Forex Forum

Anyone Know Markets.com minimum deposit in ZAR?

You must always deposit at least 1,000 ZAR into your Markets.com account because that is the minimum they will permit. They also give up to 20% in bonuses when you deposit.

What are the best apps for forex trading in Kenya?

I agree with @Morris on Exness, out of all the CMA regulated forex brokers in Kenya, Exness has the best mobile app I have used. The runner-up is FP Markets. Basically I can set and adjust my Stop Loss on the go from the Exness app and I can analyze charts using the drawing tools on the integrated TradingView charts. Those features are not common on other apps.

How to trade London session forex, is there a strategy to profitably trade the London session in forex?

I use this simple breakout strategy to trade the London session. I simply mark the high/low of the Asian session on a H1 chart and wait for a breakout during the London session then trade the break. The logic behind this is that one of the busiest times of the London session is early in the morning when the traders in the bug banks in London are just opening for work. My thinking is that they place the big orders early in the morning so this can cause a breakout from the Asian session range. I want to add that no strategy is foolproof but this works for me most of the time.

What is Trade245 minimum deposit in ZAR?

Trade245 offers 7 different account types and the minimum deposit is 0 ZAR on all of them. This is suspicious because I see only older more established brands doing this but Trade245 was established just recently in 2020. Also when you visit Trade245 website, there is no live chat and no real means to reach them for inquiries. You will also notice the website has too little information which is one of the signs of a scam broker. My advice is you should tread with caution as this broker may not be trustworthy.

What is Just Markets minimum deposit in ZAR?

190 ZAR minimum deposit for the MT4/5 Standard Account where spreads on EUR/USD average at around 1 pip, XAU/USD around 1.8 pips, US30 around 2.5 pips and Nas100 around 1.7 pips. 3,800 ZAR minimum deposit for the Pro & Raw Accounts where you can get up to 40% lower spreads.

eToro vs Trading 212

eToro is my preferred option for Cryptocurrency as they have 100+ crypto you can actually buy and hold. Trading 212 on the other hand offers Crypto ETFs

How do I open a real forex account on MetaTrader 4?

To open a real MT4 forex account you must do so through your forex brokers portal (via their website or mobile app). MT4 is not equipped with account opening capability. After opening the account, your forex broker will send your login details to your email so do well to check your mail. Take the login details then use it to login on the MT4 platform; the login details will usually contain a server name so ensure to select the correct server as this is crucial. You asked why account opening feature wasn't integrated into MT4, well in my opinion MetaTrader is an open third-party platform used by different brokers so integrating account opening for each broker will require frequent modification of the MetaTrader app, which can affect its stability.

Is Vault Markets Regulated?

From what I see on the Vault Markets website, they are representing another broker that is FSCA regulated. Personally I wouldn't trade with Vault Markets because of this, as they are so many other forex brokers in South Africa to select from who have direct FSCA regulation.

How much does a forex robot cost?

Yes, you can build your own trading bot to execute your trading strategy. If you are using MetaTrader you can code your EA. But I'll come again to the starting point, what is your underlying strategy. The EA will only execute that strategy, but if the strategy is not profitable after paying the brokerage costs, then the bot will not automatically make you money. So, first you have to find a repeatable consistent pattern that you want to automate. What is it? Does it have an edge?

Who Has Traded With JP Markets? Are They Safe?

JP Markets have asked people contesting unclaimed funds submit their application to be paid. I don't know what's going on with JP Markets but why do people have to contest unclaimed funds? Well, tread with caution with this broker is all I would say.

Has Anyone Withdrawn From Exness & What is The Minimum Withdrawal Allowed? I cant Seem To Find It Stated on Their Website.

Exness minimum withdrawal is 3 USD for bank transfer method and that is the one that I have used. You can find minimum withdrawal information in your Exness personal area. Just go there and click on withdrawal.

