The ZAR Exchange Rate Thread

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3WA said:
And what if Sleepy Joe Biden wins?
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Then VIX will explode, SPY will crash and we'll make money anyway

I'm 60% confident the dems lose again this one again though. I dont think Joe is "enough" to take on the elephant that is trump. I guess we'll know soon at least

Makes little difference to me tbh

EDIT: before someone takes this as financial advise - it is not. I am not responsible for anything you do. This is only what I am doing. Dont simply follow what I do. Make your own decisions and respect your own risk tolerance. CFDs, especially leveraged one, can kill your account quickly
 
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Speedster said:
Why not use any of the many basically real-time exchange rate sites?
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I think it depends on what you need the rate for. If your trading those tools might be beneficial but when you use to determine quotes for art for export or when buying supplies from overseas for import that Facebook page becomes very handy.
 
MickeyDangerez said:
I think it depends on what you need the rate for. If your trading those tools might be beneficial but when you use to determine quotes for art for export or when buying supplies from overseas for import that Facebook page becomes very handy.
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If you're trying to determine quotes, you set your price at the beginning of the day for smaller players and then you can use an API to update hourly/timeframe, and you're more likely to use your bank's forex rates if you're a small time player, e.g. FNB: https://www.fnb.co.za/calculators/other/Forex.html
If you're using add-ons or something, then you usually advertise in dollar/euro and let e.g. stripe take care of what price that is.
 
Johnatan56 said:
If you're using payfast, why are you advertising in dollars? They're only allowed to accept rand, and if they pay by card, their own bank does the conversion.
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You can advertise the price of your products in any currency. That is why I use the ZAR Dollar page to quote a price in rand for use on request for payment.
 
MickeyDangerez said:
You can advertise the price of your products in any currency. That is why I use the ZAR Dollar page to quote a price in rand for use on request for payment.
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So you're constantly updating the dollar price to reflect the amount of rand? Or are you using the dollar value and converting it at the last moment to rand based on what the dollar price the client used? Why not go straight with dollar then if your clients are not South African?
Plus you'd want to get the price from a bank API instead, e.g. fixer.api, foreignexchangerates.api etc. and you do it at either checkout or every few minutes depending on how much traffic you get. But then when you charge rands, you might not charge the correct dollar to the client since conversion difference due to banks. So you want to charge dollars, have dollars, and at the end of the day bring it to rand, so use something that can handle dollars, e.g. Stripe.
 
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