How to succeed as a Forex Trader in Kenya
How to Succeed as a Forex Trader in Kenya revealed. We tested and verified how to succeed as a Forex Trader for Kenyan traders.
This is a complete guide on how to succeed as a Forex Trader in Kenya.
In this in-depth guide you’ll learn:
- How to Succeed as a Forex Trader?
- How to be a profitable forex trader in Kenya?
- Our recommended forex brokers?
- How to compare forex trading brokers against each other?
- Find out how long forex will last?
- How much does the average forex trader make?
- Find out if you can make a living from forex trading.
- How does forex trading work?
- Which forex brokers offer a low minimum deposit of $5 (604 KES)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with succeeding as a forex trader for Kenyans…
Let’s dive right in…
Can Forex Trading be Profitable?
👉 Forex trading has the potential to bring in a profit, but it is vital to keep your time horizons in mind. Making money in the short term, say, a few weeks or days, is simple.
👉 However, long-term success typically requires a sizable capital reserve to leverage and a tried-and-true method for controlling risk. It is very uncommon for ordinary forex traders to give up after just a few months or years in the market.
The Top Things that Successful Forex Traders Do
They have a specific Approach
👉 You should never enter a deal without first realizing the importance of being well-prepared. Choosing an instrument or market that fits your personality and investment style is essential.
Consider the Timeframe
👉 Your personality type will dictate which trading style works best for you in terms of the timeframe. For example, if you are trading off a five-minute chart, it means you like to take positions with less overnight risk.
👉 However, opting for weekly charts shows that you are okay with overnight risk and can manage to have some days go against your position.
👉 You should also consider if you are prepared to sit in front of a screen all day or whether you would rather complete your study over the weekend and then make a trading choice for the next week based on your findings.
👉 Remember that the potential for large gains in the Forex markets is time-dependent. To make or lose a tiny amount briefly is to engage in short-term scalping. You will need to increase the frequency of your trades if this happens.
Choose your Methodology
👉 After settling on a time range, settle on a strategy that will be used throughout. Some traders, for instance, favour purchasing support and selling resistance levels. On the other hand, the breakout strategy is favoured by certain investors.
👉 Some investors like to make trades based on technical indicators like the moving average convergence divergence (MACD) and crossings.
👉 Once you have settled on a strategy or approach, try it out to determine whether it yields reliable results and an advantage. Any advantage, no matter how little, is worth pursuing if your system is dependable more than 50% of the time, which is an advantage.
👉 Once you have tried a few different approaches and found one that consistently produces favourable results, you should stick with it and put it through its paces using a wide range of measurement tools over an extended period.
Consider the Market and Instrument you wish to trade
👉 Certain instruments are more regulated in their trading than others. Inaccurate trading tools make it tough to develop a reliable trading strategy.
👉 Your trading system’s “personality” should be consistent with the traded instrument; hence it is important to evaluate it on various instruments.
They have a specific attitude towards Forex Trading
👉 Consistent forex trading requires that Kenyans have certain characteristics and attitudes towards the overall process. These are discussed below.
They have discipline
👉 Being patient and waiting for the price to reach the levels your system recommends for the point of entry or exit is essential once you know what to anticipate from your system.
👉 If the market never reaches the point where your system suggests buying, you should move on to the next chance. Another deal will come along eventually.
They are patient
👉 Being disciplined means, you can wait until your internal alarms signal you to act. There can be moments when the market price does not meet your target. You need the self-control to trust your process and stop second-guessing it right now.
👉 The capacity to act decisively when your internal cues tell you to be also a hallmark of self-discipline holds true for stop losses.
They remain objective
👉 You can only be objective or “emotionally detached” if your system or process is fool proof. However, you can avoid letting your emotions get the best of you and the advice of market experts if you have a method that consistently gives you good entry and exit points.
👉 You should be able to trust the information coming from your system sufficiently to act based on it.
