Many South Africans have become familiar with news reports profiling Sandile Shezi, South Africa’s youngest self-made millionaire at the age of 23. As soon as news first broke about him, many people were surprised it was possible for ordinary folk to make that kind of income from trading.
Sandile Shezi’s trajectory was no fluke either. This was proven when the likes of Simz D’ Mandla became more popular after becoming a millionaire at 20.
Forex trading is the buying and selling of currencies. It involves speculation to some extent and it also relies on statistical probabilities. It can be volatile, intense and stressful.
Why forex trading is becoming a big deal in South Africa:
Many people are drawn to it because of the returns that it promises. The reality is that there aren’t guaranteed returns with any form of trading. It’s become much easier for scammers to cash in on gullible individuals by promising them returns on their investments.
It offers flexibility
It requires a willingness to take high risks, which is why many people have opted to start trading on the side while still employed. Once they gain more confidence, many of them have become full-time traders; which enables them to determine their own hours.
The ease of access is a major driver
In the past, forex trading was the domain of experienced brokers. Technology has changed all of this, by making it easy to trade from anywhere and at any time.
There are no barriers to entry
Forex trading is becoming a big deal in South Africa because it’s become much easier to get started, even with a low amount of money. Forex trading is made more affordable.
There are numerous courses available
It’s important for South Africans to only use legitimate companies that are registered with the Financial Services Board. Forex trading training remains unregulated in the country.