South African Forex news

Forex has been growing exponentially in South Africa over the past few years. In 2021, it had now become a trend to be trading on the markets. The trend is not only with Forex, but also with stocks, CFDs and cryptocurrencies alike. Forex, however is growing at an enormous rate compared to the others, especially because there are more and more Forex millionaires popping up. Along with millionaires, Forex brokers institutions and learning opportunities are also increasing. Sadly Forex scams are also on the rise due to the surge in Forex exposure. This leaving the South African Forex market at a very interesting place. Will the traders prevail or will the scam artists have their way？

South African Forex is still at a very early age in its conception, as the platforms used to trade were developed not to long ago. Forex education, the most important part, is still under development, and this serves as a huge barrier to traders, as there is so much fake education flooding the market. One outlet of fake education is Forex gurus. Although not all Forex gurus are scammers, a majority of them are. The gurus will ask the traders for money in exchange for mentor-ship, however the guru makes no money from the markets, only from mentor-ship fees. Many times these fake gurus will team up with fake brokers, and the brokers will pay a percentage to the gurus for getting them new traders. Many South African citizens are losing lots of money because of this trap. The reason they can get away with this, is because South Africa has not implemented enough Forex laws, preventing scams like this. Many South Africans have even lost their homes and cars due to these scams. When the victims try to take them to court, they are often met with disappointment. However, it is not all bad news, there are many people in South Africa, trading the markets and making lots of legit money. Many times these people feel inclined to share their success and help people make money from the markets. These are legit trading gurus, using legit brokers, making legit money. They have been making a sincere effort to be notice by the public in order to stop the spread of scams. You can often find them on social media platforms displaying their Forex knowledge, helping students and making money.

In South Africa, however, it is important, at this stage of Forex, to only trust yourself. Theres is no better person to handle your money than you, and you are responsible for what happens to your money. One way of avoiding scams, is by using an app called WikiFX. WikiFX is a Forex inquiry app, it allows traders to search brokers, and get all the information they need about them. South African traders surely have an advantage with this app in their arsenal.

Forecasts of popular Forex pairs for upcoming weeks:

GDP/USD: It seems the breakout has occurred and the market is about to enter a bearish run. Traders are encouraged to place orders at the highest point, before the bear run.

EUR/USD: It seems this pair is also on a downtrend, however the downtrend is almost done. Traders would be wise to let the down trend play out and wait for the uptrend to enter into the trade.