How to open a Forex account in South Africa

Before you open an account, you need to understand which account you need. In South Africa, Forex brokers offer five account types:

Practice (demo) accounts are funded with virtual money and are commonly used for training or testing new ideas and strategies. Every Forex trader should start with a practice account.
Cent accounts multiply all your investments by 100 and divide all payments by the same amount. If you want to trade without leverage and don’t have 100 000 USD — Cent accounts are the best choice.
Mini accounts have no starting capital limits and are often used for high-leverage trading. Mini accounts are a good choice for beginner Price Action traders, but less favorable to scalpers due to rather loose spreads.
Standard accounts have a 100 USD minimum starting capital, provide better trading conditions. are used by the majority of traders. A lot of scalpers start with the Standard accounts because they have tighter spreads.

ECN Zero accounts have a 500 USD minimum starting capital, provide 0-pips spreads in exchange for a transaction fee, and are used by the experienced traders with sizable assets. While some scalpers might be tempted to start on ECN Zero, it is not recommended.
Once you have picked an account type, you need to sign up at Forex broker’s website. For example Forex broker JustForex. Then, verify your identity by providing support with a scan of your passport or another government-issued document. From that point on, you can start trading on a demo account. To trade on the real-money one, you’ll have to top it up first.

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