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Forex Trading in Kenya: Choose A Trusted Broker

Forex Trading in Kenya: Choose A Trusted Broker

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Like in most other countries, in Kenya, investments and speculations on foreign currencies enjoy considerable fuss and demand as an easy and quick earning method. Namely, it is especially common among active people belonging to the middle class. Hence, to make your start easier and safer, we would like to give a few prompts on how to choose a broker and mention some of the reliable companies serving local users.

First, let us highlight that the local Forex market is among the largest across the globe. Thus, it is fully legalized and regulated by the government via a dedicated controlling body — Capital Markets Authority. As of today, there is no strict demand that, to serve traders from this country or enter the local market, a brokerage service must obtain a license from the body mentioned. Nevertheless, every broker is obliged to follow the rules and limitations imposed by it, for example, it is prohibited to offer leverage that exceeds 1:400.

So, let us explain in further detail how to select a platform for Forex trading in Kenya:

  1. Explore the safety aspect. Again, regulation by CMA is not obligatory, yet, it is highly preferable to find a service that is licensed by at least some foreign regulatory body, for example, the FCA or CySEC. Besides, pay attention to how the platform takes care of its clients’ funds and data — it may offer 2FA, bank/card account whitelisting, stop-loss orders, etc.
  2. Find reviews on independent third-party aggregators. Focus on such details as procession time, withdrawal time, hidden fees, convenience of use, and security.
  3. Learn more about opportunities for research, education, and automated trading. It is especially critical for those who are just starting their trading career and need some assistance in the form of expert advisors, bots, or copy trading or those who prefer automated trading to a manual format.
  4. Create a demo account. It is the most apparent solution if you want to understand whether the platform chosen suits your needs and demands. Furthermore, that does not involve any financial risks — in case you do not like the source, you can switch to another one without worrying about deposits invested.

Finally, let us mention a couple of specific names of brokerage companies. So, if you are a beginner, explore RoboForex and FBS in the first place. Why? There are a large bunch of arguments: availability of demo, cent, and micro accounts, low minimum deposit requirements, hefty no-deposit bonuses, copy trading, and decent educational sources. As for other worthy platforms, pay attention to Interactive Brokers, Exness, FxPro, OctaFX, and Tickmill.

In sum, we hope that, now, it will be easier for you to navigate through the local Forex market and pick a service that will offer both favorable trading conditions and decent security.