Forex Trading Booms in Africa today: Major reasons why Africa leads in Forex trading

By: Chime Amara

The African continent has become today the largest retail in the Forex market. This is traceable to the high rate of unemployment in Africa today. While Europe and Asia are known to be contributing the largest capital invested in forex today, Africa will rather provide the largest retail participants who deposited an average of $100-$500.

Forex Trading seems to have become the alternative option for employment in Africa. Many employed indigenous African even go to the extent of abandoning their jobs to become full-time forex traders.

Major reasons why Forex Trading is booming in Africa today:

A. High Unemployment rate: the high rate of unemployment in Africa has become a major reason many citizens have resorted to forex trading as their full-time job.

B. High Population: Africa has a very high youthful population. The people are very industrious and risk-takers too. This has led to many joining forex trading today.

C. Popularity of the internet: There is a rapid embrace of the internet today in Africa, unlike the previous decades. The internet has been provided in most African countries today and many like to try the digital business.

D. Influx of brokers into Africa: Given the fact that there is no strict ban on brokerage services in Africa, many brokers have jumped into Africa as a safe place to function.

List of Fifteen African countries with the highest number of Forex Traders today

The following are the list of African countries with the highest number of Forex Traders:

• Nigeria

• Ghana

• South Africa

• Tanzania

• Egypt

• Kenya

• Ivory coast

• Namibia

• Tunisia

• Swaziland

• Uganda

• Zambia

• Morocco

• Kenya

• Mozambique