Forex Trader

[HR Solutions]

Mailed a dozen government enitities this week.

sounds more like i GAVE them a reason to build a new legislation about capital markets than anything else

Oh well - we are on the receiving end of this .............

[sterne.law@gmail.com]

I would suggest that with thelse sort of sums you should approach an attorney who specialises in these transactions to advice you.
The cost will be worth it and you could get a tax write off.

[Hermes14]

Hi There,
Do i need to register as a credit provider or anything else?
.

I don't see the logic it that.
You aren't a business so why do you want to register as a business?
Good luck to filling some civil servant's back pocket with your hard earned cash.

[Dave A]

I suspect the main piece of relevant legislation that has to be met would be the Financial Advisory and Intermediary Services Act of 2002.

[xcorporation]

Thank you very much Dave and Anthony !!!!

[Hermes14]

This forex trading has made me inquisitive but why aren't there any live feeds involving the South Africa rand?
Are there any good books that can give me more information on this subject?

[xcorporation]

Hermes,

You are asking to gte dopped in pitfalls for the next 12 months.

There's alot fo garbage on the internet relating to forex trading services, automated bots, financial training , 'free' e-books and unreliable traders posting a mere $50 from a $ 5000 account as PROFIT and trying to solicit clients.

The bottom line is, if you want to trade yourselve. dont even bother opena n accoutn for the next 2 years at least.
There's alot fo stuff happening inside capital markets that can't be explain here.
For sintance, each financial insturment have a customer set of strategies to work with.
DKK instruments have a ROI of months, where gold is daily.

Now they want to sell nonsense to tell you that it all can be done in MILLISECONDS ... right.

Unfortunately it's very simple for these fakers to advertise / spam these related indirect concerns to the general public.

Word of advise, there are 4 regulators dealing with Forex Brokers.
Only deal with them if they have a VALID certificate number that you can search for on the internet. for instance National Futures Association.

once there, doa search on court appearances. it's not uncommon that companies drops on a daily basis due to various Compliance regulations.

Aside from that, if you use a professional trader to perform trading for you. This is probably the safest way. as they can define executions far better than thumb sucking it.


In regards with Live feeds in South African rands, you can get the current exchange rate from any currency outlet , bank , etc. online.
For other specialised services, it's possible t work througha capital markets financial institude.

There's lots of books. your best bet is to look for the not so famous books that's not advertised on google.
Look at kindle / amazon as example.

Alternatively, just bug me with a priv and i'll respond to questions relationg to fx from time to time.

[xcorporation]

Ok so, got my response today ....

Dear XXXX

We refer to your query to the Financial Intelligence Centre (the Centre) dated 12 March 2014.
Kindly note that only institutions listed as Accountable institutions (AI) under Schedule 1 of the FIC Act and Reporting Institutions (RI) under schedule 3 of the FIC Act are required to register in terms of section 43B of the FIC Act.

Kindly look at the attached list and compare the business you will be conducting to determine if you are an AI.

If you conduct the business of any of the listed entities you are required to comply with the provisions of the FIC Act, which can be accessed at www.fic.gov.za under LEGISLATION button.

For further assistance please call 0860 222 200


<hr />

[A financial instrument trader as defined in the Financial Markets
Control Act, 1989 (Act 55 of 1989)] An authorised user of an exchange
as defined in the Securities Service Act, 2004 (Act 36 of 2004).

<hr />

[A person who carries on the business of rendering investment
advice or investment broking services, including a public accountant
as defined in the Public Accountants and Auditors Act, 1991 (Act 80
of 1991 Auditing Professions Act, 2005 (Act 26 of 2005), who carries on such a business]

<hr />

[A person who has been approved or who falls within a category of
persons approved by the Registrar of Financial Markets in terms of
section 5(1)(a)of the Financial Markets Control Act, 1989 (Act 55 of
1989).]

<hr />

If it was a few millions; i wouldn't care putting in alot of interest to adhere to the right path.
But it's not uncommon that some forex traders gets liquidated by the local banks for whatever reasons ...