Uganda’s top foreign exchange traders recognized at the inaugural Forex Expo.
Drake Nyamugabwa
In a bid to minimize unemployment among Ugandan’s especially the youth and boosting business earnings, many Ugandans are increasingly embracing online foreign exchange trading.
Despite lack of a domestic regulator and the related myth about the trade, Ugandans have confessed that they are reaping big from the trade conducted individually.
Among the products that are traded includes currencies, Contract For Differences (CFDS) like Jewels, mined commodities among others.
During the Forex Expo organized by Forex Bulls a Uganda based Company organized held on Saturday 27th August 2022, at Thoban Centre at Kampala Road, hundreds turned up to participate in the Forex seminar to gain knowledge on how to make earning, join and prepare for the lucrative online business. According to the CEO Forex Bulls, Daniel Ahikyire, in an interview at the sideline if the seminar said that they were inspired to establish the foreign exchange business in Uganda to minimize the unemployment rates especially among the youth who can internet services.
Uganda’s top traders were given cheapies and cash as appreciation for participating in the lucrative trade.
He said that there is need to sensitize people on how to invest in the business to increase the number of participants.
“Foreign Exchange trade is a new idea in Uganda. We need to reach out to as many as possible. The unemployment rate is high in Uganda among the youth, they can be now trade online wherever they are” he said.
On the investment side, the CEO said that the investment capital is friendly which can be started even below 100,000 but with quick returns.
The CEO Forex Bulls Daniel (M) in photo above with Presidential Advisor Diaspora Affairs Abbey Walusimbi.
The CEO added that safety of the business is guaranteed because of the nature it’s conducted using personal processing while depositing and withdrawing. He however cautioned traders of using third parties who claim to be brokers yet not regulated abroad
Kabaga Paula Foreign exchange traders and a Mentor with Forex Bulls said that I order to join the foreign exchange trade market, there is need first consider researching on the trade, self teaching on open source online information, and seeking the help of a mentor In order to benefit from the trade.
“If you can access internet, you need to seek right education through mentors, Internet websites, social media platforms like Instagram, you tube, and others to become profitable” he said
He pointed out that in Uganda currently have no broker to provide liquidity except using the foreign regulated brokers urging stakeholders like Uganda Capital Markets Authority, and Uganda Securities Exchange among others to embrace the trade and consider regulating the business in Uganda.
Yoweri Rugaba an Activist, Executive with Mr Muhoozi Army as well a Crime Psychologist urged stakeholders to train the youth to participate in the trade while boosting their networking skills for increased connections.
Namugenyi Jauharah an S.6 student and a foreign exchange traders called upon the youth in Uganda to join the business as a side business to start earning daily or weekly.
He urged willing youth to start join using the demo account first to learn how it works the up the real investment account.
More details of the forex expo can be accessed via the video below:
