Best Forex Traders in South Africa

Top 10 Richest Forex Traders In South Africa

Reabetswe Shongwe

Despite starting out as a low-paid retail sales assistant, Reabetswe Shongwe became one of the wealthiest young female forex traders in Africa. Currently, she is a member of the Women in Forex and Entrepreneurship (W.I.F.E.) division of Trade4Africa, one of the most well-known financial organizations in the world.

As a result of the growing awareness of forex trading potentials and the increasing demand for job opportunities in the digitalized world, forex trading in Africa has experienced massive growth over the last few years. According to these success stories, African traders have an excellent opportunity to become rich and successful in forex trading. By hard work and dedication, anything can be achieved, especially now that the forex market is available to everyone regardless of country, background, gender, or age.

Ref Wayne

Forex trader Ref Wayne is without a doubt one of the best in South Africa. Growing up, Ref Wayne did not have many career development opportunities which allowed him to develop the trading skills that he could put to use in the business. Trading made him a multimillionaire at age 22, making him one of South Africa's top 10 forex traders.

Wayne not only created the first South African cryptocurrency called Pip Coin, but he also teaches financial literacy to the country's residents. Additionally, Wayne has published free forex lessons and created an African Forex Institute.

Jabulani Ngcobo

Among South Africa's richest self-made millionaires, Jabulani Ngcobo, 37, made his millions through Forex trading.

Currently, he has an estimated net worth of $2.4 billion, but that number could grow.

Prior to becoming successful, Jabulani worked as a casual laborer at Toyota for eight months carrying doors. After leaving in 2006, he started his first debt collection company in 2009, and in 2010, he started his forex trading company, Cashflow Pro.

Jabulani pursues other interests besides trading, such as motivational speaking and writing. Known for his financial wisdom, he has written a biography called Cashflow Naked.

Louis Tshakoane

Louis Tshakoane is the founder and president of Undercover Millionaire's Currency, which is based in South Africa. It was Louis Tshakoane's goal to create a platform for business people to exchange ideas and strategies, making a positive impact on the community in the process.

The sales and revenue for his latest book Forex Millionaire in 365 Days by God's Grace have crossed R2+ Million. In the past five years, he has built up a huge African following, and his book has sold well, and over 2000 preorders have been placed.

There are over 5,000 subscribers to Louis Tshakoane's free forex signals Telegram channel, in addition to the million followers he has on Facebook and Instagram. He provides forex signals for free to those who cannot afford to purchase premium signals.

Shaun Benjamin

Benjamin graduated from Newcastle High School in 2012 and earned his first million Rands when he was 21 years old. As a result of circumstances, he started trading forex, and he quit his job after raising the funds to establish the Benjamin Forex Academy.

An entrepreneur, property investor, and miner, Shaun Benjamin is also founder and CEO of Benjamin Forex Academy and director of Benjamin Investment Group (Pty) Ltd.

As a graduate of Newcastle High School in 2012, he was accepted to study engineering, but he had to abandon his studies due to financial difficulties.

Shaun Benjamin acquired a National Certificate in underground coal blasting operations from Khethekile Mining in Newcastle. Forex trading became his passion. He eventually quit his job after saving enough money and founded Benjamin Forex Academy to teach others his skills.

With the goal of helping others attain financial freedom and reducing unemployment, Benjamin Forex Academy is the only non-profit training center in South Africa.

Nelisiwe Masango

Nelisiwe Masango is the CEO of Ubuntu Invest, a forex trading company. In her youth, Nelisiwe planned to become a neurosurgeon, but she developed a love for investing and finance instead. Aside from winning several awards, Nelisiwe Masango has also received the Frost & Sullivan African Growth Innovation & Leadership Award.

Educating people about wealth generation and financial freedom is Nelisiwi's personal mission.

Paballo Nkwe

Danielle Lester and Paballo Nkwe are two powerful women who are changing the forex industry in South Africa. Danielle Lester and Paballo Nkwe own iSelect Wealth together. Using technology and financial intelligence, Paballo Nkwe and Danielle Lester have created platforms and models that can be used by individuals, startups, South African forex traders, and companies.

The Incubation program Paballo and Danielle run teaches female students at South African universities about finances, forex trading, and how to invest for the future.

Simz D’mandla

Simz D'mandla, founder and CEO of Trade4Africa and The African Millionaires Program, is one of the most successful forex traders on the African continent.

A hobby of D'mandla's during high school developed into a full-time career as a forex trader implementing smart trading strategies. In his early twenties, D'mandla became a self-made millionaire.

In addition to his trading career, the successful trader is also an angel investor, philanthropist, business strategist, and a visionary with a goal of elevating the African economy.

Sandile Shezi

Sandile Shezi is a forex trader with an impressive success story that is worth mentioning. He started trading foreign exchange with his tuition money.

When Sandile Shezi took a massive risk and invested all of his money in forex trading, he lived in a ghetto and attended the local school. Now he is one of the richest forex traders in South Africa. As a result of this investment, Sandile Shezi was able to make a solid profit, which led him to be ranked as one of the top South African forex traders.

