Why Trading has become the go-to side hustle for South Africans
When looking back on 2020 and all that has happened, it is clear to see that, due to unforeseen circumstances, a lot more people have started exploring trading, especially forex trading, due to lockdown, economic and employment uncertainty, securing more income, and a variety of other reasons.
Trading has provided South Africans not only with means to secure more income but also something to pass the time while gaining profits.
We live in a world that is becoming increasingly expensive and it does not help that the South African economy is unstable.
A lot of people fear that they will not be able to retire and they are looking at ways to earn more while holding a fulltime job as well. Thus, people have to look towards forex trading due to its ease of access, flexibility, and portability.
Why have more South Africans started trading on the side?
1. Ease of access, portable, affordable
Trading can be done through a regulated broker and due to the liquidity of financial markets, those who start do not need a substantial amount of capital as brokers offer live trading accounts with extraordinarily little minimum deposit amounts needed.
This provides new traders with access to the various financial markets as long as they have enough capital to cover the margin requirements when opening a trade, which is easily covered when applying leverage.
Trading can also be done while traders are on the move through improvements in trading technology which have brought trading to the palm of the trader’s hand, mobile apps. Traders can connect to their trading account and actively trade as they travel.
2. A variety of tradable financial instruments
Apart from the variety of brokers that offer comprehensive trading solutions, there is a range of markets with a variety of financial instruments which can be traded including forex, stocks, CFDs, commodities, metals, energies, and more.
Depending on the trading needs and objectives that traders have, there are endless possibilities and means to make substantial profits in the financial markets, and brokers cater adequately for each type of trader despite their level of trading experience.
You might like: View the top forex brokers in South Africa here
3. High liquidity and opportunity for substantial profits
Other than placing funds into an account and waiting to receive interest on those accounts, people have started trading with the purpose of obtaining profits faster.
Trading offers traders with the chance to gain large profits over a shorter time. The financial markets have high liquidity, especially where forex trading is concerned due to the substantial volumes being traded daily.
This offers traders with numerous chances to make profits. However, trading is not a get-rich-quick-scheme and involves the process of learning to trade, gaining experience, skill, and knowledge, in the journey to becoming a professional trader.
Trading, through the provision of different avenues, also offers diversification of portfolios and traders who trade in more than one market are not only offered with security that should they experience loss in one, another will offer profits, but they also stand a chance for profits through distributed investments.
Learn more about forex trading here - https://forex-trading.co.za/