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Online Forex trading is almost unheard of in the South African country Lesotho. Even though the country is part of international organisations such as the United Nations and the Southern African Development Community the government has not made any attempts at reforming its regulatory structure in order to integrate Forex trading within it. At it stands today – the legislation of the country does not reflect the existence of Forex trading, even though it takes place in the country.
The government does not have an independent regulatory body in the country and financial transactions in the country are regulated by the Central Bank of Lesotho which oversees all of the financial transactions in the small country.
The central bank supports a website, however, with an available English language option. There are no legitimate Lesotho-based brokerages, however, many well-known regulated in Europe brokers target quite successfully traders from Lesotho who do not get into trouble with the state for contracting their services.
An important thing to note is that they should support one of the several languages that are spoken in the country. The official language in the country is Sesotho (the name of the country roughly meaning “the land where we speak Sesotho) however, English is also very popular because the country is part of the Commonwealth of Nations which makes communicating with European brokerages quite easy. Brokerages also have to provide withdrawals and deposits via the national currency Lesotho loti (LSL) or the South African rand (ZAR). The standard Visa and MasterCard are the widely preferred by traders in the country payment methods.