Forex trading can be a lucrative market overall; however, forex trading in Africa has become a certain kind of phenomenon. Such status is defined by unique characteristics that appear only in this particular market. From the specific rules and limitations to the enormous success that some traders have found, the Kenyan forex industry is an interesting development. You could get the latest news and information about forex trading in Kenya at http://www.forexkenya.net/. Forex trading is the act of exchanging currencies from different countries to profit from the difference in the value of each country’s coins.
Currencies that are traded by pairs, and what determines the value of a particular coin is the overall economic status of the country of origin. Whereas the value of shares or shares in a company is determined by how successful the company is, the price of a currency will vary depending on the economic freedom and welfare of a country. Finally, the forex market is accessed through what are known as foreign exchange brokers; they are agencies that offer the necessary platforms and tools to access the market. Alternatively, many brokers are self-contained markets, where traders hold positions against the company. Until 2010, Africans needed to cross too many barriers when it came to moving money outside of national borders. Capital control is a big problem, which is the standard for countries leaving economic turmoil.
However, now the government is providing more breathing room to citizens who wish to legally move their capital offshore. The Kenyan government started giving people a limit to exchange foreign currency. The new law was the first in decades, and the forex industry was quickly filled with new and excited traders who wanted to experience forex trading in Kenya for the first time. Apart from recently allowing for the movement of Kenyan currencies overseas, the country is also open-minded when it comes to how traders operate. Although Africa has a regulatory body for forex brokers, there is no law against traders from using an unlicensed agent.