As the largest financial market in the world, the Forex Market has seen an influx in traders from around the globe in the past few months, especially from African traders.
There are numerous reasons for this influx, with the predominant reason surrounding the Covid-19 pandemic, economic situations in African countries, and the fact that more global brokers are opening their doors to African traders. The Covid-19 pandemic, and lockdown measures imposed to curb the spread of the virus, have been the driving forces behind more African traders taking to the Forex Market says CEO Louis Schoeman From SA Shares
With lockdown measures easing in Africa and economic activity returning, a lot of traders are reluctant to give up their trading and the benefits that it holds in making profits over the long run.
• Connecting Africa to global markets
Internet service providers have increased their efforts to connect more countries to the internet as lockdown measures confined more people to their homes.
It is imperative for traders to have a stable internet connection to execute trades and trade in global markets. This is one of the reasons why Forex trading in Africa is set to increase even post-Covid-19 as people have more access to the Forex Market.
Even as a side-hustle, people are not limited to trading only from home, but they can make use of their mobile devices and various trading apps to execute trades while on the move.
• Brokers are more accommodating
More brokers are competing in offering their services to African traders. African traders have various brokers to choose from depending on their trading needs and objectives. Even when trading to secure an additional income, there are numerous brokers that support a variety of trading styles and strategies to support traders who are not trading fulltime but merely as a side-hustle.
• Support for beginners
African traders who are just beginning to trade have a world of information at their fingertips when starting to trade. From internet sources to education offered by brokers, African traders can learn to trade more easily.
• Flexibility in trading Forex
The Forex Market is open 24/5 and traders have more options in trading other than sitting in front of their terminals at home. Trading can occur from anywhere in the world at any time using mobile applications. Traders can make use of automated trading, Forex trading robots, or Expert Advisors that trade around the clock when traders cannot manually execute trades – giving traders freedom to carry on with their daily lives while they make profit.
• Start-up capital and using leverage
Anyone can start trading as a lot of brokers require small minimum deposits to register a live account. African traders have made great use of cent accounts offered by numerous brokers to get them started in Forex trading.
Regardless of the reason for trading, African traders have made great use of the opportunities in Forex trading to gain profits in an uncertain and economically unstable world. While a lot of Africans are returning to work, or seeking employment opportunities, they are still indulging in Forex trading to offer some income on the side while conditions around the world stabilize as Covid-19’s presence recedes.