They set realistic expectations
👉 Realistically, you cannot expect to put $250 into your trading account and win $1,000 on each transaction, even if the market frequently makes far greater moves than you predict.
👉 A short-term attitude may include lesser risks if the trader is disciplined in choosing deals. However, there is no “safe” trading timeframe. Alternatively, you might say that this is the risk-reward trade-off.
They familiarize themselves with the market
👉 The big players’ intentions may significantly impact the direction of an instrument’s trading. For instance, hedge funds differ from mutual funds; they use distinct strategies and have different goals.
👉 The motivations of large banks operating in the spot currency markets sometimes diverge from those of currency traders purchasing or selling futures contracts. Learning what drives the major players allows you to match your own interests more effectively with theirs.
They align varied factors
👉 Choose a handful of currencies, equities, or commodities and plot their prices across timeframes. Then, you can evaluate which timeframe and instrument work best with your approach.
👉 Using this method, you may find out where your system is most harmonious. Moreover, it is necessary to do this procedure often to adjust to ever-shifting market circumstances.
Successful Forex Traders have a Solid Forex Trading Strategy
👉 Just as no trading technique guarantees profits in every single transaction, neither are there any trades that are certain to lose money.
👉 If a system has a 65%-win rate, for example, it still has 35% of trades that do not turn a profit. Because of this, mastering the skill of making a profit in trading lies in proper trade management and execution.
Successful Forex Traders have Risk Control
👉 Regarding trading, nothing is more crucial than practicing good risk management. Get your deal going in the right way from the get-go. Think critically about your trading method, tweak it, and give it another go.
👉 On the second or third try, your transaction will start heading correctly. Patience and self-control are essential for success in this endeavour.
What you need to become a successful forex trader in Kenya
👉 For some, the allure of foreign exchange trading lies in the romanticized notion that it is possible to use one’s wealth to purchase flashy cars, take lavish trips, and do business in far-flung, exotic locales throughout the world.
👉 Yet, a lot of challenging work and commitment are needed to achieve any level of success in this field.
👉 It is common for wealthy traders to flaunt their spoils without disclosing the gruelling hours they put in to get where they are now. However, being a successful forex trader requires time and effort, just like any other profession or pursuit.
👉 In the following parts, we will go through some components for Kenyans that could assist them in getting started on the path to being successful traders.
Produce a reliable trading strategy
👉 Most unsuccessful traders do not have a strategy, which shows they are unprepared for being right or wrong. Due to their inability to judge market conditions, an apparent gain in value quickly erodes into a loss.
👉 Having a well-thought-out strategy in place is crucial before making any trades. The following factors should be considered in formulating this strategy:
➡️ Market entrance and exit.
➡️ Your risk tolerance for a single trade.
➡️ When to get out of a trade if the market goes against you.
➡️ When to get out of a transaction if you achieve your profit target.
➡️ A projection of your gain or loss.
➡️ The locations of your stop-loss and take-profit orders.
➡️ Keep abreast of the latest happenings in the financial markets.
Start with a practice trading
👉 Although most people want to get straight into trading in the hopes of instant success, it is wise to ease into it by starting with a little investment and priceeding cautiously at first.
👉 Opening a demo trading account is one of the best ways to assess the waters if you are interested in making a foray into the world of foreign exchange trading. The advantages of demo trading are many and include:
➡️ Learn more about the market and the many assets available for trade.
➡️ Learn the ropes of trading without risking your own cash.
➡️ Improve your faith in your financial abilities.
Always close profitable trades at the right time
👉 Forex traders often mistake not seizing their winnings and instead letting their losses grow. Inadequate preparation for trading is a common blunder made by Kenyan traders.
👉 If they have had a few unsuccessful transactions in a row, they will not take a large profit on the following order, no matter how much it would make up for their prior losses.
👉 Some traders let their losses mount even among the most experienced of them. It can incur more losses if you initiate trade without clearly understanding when to get out, even if the market eventually does a U-turn.
