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Why Forex Trading Is Exploding Across Africa


Have been in the field for some time now and I’ve tried multiple brokers. I must say I am quite satisfied with the platform. This created uncertainty in the security of income and employment even after the governments lifted the lockdowns. As a result, many people opted to look for suitable economic activity to provide an additional or alternative source of income.

Under CySEC laws, traders’ funds must be kept in separate accounts, completely separate from the broker’s funds, at leading European banks for additional protection. In addition, Cypriot brokers are members of the ICF which provides client funds up to 20,000 euros. Below is the full list of CySEC regulated Forex brokers. The African continent is on the verge of growth and Forex trading is one of the sectors that have experienced a massive boom. In 2020, Africa became the fastest-growing forex market in the world. Forex brokerage firms have reported an increase in traders from Africa.

Why Forex Trading Is Exploding Across Africa

Lfbs broker reviews through articles and traders reviews & feeeback. Generally, you’ll be able to tell if an online broker is regulated on the broker’s website. The broker will usually list its regulation at the bottom of its website.

  • An invitation will be sent to insured customers to file their claims against the ICF member concerned.
  • If you are a beginner looking for funding, don’t waste your time.
  • Forex trading involves substantial risk of loss.
  • Usually, the answers are very quick and appear to be quite professional.
  • Swap charges are a bit higher than some other broker accounts that I have.

As with any service, online brokers have their disadvantages. Namely, they require you to get familiar with technology that can be confusing. If you’re not technologically proficient, getting started might be a hassle.

Great company

Questions and discussions related to business, making money online, cryptocurrencies, etc. • CySEC should also work with other public regulatory authorities in Cyprus regarding the exchange of information. • Administer sanctions, take disciplinary measures or completely stop actions if they do not comply with the laws.


We are glad to hear that your withdrawal request was successfully processed. And on this stage, the transaction might get declined if the payment processor finds the crypto wallet address invalid/incorrect. It’s been a joyride for my personal experiences for the past 3 years of using this broker, and it never disappoint me. I can prove my profits with this broker just ask about HitProfitsEA.

commission Free Trades from IC MARKETS

Different protective measures that are not always good for the trader. With this company, there are both positive and negative sides. To work with all these tools, the company uses the MetaTrader 4 and 5 software. You can trade from any place around the world and keep in touch with your portfolio. There are 50 indicators and charting tools, 3 types of charts, VPS, hedging positions, and other useful features.

Check to see how long withdrawal and deposit times are. Depending on the method that you use, the time for checks to clear shouldn’t exceed three days. Also, see what methods of deposit the broker accepts to gauge if they are compatible with your financial situation and preferences. You don’t want to be constantly frustrated, spending your days trying to fix the broker’s software. Customer reviews are almost always likely to mention if a brokerage firm has technology issues, as that is universally frustrating. The Massachusetts Institute of Technology has called online trading an “internet revolution.” Despite the prevalence of online trading, choosing an online broker isn’t easy.

I can surely recommend them since I get paid several times from them. If you are a beginner looking for funding, don’t waste your time. The profits you make can’t be withdrawn unless you deposit an equal amount. So imagine having a profit of USD while you are unemployed and can only deposit 50USD. If I had that money I would just deposit in the first place. It goes against our guidelines to offer incentives for reviews.

For me, FBS is a respectable broker, even though I have a few losses these are manageable thanks to some strategies I learned from FBS. I trade with a Cent account for a couple of months now, and never have to deal with problems around deposit and withdrawal. The broker will surely need time to safely complete the withdrawal process, and it’s understandable. Now I aim higher and hopefully, I will manage to raise my stake in the ECN account with FBS soon. Don’t become a victim of guru forex trading systems, forex software, forex robots or signals that don’t work.

Great bonus, profit can be withdrawn if trade bonus x 3 lots. The message that was posted by me on January 30, 2021 is very wrong, because I was abled to withdraw in Instaforex broker continuously. During the last 6 months, the total deposit to any of the client’s accounts never exceeded $10. Yes $5 sign up bonus is really a huge sum of money and I always tend to avoid such sites. $200 if is signing up bonus, then withdraw would be impossible level. CySEC is managed by a board of directors composed of five members, appointed by the Council of Ministers on the proposal of the Minister of Finance.


I had a cent account with them, last Friday they widened the spread insanely for the gold I was trading. They manipulate the market in every possible way to steal your money. Influencers have also played a significant role in the rise of Forex trading in Africa. Apparently, these influencers are successful traders who offer trading tips on social media platforms such as Facebook, Twitter and Instagram. There is a colossal number of influencers offering trading materials and tutorials. Going by their media profile, their lifestyles characterized by exquisite cars and expensive outfits is tantalizing.

Fast withdrawal and good support team.

The IFSC is held accountable by law of the Belize Ministry of Securities and the International Financial Services Commission. Scam-Rescue is a website whose purpose is to provide direct access to reliable businesses in the the field of funds recovery and investment brokers. The information on this website is not directed at residents of any country, where such distribution is against local laws or regulation. We are not responsible for any losses you may incur, by investing with a company mentioned on this website.

Please note that we have been working in the Forex market for 18 years. Seeing from their partnership program, I have no issue at all despite the low ratings of the company in this website. I can see why the company has better reputation outside the trading service since always keep their partnership up to date with better terms. Of course, this experience may vary but at least mine had it just with minor issue on their trading services. With easy interface and deposits/ withdrawals, it pretty much meets the needs of any trader, if you know how to trade that is. The new No Deposit Bonus from InstaForex is an exciting opportunity to start Forex trading.

Why retail traders should care about brokerage risks – BusinessCloud

Why retail traders should care about brokerage risks.

Posted: Fri, 24 Feb 2023 08:00:00 GMT [source]

This program was set up to protect customers by reimbursing their assets if their claim is justified. The Investor Compensation Fund can be applied to all clients, Cypriot residents and foreigners who have received services from ICF members. Although many reviews seem to be fake and appear to be spam, we recommend that you make some research on your own before working with this company.

  • Again, there are many more qualities that are important, but these five are the ones most likely to stand out on the day-to-day.
  • We are very sorry that you do not have an account with our company, otherwise, you would have left great feedback.
  • Many forex brokers also accept mobile money payments, which are very popular in some African countries such as Ghana, Tanzania or Kenya.
  • They have customer reviews, regulation, and a paper trail to their name.
  • He states that the deposits and withdrawals were fast and easy, even though he did not work with huge sums.

The Covid 19 has disrupted the usual way of life. During the initial stages of the pandemic, many people were forced to stay at home due to lockdown and movement restrictions. In addition, many businesses shut down their operations temporarily to curb the spread of the deadly virus. Its good to check the signing bonuses in such sites,like in this one the amount is unrealistic $100 as the bonus. I just read another post in another forum that states that some have cashed out some dollar from hot euro.

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