Everyone knows that currency trading calls for quick moves. 5 moves a day is a typical number I would say. If one trades on the OST, the cost are simply too high. For example if one trades say 120 contracts of USD/ZAR, the cost is 20500 rand. That is 5 entries, 5 exits at 2050 rand each, working capital of 60 thousand rand per move. The price would have to move over 3% or 300 points just to cover brokerage, which is not normal. If one trades the same capital on a foreign platform, the cost is 115 rand. 5 trades at 2 points each, in total 10 GBP. I would like to suggest that the cost of brokerage should be brought down to the level of ALSI contracts and then more people would use the OST.
I agree Janne, the costs of trading in SA are ridiculous.....I use IG Index UK, lowest costs and killer platform, deal through charting, free intra day technical analysis, pattern recognition charting - and you can trade any exchange or currency or share on the planet.....
Asylum, I know of ForexTrader, but I wonder why would anybody use 2 different platforms and 2 different accounts for trading within one bank, it is rather ridiculous arrangement; as if left hand didnt know what the right one is doing. I also trade Alsi contracts and time it takes to move from OST to SB Forextrader and back, changing between accounts etc. is too long during fast moving market. It is time the bank cleaned up its act, rewieved its brokerages and put everything under one roof and one account don't you think?
No it doesnt christos but you can trade with as little as $50 in your account and practise with real cash, but really small amounts ie less than $1 per pip! Otherwise FXPro offers metatrader 4 for free on a demo account.