South Africa has been on the rise, while the rest of the world has been slipping under. With the US-China trade war and the upcoming Brexit, many economies have been suffering in silence on what will happen next. For the former country in Africa and its financial entities, there is no way but up.
Financial Situation of South Africa
South Africa is currently going through a growth of financial markets, since it is considered the most developed and well-organized in Africa. It is led by big banks such as: ABSA, FirstRand, FNB, and Standard Bank. They have their local financial entities being compared to financial entities in developed countries, including the UK and the US.
In the continent of Africa, FX trading has become very popular and has started to climb the ranks of the financial market industry. There has been a rising demand on retail Forex trading in SA, traders wanting more and more of trading solutions.
There are some leading European brokers that are currently functional and operational in South Africa, and have even obtained the required licenses and registrations from the SA regulatory agency, known as FSCA. These brokers, such as Saxo Bank, Hotforex, FXCM, and Globex360, are becoming very trendy among local traders.
Furthermore, South Africa also has an updated IB/Affiliate Network, which brokers utilize to gain new clients and traders, much to their benefit. All of these factors are slowly adding to the growth and up-rise of the FX trading market in the country.
South African Traders Want More Retail Forex Trading
SA Forex Market has become one of the top Retail FX Trading Markets in the world, with a daily turn-over of 19.1 billion dollars in 2017, making it a global trend and an impressive leap from where it was in the past decade.
Currently, the currency that is being most traded in Africa is South African Rand, in terms of volume on a daily basis and it is also among the twenty most traded currencies on a global level. However, SA Rand is mostly traded outside of South Africa rather than in the local financial market with offshore trading activity.
According to calculations, there are over a million FX investors in South African area who trade in FX and FX related instruments, on a regular basis. The monthly deposits by South African traders are the largest in Africa, on average.
Many traders have began to consider moving their trading location to Africa and joining the trend.