There’s a lot of hype around forex trading — and with hype comes myths.
Whether you’re just starting out or still deciding if trading is for you, believing the wrong things can hold you back before you even place your first trade.
Let’s break down the 5 biggest forex myths that confuse or mislead many new traders in South Africa.
1. You Need Thousands to Start Trading
This is probably the biggest myth out there.
Most people think you need R5,000 or more to even open a trading account — not true.
At Trade245, you can start live trading with as little as R50 on some accounts.
Of course, the more you fund, the more flexibility you have, especially with indices like NAS100 — but small accounts are still a valid way to learn and grow.
📲 Also: you can practise for free using a Trade245 demo account before risking any money.
2. Forex Is a Quick Way to Get Rich
The idea that you can “flip” R500 into R5,000 overnight is unrealistic.
Yes, some people show big profits online — but what they don’t show are the risks, losses, and learning curve it takes to get there.
Forex is a skill.
You grow with time, just like anything else.
That’s why we always encourage traders to focus on learning, risk management, and consistency over flashy returns.
READ MORE: Top 10 Most Asked Questions About Trade245
3. You Have to Trade Full-Time to Be Successful
Not true at all.
Many Trade245 clients work full-time and trade in the mornings, evenings, or during key market hours like the New York or London sessions.
Our mobile app (available on Android and iOS) lets you manage your account, fund your wallet, or open a position — all from your phone.
No fancy office or 24/7 screen time needed.
4. All Forex Brokers Are Scams
Let’s be honest — the industry had some bad apples.
But regulated brokers like Trade245 operate under strict rules.
We’re a registered financial services provider in South Africa (FSP No. 46044) and follow all the required processes to protect client funds.
Don’t confuse a scammer on WhatsApp asking you for money with a real trading platform like Trade245 where you control your own funds.
ALSO READ: Is Trade245 Legit? Everything You Need to Know
5. Bonuses Are Just Gimmicks
Some think trading bonuses aren’t real or are impossible to use.
But with Trade245, our 100% and 245% bonuses help give your balance a boost, especially for small accounts.
The bonuses can be used to increase your leverage, giving you more room to trade — just read the terms so you know how they work.
💡 Bonus accounts are a popular choice for those starting with R100–R500.
Start Forex Trading with Confidence
If you’ve been holding back because of these myths, now’s the time to look again.
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✅ You don’t need a huge deposit
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✅ You don’t need to trade full-time
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✅ You can test everything on a free demo
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✅ You can use a bonus to get more out of your balance
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✅ You can trade confidently with a regulated broker
👣 Ready to start?
Create your account or download the app and take the first step — your own way.