👉 Stop Loss orders, which can be set up defensively ahead of time, may help Kenyan traders avoid this expensive blunder.
Implement a plan for managing your finances
👉 Money management balances gains and losses using stop-loss orders and derivative instruments.
👉 Many novice traders find out the hard way that sound fiscal management is a vital component that may contribute to their success. Without sound principles, even the best financial planning approach would fail.
👉 To minimize losses and maximize gains, traders need to establish a stop-loss order and a target rate of return on their investments.
👉 Making as much money as possible while avoiding losing any is the goal. The amount you are willing to lose and the potential amount of profit you may gain should both be known before you get into any trade.
👉 Emotions may be a major hindrance in trading, but sound money management practices can help.
Always use stop-loss orders
👉 Stop orders should be placed as a safety measure after a trade has been entered, and they should be real. Traders routinely employ hypothetical orders just because they were successful in the past. Incorrect Stop order placement indicates faulty technical analysis.
👉 Excessive trading occurs when a trader uses excessive lots or trading pairs in a single transaction. A further sign of excessive trading is putting a substantial portion of your account balance at risk in a single trade.
👉 Never risk more than a predetermined percentage of your available funds, regardless of how enticing the potential reward may appear.
👉 Trading too much might cause you to lose your money in your account far more rapidly and reliably than if you traded the optimal amount.
Do not leave your positions open for longer than necessary
👉 It might be tempting to hang on to losing trades in the hopes that market conditions will improve, enabling you to get out of the position at even money or a profit. Do not give in to the temptation.
👉 Trading, however, is not an activity best approached with an optimistic outlook. Instead of letting your losing positions get out of control, you should have a sound risk management strategy and know how much you can afford to lose on each trade before you make it.
👉 Many traders make the mistake of leaving a position open for too long if they cannot make a profit at their target price. As a result, Kenyan traders might make a profit in the market and then reclaim a portion of that profit.
👉 If you are already making a profit, you will want to extract every penny. On the other hand, if you are already invested and the market reaches your target, you may overhold your position.
Always practice patience
👉 On average, a single trader’s time in the foreign exchange market might range from 5 to 9 months. Some traders are in it only for the excitement of the markets, while others are not even trying to make money.
👉 Traders should think carefully about their time horizon and goals before deciding how often they should trade and whether they have the patience to wait for a good trading opportunity.
Do not increase your risk percentage when you experience success
👉 As the trade balance grows after a string of quick closures, you may feel more comfortable taking on more risk.
👉 The more successful you are, the more self-assured you become and the more chances you are willing to take. Thus, it is hardly surprising that this common blunder is responsible for the failure of more traders than any one bad transaction ever could.
Never stray from your trading strategy
👉 Your trading strategy will need to be tweaked occasionally to account for the ever-shifting nature of the markets. However, unless necessary, you should not make any big course corrections during normal trading hours.
👉 Avoid this pitfall by always sticking to the same strategy regardless of how the demonstrations go.
👉 If you constantly change trading strategies and ignore your own rules, you will never improve as a trader. Therefore, stick to your trading strategy and avoid making hasty decisions.
Never stop learning
👉 All the top-performing forex traders have a dedication to lifelong learning and an insatiable appetite for information. As a result, if you want to make a living trading currency pairs, you should always learn more about the market and trading in general.
👉 The foreign exchange market is one of the most active and fast-paced in the world, so it is important to keep up with current events and how they could affect your trading. In addition, because of the dynamic nature of the markets, you may need to adjust your trading approach occasionally.
Control your emotions
👉 Fear and greed are the two most prominent emotions that influence market behaviour. As a result, forex traders often rush into trades out of panic rather than verifying their assumptions.
👉 Kenyan traders should avoid making hasty decisions because they risk losses if the market turns against them.
👉 Furthermore, greed is a trait that must be watched and controlled. It might lead you to overtrade by attempting too many transactions at once or underinvesting too much money into too few. Your trading funds are always in danger if greed takes over.
