Development of forex in SA

Forex trading, also known as foreign exchange trading, has been popular in South Africa for several years. The exact date when it became popular is difficult to determine, as it has gradually gained popularity over time. However, it is believed that the increased accessibility of the internet and online trading platforms in the early 2000s contributed to the growth of the forex market in South Africa.

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The South African Reserve Bank (SARB) has also played a role in the development of the forex market in the country, by implementing regulations to promote fair and transparent trading practices. In addition, the SARB has established the Financial Surveillance Department (FSD) to monitor and supervise the foreign exchange market in South Africa.

The growth of the forex market in South Africa can also be attributed to the country's strong economic growth and increasing middle class, which has led to a higher demand for investment opportunities. Additionally, South Africa's status as a leading player in the African market has made it an attractive destination for foreign investors, further fueling the growth of the forex market.

As of 2021, it is estimated that there are around 100,000 active forex traders in South Africa, and the market continues to grow at a steady pace. Despite this, the forex market in South Africa is still relatively small compared to other markets around the world, and the majority of trading activity is concentrated in the major currency pairs, such as the US dollar, Euro, and British pound.

In summary, Forex trading has become popular in South Africa over time, due to a combination of factors such as the growth of internet and online trading platforms, the regulatory environment, strong economic growth and increasing middle class, as well as South Africa's status as a leading player in the African market.