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Browsing: Is Forex trading legal in Africa?
- Africa is an emerging market in forex trading, and its potential for growth is immense.
- Forex trading in Africa is a growing industry, but it faces significant challenges.
- These include lack of infrastructure, education, and awareness, coupled with fraudulent activities, have hindered its growth.
Online Forex trading in Africa is still in its nascent stage and is largely driven by the youth. In layman’s terms, forex trading is the act of buying and selling currencies to make profits based on speculating the relative upward or downward movements of currencies.
According to ForexSchoolOnline.com, the average age of forex traders is between 25-44 years old, with 9 per cent aged 65 or older. Only 37 per cent of traders are either breaking even or profitable, while 63 per cent are unprofitable. Most traders (72 per cent) have no experience trading other markets before forex, and 40 per cent of traders are …