Local startup, Forex Trading School Africa has partnered one of the biggest Wall Street brokers, MX in a deal that is earmarked to impart online trading knowledge across the country and the African region starting next month, 263Chat Business has learnt.
Online trading involves connecting with international markets via internet at the comfort of your home with the assistance of a broker.
It is a regulated platform for buying and selling various instruments on international markets which involves price of currencies or commodities such as wheat, gold and oil among others.
This deal is hence targeting 150 training seminars in total across the region with XM sponsoring the awareness.
“So we have partnered with XM to deliver quality education throughout Africa. This education will be delivered for free. Instead of giving us your US$ 50 we are saying put your US$ 50 in your own trading account and get free education,” Kudakwashe Manzanga, founder of Forex Trading School Africa said in an interview.
“XM is one of the largest brokers in the world and they are interested in Africa. They are regulated in multiple jurisdictions and so they are trustworthy and reliable. So our partnership with XM is to deliver education throughout Zimbabwe consistently throughout 2020 and furthermore to deliver it throughout Africa, he added.
Online trading is the largest financial market in the world with an estimated US$ 6 trillion changing hands daily.
The Forex Traders Association of Zimbabwe states that there are close to 45 000 people currently trading online in Zimbabwe.
However, the sector is yet to be comprehensively embraced in Zimbabwe and most parts of Africa but has witnessed substantial growth in countries like South Africa, Nigeria, Kenya and Rwanda.
“So you can participate in price movements of those instruments so as traders we are primarily speculators, we are saying hang on, we believe that this instrument is going to go up or is going to go down. We believe gold is going up or down, or this currency is going up or down so that is where the education comes relevant to allow you to analyze markets,” Manzanga said.
In 2019, Forex Trading School Africa managed to train 15 000 people in Zimbabwe, Botswana, Zambia and Malawi.