Forex Trading in Tanzania has been around for over 5 years since its rise to popularity.
since then, to today Forex traders in Tanzania have been trading with offshore brokers. This is due to absence of locally regulated Forex brokers within the country. In this case its very important for Tanzanian Forex traders to have proper “due-diligence” before choosing a broker to trade with and trust them with funds.
When Trading with a Forex broker you have to be sure that your funds are in, safe hands and thus the broker will pay you after you made your profits.This will also protect you in unforeseen events in case the broker becomes insolvent.
The solution to this is to choose a Forex broker that is well regulated in one of strict regulations and also has good Deposit and withdraw payment facilities that are accessible to you.
Forex regulations to look for
- FCA (Financial Conduct Authority- a financial regulatory body in the United Kingdom)
- FSA (Financial Services Authority- autonomous regulatory body responsible for the non-bank financial services in the Seychelles.)
- NFA (National Futures Association- Self-regulatory organization for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency and OTC derivatives)
- CFTC (Commodity Futures Trading Commission – an independent agency of the US government that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.)
- CMA ( Capital Markets Authority of Kenya, an independent government financial regulatory agency responsible for supervising, licensing and monitoring the activities of market intermediaries, including the stock exchange, and the central depository and settlement system and all the other persons licensed under the Capital Markets Act of Kenya.
To open a trading account with a well regulated forex broker click HERE
Also the broker has to offer the following deposit and withdraw payment solutions due to there easy accessibility locally.
- VISA / MASTERCARD
- SKRILL- Through Visa/Mastercard and bank wire transfer.
- MPESA (currently declined to Tanzania Forex traders as of today.)
To lean more on crucial things to consider and avoid Forex brokerage scams click here
Professional Financial Market Trader. 4 Years of experience | Author at profxtigers.com