While Africa may not provide some of the biggest trading volumes in the world just yet, the continent is seeing a surge in online trading within forex, stocks, cryptocurrencies and indices.
South Africa in particular has seen an influx of online traders looking to take advantage of the USD/ZAR pair’s extremely volatile pricing during the COVID-19 pandemic. Following a strong rally [ZAR strength] at the beginning of the year which saw the pair tap under 14.000, a four month downturn, due to one of the worlds longest and harshest lockdowns during the pandemic, saw the USD/ZAR pair hit an all-time high of 19.310.
The Rand dropped 39% since January, before seeing a 15% recovery beginning in April. Over the last three weeks, due to Rand strength, the USD/ZAR has dropped a further 8%.
While the majority of the financial markets have seen extreme volatility, the NASDAQ 100 has been a recent favourite among traders due to the volatility. The Index saw positive gains leading up to the COVID-19 pandemic before dropping to a new one year low of 6650, preceded by just under four months of continuous upwards momentum which saw the NAS100 break it’s all-time high continuously for 7 weeks in a three month time period.
The NAS100 index trading pair has been a favourite with Africans for the past several years and continues to draw massive trading volume on the continent.
Tradeview currently offers NASDAQ 100 among many of the world’s most popular Indices to trade.
Trade NAS100 on Tradeviews MT4, MT5, or cTrader platforms with an average spread of just 2.0
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