The Growing Industry of FX Trading

The forex industry has been expanding at an astonishing rate over the years especially in the Southern African region. One of the reasons could be owing to the proliferance of retail level brokers allowing minimal capital (as little as $1), to be invested into trading accounts. This has allowed many individuals to delve into the industry with hopes of making huge profits.

The simple nature of learning the idea of trading also enables individuals regardless of age or academic background to be able to invest and place trades. This of course happens even without deep knowledge of what drives the market and it's future outlook. Some even trade as a mode of gambling with only two options, bid or buy. Of course there is a lot more to understanding the forex market than that, however, the combination of low minimal investment requirements and straightforward execution methods is enabling youngsters and adults alike to make an appearance in the markets.

The most common form of analysing the market has become technical. It does not need any education or knowledge of economics but mostly rests on the knowledge of identifying patterns and shapes. Simply looking at historic price data or a combination of candlesticks sounds too simple compared to the potential rewards. Many times this pays off for even first day traders and the taste of making money without investing too much time or effort keeps traders in the game. It is probable that other traders then seek more knowledge later to remain profitable.

With modern day technology and it's widespread availability, many people are seeing the rewards of trading as many people regardless of age are becoming wealthy, sometimes seemingly overnight. Through social media many people are seeing somewhat of a trend of people buying cars or taking vacations owing to Forex trading. What makes trading even more attractive is that people can trade at any time. Flexible hours and people are their own managers. Also analysing the markets can just takes a few minutes then trades are placed and left. It is not very time consuming and therefore people are doing it while going about with their day to day lives.

So far South Africa, Nigeria and Kenya are the well known African countries to be at the helm of the trading frenzy. The neighbouring countries however, such as Zimbabwe and Botswana are also seeing a steady rise in the uptake of trading as a hobby, second income or even the main source of income. The increase in traders has also been proportional to the number of brokers, as they anticipate increasing demands for their services. Some brokers however, are just formed to capitalise on the ignorance of beginners through malicious practices. That is why WikiFX was established. To make a stand for the traders. WikiFX was developed as a means and a forum to help traders against malicious broker activities such as unexplained and frequent slippages, delayed withdrawals and so on. It is useful even in the choosing of suitable brokers as there are over 5000 brokers enlisted in the application and all of them are tagged with a rating according to past user experiences. And since every trader can share their experiences about a broker on the WikiFX app, it is guaranteed that there is no hidden support or promotion of any particular brokers, just honest and brutal rankings.