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Foreign exchange in South Africa is operated differently from other nations of the world. The financial laws and regulations of South Africa and the laws governing investment in general are a bit tighter in South Africa than elsewhere in the world. Although the nation is a booming economy when compared to other African nation, the financial regulations can be quite controlled.
While it is not illegal to trade forex in South Africa, the different limits to trading and the legislation regulating the industry do complicate matters for most investment traders. Added to this complexity is the fact that not everyone knows what these regulations are and breaching them unknowingly cannot be completely ruled out either. This is where the services of a good broker come in.
Brokers For Foreign Exchange South Africa
It is not difficult to find a broker in South Africa but you will need to be very selective and careful as well. Traders can easily find a broker or a brokerage company that will transfer, mix and match the funds to keep the trading process as fluid as possible for the trader. Brokers make the trading business a lot simpler for traders especially those who want to become investment traders. For traders who want to be more hands-on in handling their accounts, it has now become much easier for South Africans who want to move their money to offshore accounts, making foreign exchange trading and funding forex accounts possible. However there is still a limit, every South African citizen is only given an allowance of 4 million Rand for exchange, which makes it difficult for larger companies. For individual traders, this is good news.
What You Need to Know About Foreign Exchange South Africa
Now that money can be easily moved to offshore accounts, South Africans can now easily transfer money for foreign exchange purposes. Money can be moved through wire transfers and credit cards. With credit card transfers, a trader can only be allowed 20,000 Rand per transaction, up to 4million Rand, which is time consuming and may incur high transfer charges.
It is also important to go through the right channels when funding a foreign exchange account. A trader must know the tax implications and the amounts allowed by law per time, in order not to attract hefty penalties for non-compliance with legislation regulating investment and handling of finances in the country. More importantly, traders must be careful not to lose money through scams.