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 100% safe for you to trade Forex in Namibia!
The laws for trading Forex in Namibia are outlined in the "FINANCIAL INSTITUTIONS (INVESTMENT OF FUNDS) ACT". This piece of legislation is defined as the following:
"To consolidate the laws relating to the investment, safe custody and administration by financial institutions of funds and trust property and to provide for matters incidental thereto."1
The "FINANCIAL INSTITUTIONS" Act does not mention trading Forex, spread betting, CFDs, or binary options. Most trading platforms that we have reviewed have accepted Namibian 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. The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent organization that enforces the Financial Intelligence Act of 2012. This Act is for "combating of money laundering"2 and could be cited against an unsecure platform.
Now that you have a better understanding of the legality of trading Forex for Namibians, 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 Namibia. Have look at that, and feel free to contact if you have any questions or concerns.
Sources:
1. FINANCIAL INSTITUTIONS (INVESTMENT OF FUNDS) ACT 39 OF 1984
2. FINANCIAL INTELLIGENCE ACT, 2012
Last updated: 05/30/2017 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
