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Online Forex trading is not widespread in Madagascar. As a matter of fact, we do not yet know of attempts by the government to integrate Forex trading within its regulatory framework. At it stands today – the existence of Forex trading, even though it takes place in the country, is not at all reflected in the legislation of the country.
The Madagascar government takes quite a rudimentary approach to the problem of financial regulation. As a matter of fact, the economy of the country and it’s banking sector are frightfully underdeveloped. The central bank of Madagascar regulates the whole banking sector, as well as intervenes in the economy of the country,in fact it holds dominion over all financial transactions in the country.
The central bank supports a website, however, without an available English language option. We do not know yet of a legitimate Madagascar-based brokerage, however, many well-known regulated in Europe brokers target quite successfully traders from Madagascar who are not harassed by 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 languages in the country are Malagasy and French. Brokerages also have to provide withdrawals and deposits via the national currency – Malagasy ariary. The standard Visa and MasterCard, as well as e-wallets PayPite and Payooner are widely preferred by traders in the country payment methods.