Forex Trading in Namibia
From the last five years, forex trading in Namibia has increased tremendously as Namibians get access to a strong Internet connection, day by growing competition for brokerages that reduce the overall trading investments. Most people get attracted to forex trading but don’t know about the actual game of forex trading.
If you are a Namibian and want to start forex trading, we recommend you to go through this article until the end.
Is Forex trading legal in Namibia?
Namibia is a lower-middle-income country with a per capita GBD a little higher than the other sub-Saharan countries of Africa. Namibia’s extreme misconception that the Central Bank of Namibia prohibits online forex trading. In late 2019, rules and regulations were restated so Namibians could trade Forex and build a profitable trading career.
But sadly, Namibia doesn’t have any forex regulatory sector; thereby, forex brokers in Namibia are unregulated.
Central Bank of Namibia stated in early 2020 that trading in foreign currency could only be done by Authorized Dealers, including Bureau De Changes and Commercial Banks. And it will be highly illegal for an unauthorized trader to exchange foreign currency in Namibia; they must connect to Authorized Dealers for all forex trading requirements.
So, do in-depth research about all the Authorized exchange bureaus and registered brokers before opening a trading account for the high security of your trade.
Best Forex trading platforms for Namibians
Many Namibian forex brokers offer MetaTrader 4 trading platforms that come with remarkable trading instruments. Moreover, some brokers in Namibia also offer MetaTrader 5 and CloudTrader, which are the world’s most traded platforms.
How much capital do I need to start forex trading in Namibia?
In Namibia, several brokers’ minimum deposit is $5. Still, we recommend you open a trading account with at least $500 to attain important positions and make a fair profit regarding market conditions.
In addition, the position can be determined by the leverage that will be offered by brokers and by selected lot size. Lots size including standard lots (100,000 units), mini lots (10,000 units) and micro-lots (1,000 units). Plan an effective strategy and deploy it in forex trading accordingly to build a profitable trading career.
Best time to trade Forex in Namibia
The best time to trade Forex in Namibia is 11:00 a.m. to 5 p.m., when New York and London sessions are active and overlap. During this time, volatility was at its peak. So, don’t miss the chance.
For forex trading, and access to a stable and robust Internet is compulsory as the market fluctuates with a blink of an eye. If you don’t have, you’ll ultimately lose. However, now Namibia also gets access to solid Internet connectivity as technology has been progressed.
Forex Trading is not for everyone as it requires some knowledge, skills, and forex strategies to get a high ROI. Therefore, we recommend you do solid research over the whole game of how FX work, learn about essential elements, including leverage, bids, spreads, pip, lot sizes, and so on.
Once you learn, you are ready to be a successful forex trader. Now follow the steps like getting reliable intent access, selecting a broker, funding your account, and making your first trade.