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Best Forex Brokers in Botswana Forex Trading In Botswana As with most countries in Africa, forex…
As with most countries in Africa, forex trading has seen a significant increase in popularity across Botswana over the past few years. Although forex trading is not illegal in Botswana, it is considered a grey area, and local residents are advised to trade with a broker who is authorized by the Bank of Botswana – https://www.bankofbotswana.bw/pages/forex-trading.aspx.
Traders in Botswana can access the global forex market through international online brokers offering their services to local traders, with an array of trading products including currency pairs, indices, stocks, and commodities available for trading.
If you want to learn more about Forex trading and how it works, click here to visit our Beginners Guide to Forex.
The Central Bank of Botswana is the regulatory body for all financial services and activities in Botswana. It was established in 1975 when the country withdrew from the Rand Monetary Area(RMA). Nevertheless, it is not required to get authorization from the Bank of Botswana, in order to offer financial services and forex trading to the residents of Botswana.
The Bank of Botswana is also responsible for the design, issue, and redemption of currency. It sets interest rates for commercial banks and maintains effective financial stability through its currency reserve management policies. Additionally, the Bank of Botswana regulates payments systems, provides credit information services as well as controls the inflation rate in order to ensure a sound economic environment.
However, it is advised to choose a regulated broker with a Tier 1 license like Cysec, FCA, FSCA, or ASIC to make sure your funds are protected.