Forex & Markets

Step-by-step guide to start trading forex in SA with just your phone

You don’t need a setup that looks like NASA. Just your phone, a proper app, and a few rules to avoid blowing your rent.

Image: AIPrompt: Liz Thorne.

You don’t need five screens and a swivel chair to trade forex; you need a decent smartphone, internet signal, and enough common sense to dodge the hype. Whether you’re curious about currency pairs or tired of watching forex TikTok's with no usable instructions, this guide shows you how to start trading (safely) from your phone in South Africa.

1. Download a legit forex app (not that one your cousin sent you)
Skip the links from WhatsApp groups. Go straight to your phone’s official app store and download one of these broker-backed trading apps:
- Exness
- FXTM
- HFM
- XM
- Tickmill

These apps offer live pricing, demo accounts, and full trading functionality without needing a PC. No DMs, account managers, or voice notes promising to flip your R500.

▶ Bonus tip: Check if the broker is registered with the FSCA (South Africa's Financial Sector Conduct Authority).

2. Open a demo account first (please don’t skip this)
Every legit app offers a demo mode. That’s your free practice account with fake money. It mirrors real market conditions so you can learn the platform and make mistakes without burning your rent money.

Choose your currency, set a demo balance, e.g., start with R10,000 equivalent in USD, and just play around. Watch what happens when you buy or sell a pair like USD/ZAR or EUR/GBP.

If a forex app doesn’t let you practice with demo money first, it’s not an app, but bait.

3. Understand what you’re trading (before you buy)
Forex is the market where you trade currency pairs. You’re betting on one going up while the other goes down. The ZAR fluctuates a lot, so many SA traders focus on pairs like:
- USD/ZAR
- GBP/ZAR
- EUR/USD (this is also a global favourite)

Before placing any trade, make sure you know:
- What the pair means
- Why it's moving (check news or economic events)
- How much you’re risking

4. Set your risk and trade size
Don’t trade huge amounts just because you can. Look for position size settings or 'lot size' when opening a trade.
As a beginner:
- Use 0.01 lots (micro-lots)
- Always enable stop loss and take profit
- Never risk more than 2% of your account on one trade

This is what separates a trader from a gambler.

Photo: MART PRODUCTION.

5. Monitor the trade (but don’t panic-scroll)
Once a trade is open, your app will show:
- The real-time profit or loss
- How the price is moving
- News alerts or analysis

Check in, but don’t obsess. No good decision ever came from watching your phone at 3 am, sweaty, and convinced the chart is mocking you.

Photo: mikoto.raw Photographer.

6. Withdraw when you’re ready, not when the app says so
Some platforms make it awkward to withdraw. Test your broker’s process early with a small amount. See how long it takes and what fees apply.

▶ Never let your profits sit there for no reason. Transfer it into your bank account or savings tool when you’re done.

Forex can be a smart, flexible hustle, but only if you treat it like trading, not a quick payday. Your phone can handle it, and so can you. Just keep your fingers away from signals groups and “doublers”.