Welcome to the fascinating world of forex trading! Over the past decade, thousands of Kenyan residents have been drawn to this popular financial activity. Keep reading to learn more about this type of trading.
Forex trading is the practice of trading different currency pairs to profit from the difference in value of the currency pair caused by market movements. The young, tech-savvy population is eager to drive the economy forward, and many global corporations have their regional headquarters in Kenya. Due to the minimum capital requirements, forex trading in Kenya is rapidly gaining popularity. Currency trading has quickly become the most traded financial market in underdeveloped countries. Forex trading is only profitable if you understand how to analyze currency pairs or how to invest in which currency pair.
Is forex trading legal in Kenya?
Yes, forex trading is legal in Kenya. Kenyan forex traders have no limits in opening accounts with international brokers who do not need a CMA license to operate in the country.
What are the best forex brokers in Kenya?
The Capital Markets Authority regulates online Forex trading in Kenya.
Here is the complete list of licensed forex brokers in kenya : Pepperstone Markets Kenya Limited, EGM Securities, SCFM Limited, Exinity East Africa Limited.
Pepperstone is a market leader CMA licensed forex broker for frontier and emerging forex markets. He brings his experience in more difficult forex trading situations and offers ideal conditions for traders with lower deposits in a safe trading environment. The most important advantage of Forex trading in Kenya is the ability to trade in Kenyan shillings, which Pepperstone fully supports via local bank transfers. The minimum deposit of $10 ensures that all Kenyans have access to currency trading.
IFC Markets is another good option for Forex in Kenya as it accepts trades in Kenyan shillings. Although it does not yet support M-Pesa, Kenyan traders can use WebMoney to deposit Kenyan shillings, convert it to US dollars, euros or Japanese yen and deposit it into their trading account. Withdrawals follow the same procedure and WebMoney offers a mobile friendly version called Keeper Mobile which is available for all operating systems.
Who regulates forex brokers in Kenya?
Trading in currency pairs is subject to strict regulations in Kenya. the Kenya Capital Markets Authority (CMA) government agency is responsible for regulatory oversight. It aims to license and regulate all forex brokers while protecting Kenyan consumers from fraudulent bad actors in the market. Kenya currently has over 100,000 forex brokers, and this number is growing. You can trade forex with any licensed FX broker. The CMA has licensed six non-dealing forex brokers in Kenya.
Forex trading has grown in popularity in Kenya over the past decade. Before putting real money at risk, it is strongly advised to invest time in advance, devise and execute a winning trading strategy and plan before putting real money at risk, then be patient. Choose your attack times carefully. If you missed an opportunity, keep in mind that another one is just around the corner. This is the nature of this exciting forex market.