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Just like Europe, America, Australia and all around the world, South Africa has jumped on the band wagon called forex trading. From large institutions such as banks and large corporate companies to small businesses and people trading for themselves, the forex market in South Africa is booming.
Large Scale Forex Trading South Africa
Across the board companies are saving millions by buying currency at the right moment when they need to buy to purchase goods from abroad. By buying currency when the South African Rand is relatively high compared to the currency we need to buy, we are essentially spending less Rands and getting lower costs on our products from abroad. By purchasing a lot of foreign currency with our South African Rand we are putting more Rands in the market and essentially causing the Rand to depreciate.
They are also making much higher profits by exporting when the exchange rate makes it most favourable. Exporting when the foreign currency of the country we are exporting to is much higher than the South African Rand, we are making more Rands on our products. By the foreign countries using more of their currency to buy Rands the market has less Rand and the Rand appreciates.
Smaller Scale Forex Trading South Africa
On a smaller scale people are trading forex online in their own time and supplementing their income to save for retirement, pay bonds off quicker or whatever they may want to do with the extra money. Most of the forex trading in South Africa that is done on a small scale is done over the internet on various forex trading sites. These sites are easily accessible and it is wise to look at a few before settling on one. Also, be sure to properly read the terms and conditions before you agree to invest any money or sign anything that might cost you money.
Are Local Banks Also Involved in Forex Trading South Africa?
South African banks are very up to date with current trends and constantly offering new services and products to keep their clients satisfied. Look on your bank’s website for forex related products and services or even ask a consultant for advice on effective ways to do forex trading in South Africa. Some of the local banks that offer forex services include First National Bank popularly known as FNB, Standard Bank (found worldwide), Nedbank, Absa and African Bank. There are other smaller banks and forex brokers that you can also deal with, you will find them on the internet.