Learn How to trade forex for free in South Africa.
So many people have been caught out by the “get rich quick” advertising of foreign currency trading platforms and have failed to do their homework properly. If you really want to get into foreign currency trading, you can do it for a faction of the cost.
Last year we wrote about companies offering courses on foreign currency trading through online adverts and social media. Through readers’ letters we raised a warning about their methods.
There are many companies offering to teach you the secrets of trading at a substantial fee. Mostly they target foreign currency trading but some may also advertise similar services for trading on the JSE.
One company that has been very aggressive in its marketing has been Knowledge to Action. They offer an intensive weekend course for R18 000 and once you start trading you have to open an account with a minimum deposit with an overseas trading platform called ETX Capital. You also have to subscribe to charting software at R 1000 (125 USD) a month.
What they do not tell you is that you can obtain all of this for free by going directly to the broker. These companies are simply charging you for something you could access yourself; it’s just that you didn’t know you could.
South African based foreign currency trading houses like Global Trader, World Spread Trader and Standard Bank’s Standard FX Trader all offer have free training, free access to the platforms, free research and free charting software.
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