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Thursday April 2, 2020 - 15:56:57 GMT
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Why South Africa is becoming an FX destination in 2020

The global market for Forex is absolutely gigantic. Some sources estimate, that over $5 trillion’s worth of trading volume occurs on a daily basis in Forex only, making it one of the largest trading mediums all around the world.


With such a high scale of operation, there are huge markets in many places in the world. Some countries excel at it much more than the other ones, while others have shown some rapid progress and a huge potential for the future. One such country is South Africa, which has shown some remarkable progress.

Throughout the last few years, South Africa has created an ideal environment for growth by focusing on high quality, reliable regulation, and providing massive encouragement and incentive for people. As a result, Forex is extremely popular in South Africa. Exact numbers are unknown, but some sources estimate, that some 190,000 of South Africa’s citizen s have traded Forex at least once in their life, which is absolutely huge.

How has Forex become so popular in South Africa, and what does it have to offer for people who are interested in Forex?

Amazing bonus systems

One of the things that the South African Forex market does amazingly well is offering a huge variety of bonuses and promotions. Bonuses are one of the most reliable and proven methods of attracting new clients on a  Forex platform, and most brokers know this full-well. That’s why you’ll never find an abundance of bonuses on South African Forex brokers’ websites.

There are many types of bonuses for Forex platforms. Some websites even have their own personal types of promotions that aren’t available anywhere else. However, there are several of the ones that you’ll find on most South African websites that are most common.

No-deposit bonuses

One of the most common, and yet at the same time sought-after bonuses, is the no deposit bonus. These bonuses are available to anyone who signs up on a Forex platform and act as a way to reward new traders for joining. According to several statistics in SA no deposit bonus 2020 is by far the most popular type of bonus. Especially among beginners, who might be on a fence before starting to trade, it can act as a sort of encouragement, as it provides an extra free credit that you can play around with.

Beginners aside, this bonus is quite popular among experienced traders as well, as it’s common for traders to always be searching for better platforms to trade on. A no-deposit bonus can act as a free “test-drive” for these traders, and they even get a chance to make some money on the way totally for free. A win-win scenario.

Reload Bonuses

Reload bonuses are also very common. They are given out to the returning players for making re-deposits after a break. These bonuses are designed to encourage traders to open positions more frequently, and it really does work. These are mainly liked and preferred by experienced traders who constantly re-deposit and frequently open positions. The bonus is usually a percentage of the amount that you re-deposit, and the exact percentages always vary depending on the broker.

The way South African Forex brokers use bonuses is an absolutely perfect example of how to incentivize and encourage new and existing Forex traders to be very involved and engaged in the market, and to ensure maximum growth.

Regulations

South Africa’s regulatory environment is extremely impressive. The official regulator for Forex brokers, as well as any financial institution in the country, is the Financial Sector Conduct Authority (FSCA). FSCA regulates the market and protects the citizens by preventing fraudulent operations and other money-laundering schemes.

The number of effective policies and rules that FSCA has introduced ensures that there’s a higher level of transparency and security for the traders. If you trade with an FSCA-licensed company and they go bankrupt, you’ll be fully reimbursed solely based on the fact that the company is licensed.


FSCA also requires that all the licensees conduct frequent, detailed and informative audits, to ensure that all their financial dealings are in line with international laws and regulations. This type of laser-focused approach regarding financial compliance matters is what puts South Africa forward as one of the safest markets in the world for trading Forex.

 

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