
Best Forex Brokers in Malaysia
Best Forex Brokers in Malaysia [wpdts-year] Forex Trading In Malaysia Forex Brokers in Malaysia, one…
Best Forex Brokers in Somalia Forex Trading In Somalia As with most countries in Africa, forex…
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 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.
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 residents of Somalia.
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.