Forex and Africa
Online forex trading is a popular hobby for millions of people around the world. In some cases traders even make a living from trading forex, devoting hours to it every day. Until recently, though, young African forex traders haven’t been a notable group within the trading community.
This is about to change completely in 2019. Big growth in the trading volume of young Africans in 2018 is expected to continue next year.
If you’re a young African interested in forex trading, there’s never been a better time to join this vibrant group of traders!
Why do Africans want to trade forex?
The stereotype of the African continent often features a majority of people living in abject poverty. Many other problems affect a number of African countries, such as lack of clean drinking water and famine. Many African families have no access to electricity, affordable food or even decent housing.
However, there’s a trend that the media isn't reporting. This is the growing number of educated African youth who have no jobs. Many of Africa’s leading economies such as South Africa, Nigeria, Egypt and Kenya have large populations of educated young people who are unemployed for various reasons. For a lot of these young people, forex trading offers an opportunity.
African traders today: a growing community
Young Africans are increasingly internet savvy and have recently discovered the potential of global forex markets. Many of them are now trying to cash in on this growing market.
The popularity of Instagram, Facebook and other social media platforms among many African youths is higher than ever. These media have exposed large numbers of young African traders to the lifestyles of some experienced forex traders.
Like other traders, young Africans realise that forex is risky and not a ‘get rich quick’ scheme. The chances of unprepared and reckless traders losing money are high. This is where the community comes in.
Across the whole continent of Africa, young traders are gathering on forums, messaging groups and social media pages to discuss and debate their experiences. These traders are sharing their successes and failures in trading. They’re building a true online society for African forex, with young African forex traders from Alexandria to Cape Town and everywhere in between getting involved.
What African forex traders say
South Africa alone currently has about 190,000 forex traders. This large and diverse group is active in educating new members and developing the skills of intermediate traders.
Lunga J Khambule is one of South Africa’s forex leaders. He founded the country’s top forex education company, Alpha Supreme Forex. Speaking of the forex community he’s part of, Mr Khambule says ‘It’s likely to double in size in 2019. Our mission at Alpha Supreme Forex is to develop the forex community in South Africa, training young traders on professionalism. We’ve taught thousands of young people to trade forex successfully.’
Other countries such as Nigeria and Kenya also experience increased interest in forex trading among young people. This trend is growing rapidly.
Edwin Kamau, a typical Kenyan forex trader who also works as a banker, appreciates the opportunities he receives from trading. ‘Forex trading with Exness is an enjoyable hobby,’ he says. ‘But what’s more, it also allows me to earn some extra money to supplement what I get paid for work. I recommend researching forex to anyone interested in making a bit more income.’
The future of forex in Africa
Currently, the majority of forex training companies in Africa are located in South Africa where there is a huge number of full-time forex traders. Most young African forex traders have their trading accounts with international brokers, though.
Given the high number of young Africans using social media platforms, leading global forex brokers like Exness are quickly becoming the platforms of choice for African traders across the continent. As well as South Africans, thousands of people from Tanzania, Kenya, Namibia, Nigeria, Egypt, Algeria and more trade with Exness every day.
Those in the know expect that the number of young African forex traders is likely to grow exponentially in the 2019. This is a really exciting time for the African forex community: it’s time for you to join!
This article is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation. This article is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the article. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its articles. Please note that past performance of an asset is not a reliable indicator of future results.