The South African trading market has seen the rise of the popularity of forex trading, which has influenced many South African citizens to turn it into a full-time profession.
Much of the growth of popularity can be attributed to the influx of various online trading software which provides traders with immediate access to the currency markets on a global scale. This allows them to generate the quickest returns on these investments. Among the main reasons why South Africans join forex trading as a viable alternative to an ordinary ‘9 to 5’ job.
To get success as a South African forex trader, the first thing one must follow is the fluctuations in rates between the South African RAND and the US Dollar. These fluctuations can appear as trading opportunities to experienced forex traders, generating impressive returns as a result.
However, Forex is no “get rich quick” scheme. To be a successful trader requires an impressive combination of trading skills, experience and technical know-how, something which the majority of forex traders sadly, lack. Wrong trading decisions in the forex market can lead traders towards losing their whole trading account, and in some cases, their life’s savings.
The following article aims to introduce some of the most successful Forex traders in South Africa.
The popularity of forex trading in South Africa can be attributed to several factors that are mentioned in brief below.
· Flexibility in Trading:
As mentioned before, online trading brokerages and platforms have certainly influenced the growth of Forex in South Africa. Along with internet connectivity and the availability of mobile devices, Forex traders are no longer bound by geographical boundaries and can easily follow global market movements.
· Ease of Entry:
Even though forex trading has a considerable history in South Africa but was highly confined in the hands of large financial institutions and real investors. However, things have changed dramatically now, as almost any South African citizen today can make money through currency trades with as little as R5000.
· The Existence of Leverage:
Margin and leverage are two major factors that have made forex trading available to all. Through CFD trading, investors can trade in much larger positions at a fraction of the actual costs. Moreover, South African forex brokerage firms are generally not restricted by regulators and thus can offer standard leverages of up to 400:1 or 500:1.
· The Rand’s Popularity:
The RAND is used in many currency pairs such as USD/ZAR and GBP/ZAR both of which are popular forex pairs. Because of the volatility and fluctuation it offers, traders prefer it over other currencies. In South Africa, the Reserve Bank stabilises the RAND against other currencies to some extent to eliminate some of the erratic fluctuations that may occur.
List of Successful Forex Traders in South Africa
Many novice traders tend to look at successful forex traders for motivation. As explained before, Forex is not a “get rich quick” scheme, and it takes a lot of experience, skills and technical know-how. That being said, here are some of the biggest, most successful forex traders in South Africa, as of 2025.
Jabulani “Cashflow” Ngcobo
Jabulani Ngcobo is nicknamed “Cashflow” for a reason – his success in the Forex market. Ngcobo’s Intagram profile is proof of his flashy lifestyle and sleek cars which are almost an extension of his “high lifestyle” persona. Ngcobo’s exhibition of his lifestyle on social media has forced many traders to reconsider their stances after they are set on exiting the forex market and quitting.
Various sources have put 34-year old Jabulani’s personal net worth to be somewhere around US $35 Million, a lot of which has been amassed through Forex trading. He has since involved himself in a number of different activities such as offering lectures on stock exchange and other motivational speaking sessions in different towns in South Africa as well as in Botswana.
Instagram: https://www.instagram.com/cashflowngcobo/?utm_source=ig_embed
Ref Wayne
Ref Wayne is a well-known face who is almost unavoidable in South African Forex trading circles. Hailing from Mazanzi, South Africa, Ref Wayne is known for his “over the top” lifestyle with expensive cars and jets to match. Ref‘s lifestyle is testament to the fact that one can amass a fortune if they play their cards well in the Forex market. He thus serves as an inspiration for many novice traders who are not sure of the value of investing in Forex trading.
Ref Wayne has expertise in other fields such as business, philosophy and Psychology, authoring books such as “The Art of Trading and Armageddon”. He has always been interested to offer a helping hand to many novice traders, offering educational classes and introductory workshops for forex and cryptocurrency trading.
Instagram: https://www.instagram.com/refwayne/?utm_source=ig_embed
Sandile Shezi
Sandile Shezi is another famous trader in the South African Forex market. Known for his great breaks, in the Forex market, he is known for his calculative yet risk-taking nature. He is widely considered as one the youngest South African millionaires at the moment. Sandile’s road to the top serves as an inspiration to many South African forex traders who are just starting up. Sandile Shezi has founded a Forex trading institution called the Global Forex Institute, which provides trading on forex trading to many individuals.
Instagram: https://www.instagram.com/sandileinnocentshezi/?utm_source=ig_embed
Simz D’mandla
Simz D’mandla is another well-known South African Forex trader, widely regarded as one of the most successful ones. He is the CEO and Founder for Trade4Africa as well as The African Millionaires Program. Apart from being a forex trader, he is also a serial entrepreneur, Angel investor, Business Strategist and Philanthropist. One of the things that make Simz D’mandla standout from the crowd is his vision for Trade4Africa, which focuses on uplifting African economies by bridging the gap between different social classes.
Instagram: N/A
Facebook: https://www.facebook.com/SimzDmandla/
Louis Tshakoane Junior
Louis Tshakoane Jr, is one of the youngest and most successful Forex traders in South Africa. He comes from the very famous Vuzu Rick Kids group. His father, Tshakoane Jr is a former public officer of the Kaizer Chiefs.
