Forex Forum

can someone explain how to hedge a trade in forex?

Great of you to ask Asamoah! To hedge an open trade for one instrument, you need to open another trade for an instrument that is negatively correlated to the open trade, so that losses from the first open trade will be offset by gains from the second/newly opened trade. For example EUR/USD and USD/CHF are negatively correlated so when the price of EUR/USD is falling, that of USD/CHF will be rising. If you opened a EUR/USD long trade and it is in a loss because EUR/USD is falling, you can open a USD/CHF long trade because USD/CHF will be rising. The profit from the USD/CHF trade will offset some of the losses from the EUR/USD trade. The purpose of hedging in forex is to manage risk and lower your net loss.

Is Webull available in South Africa?

Webull is present here in SA but remember that to buy international shares, you need to get your tax clearance certificate from the South African Revenue Service and this certificate is only valid for one year.

Does MyFundedFutures Accept South African Traders?

But I heard some people are relocating to other neighboring countries like Lesotho so they can register with MFF prop firm but honestly I am not sure how this works.

how legit is vault markets, I hear they're just a representative?

@Quentin, Vault Markets is only representing RocketX Pty LTD. who are the actual company licensed by the FSCA. Vault markets on its own has no FSCA license so they render services through RocketX. Vault Markets is legitimate because they are a registered tax paying entity under South African law but when it comes to forex brokerage they don't have their own FSCA license and operate under the umbrella of another broker - RocketX.

Does My Funded Futures Payout?

Yes MyFundedFutures does pay out but it depends on your plan: 1. The Starter Plans pay out a minimum of $250 every 5 days 2. The Expert Plan pays out a minimum of $1,000 every 14 days 3. The Eval To Live Plan pays out $2,000 after you pass a certain number of phases (around 2 or 3 phases)

What is easyMarkets Minimum Deposit in ZAR?

easyMarkets minimum deposit is 3 ZAR for their MT4 & MT5 account types but if you want to open their TradingView fixed spread account you need a $25 minimum deposit

When is CPI in forex South Africa?

A simple strategy for trading CPI is to mark the highest and lowest points of the first 15 minute candle that forms when cpi is released. After that, wait for price to break through the upper or lower line you marked then you trade the break accordingly after confirmation/retest of the breakout level. .

What happened to Veracity Markets in South Africa?

Veracity Markets was banned by the FSCA from acting as a Juristic representative to Nirvesh Financial Services (who are an authorized FSP) and who had appointed them to act as their rep. The reason Veracity Markets was banned from acting as a representative to Nirvesh Financial Services, was because they were acting as an Over-the-counter Derivative Provider (ODP) without holding an ODP license from the FSCA. In other words, Veracity Markets was trading against its clients instead of passing the trades to a third-party liquidity provider of some sort. When someone complained to the FSCA about the illegal actions of Veracity Markets, they launched an investigation and in the end Veracity Markets was fined a penalty of R10 Million, while two of its directors were fined R1 million each. The FSCA also imposed a penalty of R1 million on Nirvesh Financial Services (who appointed Veracity Markets as their representative) and another penalty of R100,000 each on two Key Individuals of Nirvesh.

Does Exness Have Minimum Withdrawal?

Greetings Sandy! @Josiah has already answered the question but let me also add that with Exness, you need to send in your withdrawal request early (lets say before 1pm) so that you can get the money on the same day.

Is Pocket Option Legit?

Pocket Option is a binary options platform that is regulated by an unpopular regulator called the Mwali International Services Authority. They are a weak regulator and chances are they may not even be monitoring what Pocket Option is doing. For a while Pocket Option was unregulated, I think they just had to get this license from Mwali after people raised concerns about their unregulated nature. To answer your question, Pocket Option is legit because they are regulated but they remain a high risk trading platform so be cautious.

what's the best options trading platform south Africa for beginners?

Johannesburg Stock Exchange also offers options on stocks JSE listed companies so to buy these options you must pass through a JSE accredited stock broker see list here https://www.jse.co.za/find-a-broker-institution However, if you want the cheaper route and you want to trade options on interntional stocks without owning them, then you can pass through an FSCA accredited Financial Service Provider like AvaTrade which is well known for options trading.

