The forex industry in South Africa is huge. In fact, South Africa is known to possibly have the largest number of traders contributing to this industry. In the last year alone, the South African economy grew by about 35% just due to the contribution done by the forex traders of the country. This shows how talented the South African community is in consistently keeping their head in the game and not letting their emotions distract them from reaching their goal. Oftentimes, a trader can get distracted and this is the main reason they lose a ton of money. If you stay focused, you’re already one step closer to becoming a successful trader.
The Industry of Forex Signals
If you’ve no clue what forex signals are, you’re probably new to this industry. But don’t worry, that’s what we’re here for. Oftentimes you find yourself in a position where you either have no idea when to execute a position to get maximum profits, or you simply don’t have the time to do the research to find out. Forex signals is a service that provides you with the exact trades to place in order to get maximum profits. They will let you know what trade to execute and when to close the trade. These signal providers are usually experts in the industry and have done in-depth market research which allows them to know how exactly the market is planning on moving in order to benefit from it by making a good amount of profits.
Benefits of Forex Signals
As we’ve briefly mentioned above, there are a ton of reasons why someone might want to use the service of a forex signal provider instead of doing it on their own. For instance, you may be a beginner trader. You may have zero clue on what moves the markets. If you place a trade randomly, chances are, you’re probably going to lose the trade. Forex should not be played as a game based on luck. A lot of work goes into analyzing the market before a trade is placed. It would be more beneficial to you to use a service offering forex signals, at least until you understand how to read the market yourself.
Similarly, you may also belong to the other category of people who know how to read the market but just don’t have the time to do so. Forex may not be your primary source of income and so you’re unable to give it as much time as it needs. In scenarios like this, it is always better to let someone else do the analysis for you instead of completely letting go of this source of income, simply because you didn’t have the time for it.
Top Forex Signals In South Africa
Now it is important to note that there are a ton of scammers out there who claim that their signals give you the best profits but in reality, you’ll just be going into losses. Therefore, it is crucial to only use verified signal providers with great track records. There are a couple of great forex signal providers who are verified and even provide their services for South Africa. Here is a list of some of the top forex signals in South Africa:
Learn2Trade has established itself among the top forex signals providers in the industry. Fortunately for us, they also provide their services in South Africa. Learn2Trade gives out their signals mainly through their Telegram group. This group is now home to over 24,000 members worldwide. When the Learn2Trade team finds a deal that they believe is going to be really profitable, they’ll post the details of the trade in the telegram group. They’ll input details of the forex pair, as well as price to execute the trade as a BUY or SELL deal. They’ll even let you know when to take profit or close the deal in a loss. Learn2Trade claims to have a 1% risk on their deals while also maintaining a profit level of 3%. If you decide to subscribe to their forex signals, it’ll cost you $35 a month. This will include 2-3 signals on a daily basis with a 76% success rate.
Direct Forex Signals is another signal provider that is regarded as one of the best in this industry. They’re based out of the UK but are widely popular in South Africa due to their claimed success rate. Direct Forex Signals claims to have a success rate of over 89% on their forex signals. This seems rather farfetched since no one can really guarantee almost a perfect success rate. Direct Forex Signals provides its services through its own application platform which is available on both iOS and Android. If you decide to subscribe to their forex signals, it’ll cost you $30 a month. This will include 1-5 signals on a daily basis with an 89% success rate. If you subscribe to a longer plan like the quarterly or monthly, they’ll even provide stop loss and take profit numbers with their signals.
1000pip Builder is among one of the oldest signal providers in the industry. They’ve been around for well over a decade. This is probably why they’re quite popular in South Africa as the people of this country prefer to use the services of a provider who already has a good portfolio of success rates. 1000pip Builder offers its services through a couple of different platforms, depending on whichever you’re most comfortable with. You can choose to receive signals through Telegram, email, or SMS. It is important to note that they do charge extra to receive signals through SMS. 1000pip Builder is among of the most expensive forex signal providers in this list as well. If you decide to subscribe to their signals, it’ll cost you $97 a month. This will give you access to 2-7 signals on a daily basis.
Daily Forex Signals is another signal provider that is based out of the UK but provides its services in South Africa as well. The strategy this provider uses is focusing on short-term pricing trends by using technical indicators. We’re not too keen on their strategy as we prefer to analyze the market manually but a lot of people seem to like their signals so it must be working out in their favor one way or the other. Daily Forex Signals provides its services through its own application platform which is available on both iOS and Android. You can subscribe to their signals for $30 a month. This will give you access to 3-5 signals a day and 24/7 online support in case you’ve got any queries or concerns.
FxPremiere brings a unique twist into the world of forex signals. Instead of providing clients with signals that their own team has analyzed, they instead collect top signals from over 50 different signal providers. The benefit this provides you is that you’ll be receiving dozens of signals on a daily basis so you have a good variety to choose from. It is important to try to focus on a couple of currency pairs so it’s easy to keep track of your trading strategy. FxPremiere provides its services through both Telegram and WhatsApp. You can access their forex signals at $37 a month. This will give you access to 2-15 signals on a daily basis as well as 24/7 live support.
Should You Use Forex Signals In South Africa?
South Africa is facing quite a lot of power cuts and other issues due to the current economic conditions in the country. This is making it extremely difficult to properly analyze the forex market conditions in order to execute profitable deals. This is why forex signals are extremely beneficial. Forex signals providers will allow you to stay stress-free as you’ll get to know about the perfect trades to execute without doing any research yourself. This makes it even easier to be a forex trader in South Africa as this field requires constant attention which sometimes isn’t possible in South Africa due to the economic crisis in the country.
Don’t trade all the time, trade forex only at the confirmed trade setups.
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