One thing is sure about Forex trading. It’s popular all over the globe. Why is the foreign exchange market’s popularity so sudden? It has something to do with the fact that the market is open at all hours and the transactions costs are relatively low.
As far as selling and buying currency is concerned, Africa is a kind of weird place. To be more precise, numerous traders and opportunities exist, in spite of the fact that the infrastructure isn’t impressive. The Forex craze started in 2016 when young millionaires came onto the scene, showing of their new-found wealth. There were all sorts of gurus teaching people how to make money really fast.
Until now, African Forex traders have been highly successful. There are more winners than losers in the industry. If you would like to find out more about this phenomenon, keep on reading. You won’t be disappointed.
A little bit about trading Forex in Africa
The Forex market, commonly referred to the foreign exchange market, has a decentralized structure, which means that investors are able to communicate directly with each other. There’s no single price for a currency pair, so the prices can vary from broker to broker. African traders have managed to understand the market. This is why they’re so successful.
Trading Forex in Africa is perfectly legal as long as you respect the laws and don’t attempt money laundering. Young African investors are now a notable group within the trading community. But why do they want to buy and sell currency in the first place? Surprising or not, they don’t want to amass wealth. Young Africans are simply trying to find another source of income to make ends meet.
Forex trading isn’t time-consuming and the best thing of all is that the Internet brings it to your fingertips. The thing about young Africans is that they’re tech savvy and this doesn’t really come as a surprise given that Africa is a technology leader and accommodates some of the most innovative companies. For years now, social media has exposed Africans to the lifestyles of experienced investors. Forex traders get on social media and forums to discuss and exchange information. So, they’re able to draw insights. Even people who used to be total failures can place good trades.
What are the top 3 Forex brokers in Africa?
Some people succeed in making a fortune out of trading Forex, while others barely make enough money to survive. However, this is normal because not everyone can be a winner. In what follows, we’ll list the top 3 Forex Brokers who have managed to make a name for themselves.
- Ref Wayne
If you haven’t ever heard about Ref Wayne, you need to know that he is one of the most successful FX traders in South Africa. His brilliance is what led him to achieve fortune at a young age. Ref Wayne dropped out of high school in 2011 and started trading in the foreign exchange market after a few weeks. At the age of 22, he was already a multimillionaire. Ref Wayne invented Pipcoin, which was Africa’s first virtual currency.
- Sandile Shezi
South Africa’s self-made millionaire is one of the most noteworthy players in the global Forex industry. The trader’s humble beginnings determined him to seek more from life. So, he laid the foundation of the Global Forex Institute, a successful organization that meets the needs of Forex traders with a low income. The company ensures currency trading. It’s not sure whether the course material is unique, but it doesn’t matter. Sandile Shezi is doing something wonderful for the local community.
- Jabulani Ngcobo
Jabulani Ngcobo became one of Durban’s youngest millionaires. He is the founder and CEO of Cashflow properties which specializes in high-end investments with development and equity potential. Of course, he made the list. If you want lessons in financial education, make sure to follow this guy on social media.
If you want to start trading Forex in Africa, then…
Sometimes, Forex brokers in Africa don’t offer the best conditions. It’s precisely the reason why so many people prefer to trade with overseas Forex brokers with MetaTrader 4 platform. Young Africans want to use the most popular trading platform because it offers them everything they need. We’re talking about flexibility, expert advisors, and security. Still, there is an important number of inventors that continue to trade with African brokers.
The Forex market, as well as the financial sector, are monitored by the South African Financial Sector Conduct Authority, which assists in maintaining financial stability. Prior to diving into the market, it’s recommended to do your homework. Find out if the broker you’re interested in partnering with is regulated. Regulation and financial transparency are of the essence. Understand the financial position of the Forex broker and you’ll be able to determine if they can handle upcoming storms and volatility.
Most importantly, open a trading account. As mentioned earlier, it’s possible to open an account with an international Forex broker. You can placer bets on the world’s currencies and make a profit. Many international brokers accept overseas clients and offer them great terms. You’ll be asked to make a minimum deposit via a bank transfer or credit card. You can start withdrawing money within the next days of the original request. You can buy and sell currency whenever you feel like it. Keep in mind that it’s all in the exchange. The rates fluctuate all the time and, impossible as it may seem, it’s possible to predict price movement. It’s just that there’s a lot of work involved.
African Forex traders will take over the world someday. The future of foreign exchange trading in Africa is looking pretty good. To be more precise, there is a significant number of traders and brokers. Young investors usually open trading accounts with international Forex brokers. The Forex industry in Africa has a lot to gain from the ESMA regulations. The foreign exchange market, on the other hand, is driving innovation and supporting the nation’s development. Anyway, the number of African Forex traders will grow exponentially in 2020. It’s just a matter of time.