COVID-19 containment has caused millions of job losses and has put up a major pressure on several individuals. This is especially for the ones who have been forced to eat into their life’s savings to survive.
Surprisingly, this unfortunate situation has resulted in an increase in the number of active Forex traders in South Africa. Active forex traders have grown exponentially in recent months in South Africa, as individuals are looking for alternative ways to earn money.
South Africa is more or less very much the hub of trading and has been for quite some time. Everyone wishes to make some extra money and that is where so many people develop a keen interest in trading especially in South Africa as opposed to other locations.
Now, with the spread of COVID-19 across the globe, there is quite a bit of speculation about how people are going to take react, because many people have lost their jobs or are not working. People are in home quarantine and self-isolation, not just in South Africa but in almost every other place on the earth.
There are different levels to this unfortunate situation. At one level people may have little money, on another level we are stuck at home and looking for something to do. And on yet another level some people are saying they wish to earn more money since they are not working at the moment. With the speculation of all these levels in recent months, it has been observed that people are extremely interested in trading and are willing to take chances and risks with the desire to make more money.
Fortunately, there has been a massive move up in oil and a huge move of up in the dollar rand (a few examples of market changes). This implies that some people may not have made money but there is a portion of people that has made a serious buck. The market has had opportunities that typically do not come along every day and it may sound ridiculous and terrible in these tough times during a pandemic but everything has a positive side. And the positive side or beauty of the coronavirus in the financial markets is that they are very volatile. When financial markets become volatile, a lot of money can be made. Since the start of this, it has been observed that instead of numbers going down or staying the same there has been a spike of about 20% in the regular number of active traders not just in South Africa but around the whole world.
Immense Popularity of Trading
COVID-19 has pushed many people in South Africa from trading as a hobby to trading full time for a living. Even people who claim to have no time for trading now have a lot of time in their hands and therefore are attempting to trade for a living or to earn some extra money.
Another reason why there has been an exponential growth on Forex trading in South Africa is that the trading industry does not discriminate. There is no correct answer to who is best suited for this world. Anyone with or without a degree can trade if they have an inclination or instinct for it, passion for it, a gut feeling for it or is just is good at grasping new things.
In addition to all of this South African traders have no worries with the investments currencies since they don’t need to use a foreign currency allowance. They have the option to directly invest in Rand and get back their money in Rand as well. This makes trading even more convenient.
Therefore, we can conclude that there has been a massive spike in Forex trading in South Africa and COVID-19 is responsible for it. Seasoned traders have seen massive opportunities that are quite rare and have made a lot of money. Now, beginner traders are joining to earn some extra money. If you are a beginner and looking for more information on how to start trading in South Africa, you can visit www.tradeforexinsa.co.za/ and learn how to trade successfully.
Basically, there has been an increase in the number of Forex traders in South Africa comprising of experienced and new traders alike.