27 March 2022 22:25

Guy Says he needs my bank login to connect to his forex account to deposit money and wants me to send 70% to him and I keep 30%.He said I could empty the account before sending my login information out because he doesn’t need my money.Is this a scam


How do I deposit money into Forex?

Investors can simply log in to their respective forex accounts, type in their credit card information and the funds will be posted in about one business day. Investors can also transfer funds into their trading accounts from an existing bank account or send the funds through a wire transfer or online check.

How do I deposit money into my Forex account in South Africa?

How can I deposit funds into my account?

  1. Open the Deposits page within the My Money section in MyFXTM.
  2. Choose your preferred deposit method and click ‘Deposit’.
  3. Select the MyFXTM account or wallet you wish to deposit funds into and complete the necessary fields.
  4. Confirm your deposit details in the next page.

How do I fund a Forex account in Nigeria?

Different Ways To Fund Forex Account

Credit/Debit Card Deposit – This is the most common means of transaction online. Through your credit cards, you can make direct deposit into your Forex account at any time. All you need to do is to login into your Forex account and select credit card deposit.

Is forex trading legal in South Africa?

Is Forex Trading legal in South Africa? Yes, forex trading is legal for traders in South Africa. Traders need to ensure that they don’t violate any anti-money laundering laws in South Africa and deposit & withdraw funds through legal banking channels and report their earnings to South African Revenue Service (SARS).

Do you need a bank account for forex?

So, whether you are a seasoned trader or want to start with Forex, opening a forex-friendly bank account is a must. It will ease your trading flow and allow you to dispose of your income easily and with low commissions.

Which bank is best for forex trading in South Africa?

This list provides an overview of the 5 Best Banks for Forex Trading in South Africa.
🥇FNB

  • 🥇FNB.
  • 🏅Mercantile Bank.
  • 🥉Nedbank.
  • Absa.
  • Standard Bank.

Does SARS tax Forex traders?

Is There Tax Payable on Forex Trading in South Africa? The answer is an unequivocally ‘yes’. Even when you generated profits in your offshore forex trading accounts, you are obliged to pay income tax on the profits.

Can I start trading Forex with r100?

Trading accounts can be opened for as little as 5 USD (70 ZAR), though most brokers require a minimum deposit between 100 USD and 200 USD.

How much do Forex traders make in South Africa?

An average Forex trader in South Africa makes $ 200 per week if you take one trade per day. Forex is no easy job; neither it is a quick fix for people to get rich. However, with time you will grow provided you have chosen the right trading platform.

Who is the most successful forex trader in South Africa?

Ref Wayne

Ref Wayne. Ref Wayne is the best and most successful Forex trader in South Africa. Ref Wayne has developed the trading skills that he could transfer into the business after he was suffering from a lack of career development opportunities growing up.

Can you make a living trading forex in South Africa?

Professional traders can generate 10% or more per month trading forex so we’ll use that figure to work out how large a balance you’d need to generate 45 000 ZAR per month – 450 000 ZAR.

Can forex make you rich?

Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

Who is the most successful forex trader in the world?

The Best Forex Traders in the World

  1. George Soros. We start out list of the best Forex traders in the world by looking at one of the most legendary figures in Forex trading history, George Soros. …
  2. Stanley Druckenmiller. …
  3. Bill Lipschutz. …
  4. Andrew Krieger. …
  5. Paul Tudor Jones. …
  6. Michael Marcus.

Is forex a gamble?

Trading Forex isn’t gambling – Here’s why

By using various strategies and tools, a trader has the ability to dial the odds to their advantage and be ahead of the market, as well as other traders.

How long does it take to learn forex?

It will typically take on average around 1 year for someone to learn to trade forex. The technical side can be learned within a few weeks, but the risk management and psychology will take around a year to come to grasps with. The majority of traders give up before ever learning to consistently trade the markets.

Can I learn forex on my own?

Self-education. Individual study is the first and the most accessible way to learn to trade the forex market. This type of training implies that you have to go by yourself all the way, from the very beginning to the end.

Can I teach myself to trade forex?

There are plenty of websites, books, and other resources you can take advantage of to learn more about forex trading. As you may learn over time, nothing beats experience, and if you want to learn forex trading, experience is the best teacher.

Why is forex so hard?

Here’s Why Forex Trading Is Hard, For You

There could be a number of reasons, but primarily, it is because traders are an impatient bunch. The urge to make money from the currency markets overwhelms logic, tricking retail traders into thinking that trading is easy.

When should you not trade forex?

The 3 Worst Times to Trade Forex (And When to Trade Instead)

  • Immediately Before or After High-Impact News. As traders, volatility is what makes us money. …
  • The First and Last Day of the Week. The first 24 hours of each new trading week is usually relatively slow. …
  • When You Aren’t in the Right Mental State.

How much do forex traders make a month?

Even so, with a decent win rate and risk/reward ratio, a dedicated forex day trader with a decent strategy can make between 5% and 15% per month, thanks to leverage. Remember, you don’t need much capital to get started; $500 to $1,000 is usually enough.

Where do forex profits come from?

In return for executing buy or sell orders, the forex broker will charge a commission per trade or a spread. That is how forex brokers make their money. A spread is a difference between the bid price and the ask price for the trade.

How do forex brokers cheat traders?

Spread widening – an all-time favorite of all Forex brokers. Spread widening usually happens during the periods of very high volatility. A broker may fail to allocate your position at a price it quotes (even if it is completely up-to-date) and protects itself by imposing a wider than usual spread on its traders.

Which country has the most forex traders in Africa?

Nigeria

In terms of market size, Nigeria takes the pole position as the country with the most forex traders in Africa. According to guardian.ng, It is estimated that there is an active trading population of about 200,000. South Africa and Kenya come in second and third with 190,000 and 50,000 traders respectively.

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