Forex Millionaires
Forex Trading is now more popular than it ever has been, with a traded volume level of more than $4 trillion a day. The growing number of Retail Forex Traders is continuing to drive this volume increase as more people become aware of the Foreign Exchange market and how they can potentially profit from it.
South Africa is one Country where this trend is becoming increasingly apparent. Due to the rise in social media promotion, portraying lavish lifestyles involving champagne and expensive cars, South Africa is at the forefront of this drive in growth with hundreds of new trading accounts being opened on a daily basis. To keep up with this increase in demand, an ever growing list of Brokers have appeared on the scene, offering their services and the chance to trade to anyone with the minimum amount of capital required to open an account.
Buyer Beware
Of course, with any large increase in demand, there is usually a large increase in supply. Having seen just how profitable the industry can be, many companies have sought to take advantage of the situation by promising unrealistic returns and the promise of getting rich overnight. Unfortunately, this just isn’t possible through Forex Trading, but to many, the prospect of making steady any consistent returns just isn’t glamorous enough. Worse still, some of these individuals and companies have a vested interested in seeing their clients lose money as they then stand to profit in return and this is a clear conflict of interest that traders are made aware of too late.
These newly formed Brokers also have some responsibility to bear with irresponsible statements of guaranteed earnings and unfavourable terms and conditions that traders are misled into agreeing to. One such sales tactic being the promise of an account trading bonus, with only the small print going into the details of the account turnover required to achieve it.
How Can I Protect Myself?
The key to staying safe and not losing all of the capital you have initially invested is to take the time to learn to trade for yourself or make use of one of the Forex Expert Advisors available on the market. There are a number of online resources available that will teach you the basics of trading for free. Equally, make sure that any Expert Advisor service you wish to use has made available their results which should span many months so that you can get an accurate gauge of potential performance.
As mentioned, not all Brokers are equal, so make sure that whichever one you choose is licensed and regulated with a reputable 3rd party organisation or authority. This alone will ensure the safety of your deposit and overall trading experience.
Our favoured Broker is Pepperstone who were founded in 2010 and have gone on to become one of the largest in the World. They are licensed within every territory in which they operate, including the FCA in the United Kingdom and accept clients from around the World.