At the age of 30, he is also a millionaire. Louis formed his new company, Undercover Millionaires International, a new venture aimed at establishing a network of business people. The company also focuses on giving back to the community, providing youths a platform to showcase their ideas and aid them on implementing those ideas. In May 2019, Tshakoane Jr hosted a free Forex seminar for students, handing them each a free trading account.
Instagram: https://www.instagram.com/juniortjizo
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Tips to Become a Successful Forex Trader in South Africa
The above list of the most successful Forex traders can serve as an inspiration to the numerous forex traders who are starting their journey in South Africa. However, it takes skills, practice and perseverance to become a successful Forex trader in such a volatile trading market. Thus, trading in forex is more than just dealing with numbers, ratios, charts and patterns. For novice traders trying to find success, taking note of some simple practices and factors would help them to reach the top. Some of these are mentioned in brief below.
1. Defining one’s Goals:
For a trader, it becomes absolutely necessary for him/her to form a complete idea of what they are trying to look for and the tools required. Clear goals should be conceptualised and formed before selecting a particular trading method. It should be noted that each trading strategy comes with its own sets of rewards and flaws and might produce different results for different traders.
2. Checking out weekend analysis:
The forex markets remain closed during weekends and traders can take advantage of this time. There are several weekly reports from authoritative sites, dealing with the past week’s market. Traders can use such analysis from other traders to make a plan for the coming week ahead.
3. Paying Attention to World News:
The Forex market is influenced by geopolitical and other news from around the world, especially news that might involve the relationship between different countries. This in turn undeniably has an effect on the currency pairs involved. For example, following the recent US-China trade war which affects the USD’s value, will also have an impact on forex trading.
4. Following Signals and Indicators:
Many novice forex traders can easily get confused after receiving conflicting information. In such cases, they should always look for charts, signals and indicators to take better informed decisions. There are many forex brokerage sites which offer educational information on how to use charts and indicators to a trader’s advantage.
5. Selecting a Reliable Broker:
With the growth of online trading platforms, it has become extremely important to select a reputed and legitimate trading platform for forex trading. The market is currently filled with fraudulent forex brokerages, masquerading as the real thing to attract unsuspecting traders. By conducting proper research, following recommendations and reviews, traders should be able to separate the legitimate platforms from the fraudulent ones.
6. Remaining Emotionally Unaffected:
It may so happen that a trader experiences massive losses in the first few sessions of forex trading. Taking such losses personally would deprive traders from finding out how to avoid such situations in the future. Instead taking a look at the decisions one has made should help traders uncover things to avoid in the future.
Many traders also tend to be affected by emotions and modify the way they are trading, affecting future trades by not taking risks they would have otherwise taken.
7. Defining one’s Trading Edge:
“Trading Edge” refers to the strategies that define a particular trader’s actions and decisions. Although there are more than a dozen factors that can influence a trading edge, traders should instead stick to what they know, analysing and updating them as they go along.
8. Using Price Action:
Using price action correctly is the key to getting it right in the forex market. Price action refers to the way a market moves, including its trends, key resistance and support levels. It also includes Buy and Sell signals. Using Buy and Sell Signals are crucial to strengthen any trading strategy as they provide by pointing out potential entries and profit targets.
9. Investing Life Savings:
Many Forex traders make the grave mistake of including their life’s savings as part of their capital for forex trading. As mentioned before, Forex trading is a risky affair where fortunes can be made of lost. Successful traders never use money that is allocated for other purposes such as one’s life savings. If one is not careful, he/she could end up losing the whole amount as a result of some wrong moves.
Conclusion
Forex trading in South Africa has seen a rise of unprecedented proportions in the last 5 or 6 years. With growing internet connectivity and the availability of mobile devices and computers, the largest financial market in the world has seen even more participation in recent times. The South African Financial Services Board is entrusted to regulate the forex market, keeping it a fair place to trade.
The above list of forex traders are just few of the several successful Forex traders in South Africa. However, the rise of frauds and ponzi schemes should also not go unnoticed. Ponzi schemes tend to focus on a specific character with a typical forex success story, showing off expensive jewellery, watches and supercars in the process. An unsuspecting trader can easily be enticed and signup with such fraudulent schemes.
The vast world of forex is considered as the single largest trading market operating on a daily basis in the world. It can be a handful for new comers trying to navigate their way around. By avoiding Ponzi schemes and frauds and selecting legitimate brokerage platforms, traders can effectively begin their forex journey. With time, perseverance, experience and some technical knowhow, almost any forex trader can become successful and learn the tricks. Luckily there are several educational resources available online at authoritative sites, to aid forex traders understand the market.
Question #1
Who is SA’s best forex trader?
Answer
Click on the link above ☝️ to view the most successful forex brokers in South Africa.
Question #2
Is forex trading legal in South Africa?
Answer
Yes, it is 100% legal in South Africa.
Question #3
How to I get started in Forex trading?
Answer
Visit our in-depth resource guides to get you from beginner to pro in no time.
Question #4
What are the best forex trading strategies?
Answer
View the 23 Best Forex Trading Strategies here – https://sashares.co.za/best-forex-trading-strategies/
Question #5
How do I open a FREE forex trading account?
Answer
Simple, go to OPEN MY ACCOUNT, sign up in 60 seconds and get your username and password to start trading.
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