If you're interested in trading Forex in Botswana, 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 difficulty with the law. Lucky for you, we've researched the legislation, and found that it is 100% safe for you to trade Forex in Botswana!
The laws for trading Forex in Botswana are outlined in the "Non-Bank Financial Institutions Regulatory Authority Act". This piece of legislation is defined as the following:
"An Act to provide for the regulation of non-bank financial institutions for the purpose of enhancing the safety and soundness of non-bank financial institutions, setting high standards of conduct of business by non-bank financial institutions, improving the fairness, efficiency and orderliness of the non-bank financial sector and the stability of the financial system ..."1
The "Non-Bank Financial Institutions Regulatory Authority" Act does not mention trading Forex, spread betting, CFDs, or binary options. Most trading platforms that we have reviewed have accepted Botswanan clients. We have labeled those who do not so you can avoid them. If you're looking for a regulated operator to trade with, CySec, ASIC, and FSC are a few of most common regulators for top Forex platforms.
It is important to choose a safe and regulated trading platform here. The Financial Intelligence Act could be used against an unsafe trading platform. This Act is for "money laundering, financing of terrorism or the acquisition of property from the proceeds of any other offence"2 and could be cited against an unsecure platform.
Now that you have a better understanding of the legality of trading Forex for Motswana, it's time for you to choose a trading platform to make an investment with. We have created a list of the top Forex trading brokers for Botswana. Have look at that, and feel free to contact if you have any questions or concerns.
Sources:
1. Non-Bank Financial Institutions Regulatory Authority Act
2. Financial Intelligence Act
Last updated: 05/30/2017 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
