Online Forex trading in Tanzania is not considered illegal.
When asking such a question you have to understand how the Forex market works. The foreign exchange (Forex) market is a decentralized market because there is no one physical location where investors go to buy and sell currencies. Forex traders can use the internet to check the quotes of currencies from various dealers around the world.
However different jurisdiction around the world have regulatory bodies that control and regulate the Forex market Major key players that are financial institutions such as banks, dealers, brokers and money Managers.
As of date there isn’t any online Forex Broker or Online Forex Trading Money Manager that is regulated under the CMSA that is the body in Tanzania authorized for governing various aspects of capital markets.
Online Forex Traders and investors in Tanzania rely trading with offshore Forex broker, leaving it as a risk to them. Trader and investors rely on self-due diligence on which broker, they should choose to trade with and avoid online scams.
There are various online Forex trading brokers out there that are willing to accept Tanzanian clients. Brokers that are well regulated with other countries jurisdictions. To learn on how to choose a good online Forex trading broker and what regulations you should consider trusting CLICK HERE.
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Professional Financial Market Trader. 4 Years of experience | Author at profxtigers.com