With the increasing trends of Forex trading in South Africa, new traders are flocking in numbers to join this exploding gold mine. Forex Trading is currently ranked number one in South African when Compared to Digital marketing on Google Trends.
You might ask yourself why compare Forex Trading to Digital Marketing. ? Digital Marketing is currently the biggest online industry in the entire world. That’s why we weighed it against the Foreign Exchange Markets. N: B The below comparison was done for South Africa with its nine provinces, the time frame was a massive five years worth of search data collected by the giant search engine Google.
You’re probably reading this article because you’re interested in trading or you just want to know if trading is legal in South Africa. Trading is completely legal in South Africa. You can open a trading account and start trading, but wait there’s a catch, depending on how you are doing it. Scenario One will be you Opening a trading account and trade your own funds in that sense then trading is completely legal you can trade and make as much profits as you want and won’t be a problem. Scenario Two, which is illegal is when you open a trading account and offer people investments.
You can’t trade for other individuals’ accounts unless you’re authorized to do it or you’re a Financial Advisor, if you can break this rule, you can be charged or land yourself in Jail. It’s a serious violation that should be respected by all traders embarking on the financial markets. In the past few years, there have been cases that landed some individuals in jail. At Rhodium Investments we don’t give people financial advice or trading on their behalf.
- South Africa Revenue Service (SARS)
As of this writing in South Africa, there is currently no clear obligation to pay for tax on your profits from trading. Maybe in the future, the South African government will want to intervene since trading is rapidly exploding in South Africa. At the moment forex traders don’t pay any TAX on their returns, they keep all the profits they make.
Stats says 90% of traders blow their accounts within the first few months of trading. Maybe that’s the reason the South African Revenue Service doesn’t bother Taxing traders. With these stats it’s probably pointless to SARS, they assume everybody will lose everything given enough time.
- Countries that don’t allow Trading.
Trading is completely banned from the following countries
Trading is a very serious business, it’s like any other business out there. One should approach these markets with an open mind. Loses are involved, but with the proper training one can profit from these lucrative markets. We provide new traders with Free Trading Guides if you’d like to know more about our services at Rhodium Investments please click here.