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It is here and it has taken forex trading to another level. However, despite the vast amounts of money involved, no government institution is in charge of regulating the trade. This is because there is no legal framework governing it as Walter Wafula writes. A growing number of daring Ugandans is engaging in an extremely risky but lucrative internet-based business.
Forex trading is the buying and selling of different currencies by either firms or individuals. One currency is usually traded for another. The business is conducted by internet and foreign exchange Forex savvy traders across the world with a network of agents across the globe. For one to trade, he or she needs a forex account from the participating brokerage firms or agents. But to make profits in the money markets, just like in the stock markets, one has to be quite knowledgeable and up to date with information across the globe.
You must have the right information and must do it at the right time in order to make money. Business Power has observed and spoken to market players over the past few months and discovered that the trade is now worth billions of shillings in Uganda.
Despite the vast amounts of money involved, no government institution is in charge of regulating the trade. This is because there is no legal framework governing it. The business is, however, recognised as any other and has attracted at least daring Ugandans. But that value takes into account his customer deposits, accumulated interest and other investments the business holds. They have entrusted him with at least Shs1. The company has a partnership with Cyprus-based FxPro Group, a rapidly expanding forex brokerage company in the world.
Besides making money by trading for others, online forex traders are making money by training others how to make money in the business. Students are given tips on how to operate the trading platforms that international brokerage firms provide and also when to buy and sell currencies. A trainer who spoke to Business Power but also preferred anonymity said he is currently training 10 people how to trade currencies in global markets.
He also has six customers he is helping trade their money. Both deals are signed before attorneys to increase trust. Forex traders generate income interest by buying particular currencies when they depreciate and selling them when they appreciate against other currencies.
The difference between the buying and selling price is called a spread. The spreads range from between 0. The higher the spread the more money the trader or broker and his client earn. But Mr Joseph Lutwama, a senior legal officer at the CMA, last year told journalists that the business is illegal in Uganda and there are some individuals who are building pyramid schemes out of the trade.
Mr Stephen Kaboyo, the director of financial markets at Bank of Uganda equally disregarded the business despite being in charge of currency markets in the country. If you are interested, you go in. Market players like Mr Kasumba who are making big bucks from the trade and building business empires are beginning to restructure their operations to improve governance. The restructuring is also aimed at making customer deposits safer. Reilag has been operating two accounts namely; the Guaranteed Account and Personally Managed Account.
The business has largely been built on the guaranteed account which will be phased out by The better way is letting clients open their global FX accounts and be in control of their deposits. But the trading will be carried out by the Reilag, which will then expect a commission from the client.
But to achieve that, strict rules of engagement will have to be laid as his clients may not be as trustworthy as he has been. By controlling the number of clients, the firm wants to have a number of exclusive clients it can diligently serve without getting itself in a mess.
Mr Kasumba is also hoping that the government can come up with a law to govern the growing trade as soon as possible. To deal with the risk of collapse and loss of customer deposits, he said the firm is now seeking the services of an insurance firm to underwriter the funds Reilag holds. While Reilag Investments appears to be working towards becoming a reputable legal entity, there are many brief case companies that are attempting or planning to get involved in the same business.
The government should therefore come up with regulations that can govern how the business is conducted to prevent any loss of hard-earned money by individuals and businesses in Uganda. Pader District, about km from Kampala, at Shs50, had the highest price tag of a bag of. Mr Kayima notes that over time, the police have also witnessed some people kidnapping themselves.
In Summary It is here and it has taken forex trading to another level. Producers link cement scarcity to power crisis Pader District, about km from Kampala, at Shs50, had the highest price tag of a bag of.
Police tip public on kidnaps Mr Kayima notes that over time, the police have also witnessed some people kidnapping themselves.