Zimbabweans should consider venturing into online forex trading in order to grow that industry and create the much-needed jobs in the economy, a trader has said.
Online currency trading is the world’s largest market generating over US$7 trillion a day while in London alone, over US$2, 7 trillion is exchanged through the virtual platform.
Addressing journalists during a media briefing in Bulawayo on Monday, chief trading officer for the Forex Trading School, Kuda Manzanga, said while the industry was not for everyone, there was a need for more people to embrace it.
“This is an international market; it is still a relatively new concept in Zimbabwe,” said Manzanga.
He said their school would continue training traders while also disseminating information on online forex trading.
“We are a school and we do have courses that we offer, but even before joining the school, you can open a stock or forex trading account and start trading. First, get a feel of whether it is for you or not. You can first trade with us for you to prove the concept.”
Manzanga said the forex trading school was established with a view to empowering those who would want to venture into the market in which he said there were vast opportunities.
“Come to the few workshops and hear about what is going on,” he said.
“My vision is to create an industry. We should have financial industries that allow our graduates to apply the Maths that they learn at the universities. We are not advanced in our understanding of the market. We are trying to conscientise people about the market.”
The chief trading officer, who said they would be rolling out a nationwide campaign on forex trading next month, added they had partnered the Zimbabwe Stock Exchange and other traders in spreading trade information in light of subdued trade on both the local and regional bourses.
The campaign will see would-be forex traders undergo training mainly in Bulawayo, Harare and Mutare, while other cities and towns would be considered.
“People are not participating in their own market; people are not trading on the Zimbabwe Stock Exchange,” bemoaned Manzanga.
“What we are saying to people is: learn how to trade on international markets and earn forex.”
He said Zimbabweans were missing out on opportunities in that market as a result of lack of information, explaining why they were offering lessons to the public.
“You cannot build an industry without education; our education is not trying to drive people towards this industry.”