How to avoid forex trading tax in South Africa, how much tax do forex traders pay in South Africa?

I believe the question here is about tax 'avoidance' i.e. legal ways in order to reduce tax liability as a CFD trader. I don't think anyone should be advising on the methods that may not be legal, or could cause legal issues in future for any trader. Also, whenever you are depositing funds at any FSCA regulated broker (or any regulated broker in any region), they will ask you for proof of funding if they find anything shady. And you can only withdraw fund to your method that was source of deposit. You cannot deposit via South African bank & then withdraw via crypto, that's not how it works. My suggestion OP to you is to consult your tax advisor, he/she would be able to give you better advise. What you see on the internet may vary a lot from the actual tax liability, and what you can save on it legally.

Anyone know how to get funding for forex trading? Is it tough to find?

Today, thy are a lot of prop firms that provide funding if you can pass their challenge which you must pay for in fees. Some prop firms charge as high as 100 USD per challenge and every time you fail, you have to pay again. Come to think of it, the money you are going to spend paying for prop firm challenges is enough to put into your account and teach yourself to trade and become profitable over time. Remember that lessons learnt when you lose your own money stay with you longer than lessons learnt when you lose demo account money.

How much does it cost to trade with Exness broker?

Minimum Deposit: Exness account opening is free but when funding the account you must deposit a minimum of $10 USD. Currency Conversion Fees: Exness supports a variety of over 40 base currencies so chances are you can avoid paying currency conversion fees if your preferred deposit currency is supported. Overnight Fees: Most Exness instruments are swap-free so you can avoid paying overnight fees. Spread: Exness spread varies, for EUR/USD expect is to hover around 0.9 pips on a good day. Expect XAU/USD at 16 pips on a good day too. Commission: If you are trading the Exness commission pricing account types, expect commissions of $3.5 per side and above on Forex & Gold instruments. Inactivity Fees: These are nonexistent at Exness

How to trade CPI in forex

Update: The CPI first 15M fade trade was okay today with small SL. The high & low of the first 15M of the CPI news. The Fade move is to take the first opposite PA, which was the Bullish engulfing 5M. The idea is to trade a low SL, so only trade the edges or a break. The other move is to trade a break, where you wait for a break to one side of the 15M.

Is Forex Trading in South Africa Legal

Yes, there are a lot of scam brokers operating illegally in South Africa without any license. ODP licensing does bring oversight on the derivatives at CFD brokers, but as far as I know there is still no investor protection fund in South Africa similar to FSCS in the UK. And if you get scammed by an unlicensed broker, I don't think there is any way to get your funds back, even if you go to the relevant authorities. It is the same in other countries, so I can't say this is a South Africa problem. With regulated brokers, even without investor protection fund, you atleast have the trust that the broker is compliant with checks & balance in place.

Top 10 Richest Forex Traders in South Africa

If you have to pose behind a luxury car to show you are successful trader, then chances are that you are not. Most of these so called richest forex traders in SA, are actually into the business of motivation. They just want to motivate you to buy their courses & keep trading but they are not in any way rich. I believe some forex brokers are paying these guys to market and attract more customers; its no wonder these guys will always recommend a certain broker to you. If at all they have any money, it is the money they get paid by brokers to do this marketing and show off online. That's my opinion though, I stand to be corrected

Scalping

Price keeps surging upward even after Hitting My Take Profit. This is evidence that the area of support that it bounced off is really credible and should be marked for future use later in the day

How Long Does Exness Withdrawal Take in South Africa?

Exness withdrawals have to be initiated early in the morning before a certain time if you want it to reach your account same day. I think you have to initiate the withdrawal before 10 AM or so and if you do, then you're good to go

Which South African Forex Broker Has The Best Modern Tools?

AvaTrade also has great tools although this broker is quite pricy. Their AvaProtect tool refunds you for losses on a trade when activated but you pay for this service. Their Guardian Angel is also another great trading companion for MT4.