👉 To succeed as a trader, you must learn to suppress your feelings as much as possible. So, thinking carefully about the arrangement is the greatest possible outcome before moving through with it.
Remain humble and disciplined
👉 The risk of making costly mistakes due to FOMO (the fear of missing out) is real. Yet, numerous market traders keep their failures to themselves, while boasting about their wins and communicating with the online trading community.
👉 The most common cause of trading losses is the trader’s inability to exercise the necessary self-discipline to stay to a plan, endure loss, take profit, and extensively utilize a money management system.
👉 One of the best ways for newbies to gain self-discipline after finishing training and financing an account is to monitor the market for an entire day without making any trades. Keep your cool even if you come upon a lucrative trading opportunity.
Document your trades
👉 If done properly, a trader’s notebook could become a trusted confidante. It is not only a way to go through your trading strategy repeatedly; it is also a place to record your thoughts and ideas about how to improve.
Make sure that you take frequent breaks
👉 Maintaining a healthy work-life balance is essential in this field as in any other. If you find yourself awake at 4 am fretting about the way the Yen could move or a position you have established, it may be time to take a vacation from trading.
👉 If you take the time to live a well-rounded life, you will always be able to regroup, replenish, and come back stronger than before.
Develop and Maintain Flexibility
👉 The state of the market is fluid and subject to sudden shifts. For instance, if the foreign currency market has been quite stable for quite some time, your range trading strategy may be appropriate.
👉 To turn a profit, you must act quickly and adapt by switching strategies or exploring other markets in response to a sudden and dramatic spike in price volatility.
Think like a trader: learn the fundamentals of trading psychology
👉 The term “trading psychology” describes a trader’s mentality regarding making and absorbing losses. This is when things become very tough, so arming yourself with knowledge about trade psychology and strategies for avoiding common mental pitfalls is essential.
👉 Trading is a business, and traders who let their emotions get in the way of their decisions are the ones who end up hurting their companies.
👉 Your capacity to control your emotions is a crucial aspect of your trading psychology since it will attempt to influence all your investment decisions. Therefore, it is essential for each trader first to be aware of, and then cultivate, the proper trading attitude.
👉 Even though it is challenging, trading without emotions should not be the goal. On the other hand, traders would benefit by understanding how their biases and emotions influence their trading and then using that information to their advantage.
👉 No universal set of rules can be applied to all traders since they are all different.
Stay updated on what is going on in the financial markets
👉 Multiple factors have a role in shaping the economy and trade. You may get a better feel for the market’s mood even if you are just doing technical analysis if you keep up with the major happenings in the market.
Best Forex Strategies for Earning Profits in Kenya
👉 There is no single trading guide or handbook that does not stress the importance of a trading plan. First, deciding on a Forex trading strategy clarifies the trading process and aids in reducing trading risks.
👉 A forex trading strategy that works is a set of rules. Without a strategy or plan, a trader is exposed to significant dangers. Strict adherence to it will help traders avoid common pitfalls. Due to the unpredictability of the market, traders often make costly blunders.
👉 Depending on the state of the currency market, your approach will dictate the best course of action. Therefore, you need a trading plan that can adapt to market conditions.
👉 You will not make any educated guesses about when to buy or sell. There may be times when your trading technique tells you to join or quit the market.
👉 However, this does not imply that a better approach cannot be developed for foreign exchange trading. However, it must be free of any aspects that are not warranted.
👉 Scalping in Forex refers to a trading method that takes advantage of micro-movements in the market. The goal of this approach is to generate incremental gains from many deals.
👉 That is why scalpers aim for high volumes of tiny wins, accumulating them to make a bigger profit. A position of hours, days, or weeks would be abandoned in favour of this strategy.
👉 Given the high liquidity and volatility of the Forex market, scalping has become more common. As a result, investors seek marketplaces with active trading to profit from even modest price changes.
