that you have a trading strategy and stick to it. You may also consider checking what the charts are saying before you make a trade. Many best South African forex brokers offer traders access to charting tools that give historical price patterns indicating whether to buy or sell.
Conclusion about Forex Trading in South Africa
Anyone with a smartphone or computer connected to the internet can start forex trading in South Africa. By following the above steps, you can get started with forex trading business. Always remember to be patient before you start trading with real money. Use the demo account to practice as much as you can before you fund your trading account with real money. You should consider trading with real money only when you have carried out enough free trades and you have developed a successful trading Forex trading strategy.
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