FX trading does not cease to grow in popularity all over the world – and Africa is no exception. The local Forex markets there range in size and safety, however, since the field is still relatively young there, the situation could become drastically different in the years to come.
When it comes to Angola, one can easily say that this country is among those that are yet to elevate their respective Forex markets to make them in line with the international standards of efficiency and security. Nevertheless, it does not mean that Forex trading in Angola should be avoided altogether.
In the guide that you are about to read we will have a closer look at the various components that are important to create a full understanding of what trading Forex in Angola is like.
We will provide you with the list of best Forex brokers in Angola, the main regulatory bodies that are currently overseeing the local FX market, the state of the national economy, the advantages and disadvantages of trading in Angola, and more.
Whether you are a beginner or an experienced trader, we suggest that you read our guide until the end, as the information presented here will help you make an informed decision on how best to approach the local Forex market.
Looking for a broker is already quite hard, let alone looking for one in a country where the Forex market is not properly regulated. In order to make this process a little easier for you, we have called upon our team of experts to conduct a thorough assessment of all the brokers available in Angola and come up where one can easily find the best one to join.
In the list below you will also find some useful information such as the broker’s success rates, trading instruments available, minimum deposit requirements, and more similarly important features.
CySEC, IFSC, ASIC
CySEC, FCA, FSA
100 currency units
CIMA, FCA, NFA
Before getting into Forex trading in Angola, it is a good idea to first get yourself acquainted with the state of its national economy and the main benefits that a trader can derive from it.
With a population of a little over 31 million people, the GDP in this country barely exceeds 208 billion USD, and the GDP per capita stands at 6 850 USD. Although the Angolese national economy has suffered some significant devastation caused by the Civil War of 1965, it has managed to make a swift recovery.
As of right now, the country is considered to be the fastest-growing economy in the region, as well as one of the fastest developing ones in the world. This notion should not come as a surprise after Angola managed to achieve an average GDP growth of 20%.
Angola is very rich in natural resources, and oil and diamond production make up for 60% of the country’s economy, as well as a significant source of the revenues from the Angolese total exports.
Although not yet explored, Angolese agriculture and forestry carry a lot of potentials to facilitate the country’s economic growth. When it comes to the former, studies show that Angola produces much more wheat, grain, and rice than the local population, so it could easily become the next big component of the export.
Overall, it is safe to say that there are some country-specific features that a trader can benefit from, especially if one is interested in trading commodities such as oil and diamonds.
The national currency that is currently used in Angola was first introduced in 1977 and was named after the Kwanza River – the Angolan kwanza (AQA). This currency is definitely exotic, and not widely used by the traders outside of Angola. Moreover, if you are a beginner, we recommend that you start with more popular and less volatile currency pairs, such as EUR/USD, or GBP/USD.
Among the best Angolese Forex brokers, you will easily be able to find those that accept payments in this currency. Moreover, there is a variety of payment methods to choose from. Angola is very fond of e-commerce so that in itself will have a lot of alternatives available.
On top of some popular online payment solutions and their local analogs, you will be able to use wire transfers and debit or credit cards, such as Visa or MasterCard.
Unfortunately, in spite of the significant growth, Angola is yet to introduce efficient regulatory mechanisms upon the local FX market. As of right now, the only regulatory body in the country is the Central Bank, which is responsible for overseeing the overall functioning of the country’s financial sector, and the implementation of the monetary policies.
The lack of proper regulation definitely does make it dangerous to trade Forex in Angola, however, do not give up on it just yet. Among the Forex trading brokers in Angola, you will find a lot of those that are both based and licensed elsewhere.
Those brokerages should not be avoided, to the contrary, in a country with no regulations in place, they might be your best choice. If you find out that the broker is licensed by an authoritative body, such as German BaFIN, UK’s FCA, and Cyprus CySEC and are able to confirm it, we highly recommend that you join them. Such brokers have both proven their qualifications and dedication to customer protection.
Overall, one should always choose a licensed broker. On top of an additional layer of security and the confidence in the provided services, a trader joining a brokerage with an official license will have the relevant regulatory body step in on their behalf, should a dispute with the broker occur.
The first thing to note here is the availability of mobile trading in Angola. This is definitely an important development as it means that the traders have greater accessibility to the Forex market, wherever they are and whenever they like.
Apart from mobile trading, Angolese traders will be able to choose from a variety of options available when it comes to the trading software. If you are seeking advice on which software to seek when looking for the best Forex platforms in Angola, we would suggest choosing MetaTrader4 or MetaTrader5, as it is both efficient and user-friendly.
Since the Angolese FX market is not regulated at the moment, neither the provision of high leverage nor the availability of bonuses is prohibited there.
If you choose a brokerage that does offer bonuses, you can expect one either after signing up with your broker ( welcome bonus) or upon making the consequent deposits (refill bonuses). Such tokens are a great way to kickstart your respective trading sessions and increase your potential returns.
When it comes to the leverage that top Forex brokers in Angola offer, we recommend that you approach them wisely, especially if you are new to the FX market. Although using leverage can really elevate your profits with little deposit required, it can also lead to some of the most devastating losses.
When deciding on whether or not to enter the Forex trading market in Angola, you should mostly have your individual needs and conditions in mind. However, before making the final decision, it is good to remember the following facts:
The process of getting started with Forex trading in Angola is relatively easy and quick. Mainly, you need to be of the age of 18 or older and be able to meet the requirements issued by the broker of your choice. Moreover, joining a brokerage will not cost you a penny, apart from the initial deposit that will be used for your consequent trading sessions. Those will vary depending on the regulated Forex broker in Angola that you will decide to join.
Our final verdict about the Angolese Forex trading market is that it is definitely worth exploring. As mentioned above, the country’s national economy is developing at a rapid speed which gives us a lot of reasons to believe that the local FX market will soon follow.
As of today, we recommend that the Angolese traders approach the market carefully and take all the repercussions necessary to secure themselves and their funds. One of the easiest ways to do it is to always check whether your best trading platform in Angola does actually possess the official license that it claims to have obtained.