👉 Gains of 5 pips each transaction are typical for this kind of investor. Still, they are crossing their fingers that many deals pan out because the returns are dependable and simple.
👉 One obvious drawback of scalping is that you cannot afford to maintain a position for an extended period. In addition, you need to devote a lot of time and energy to scalping since you must continually monitor charts to identify potential trade setups.
Strategies Based on Bollinger Bands
👉 Squeezing Bollinger Bands is a common trading technique. Squeezing happens when price action becomes choppy after previously being volatile.
👉 When the upper and lower bands grow closer together, it is easy for a trader to see that the price of an asset is consolidating. This indicates that the asset’s volatility has diminished. As a result, price tends to make a stronger move after a period of consolidation, preferably on heavy volume.
👉 When volume increases with a price breakout, traders are more confident that the price will continue to trend in the breakout direction.
👉 The trader will purchase or sell the asset depending on whether the price moves above or below the band. Stop-loss orders are often set on the breakout side of the consolidation.
Flat Trading Strategy
👉 Even if the market is flat 70% of the time, most trading tactics are trend-based. Thus, most traders use just 30% of their trading capacity.
👉 Prices may fluctuate in trends (up/down) or without discernible direction. This method applies to the second choice – trading in a flat market. A trader’s performance depends on how well they discover entry and exit positions.
👉 Occasionally, it is difficult to identify; thus, traders use technical indicators and price patterns. Kenyans can use 4 hours (H4) and the following indications to identify a flat market:
➡️ Bollinger Bands
➡️ Relative Strength Indicator
➡️ Moving Averages
Strategies based on Moving Averages
👉 Using just a few moving averages (MAs) and accompanying indicators, a forex trader may develop a basic trading strategy to capitalize on trading chances. MAs are typically used as trend indicators to indicate support and resistance levels.
👉 Simple moving averages (SMAs) and exponential moving averages (EMAs), which give greater weight to recent prices, are the two most used MAs. Moving average envelopes are based on percentages placed above and below a moving average.
👉 Forex traders can use a basic, exponential, or weighted moving average as the foundation for the envelopes.
👉 Forex traders should experiment with various percentages, timeframes, and currency pairings to determine the optimal envelope technique.
👉 For example, it is typical for daily charts to see envelopes with 10- to 100-day intervals and “bands” with a 1-10% distance from the moving average.
👉 When day trading, the envelopes are often much less than 1%. On the chart below, for one minute, the MA length is 20, and the envelopes are 0.05%.
👉 Depending on daily volatility, it might be necessary to alter settings, particularly the percentage, daily. Use parameters that match the approach with the daily price movement.
👉 Ideally, only trade when the price has a large overall tilt in one way. Then, many traders will only trade in that direction.
👉 Consider purchasing after the price hits the middle-band (MA) and then rises off it if the price is an uptrend. Conversely, consider shorting in a severe decline when the price reaches the middle band and begins to plummet away from it.
Fibonacci Retracement Strategies
👉 It is important to note that the numbers used in Fibonacci retracements are not actual numbers in Fibonacci’s sequence but are produced from the series itself using mathematical equations.
👉 The “golden” Fibonacci ratio of 61.8% is derived by dividing one number in the series by the next number in the sequence. Then, a grid of Fibonacci retracement levels is created using the chart’s high and low points and the important Fibonacci ratios of 23.6%, 38.2%, and 61.8%.
👉 The intersection of the horizontal lines shows price reversal locations. Fibonacci levels, such as the 50% retracement level, are often shown in a grid on a charting program.
👉 The 50% retracement level is considered an important reversal level, notably in Dow Theory and the work of W.D. Gann, even though it is not based on a Fibonacci number. However, as a component of a trend-trading strategy, Fibonacci retracements are often used.
👉 The goal of traders in this situation is to use Fibonacci levels to enter the market at negligible risk and ride the original trend.
