South Africa’s youngest millionaire forex trader, Mr Sandile Shezi, has emphasised the need for policies to protect players in the online forex industry and has announced his availability to help African countries formulate regulations for the sector. 

Africa has smaller participation in global forex markets and the concept of online forex trading is yet to peak on the continent.

However, individuals, organisations, financial institutions and various private agencies actively operate in the industry. 

Even though the online-based trading itself cannot be regulated by governments, the multi-millionaire believes some regulation by African countries is needed to guide the players and protect traders.

The global foreign exchange market is reported to have averaged $6.6 trillion per day in April 2019, by the Bank for International Settlements (BIS).

Highlighting the lack of understanding of the sector, the Chairman of Rivoltare, a financial markets company in South Africa, said he believes some guidelines need to be formulated in anticipation of a boom to prevent misconduct and protect investors from scammers.

“Whatever it is that they do, they cannot stop people from trading. The only way you can stop people from trading is to shut down the internet… What’s important is for people like myself and other leaders in the industry, to sit around the table with the local regulators and say: ‘How do we put together a policy framework to help us govern and regulate what is currently happening; and I am open to that and will like to play a role to build that up and protect this industry.

“We need to look at a different perspective on how to regulate and protect citizens of the country to ensure that they are not victims of scams and I will really love to be one of those people championing those discussions and ensure that we build a regulation around the industry,” Mr Shezi stated.

Speaking in an interview with ClassFM's David Apinga on the sidelines of the World Forex Summit, organised by Forex Trading Academy in Accra on Saturday, 28 September 2019, the youngest forex trader to hit the millionaire mark at age 23, who was the headline speaker at the event, explained that scams in financial industries cannot be eradicated entirely but investors can be educated to avoid the traps of fraudsters, hence, the need for education.

“When it comes to scams, it is something we cannot control. It is something that is beyond our control because scams are not just in this market, even when it comes to banks… What is important to us is to educate people in terms of what to look for, and how they will be able to pick out if the institution or company they are dealing with is authentic or not. What we are championing is to make people aware of the local regulators and be able to understand [the industry]. In the industry, brokerage is normally the biggest issue because some are not regulated, some are operating offshore and so on. So, we normally encourage people to use brokerages that are regulated locally in their respective countries,” he said.

He highlighted the need for training, skills building and mentorship, adding that Ghana can attain the level experienced in US markets with the right structures.

“In five years from now, Ghana can be at the level of America or even better depending on the determination of the people and the role that we play on building the industry but I think there is a huge potential,” he stated. 

For Mr Shezi, success in online forex trading is not the preserve of a few, noting that the industry is open to anyone with determination and the right tools and experience to hit millions.

He noted that Ghana will soon produce forex millionaires if her people will study the market.
 
“There has been a lot of other millionaires that have emerged in South Africa coming from this space and this industry. Even in Ghana, in the next coming years, we are going to see quite a number of successful traders coming out of Ghana. So long as we keep growing the industry it will only get better,” he said.