When I look at the forex market then and now , I realise that there are no changes. Its doing the same thing over and over and over again. The newer strategies like SMC and others are just variations of old strategies , last time in the zoom class I said to you that we are not up against human traders, we are up against computers.
Anyway some fun facts:
South Africa has about 190 000 traders, coming close to Nigeria, which leads with 200000 forex traders. Kenya comes at a distant third with about 50000 forex traders. The rest of the traders in Africa make up about 750 000, bringing the totals to 1.3 million traders. Well, Nigeria seems like it has a huge customer base. However, South Africans have a huge customer deposit. To be precise, South African traders' average customer monthly deposit is $742.04, while Nigeria is second with $514.42 worth of monthly deposits. Kenyan traders deposit about $363.56 monthly.
In 2019, South Africa's forex daily trading volume, including spot and CFDs, was about $2.21 billion. The total turnover for all fx instruments is a whopping $21 Billion as per the Bank of International SettlementsSurvey of foreign exchange and OTC markets. Contrastingly, Nigeria's daily volume was $314 million per day, while Kenya's forex volume was just $192.66 million per day. What's more South African rand ranks top of most traded currencies in Africa and ranks 18th globally.
Initially, South Africa's forex market was not well regulated. As a result, illegal activities and scams increased. The regulator decided to enact strict rules to curb illegal activities. This culminated in establishing a new licensing regime. The new license requires the brokers to provide FSCA with data such as prices, transaction details and investors, and the area of residence. The data is meant to cut down illegal activities and ensure brokers treat the traders fairly.
