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Online Forex trading is not widespread in the West African country Togo. Even though the country is part of international organisations such as the United Nations, the African Union, the Economic Community of West African States (ECOWAS), 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 – 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 West African States (BCEAO) which oversees other minor and underdeveloped countries in West Africa as well.
The central bank supports a website, however, with an available English language option. There are no legitimate Togo-based brokerages, however, many well-known regulated in Europe brokers target quite successfully traders from Togo 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 French which makes communicating with European brokerages quite easy. Brokerages also have to provide withdrawals and deposits via the national currency which is the West African Franc of course. The standard Visa and MasterCard are the widely preferred by traders in the country payment methods.