Overview of Forex trading in Africa
Forex trading is very competitive and Africa is no different in this respect. As more and more Africans are mastering all things Forex, the market has shown rapid growth over the past two decades. Unemployment, the rising cost of living, and the spread of the internet are some of the reasons why forex trading is on the rise these days. As a result, most of our clients are young, educated, internet-savvy Africans who are looking for an alternative source of income.
In general, African traders do not differ from their counterparts in other countries and regions. They favor major currency pairs, such as the euro/dollar, stocks, oil, and metals. However, Africa's crypto industry is growing rapidly. Nigeria surpasses the rest of Africa combined in the volume of peer-to-peer bitcoin transactions. Since the beginning of 2021, bitcoin trading has grown to $204 million, the largest amount in Africa. As the Nigerian naira falls in value, bitcoin is becoming a real lifesaver for the population. 32% of the country's population owning bitcoins is, indeed, the highest percentage in the world.
How to start Forex trading in Africa？
We asked our African clients how they got started and found out what it takes to understand the Forex market. First of all, you need information and technical training, which can be provided by online platforms such as Cash Forex and My Forex Funds. These platforms allow you to invest in the forex market without necessarily having any knowledge or previous experience. You can invest and relax, they handle all transactions and trades in the market. You can invest as little as $300, create a cryptocurrency wallet and receive passive income without effort. However, we are not responsible for third-party services and software, you may want to look more into CopyTrade app provided by FBS.
Among other things, you should not neglect fundamental and technical analysis, independently study the materials available online, and use the information obtained from experienced traders from online chats and forums.
What is the key to success？
Our clients recommend taking the time to educate yourself before you start trading: use educational materials provided by major Forex brokers in your region, watch webinars and take part in seminars aimed at increasing your knowledge. Do not disregard the online platforms mentioned above, FBS CopyTrade, My Forex Funds, and Cash Forex, keep a close eye on exchange rates and any fluctuations in the market, plan your day and develop a strategy. Forex trading is available to everyone, anywhere in the world, so do not miss the opportunity to earn extra income!
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