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Get to know Botswana – Botswana Facts
Botswana, much like Zimbabwe is a land-locked country situated in the south-west portion of Africa. The most notable feature of Botswana is its landscape which is mostly flat, it is covered for the most part by the Kalahari Desert. Desert sand, salt pans, salt marshes and rocky outcrops form Botswana’s variable landscape which caters to a diverse collection of plant and animal species.
The people of Botswana, though they may be few, belong to 20 different ethnic groups. They do speak various languages, and although the country’s official language is English, the lingua franca is Setswana (or Tswana).
Botswana’s history is an inspirational story of how one of the poorest countries in the world rose from the ashes in post-colonial times and built a government and infrastructure from scratch, and also became one of the world’s largest diamond producers.
Most of them don’t have enough skills in trading forex market, these people have invested their hard earned money in scam schemes and bad fund managers.
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The Best Forex Brokers recommended for Botswana Forex Traders
- IC Markets
IC Markets is an Australian and Seychelles-based ECN broker which is well-regulated and authorized through the reputable ASIC and offers competitive trading conditions to a variety of traders residing in numerous countries around the globe.
When opening an account, Botswana traders can expect a minimum deposit of 2,340.96 BWP, which provides access to numerous tradable financial instruments, leverage of 1:500, variable spreads, and low commissions charged on trades.
- Octa Fx
50% Deposit Bonus– Easy account setup and low minimum opening balance
Scalping, hedging, and EAs are all permitted strategies
Shariah-compliant options available for all account types
Access leverage up to 500:1 with negative balance protection
No registration fees or commissions
Fast Deposit And Withdraw
Exness is a globally-recognized broker with two main offices located in the Seychelles, it is also recognized as a Cyprus-based broker, with regulation and authorization through CySEC, FCA, and SFSA. The minimum required deposit to open an account with Exness is 11.70 BWP and in opening a live trading account, Botswana traders have access to a variety of tradable financial instruments such as Forex and various CFDs, amongst others. Exness also supports the use of MetaTrader 4 and MetaTrader 5, leverage of up to 1:1000, tight spreads and no hidden commission charges on trades.
XM is a reputable ECN and STP broker which is strictly regulated by ASIC, CySEC, and IFSC, with its services widespread across the globe in over 196 countries to over 2.5 million clients in offering the trade of Forex, commodities, metals, indices, and more.
When registering a live account, Botswana traders can expect minimum deposits of 58.52 BWP, spreads which are tight and variable, ultra-low commission charges on trades, leverage of up to 1:880 and access to the best trading platforms.
Their is a misconception that trading Forex on the financial market in Botswana is considered unsafe. This is not the case, Forex trading in Botswana is very active. Trading in Forex is allowed in Botswana as to conduct business currency must be exchanged. Forex is an integral part of import and export and investing internationally. The important thing is that when trading Forex you pick a safe and reputable broker that is regulated. Botswana Forex trading is not banned, their are many international online brokers offering favorable trading conditions.
Once a traders profits reach a level where the trading income can be taxed in Botswana, the trader should make sure all taxes owed for a financial year are paid. Botswana taxes should be filed even if there were losses on the year. If Trading losses cannot be claimed against personal income taxes. A trader should file them with the proper Botswana government agency. You should seek advice with a Botswana tax professional to ensure they are abiding by all proper tax laws in Botswana.
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.
Forex trading can be profitable but it is important to consider timeframes. It is easy to be profitable in the short-term, such as when measured in days or weeks. However, to be profitable over multiple years, it’s usually much easier when you have a large amount of cash to leverage, and you have a system in place to manage risk. Many retail traders do not survive forex trading for more than a few months or years.
Although forex trades are limited to percentages of a single point, they are very high risk. The amount needed to turn a significant profit in forex is substantial and so many traders are highly leveraged. The hope is that their leverage will result in profit but more often than not, leveraged positions increase losses exponentially.