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Forex Trading Booms in Africa today: Major reasons why Africa leads in Forex trading
Abstract：The African continent has in recent years taken the lead in having the greatest number of retail traders in the Forex Market today. While Europe and Asia seem to contribute the largest capital investment in the Forex market today; the African continent on the other hand has become increasingly significant in providing the most significant number of retail participants in the Forex market today. Many reasons have contributed to this recent development especially the increasing population and high unemployment rate in Africa.
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
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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