Wanting to just stick to a 9-5 job isn’t simply enough nowadays. We all want to live that lavish, luxurious lifestyle, and to achieve this goal, we wake up every day to give our very best in our careers and jobs.
When you’ve decided to take that extra mile on yourself, you’re always on the lookout to learn new technical information, thinking of new ideas or making up businesses in your head even as you do something menial as drinking a cup of coffee.
In this day and age, to achieve financial freedom doesn’t necessarily mean you have to start your own business. Instead, you can simply research and look for ways that allow you to invest and retain profits without having to start a firm all by yourself.
Now your investment portfolio can be an accumulation of certain things such as affiliate marketing or passive income ideas, which won’t necessarily ask a lot of your time. Understanding and investing your time and money in the financial market is a great way to start off.
The Foreign Exchange Market
The Forex market, which has trading volumes in trillions, doesn’t require a lot of in-depth knowledge to start with. It’s not rocket science at its best, and simply put, you just need to understand why and how currencies appreciate and depreciate due to certain factors and indicators.
Now, if you’re residing in South Africa and want to expand or kick-off your forex investment portfolio, you might be thinking of commonly traded currencies such as Yen, American dollar or Franc etc.
Wanting to trade with these currencies isn’t frowned upon, but even though there are a few brokers that offer trade accounts using ZAR, they lay emphasis on the benefits of trading using Rand. As such, trading with ZAR accounts that offer various advantages are as follows:
The brokers with zar account eliminate the hassles that might arise with opening up an account with a different currency. If you take up a foreign currency to act as a denomination for your trading account, traders might have to face certain regulations and restrictions which would have been placed by an acting authority or financial body.
By offering ZAR as the denomination to South African traders, they can engage in trading and opening an account using Rand instantly. Hence, it is best to indulge in the trading of global assets and monetary purchases on the forex market using a local currency.
Ease of Withdrawals and Deposits
When you’ve successfully made engagements with your trading profile and would want to withdraw your profits or think about making that very first deposit, would you put yourself through the process and stress of converting USD or EUR into your local currency?
When you pursue a trading account in South Africa using ZAR, it is far easier for you to commit to withdrawing and depositing your funds into your account. You do not have to implode under pressure or put up with the cost of conversions.
Your trading account is linked to the brokerage house, which links it to your bank account. Therefore, if you were to use ZAR as your base currency, your transactions would be quicker and save you the need to pay for extra charges for conversions and transfers.
There is Low Risk
Trading with currencies of developed nations will hold greater risks for traders in South Africa. The South African Rand has high volatility attached to it since it is less sustainable, which makes it more attractive if you’re thinking in terms of making huge profits.
When you trade with ZAR, you will not be worried about the influence associated with the exchange rate market in comparison to other currencies in regard to your funds.
You can very well earn full-fledged profits in your local currency and won’t have to worry about appreciative and depreciative factors affecting trading profits and the capital involved.
Indulging yourself in trading is an effective way to use the technical motors of your mind and execute strategies to earn lucrative returns. Just the same as those business ideas that seem to cross your mind every now and then, there are risks involved with every idea and endeavour.
If you want to embark on your trading journey, you need to consider which steps to take initially and take into consideration whether you will be able to face a loss as well. Depending on all of these reasons, you need to pick out a brokerage firm to which you can entrust your funds.
Pick out trading firms offering ease of use and an easy-to-understand platform outlining all relative financial indicators and access to numerous financial assets. Side by side, you should choose a business that offers you top of the notch customer service and educational tools as well so that you can have smooth sailing with your trading prospects.