As with most countries in Africa, forex trading has seen a significant increase in popularity across Somalia over the past few years. Although forex trading is illegal and banned in Somalia, it is considered a grey area as many retail brokers located outside of Somalia offer their retail services to the and local residents.
Therefore, local Somalis are advised to trade with a broker who is authorized by the Central Bank of Somalia – https://centralbank.gov.so/
If you want to learn more about forex trading and how it works , click here to visit our Beginners Guide to Forex.
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Forex Regulation in Somalia
The Central Bank of Somalia (CBS) is the regulatory body for all financial services and activities in Somalia. It was established in 1960 in the city of Mogadishu. Nevertheless, it is not required to get authorization from the Central Bank of Somalia, in order to offer financial services and forex trading to the residences of Somalia.
Best Forex Brokers In Somalia
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