His company Global forex Institute teaches young entrepreneurs about forex trading, strategies, and tools for creating powerful trading strategies.

In addition to transforming the minds and lives of young people on the African Continent, the Sandile Shezi Foundation is a non-profit organization, built to enhance Africa's education, health and wealth, so that Africans can take part in the nation's development.

George Van Der Riet

Before making his first investments, George Van Der Riet did not just get adventurous and invest all he had into the Forex exchange market, but instead slowly learned about it. After growing up in Cape Town, George moved to Manchester to further his education in finance.

He worked in financial institutions such as banks and the forex industry during the years he spent in the United Kingdom. George Riet used this experience to become a professional in the forex industry. His journey to becoming one of the most successful forex traders in South Africa began after he decided that he had learned enough and was ready to invest by himself.

After returning to South Africa, George was offered various job positions by different companies because of his good reputation. Nevertheless, he was set in his ways and only considered his own venture. George and Sandile Shezi met at that time in 2010, and the meeting was very helpful to both of them. Throughout the years, George Riet mentored him and saw his potential. Both traders are among South Africa's top 10 richest forex traders as a result.

Together with Sandile Shezi, George Van Der Riet leads the Global Forex Institute. The aim of both of them is to provide more financial market knowledge to young people in South Africa.

Danielle Lester

Danielle Lester is an esteemed entrepreneur and seasoned forex trader, boasting an impressive track record of over 15 years in the financial services industry. Holding the position of CEO at iSelect Group, she has established herself as a prominent figure in the field of investment. Together with Paballo Nkwe, Danielle co-owns Benjamin Investment Group, a company that has garnered considerable recognition.

Acknowledged by Forbes as an expert in the forex realm, Danielle Lester's expertise has also been featured in esteemed publications such as Business Insider. Beyond her achievements in finance, Danielle is a driving force behind women empowerment and serves as a mentor to aspiring individuals.

Passionate about investment solutions, Danielle Lester actively engages with investment markets and plays a pivotal role in facilitating the management of liquidated retirement funds. Her qualifications include a Wealth Management certification, an Honors degree in Marketing, and a qualification in Occupational Risk Auditing.

Best Brokers in South Africa

1

9.4/10

Go to broker

Your capital is at risk.

Minimum deposit:

$10

Bonus for deposit:

60%

Regulation:

FSC

Review

RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).

Pros/Cons

•Availability of favorable trading conditions and a minimum deposit

•Unique investment program CopyFx

•Highest affiliate payments: up to 84% of the fee paid by the referral

•Market launch - STP and ECN

•Instant withdrawal of funds

•Minimum deposit - $10

•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime

•Lack of tools when trading on the R StocksTrader platform

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

$100

Bonus for deposit:

0%

Regulation:

ASIC, SCB, CySEC, FCA

Review

Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.

Pros/Cons

•The broker is registered in the Bahamas and Seychelles, and is regulated by the Securities Commission of the Bahamas (SCB, SIA-F220), ASIC (391441), FCA (921296), CySEC (246/14). Also, it partners with many proprietary firms;

•Traders need to deposit only $100 to open a live account, and the broker imposes few trading limits on its clients;

•Hundreds of the most popular CFDs are available, and the pool is constantly expanding;

•Eightcap provides one of the most profitable trading costs with really tight spreads;

•Almost all options for depositing/withdrawing funds are available and the broker does not charge a withdrawal fee;

•The broker’s clients can work through any of the three top trading platforms, including mobile versions of the MetaTrader solutions;

•The company provides high-quality training, extensive analytics, and its own developments for automated trading.

•No joint accounts, copy trading, referral program, or other options for passive income;

•Eightcap has some regional restrictions. For example, some services are not available in Australia;

•The broker's technical support is efficient and competent, but it is not available on weekends.

Study Review

Your location is United States

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What do successful Forex traders have in common?

Here are some common traits and practices of successful Forex traders:

• Discipline. They follow a trading plan and stick to it, even when emotions make them want to deviate. This includes cutting losses quickly and letting winners run.

• Risk management. They manage risk by using stop losses, limiting position size, and diversifying trades. They don't risk more than 1-2% of their account on any single trade.

• Education. They constantly study the markets, read books and articles, take courses, and keep up with news and data releases. Knowledge is power in Forex trading.

• Analyzing charts. They use technical analysis tools to identify trading opportunities and market conditions. Charts help successful traders spot trends and reversals.

• Managing emotions. They don't let fear, greed, or other emotions impact trading decisions. Successful traders are rational and act objectively.

• Patience. They wait for high-probability trading setups rather than over-trading. Patience allows successful traders to wait out market volatility.

• Adaptability. They are flexible in changing market conditions. Successful traders can quickly adjust their strategies as needed.

• Consistency. They trade their plans consistently, not sporadically. Persistence and consistency are key to long-term trading success.

The common thread is that successful Forex traders are disciplined, knowledgeable, and treat trading like a business rather than gambling. They follow a methodical approach.

