Speaking about forex trading on the African continent, it first and foremost means South Africa, the jurisdiction with long-term and strong connections to the London trading establishment and commitment to the European compliance standards. In South Africa retail trading forex is as popular as in the other parts of the world, and at the same time it deserves a special notice for its thorough anti-fraud protection system.
At the same time, forex trading practices in South Africa are quite young yet, which obviously means that forex trading business in the region is still in its growth phase. Generally, the financial sector in South Africa appears to be extremely prospective for forex trading due to very liberal legal and economical regulations.
Many globally recognized forex brokers have their representative offices in South Africa. A general recommendation to local forex traders is that they choose Western broker firms, licensed and regulated by FSA, instead of companies of an offshore origin. Big names speak for themselves, but some in-depth research of the background of the selected company would be just right.
The criteria to choose a proper forex broker in Africa might include such options as availability of micro/mini accounts for newbies, social trading component, and what are the trading platforms offered. It might be as well useful to check whether the broker charges commissions on the trades and whether there are attractive bonuses and promotions for the new traders.
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