If you want to trade in the Forex market in Kenya, there are several platforms to choose from. These include Markets X, eToro, FXPesa, and HotForex. Read on to discover more about these options and how to choose one. You can also find out what each offers by reading the reviews and feedback of other traders.
Markets X
To start trading forex in Kenya, you’ll need a device that can access the internet. You’ll also need to find a broker that offers safe transactions. Once you find a broker, you’ll need to open a margin account and deposit money using the broker’s payment methods. Once you’ve deposited your money, you can begin downloading the trading platform that the broker offers. Once you’ve downloaded the software, you’ll need to develop a trading strategy.
A decent forex broker in Kenya should be able to offer you a large selection of currency pairs and CFDs. It should be easy to find what you’re looking for and offers a variety of investment options, including commodities. Trading with a Kenyan forex broker can be a great way to make money online, and many brokers have mobile apps that allow you to trade on the go.
HotForex
HotForex is the most popular forex broker in Kenya, and it is highly regarded for its innovative technology. It has smartphone applications for investing and account management, and it is fully compatible with the M-Pesa payment system. In addition, it has a comprehensive partner network and offers native creditor facilities.
HotForex offers both trading and CFD products. The company has a Kenya-based presence and is regulated by the FSA, FCA, and FSCA. However, it is not regulated by the CMA. It is considered one of the most trusted forex brokers in the country, and offers Metatrader 4 and Metatrader 5, as well as a loyalty program.
eToro
If you are a beginner or intermediate trader in the stock market, you can always seek assistance from an experienced portfolio manager, trade adviser, or relationship manager. But if you are an absolute beginner, the best way to become a successful forex broker in Kenya is by learning everything on your own. Successful forex trading requires a constant stream of self-directed learning. Most beginner traders lose money because they lack the experience and knowledge necessary for trading successfully.
eToro is a popular multi-asset trading platform in Kenya that allows you to trade on more than 2000 financial instruments. Its most popular feature is CopyTrader, which lets you automatically copy other traders’ trades. Signing up with eToro is simple. All you need is a valid ID and utility bill, and you can deposit as little as $200. It also accepts credit cards, wire transfers, and eWallets.
FXPesa
FXPesa is a well-known broker in Kenya. It is regulated by the Kenyan capital market authority and the Financial Conduct Authority in the UK. It offers negative balance protection and does not charge dormant account fees. Additionally, it supports local Kenyan banks, which means that withdrawals from your account are quick. Otherwise, it could take up to five days to get your money back from a local bank.
FXPesa is a retail forex broker in Kenya that offers a range of forex and CFD trading services. Compared to its competitors, it offers a wider variety of currency pairs and competitively low spreads. Additionally, it accepts traders from most countries.
XM
FXPesa is one of the most popular forex trading platforms in Kenya. It is regulated by the CMA and allows you to deposit as little as $5. It is available on both desktop and mobile platforms. It offers two types of trading accounts: an Executive Account and a Premiere Account. The Executive account requires a minimum deposit of $5 without commission, while the Premiere account requires a minimum deposit of $100 and a seven percent commission per standard lot of Fx.
The Standard account allows you to trade with leverage of one-to-one. It also allows you to trade with leverage of up to 1:30. There are also no restrictions on how much you can trade with a single account. You can trade on more than one asset at a time, including stocks and commodities. The Standard account also offers negative trading balance protection. However, there is no local support phone number to contact in case of problems.