Best forex brokers in Namibia

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Online Forex trading is almost unheard of in the South African country Namibia. 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, however have an independent regulatory body in the country which is something uncommon for African countries which usually depend solely on their Central bank for the regulatory oversight of the financial sector. The governmental body is called The Namibia Financial Institutions Supervisory Authority (NAMFISA).

The Supervisory Authority supports a website, however, with an available English language option. There are no legitimate Namibian brokerages, however, many well-known regulated in Europe brokers target quite successfully traders from Namibia 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 English being quite popular in countries that are 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 Namibian dollar (NAD) or the South African rand (ZAR). The standard Visa and MasterCard are the widely preferred by traders in the country payment methods.