Exchange of foreign currencies for international trading is not new to Africa. However, broker-powered online retail forex trading only emerged recently.
From Egypt in Northern Africa to South Africa in Southern Africa, Nigeria in Western Africa to Kenya in Eastern Africa, the online forex industry in rising gradually across this 30m kilometre square continent of 54 countries.
According to estimates, Africa now has about 1.3 million forex traders, with Nigeria and South Africa, the continent’s two largest economies, accounting for about 390,000 of them.
The increasing popularity of online forex trading is particularly observable among Africa’s high youthful populations who now have greater access to smartphones and enjoy mobile broadband internet.
South Africa, Nigeria, Kenya, Egypt, Tanzania, Namibia and Angola particularly boast of the highest numbers of beginner investors who trade forex and contracts for difference (CFDs) alongside cryptocurrencies.
The European Securities & Markets Authority (ESMA) in 2018 leveragelimiting the