Welcome to the intriguing world of forex trading! Over the last decade, thousands of Kenya residents have been drawn to this popular financial activity. Continue 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 the currency pair’s value caused by market movements. The young and tech-savvy populace is keen to move the economy ahead, and many worldwide corporations have regional headquarters in Kenya. Due to minimum capital requirements, forex trading in Kenya is rapidly growing in popularity. Foreign exchange trading quickly became the most widely traded financial market in undeveloped 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 limitations on 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 full list of licensed Kenya forex brokers : Pepperstone Markets Kenya Limited, EGM Securities, SCFM Limited, Exinity East Africa Limited.
Pepperstone
Pepperstone is a market-leading CMA-licensed forex broker for frontier and emerging forex markets. It brings its experience to more tough forex trading situations and provides ideal conditions for currency traders with lower deposits in a safe trading environment. The most significant advantage of Forex trading in Kenya is the option to deal in Kenyan Shillings, which Pepperstone fully supports via local bank wires. The $10 minimum deposit ensures that all Kenyans access Foreign exchange trading.
IFC Markets
IFC Markets is another good option for Forex in Kenya because it accepts transactions in Kenyan Shilling. While it does not yet support M-Pesa, Kenyan traders can use WebMoney to deposit in Kenyan Shilling, 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 user-friendly mobile version called Keeper Mobile that is available for all OS systems.
Who regulates forex brokers in Kenya?
Trading foreign exchange pairs is under strict regulation in Kenya. The Capital Markets Authority of Kenya (CMA) government agency is in charge of regulatory oversight. It aims to license and regulate all forex brokers while safeguarding Kenyan consumers from fraudulent bad actors in the market. Kenya presently has an estimated 100,000+ forex dealers, and this figure is expanding. You can forex trade with any authorized FX broker. The CMA has licensed six non-dealing forex brokers in Kenya.
Final Thoughts
Forex trading has grown in popularity in Kenya during the last decade. Before putting actual money at risk, it is strongly advised that you invest the time upfront, design and execute a winning trading strategy and plan before putting real money at risk, and then be patient. Choose your attack times carefully. If you missed one opportunity, keep in mind that another is just around the corner. It’s the nature of this enthralling forex market.