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Is Forex Trading Legal in South Africa?
It is definitely legal to trade Forex in South Africa as the South African Government doesn’t have any laws governing the legality.
So, trading Forex is legal as long as you abide by
Financial laws that prevent money laundering.
You declare your income tax.
Funding an account is fairly straightforward in South Africa as most brokers have a variety of payment methods. Using a credit card connected with a major bank is the best and simplest way to fund your account.
It has also become easier for South Africans to legally move more money to offshore bank accounts, making funding a Forex account easier.
But there is still a limit on the amount each South African citizen can transfer overseas, an allowance of 10 million Rand is possible but it must first be cleared by SARS.
Banks and financial institutions globally have signed up to a program called KYC. It is a law set in place to stop money laundering by anonymous actors.
When you sign up for a Forex trading account, and before you will be allowed to make a deposit, you will need to complete your KYC documentation.
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