Welcome to the FXTradingAfrica Forex Glossary — your quick reference for clear, plain-English explanations of Forex trading terms. Learn what pips, spreads, and leverage mean, and how key concepts like central banks, inflation, and African currencies shape the FX market.
Updated regularly to reflect Africa’s evolving Forex landscape and market terminology.
- ADX (Average Directional Index)
- Algorithmic Trading
- AMMC — Morocco Capital Markets Authority
- AOA — Angolan Kwanza
- ATR (Average True Range)
- Balance (Trading Account)
- Bank Al-Maghrib
- Bank of Ghana
- Barrier Options (Knock-In/Knock-Out)
- Base Currency
- BCEAO and CREPMF (WAEMU)
- Best Execution
- Bid–Ask Spread
- BIS Triennial FX Survey
- Bollinger Bands
- Breakouts and Pullbacks
- Broker Regulation and Segregated Funds
- Butterfly (Options)
- BWP — Botswana Pula
- Capital Controls and FX Windows
- Carry Trade
- CBE — Central Bank of Egypt
- CBK — Central Bank of Kenya
- CBN — Central Bank of Nigeria
- Central Bank Forward Guidance
- CLS Settlement
- CMA — Capital Markets Authority (Kenya)
- CMF — Tunisia Capital Markets Council
- CNY/ZAR and CNH/ZAR
- Covered Interest Arbitrage
- Covered Vs Uncovered Interest Parity
- CPI and Inflation
- Cross-Currency Pair
- Cross-Currency Swap
- Currency Correlation
- Day Trading
- Dealing Desk Vs No Dealing Desk
- Delta Hedging
- Digital Options (One-Touch)
- Direct Vs Indirect Quote
- Drawdown
- DZD — Algerian Dinar
- EBS and Reuters Matching
- Economic Calendar
- EGP — Egyptian Pound
- Elliott Wave
- EM Currency Risk (Africa)
- Equity (Trading Account)
- ETB — Ethiopian Birr
- EUR/ZAR
- Exchange Controls (South Africa)
- Fibonacci Retracement
- FIX API
- Fixing Orders and Month-End Flows
- Forward Points
- FRA — Egypt Financial Regulatory Authority
- Free Margin
- FSA — Seychelles
- FSCA — Financial Sector Conduct Authority
- FSC — Mauritius
- FX Basis
- FX Swap
- Gamma Scalping
- GBP/ZAR
- GDP (Gross Domestic Product)
- GHS — Ghanaian Cedi
- Hedging Vs Netting
- High-Frequency Trading
- Ichimoku Cloud
- Implied Vs Realized Volatility
- Interest Rate Decisions
- Interest Rate Differential
- IOC, FOK, GTC & GTD Orders
- KES — Kenyan Shilling
- Last Look
- Leverage
- Limit Order
- Liquidity
- Liquidity Provider
- Lot Size
- MACD
- MAD — Moroccan Dirham
- Major, Minor & Exotic Pairs
- Margin
- Margin Call
- Market Microstructure
- Market Order
- Market Profile (TPO)
- Mini Lot
- Month-End and Rebalance Flows
- Moving Averages (SMA/EMA)
- MUR — Mauritian Rupee
- NAD — Namibian Dollar
- NAMFISA — Namibia
- NBFIRA — Botswana
- News Trading
- NGN — Nigerian Naira
- Non-Deliverable Forward (NDF)
- Non-Farm Payrolls (NFP)
- OCO (One-Cancels-the-Other)
- Onshore Vs Offshore Cny/Cnh
- Option Greeks (Delta, Gamma, Vega, Theta, Rho)
- Outright Forward
- Partial Fill
- Pip
- Pipette
- Pip Vs Point in Forex
- PMI (Manufacturing and Services)
- Position Sizing
- Position Trading
- Price Action Trading
- Quotation Decimals & JPY Pairs
- Quote Currency
- RBZ — Reserve Bank of Zimbabwe
- Requote
- Risk Reversal (25-Delta)
- Risk–Reward Ratio
- RSI (Relative Strength Index)
- RWF — Rwandan Franc
- SARB — South African Reserve Bank
- Scalping
- SDG — Sudanese Pound
- SEC Nigeria
- SECZ — Zimbabwe
- Session Overlaps and Liquidity
- Settlement Risk (Herstatt Risk)
- Single-Dealer Vs Multi-Dealer Platforms
- Slippage
- Spot FX
- Spread Markup
- Standard Lot
- Stochastic Oscillator
- Stop-Limit Order
- Stop Order
- Stop Out Level
- STP, ECN, and DMA Execution
- Straddles and Strangles
- Supply and Demand Zones
- Support and Resistance
- Swap / Rollover
- Swing Trading
- Tick Size Vs Tick Value
- Time-of-Day Effects
- TND — Tunisian Dinar
- Tom/Next and Spot/Next
- Trailing Stop
- Transaction Cost Analysis
- Trend Vs Range Markets
- Triangular Arbitrage
- TZS — Tanzanian Shilling
- UGX — Ugandan Shilling
- USD/EGP
- USD/GHS
- USD/KES
- USD/NGN
- USD/ZAR
- Used Margin
- Value Date (T+2)
- Vanilla Options (Calls and Puts)
- Volatility
- VWAP
- WM/Refinitiv 4pm Fix
- XOF / XAF — CFA Franc
- ZAR — South African Rand
- ZMW — Zambian Kwacha
- ZWL — Zimbabwean Dollar
