Opening a Live Forex Account in South Africa

In recent years, Forex trading has become one of the most lucrative financial opportunities for investment due to its potential for high gains and quick returns.

If you are a beginner, you can start learning and practicing how to trade Forex in a Demo account using virtual money. After gaining the required trading knowledge, you need to enter the real world of Forex by opening a Live account so you can trade using real money.

How to Open a Live Forex Account

Opening a Live account is relatively easy. You just need to head to your Forex broker’s website, get verified, and open your preferred trading account. Afterward, all that remains is making a deposit to start your trading journey!

Here are more detailed steps on how to get started:

🔸Visit your selected broker's official website.

Please note that each broker may have different websites for traders from different continents. Also, make sure that the website is official and not a scam.

🔸Click Create Account, and choose your desired account.

Read all the trading conditions to make sure that the account is suitable for your trading objectives. It is advisable to compare all the available trading accounts to find the one that meets your trading needs.

🔸Enter all the requested information.

This information may include first name, last name, address, email, phone number, date of birth, country of citizenship, employment status, and tax ID.

🔸Choose your trading platform, leverage, and base currency.

Some brokers may ask you to answer some essential questions to help you determine the most suitable trading conditions. The questions may include annual income, trading experience, and trading objectives.

🔸Add your password, and confirm your account creation.

The broker will usually send a confirmation message either via email or phone number to make sure that your email or phone number is valid.

🔸Verify your account.

You can do this by sending your ID or any requested supporting documents, such as your passport, proof of address, and financial details.

🔸Deposit some funds and start trading!

Open a Live Forex Account with a broker

With the increasing number of Forex brokers offering trading services, you may find it challenging to find reputable and regulated Forex brokers. To help make your trading journey easier, we have compiled a list of prominent forex brokers you can try as follows:

Account types: Micro, Standard, Ultra Low, Shares
Min deposit: 5 USD
Max Leverage: 1:1000
Spread Types: Floating
Available Markets: Forex, CFDs, Futures, Indices, Metals, Energies, Cryptos

Payment methods: Bank wire, Credit Cards, Skrill, Neteller, Bitcoin, PerfectMoney

Regulations: CySEC, IFSC, ASIC, DFSA, FSCA
Country: Cyprus
Founded: 2009

Open XM Account

XM Broker Review

FBS

Account types: Standard
Min deposit: 5 USD
Max Leverage: 1:3000
Spread Types: Floating from 0.7 pips
Available Markets: Forex, CFDs, Metals, Energies, Stocks, Cryptos

Payment methods: Bank wire, Credit Cards, Skrill, Neteller, PerfectMoney, Cryptos

Regulations: CySEC, IFSC, ASIC, FSCA
Country: Cyprus
Founded: 2009

Open FBS Account

FBS Broker Review

RoboForex

Account types: ProCent, Pro, Prime, ECN
Min deposit: 10 USD
Max Leverage: 1:2000
Spread Types: Floating from 0 pips
Available Markets: Forex, CFDs, Futures, Metals, Energies, Stocks, Cryptos

Payment methods: Bank wire, Credit Cards, Skrill, Neteller, PerfectMoney, Cryptos

Regulations: IFSC, CySEC
Country: Cyprus
Founded: 2009

Open RoboForex Account

RoboForex Broker Review

Exness

Account types: Standard Cent, Standard, Pro, Zero, Raw Spread
Min deposit: 10 USD
Max Leverage: 1:Unlimited
Spread Types: Floating from 0 pips
Available Markets: Forex, CFDs, Futures, Indices, Metals, Energies, Cryptos

Payment methods: Bank wire, Credit Cards, Skrill, Neteller, PerfectMoney, Cryptos

Regulations: CySEC, FCA, FSA
Country: Cyprus
Founded: 2008

Open Exness Account

Exness Broker Review

Things to consider before opening a Live trading account:

✅ Always open a Demo account first

You may wonder why many Forex experts recommend new traders to open a Demo account before a Live account. The reason is simple, because the Forex market is extremely risky. When you open a Demo account, you can trade using virtual money with no risk or mental pressure. You can also test new strategies and financial markets to gain more experience while using your forex broker’s offered services free of charge!

Before stepping into the real world of Forex, you should hone your trading skills and knowledge, as well as work on your mental strength because Forex trading is a fierce business. Additionally, as a trader, you have to constantly battle against fear and greed, and never let emotions sway your trading decisions one way or the other. That is why it is always better to prepare yourself by demo trading and then move on to Live trading when you are ready.

✅ Choose a trusted broker with a great reputation

Forex brokers are partners you choose for your trading journey. It is their job to accompany you every step of the way with the required services. They can either make your trading experience as rewarding as it gets or make it feel like a living hell if chosen poorly.

You can conveniently choose one of the abovementioned forex brokers, or continue reading brokers' reviews to make your decision. Moreover, some websites provide unbiased reviews and ratings for Forex brokers, in terms of their available account types, trading conditions (leverage, spreads, minimum lot sizes, trading platforms, etc.), safety of funds, customer service, regulation, available instruments, fees, deposit and withdrawal methods, and so on. Details such as these can help you narrow down your search to a handful of viable options.

✅ Choose a trading account that is suitable for you

Different brokers offer different account types to cater to their clients’ needs. The best way to know which trading account is most suitable for you is by understanding your trading objectives, needs, and experience. Ask yourself the following questions: What do you want to gain from trading? How experienced are you in terms of your trading skills? How much capital do you plan to invest in your trades?

For example, if you are looking to trade in smaller lot sizes, then Cent and Micro accounts are far better choices for your needs. These accounts are less risky and require much lower minimum deposits. On the other hand, if you are looking for competitive quotes and tighter spreads with larger capital requirements, then you should consider Raw or Spread trading accounts.

✅ Pick your currency pairs and check the spreads

After choosing your Forex broker, make sure that your preferred currency pairs are offered by the broker. If you are a new trader, it is better to choose popular or major currency pairs because the spreads are likely to be tighter. You will also find more information, news, and predictions about these currency pairs online. Minor or exotic currency pairs are more suitable for professional traders.

You should also pay attention to the spreads and fees required for your currency pairs. The spread may seem a pittance at first but it can add up over an extended period of trading. Spreads can help you assess the trading costs and provide insights about the market dynamics, liquidity, and risk.

✅ Pick the most suitable trading size and leverage

Forex trading is open to traders from all walks of life, so the range of trading size can vary vastly among traders. You can trade a mere $5 or go as high as $500,000. Needless to say, higher capital translates into higher returns as well as higher risks. New traders are usually recommended to go for smaller lot sizes so they can avoid big losses and adjust to the market dynamics gradually.

Leverage can help you double, triple, or even quadruple your initial investment, or make you lose everything you have since it goes both ways. Only choose a leverage amount that you can handle. Do not be greedy and opt for bigger leverage just to regret it later.

Remember that opening a Live account is just your first step in your trading journey. You will still have a long road ahead of you before you can become consistently successful. Therefore, keep learning new things to improve your trading skills so you can prevent losses as much as possible.