Trade245 withdrawal still pending, what's their withdrawal time?

Trade245 withdrawals take 24 hours but they are very strict on verification of documents and stuff like that; and this can affect your withdrawal time. In your case you have not stated the means of withdrawal you selected but my thoughts are you have some pending documentation issues so you should get in touch with them again.

RCG Raw Account Meaning

The Raw Account on RCG Markets is a trading account type that offers competitive spreads starting from 0 pips, with no markups or commissions, and is suitable for experienced traders who want direct market access and tight spreads An ECN (Electronic Communication Network) Account is a type of trading account that connects traders directly to the market, allowing them to interact with other traders and liquidity providers. Key Features: - Variable spreads - Commission fees apply ($7) - Direct market access (DMA) execution model

How is the withdrawal time at Just Markets?

I have personally made several withdrawals from Just Markets and their withdrawals time is instant (around 1 minute) when you select the online bank transfer method. If there is any network downtime that is going to affect withdrawal speed, just markets will send you a notification in advance (check your personal area) telling you that they are having network issues that will affect withdrawals. I have not withdrawn using other methods apart from online banking, so I cant testify to their withdrawal speed.

Is XM Withdrawal Time Instant?

Hi Quentin, you mentioned you requested your withdrawal by debit card, XM withdrawals by debit/credit cards can take up to 5 days so you have to wait. However, XM withdrawals by other methods such as eWallets, local bank transfer, etc. are instant.

Best Forex Brokers in South Africa

I have never traded with Justmarkets or Plus500, so I can't say anything positive or negative. But looking at Justmarkets's spreads, 0.6 with Pro Account, 0.9 pips with Standard account on EUR/USD, it is okay (not the lowest, but also not the highest). Their spreads on indices CFDs are not that great. Just Global Markets (PTY) Ltd. have a CATEGORY I license, meaning, they can only act as an intermediary. I don't really know who the counter party is, because their are not an approved ODP. From what I know of all the FSCA regulated forex brokers, TradeNation have the lowest CFD trading costs, it is quite low on forex & indices (and it is fixed during active trading hours). But they are also not an approved ODP, and as per FSCA's website Trade Nation Financial (Pty) Ltd were fined R30,000 in 2022 because of it. You will find it on FSCA's website. But overall, their trading costs are quite low. And they are reputed. Note that it is not a recommendation of any broker. It is just my opinion.

Any good forex brokers with ZAR Account?

I'll add that although Exness & many other CFD brokers I mentioned offer ZAR accounts, but don't trade NASDAQ or any other index CFDs with these brokers. If you primarily want to trade index CFDs, don't on European or US indices, don't open a ZAR account, because your broker will likely charge you fees on conversion to base. Open a USD base currency account. Also, the spreads on index CFDs by some of the ZAR brokers (especially Exness) are really bad. For example, Exness charges 6-7 points spreads on DAX, this is really high. There are regulated CFD brokers that charge less than 1 point spreads on DAX, NASDAQ & US30 etc.

Can you suggest any micro account brokers in South Africa?

Hi Chaka, these brokers have micro account and FSCA regulation: 1. XM South Africa ($5 minimum deposit) 2. Exness ($10 minimum deposit) 3. HFM ($5 minimum deposit) 4. Just Markets ($10 minimum deposit) 5. RCG Markets (R50 minimum deposit) 6. Headway ($1 minimum deposit) 7. Vault Markets (R50 minimum deposit) 8. Space Markets (R50 minimum deposit) 9. IFX Brokers ($10 minimum deposit) 10. FBK Markets (R20 minimum deposit)

What's FxPro minimum deposit in ZAR for Standard & cTrader Account

FxPro cTrader & MetaTrader Account minimum deposit is $100 or an equivalent of 1,800 ZAR and these accounts now come with unlimited leverage. If this is too high for you, consider opening an FxPro Promo Account which has around 50 to 100 ZAR minimum deposit but comes with 1:500 leverage & expires at the end of the promo period.

Is Revolut FSCS Protected?

As seen on Revolut website, Commodities investment is not FSCS protected so you do it at your own risk.