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Online Forex trading is not popular in Chad. As a matter of fact, in the small landlocked African country is quite dependent on financial aid from international institutions such as the World Bank and the African Development Bank. The government has not made any attempts at reforming its regulatory structure in order to integrate Forex trading within it. At it stands today – online Forex trading remains a foreign concept for the legislation of the country.
The regulatory framework of the country is quite rudimentary and COBAC (Commission de Banque de l’Afrique Centrale) is responsible for the oversight of the banking sector and all financial transactions. The banking sector in the country remains frightfully underdeveloped. As was stated above – it does not issue licenses to Forex brokerages.
The central bank supports a website, however, without an available English language option. There are no legitimate brokerages, registered in Chad, however, many well-known regulated in Europe brokers target quite successfully traders from Chad and the government hasn’t shown any particular zeal in harassing citizens for contracting the services of the broker.
An important thing to note is that they should support a French language option, since French is the official language of the country. Brokerages also have to provide withdrawals and deposits via the national currency – Central African CFA franc (XAF). The standard Visa and MasterCard are the most popular payment methods.