Forex trading is one of the most common online jobs in Kenya. Some of the factors to look for in a forex trading platform are trading fees, regulation and trading instruments.
Forex day trading is the process of trading currencies on a daily basis. Traders use short-term charts and technical tools when deciding entry and exit points. This kind of trading requires focus, discipline and knowledge. Day trading forex is different from position trading since a day trader keeps his trade open for minutes or hours while a position trader keeps his trade open for days, weeks, months, or years.
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Online Forex Trading in Kenya
What are some of the best online forex brokers in Kenya? Find below our curated list. This list of forex brokers or forex traders in Kenya includes FXPesa, XM Forex, FXTM, Hotforex, Scope Markets, PepperStone Kenya, EGM Securities and IC Markets.
You may also want to consider ways to deposit and withdraw money from the platform. For instance, you may want a platform that allows you to conduct forex trading in Kenya with Mpesa deposits and withdrawals.
FXPesa is a forex trading platform in Kenya that is regulated by CMA. Some online reviews consider the platform the best forex trading app in Kenya. You can start trading with a minimum deposit of $5. It is available for desktop and mobile and mobile app. They offer 2 trading accounts, Executive Account requires a $5 deposit without a commission and Premiere Account requires $100 deposit with a $7 commission per standard lot for Fx. With FXPesa, you can engage in forex trading in Kenya using Mpesa.
Is forex trading legal in Kenya? Yes, forex trading is legal in Kenya. It is regulated by the Capital Markets Authority of Kenya (CMA). To be safe, make sure that you sign up with licensed broker for your forex trading activities in Kenya.
XM Forex Trading is a forex trading platform that is known for low fees and good customer support. It is available on the following platforms Metatrader 4, Metatrader 5, web trader and mobile device. The platform is regulated by ASIC of Australia, IFSC of Belize and CySEC of Cyprus. You can start trading with a minimum deposit of $5 with the Micro account. You can start trading with $50 using the Ultra Low account. They have 24/5 customer support and you can get market education through video tutorials and forex webinars. You can fund your trading account using Mpesa.
FXTM is a forex trading platform supporting Mpesa that is regulated by CMA, SFSCA, CCA and CySEC. The minimum deposit is $10 with the Cent Account. It is available platforms include Metatrader 4, Metatrader 5 for desktop and mobile and web trader.
FXTM offers two types of trading accounts; Standard and ECN accounts. The standard account has a minimum deposit of $100 while the spreads start from 1.5 pips for EUR and USD. It does not have a commission. The ECN account requires a deposit of $200 with commissions of $4 per lot on ECN. You can get market research resources through tutorials, webinars and seminars.
Hotforex is a forex trading platform that operates in Kenya and is regulated by FCA, FSCA and FSA. Although it is not regulated by CMA, it is regulated by other bodies outside Kenya. It is also one of the best forex brokers that accept Mpesa in Kenya. It is available trading platforms are Metatrader 4, Metatrader 5, web trader and mobile trading. You can open a Micro account for $5. They offer 1.2 pips on average for EUR or USD with a Premium account. New customers from Kenya get a 100% deposit bonus while there are also loyalty programs for existing customers.
Scope Markets is a Kenyan online forex broker that is regulated by CMA and FSCA. You need a minimum deposit of Ksh 2,000 to start trading. Its available platforms include MT5 for desktop, mobile and web traders. It offers two types of accounts; Gold and Silver. The Silver account is the standard account and does not have commissions with average fees of 1.7 pips on EUR and USD. The Gold account has a commission of $7 per Standard lot for round-turn. The platform has excellent customer support. Scope Markets supports forex trading in Kenya using Mpesa.
PepperStone Kenya is a forex trading platform that is regulated by CMA in Kenya, FCA, ASIC and CySEC. It was founded in 2010 and you need a minimum deposit of $200 to start trading. Its available platforms are MT4, MT5 and cTrader trading platforms on all devices. You can use the platform to trade on a number of instruments and has low trading fees. It has excellent customer support with a local office in Nairobi, making it easy for Kenyan traders to access their services. It has low spreads that start from 0 pips.
EGM Securities is a forex broker that is regulated by CMA. It was founded in 016 and you can start trading with a minimum deposit of $200. Its trading platforms include MT4 for desktop, Mac, Web and Android. It is a Non-Dealing Desk (NDD) forex broker that provides direct access to interbank market exchange rates. You can also use the platform to trade in other commodities apart from forex. They have excellent 24/6 customer support. To help new customers learn how to start forex trading in Kenya, the platform provides education resources through webinars and blogs. It is one of brokers that supports forex trading in Kenya with Mpesa. Other supported payment methods are Lipa na Bonga, EazzyPay, Airtel Money and eLipa.
IC Markets was founded in 2007 and is regulated by ASIC, CySEC and FSA. You can start trading with a minimum deposit of $200. It charges low trading fees. You can use the platform to trade CFDs, indices, bonds, stocks and cryptocurrencies. They have excellent customer support available 27/7 via live chat and email. It offers the lowest EURUSD spread of 1.1 pips for the standard account.
Final Thoughts on Forex Trading in Kenya Online
If you are planning to start online forex trading, one of the things to consider is the platform to use. Once you have decided on the platform to use, the next thing is to create an account you will be using to trade. With the best forex trading platform, you will also enjoy customer support and you can ask questions in case of any challenges.
Remember though, most people who start day-trading will not be able to make money out of this activity. The required amount of time spent learning and practising prevent them from gaining enough experience to become consistently profitable with their trades.