Forex trading has been rising in popularity, and more and more people are trying to trade forex for their easy profits despite being oblivious to the risks involved in the forex trading. This uproar in trend is due to the misconception that trading forex makes you rich faster. And to curb and limit forex trading to the intellectuals who know what they are doing, Namibia has some new rules for forex trading.
The bank of Namibia last Friday has announced some guidelines and rules for forex trading in the region. It has reminded the people that to be eligible to forex trading, the person has been off or over the age of 18. There’s an investment allowance of 6 million Namibian dollars per year if they wish to invest in the foreign countries, although it later clarified that this allowance could only be claimed and utilized under an authorized dealer and a forex broker. Forex trading frauds have been rising all over the world, and Namibia has also seen its fair share of forex frauds that have cost people and sometimes even the government millions in deficit and losses.
Citing these concerns, the nation has decided to put some ropes on the trading and control the number of traders that it can efficiently monitor and track as monitoring is essential to ensure the safe e-trading of forex under national and international laws of trading. Let’s see how this works out for trading in Namibia and how it affects the forex sector.
Tags : Forex trading, bank of Namibia, Namibia,