Forex trading in South Africa is getting quite popular. South Africa is the largest forex market in Africa. By comparison, South Africa has a daily trading volume of $ 2.21 billion, a far cry from Nigeria’s $ 314 million daily. Moreover, the average client deposit in South Africa to South African forex brokers is $ 742, while in Nigeria, deposits averaged $ 514.42. The country’s vibrant and active forex trader community is now much better off in part thanks to foreign investment support. In turn, this attracted many forex brokers to South Africa, and now their number in the country is very significant. South Africa’s mature economy and population of 50 million make foreign exchange trading attractive to foreign brokersread more
Forex Trading In Africa
We often hear forex trading is booming around the world. With the increase in technology and many people looking for alternative income streams, forex trading provides a great opportunity.
Over the recent years, one continent has seen significant growth in the forex industry; Africa.
According to one estimate, all forex brokers in Africa have grown at a median rate of 21.35 percent.
South Africa and Nigeria are currently Africa’s largest markets. On the other hand, Kenya, Botswana, Namibia, Rwanda, and Tanzania markets are expanding steadily.
The entire number of forex traders in Africa is estimated to be around 1.3 million, with South Africa and Nigeria accounting for the vast majority.
While forex trading is increasing, it still accounts for a modest portion of the worldwide forex market.
In reality, Africa’s forex traders account for barely 5.5 percent of the global market. This implies that there is enormous growth potential, which has drawn the attention of international forex brokers.
While there are many reasons for the forex boom in Africa, one of the reasons are the catchy ads. Forex brokers promote on various platforms like social media to catch the eyes of many Africans.
Retail forex trading in Africa may only account for a small portion of the global currency markets, approximately 5.5 percent – but the continent is experiencing significant growth, particularly in South Africa, which accounts for the majority of Africa’s forex trading activity.
Moreover, in 2020, many European and Asian forex brokers filled for Financial Services Conduct Authority (FSCA) licensing.
You’ve probably heard about the latest buzz surrounding forex trading in Nigeria. Those YouTube videos of successful traders earning six to eight figures a month make you want to trade. But you don’t know where to begin. In this guide, you’ll get to know all the bells and whistles to start your forex trading journey in Nigeria. Overview Many analysts consider Africa to have the world’s fastest-growing middle class, with Nigeria leading the way. The fact that Nigeria’s GDP per capita increased from $352 in 2001 to $3,222 in 2014 – a nearly 900 percent increase – is a strong indicator of the country’s growing prosperity. However, since 2014, the amount has dropped dramatically to a little less than $2,000.read more
Like many African countries, Kenya has recently turned its attention towards forex trading. Many young Kenyan traders are looking to start their trading venture but don’t where to start. Don’t fret, as, in this guide, we are going to tell you all the details you need to know about forex trading in Kenya. Hopefully, at the end of this guide, you’ll familiarize yourself with the nitty-gritty of forex trading. So, let’s get started! Overview Kenya has the third-largest economy in Sub-Saharan Africa, behind only Nigeria and South Africa, and is one of Africa’s most efficient economies. Kenya is regarded as the East African hub for commerce, finance, and technology. The young and tech-savvy population is eager to push the country’sread more
The majority of beginner traders are charmed by stories of successful forex traders in Namibia. Many Namibians like the idea of forex trading but don’t know where to start. So, we decided it would be helpful to write a complete guide on forex trading in Namibia. If you are a forex aspirant based in Namibia, this guide is for you. Overview Namibia is a lower-middle-income country with a per capita GDP slightly higher than the average for Sub-Saharan African countries. The Bank of Namibia, contrary to common opinion, does not forbid online forex trading. Despite the fact that new rules and regulations for traders were implemented in late 2019, it is still very possible to trade forex and make moneyread more
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Did you know over $5 trillion worth of transactions happen in the forex market daily? If you are a Swazi trader looking to find the nitty-gritty of forex trading in Swaziland (now Eswatini), then this post is for you. We are going to go through all the details, from getting started in forex to some of the key forex strategies you can use. So make sure to stick till the end! Overview The Swazi economy is similar to the economy of South Africa, from which it receives more than 90% of its imports and sends almost 70% of its exports. Swazi investors who want to enter the forex market must first learn how to navigate a market context. Since thereread more
You probably have heard about forex trading. You read and watch videos where people are talking about how you can make money trading forex. But what exactly is forex trading, and how can you enter the market as a Rwandan trader? There isn’t much info on how you can start forex trading in Rwanda. In this guide, we’ll walk you through the process of forex trading in Rwanda and tell you all the details you need to know. So make sure to stick till the end. Overview Rwanda’s economy has rapidly industrialized as a result of active government policies. Since the early 2000s, Rwanda has experienced an economic boom that has improved the living conditions of many Rwandans. In theread more
Like many African countries, Zimbabwe has recently turned its attention towards forex trading. As a result, many young Zimbabweans want to dip their foot in the forex pool. If you are one of them, you have come to the right place. In this article, we will go over everything you need to know about Forex trading in Zimbabwe. Hopefully, at the end of this guide, you’ll be familiar with the nuances of forex trading. So, let’s get started! Overview Following an economic crisis caused by the COVID-19 epidemic, Zimbabwe’s economy is expected to recover by 2.9 per cent in 2021, aided by agricultural recovery and base effects. Zimbabwe’s multiple currency system came to an end in 2019. To avoid theread more