The goal of retail forex trading is to generate money by speculating on currency movements. Any FSCA-regulated forex broker permitted to provide derivative products to South African traders may lawfully be used by South Africans to participate in the foreign exchange market. In 2017, South Africa’s daily forex trading volume reached $19.1 billion USD. According to data from the International Monetary Fund, South African Rand (ZAR) was one of the world’s top 20 most traded currencies in 2016.
Anyone with a computer and an internet connection may participate in forex trading. Even while it is possible for anybody to do it, this does not imply that everyone ought should. Forex traders that are serious about making money in the market understand the need for knowledge, discipline, and a solid trading technique. It’s possible to make money on a few transactions in Forex without these abilities, but in the long run, you’ll end up losing money.
Forex trading can be a reliable source of income if you do your homework and are willing to put in the time to learn the ropes. When it comes to trading forex, bonuses are an important consideration. Promotional Forex bonuses are designed to introduce customers to the services supplied by the broker, attract new clients, boost the trading activity and encourage further deposits to the broker’s service. To qualify for a bonus, most brokers need traders to complete some requirements. In this article, we will overview what are the main factors that should be taken into account by SA traders before they accept the Forex bonuses.
The benefits of Forex bonuses
One of the key advantages of Forex bonuses is the potential to increase your money. If you obtain a bonus, you’ll be more likely to trade forex.
You are more likely to trade if you have a large amount of money in your account. Deposit bonuses are completely free, however, there are a few conditions attached to them. To put it another way, certain brokers don’t allow bonus funds to be withdrawn. The advantages of South African FX brokers with no deposit bonus doesn’t end there and they have many benefits that are worth taking into account. It might also enhance the enjoyment and intrigue of your activity. You can’t skip out on a bargain if you notice a promotion, sale, or discount, right? Bonuses are a great way to receive something for free or at a lower cost! As a result, while reading a Forex broker review, be sure to pay attention to the bonus scheme. If you’re considering joining up with a certain broker, do your research and see if there’s a better option out there! Getting the best bargain is always the goal.
In order to be eligible for any deposit incentive, you must first make a deposit. Some brokers need a simple deposit of $100, while others have certain requirements you must complete in order to get a bonus on your deposit.
More things to consider
To get the most out of your trading, look for a broker that not only offers a terrific incentive program but also performs well in the markets.
Forex traders in South Africa argue that while incentives are supposed to tempt new investors, the constraints attached to them, as well as the reputation of the broker, ultimately determine whether bonuses are worth accepting or refusing. As withdrawal delays lengthen and bonuses take longer to spend, your reliance on the broker grows.
There is no need to hurry for any incentive, no matter how enticing it may seem, since this may be your last opportunity to earn additional money from a certain brokerage. As previously indicated, there are instances in which Forex bonuses might actually make things worse. What causes this? Brokers that use gimmicks like “100% deposit or reload bonus,” “up to $200 no deposit bonus,” and similar, try to get you to deposit money with them before you’ve looked into the fine print. However, these might potentially trap you. When you request a withdrawal, the fact that you received a bonus will cause your request to be delayed or limited until certain impossible conditions are satisfied.
The more money you have in your trading account, the larger your positions may be. As a result, you’ll make more money. However, you should always keep in mind that there are some scammer FX companies that try to allure customers with an amazing bonus system. So always try to look for a regulated brokerage.