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.
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.