Starting 14 April, the South African rand (ZAR) and U.S. Natural Gas (XNG) join OctaFX’s asset pool—they come with four tradable currency pairs and one commodity/currency pair.
The global Forex broker OctaFX has recently added the South African rand (ZAR) and U.S. Natural Gas (XNG) to its asset pool.
According to the Big Mac Index of the prestigious weekly newspaper The Economist, the South African rand is still one of the most underappreciated currencies worldwide, which makes it one of the rather fascinating and captivating currencies to pair with for trading.
Because of this unique appeal, the currency undergoes periods of high volatility, making pairs like USDZAR a go-to high risk/high-reward kind of play.
At OctaFX, the South African rand comes in the following currency pairs:
● USDZAR (U.S. dollar/South African rand)
● ZARJPY (South African rand/Japanese yen)
● GBPZAR (Great Britain pound/South African rand)
Lastly, OctaFX also introduced the currency pair with the commodity U.S. Natural Gas quoted in U.S. dollars (XNGUSD), expanding the trading opportunities even more.
All these new symbols listed above are available both on MetaTrader 4 and MetaTrader 5.
According to OctaFX’s latest update, the maximum leverage for USDZAR, EURZAR, and GBPZAR is 1:500, whereas, for ZARJPY and XNGUSD, it is 1:100.
Traders will want to keep a close look at the economic calendar, as far-reaching news can potentially impact these currency pairs. Anticipating when these catalysts could occur gives the Forex market participant a distinct idea of which order to open with these new and exciting pairs.