How to Become Successful Forex Trader in South Africa

What Are Typical Mistakes Beginner Traders Make?

Is Forex Trading a Good Career in South Africa?

Most people are curious about the South African financial market, but do not have a thorough understanding of how it works.

For the forex market, currency pairs are commodities that represent the value of two different national currencies. There are two currencies stated in the pair: one is the base currency and the other is the quotation currency.

The ever-stricter financial realities we are now faced with have made forex trading more popular. You can start making money here without leaving your house. And you do not need a lot of money to get started. The first step is finding the right broker that will provide you with the best possible trading conditions and fees. Choosing a broker that places a high value on fair trading conditions and prompt payouts is essential for secure forex trading.

Unlike other markets, forex does not charge fees for trading activities, except for the market difference between bid and ask prices.

Certain brokers offer their clients the opportunity to gain trading knowledge and participate in the global market. South Africa's financial services industry is booming thanks to the broker. To entice new investors and encourage the comparatively old ones to become loyal clients, many brokers in the FX industry offer promotions for traders.

Just like any other job, trading in foreign currencies requires certain knowledge, skills, and moral qualities.

Trading books, articles, and videos will be easier to understand if you are familiar with the terminology and fundamental principles of the forex language. For math-savvy and persistent people, this can be a good career. However, beginners should understand that trading is risky and most beginners lose money. However, there are many successful forex traders' stories about people who made it big with this trading style. You may have imagined that these stories would come from well-developed nations, but they are more often coming from developing nations like South Africa.

Will I Have to Pay Tax On My Forex Earnings in South Africa?

Taxation of forex earnings in South Africa is contingent upon whether an individual is classified as a resident or non-resident for tax purposes.

Resident Taxation

Residents are obligated to disclose all income and profits derived from forex trading on their annual tax returns. Forex traders earning over R79,000 annually are subject to a progressive tax system ranging from 18% to 45%. To illustrate, if a trader generates R100,000 per year in trading profits, they will be taxed on the R21,000 exceeding the R79,000 threshold.

Non-resident Taxation

Non-residents, on the other hand, are only liable to pay taxes on income earned within South Africa. Nevertheless, non-residents conducting business in the country may be subject to taxation on income derived from that business.

Recognize that forex trading has been classified as speculative in South Africa, and therefore, any profits or losses incurred are subject to income tax. Traders must dutifully declare their profits or losses to the South African Revenue Service (SARS) in compliance with taxation regulations.

How Much Do Successful South African Traders Earn?

The average amount of money forex traders in South Africa typically make falls within R10,000 to R50,000 per month. However, it's important to understand that the earnings of successful traders can vary significantly based on their competence, trading plans, and strategies.

It's important to note that the income of successful Forex traders is not limited, and the highest-performing traders can earn millions of South African Rand per year. These traders have honed their skills over a considerable period and possess a deep understanding of the markets.

Some of the wealthiest and most accomplished forex traders in South Africa, such as Jabulani Ngcobo and Shaun Benjamin, have amassed substantial fortunes through their forex trading endeavours. On average, a trader in South Africa can expect to make approximately $50 or around R433 ZAR per day.

That said, many beginners may initially experience losses in trading and need to gradually develop their skills to earn substantial profits. Achieving success as a trader requires continuous learning, adapting strategies to market conditions, and implementing effective risk management techniques.

While there is no predetermined limit to how much a successful trader can earn, it is crucial to understand that Forex trading involves inherent risks, and consistent profits are not guaranteed. Traders must assess their risk tolerance, set realistic goals, and stay informed about market trends to increase their chances of earning significant income as South African traders.

Do I Need To Be Wealthy to Start Trading Forex in South Africa?

No, you do not need to be wealthy to start trading Forex in South Africa. One of the advantages of Forex trading is that many brokers offer low entry thresholds, making it accessible to a wide range of individuals. For instance, brokers like RoboForex allow traders to start with as little as $10.

This means that even with a modest amount of capital, you can begin your Forex trading journey. While having more funds at your disposal can provide greater flexibility, profitability in Forex trading depends on skill, knowledge, and effective risk management rather than the size of your initial investment. With proper education, practice, and discipline, anyone can enter the world of Forex trading, regardless of their financial status.

Is Forex Legit in South Africa?

Forex trading is fully legal in South Africa. It is regulated and controlled by the Financial Sector Conduct Authority (FSCA). This regulatory authority makes sure that brokers do not violate the law. In addition to the FSCA, there are also other regulators. When you choose a broker in South Africa, it is important to find a company that not simply offers good conditions, but also operates in the legal field. This will be a guarantee of safety of your personal information and that your financial partner will operate in good faith. Forex is an international currency market, where banks, financial institutions and traders buy and sell assets, and earn money on their changing value. For retail investors, Forex is available only through a broker that acts as a connecting link and is responsible for ensuring fair trade execution and that traders can quickly withdraw their money. This kind of a financial partner provides a trading account, software, leverage, etc.