Bank of Namibia clarifies forex trading rules Edgar Brandt WINDHOEK – The Bank of Namibia on Friday afternoon clearly pronounced itself on the issue of foreign exchange (forex) trading, reminding Namibian residents 18 years of age and older that they are entitled to an investment allowance of N$6 million per year for investment purposes abroad Is Forex Trading Legal in Namibia? If you're interested in trading Forex in Namibia, you probably want to know whether or not it is legal for you to do so. After all, with your capital at risk, the last thing you want is trouble with the law. Lucky for you, we've researched the legislation, and found that it is % safe for you to trade Forex in Namibia! 24/6/ · Contrary to popular belief, the Bank of Namibia does not prohibit online forex trading. Though new rules and regulations have been introduced
Forex Trading in Namibia • Forex Strategies in Namibia • Benzinga
However, BoN emphasised that the utilisation of this allowance can only be done through an authorised dealer. Forex trading was recently thrust into the spotlight by the arrest of self-proclaimed forex traders, Michael Amushelelo 28 and Gregory Cloete 28 ; the specialised trade is advertised all over the internet including on social media as an additional source of income.
The duo, known for flaunting their lavish lifestyles, were arrested on charges of conducting banking business without authorisation, accepting money from the public for investment without being authorised to do so under the Banking Institutions Act, money laundering, and acquiring, possessing or using property forming part of the proceeds of unlawful activities. According to BoN, foreign exchange in Namibia is regulated by the Currency and Exchanges Act, Act No.
Under these laws, only licensed authorised dealers ADs such as commercial banks and authorised dealers with limited authority ADLAscommonly known as bureaus of exchange, can deal in foreign exchange. As such, is online forex trading legal in namibia, all persons and entities that wish to acquire foreign exchange for legitimate reasons must do so via commercial banks or foreign exchange bureaus.
The Bank of Namibia has published a list of all licensed AD and ADLAs on its website. The idea in forex trading is to roll cash constantly to make money off the daily variances in change of currency value fluctuations in separate markets, is online forex trading legal in namibia.
All institutional is online forex trading legal in namibia, such as Sanlam and Old Mutual, participate in forex trading but these institutions usually hedge their bets using derivative structures such as insurance to only expose their clients or a small portion of their money to it. Tags: Khomas. Share on social media. Your experience on this site will be improved by allowing cookies. Allow cookies.
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, time: 13:05Bank of Namibia clarifies forex trading rules - Truth, for its own sake.
24/6/ · Contrary to popular belief, the Bank of Namibia does not prohibit online forex trading. Though new rules and regulations have been introduced Is Forex Trading Legal in Namibia? If you're interested in trading Forex in Namibia, you probably want to know whether or not it is legal for you to do so. After all, with your capital at risk, the last thing you want is trouble with the law. Lucky for you, we've researched the legislation, and found that it is % safe for you to trade Forex in Namibia! Bank of Namibia assures traders that online Forex trading is legal The Bank of Namibia was recently forced to re-iterate its announcement made in October that online FX trading in the country is allowed and protected by bank
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