👉 Traders that use this method assume that prices would typically rebound in the direction of the underlying trend after touching one of the Fibonacci retracement levels.
Trend Trading Strategies
👉 Long-term forex traders sometimes use “trend trading,” which entails capitalizing on price fluctuations by betting on the market’s direction for a certain currency pair.
👉 For example, in an upward trend, you may purchase during a downturn, and in a downward trend, you would sell on a rally.
👉 Having made a trade in the direction of the trend, a trend trader will maintain that position until the market achieves its predetermined target, or the trend begins to reverse. Trend traders often utilize trailing stop loss orders to protect their gains in a sudden reversal.
👉 Some trend traders rely on moving averages and other price-smoothing technical analysis indicators like the Average Directional Movement Indicator (ADX) to spot market shifts.
👉 They might also utilize moving averages with different time frames and look for crossings as a hint of a reversal.
How to Choose the Right Solana Wallet in Kenya
👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.
👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Crypto CFD Brokers in Kenya
👉 In this article we have listed the best Forex Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 trading platform broker in Kenya
👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.
👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.
Best MetaTrader 5 / MT5 Forex Platform broker in Kenya
USD 100 / 11560 KES
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.
Best Forex platform for beginners in Kenya
👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.
👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.
Best Minimum Deposit Forex platform in Kenya
USD 1 / 116 KES
IFSC, FSCA (South africa), ASIC, CySEC
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.
Best ECN Forex platform in Kenya
USD 0 / 0 KES
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Metatrader 4 and Metatrader 5
Account Activation Time
👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.
Best Islamic / Swap-Free Forex platform in Kenya
USD 100 / 11660 KES
CySec, FSC, FSA, BaFin, NFA
MetaTrader 4 , MetaTrader 5
50 Forex Pairs and 20 Crypto Pairs
Account Activation Time
👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.
Best trading platform Forex Trading App in Kenya
👉 Overall, OctaFX has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.
👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.
Best Lowest Spread Forex platform in Kenya
570 KES or an equivalent to $5
Account Activation Time
👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.
Best Nasdaq 100 Forex platform in Kenya
USD 10 / 1156 KES
MetaTrader 4 and MetaTrader 5
Account Activation Time
👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.
👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.
Best Volatility 75 / VIX 75 Forex platform in Kenya
USD 100 / 11560 KES
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.
Best NDD Forex platform in Kenya
👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.
Best STP Forex platform in Kenya
USD 10 / 1156 KES
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Account Activation Time
👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.
Best sign up bonus trading platform in Kenya
USD 100 / 11560 KES
MetaTrader 4, MetaTrader 5
Account Activation Time
👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.
👉 Since there is only a winnable deal and a losable transaction in trading, the field of trading is complicated and takes as much art as science to perform well. However, the key to making money in the Forex market is for each trader to develop a personal trading strategy that works for them.
👉 Kenyan traders are responsible for developing their own trading methods, including the timeframe, position size, and the number of transactions they want to execute.
Is it possible to succeed in forex trading?
It is possible to exceed. However, between 60% to 95% of all traders fail.
What is the most profitable forex pair to trade in Kenya?
EUR/USD is the most profitable currency pair in terms of the economic strength of Europe and the United States and the liquidity of the forex pair.
Why do most Kenyan traders lose money in trading forex?
The reasons for this are obvious, and it is due to a lack of knowledge. As a result, many traders repeatedly fail in the forex market.
In addition, it is believed that most traders are doomed to failure due to their inability to see the larger picture.
How do Kenyans know which Forex pairs to trade?
There is peak trading activity for each currency pair throughout the day. The largest trading volumes and potential price swings occur at these times.
Therefore, Kenyans must determine the best time to trade the forex pair of their choosing.
Who controls the forex market in Kenya?
Because there is no central controlling body, such as a government or international organization, it is said to be decentralized.
Governments (often via their central banks) and commercial banks are the main stakeholders in this industry.