Top 8 Locally Based Brokers
7 Best Social Trading Platforms in Kenya
The 7 Best Social Trading Platforms in Kenya revealed. We tested and verified the best Social and Copy Trading Platforms in Kenya.
This is a complete guide to social trading platforms in Kenya.
In this in-depth guide you’ll learn:
- What is a social trading platform?
- What to consider before social trading?
- How to choose the ideal social trading platform – Compare them side by side against each other.
- Which broker offers the best Copy Trading Platform?
- Which brokers offer a sign-up bonus for first-time traders?
- Which broker offers a minimum deposit of $5 (583 KES)?
- Which broker offers Apps on Android IOS devices?
- Which brokers accept M-PESA?
And lots more…
So if you’re ready to go “all in” with the top social trading and copy trading brokers’ platforms…
Let’s dive right in…
- Louis Schoeman
Best Social Trading Platforms in Kenya
| 🥇 Broker | ✔️ Social Trading Platform? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. AvaTrade | Yes | $100 (11635,00 KES) | Yes | 👉 Open Account |
| 2. Axi | Yes | 0 KES | No | 👉 Open Account |
| 3. Pepperstone | Yes | $150 (17 506 KES) | No | 👉 Open Account |
| 4. HF Markets | Yes | $5 (580 KES) | Yes | 👉 Open Account |
| 5. Exness | Yes | $1 (116 KES) | Yes | 👉 Open Account |
| 6. FXTM | Yes | $10 (1,100 KES) | No | 👉 Open Account |
| 7. IC Markets | Yes | $200 (23,000 KES) | Yes | 👉 Open Account |
7 Best Social Trading Platforms in Kenya (Updated 2023)
- AvaTrade – Overall, Best Social Trading Platforms in Kenya
- Axi – Best KES Trading Account Forex Broker
- Pepperstone – Best Social Trading Lowest Spread Forex Broker
- HF Markets – Best Sign Up Bonus Broker in Kenya
- Exness – Best Social Trading Forex App in Kenya
- FXTM – Best MetaTrader 4/MT4 Forex Broker in Kenya
- IC Markets – Best Social Trading Volatility 75/VIX75 Broker in Kenya
What are Social Trading Platforms?
👉 Social trading combines social media and Forex. It allows traders to invest with other successful traders for a little fee or a share of their profit.
👉 Copy trading allows beginners to profit from professional traders’ complex trading tactics. Beginner traders may follow dangerous trading tactics without realizing the risks.
1. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 AvaTrade is a globally known CFD and FX broker. It is overseen by several financial institutions, in various jurisdictions.
👉 AvaTrade is an award-winning broker that offers trading in over 1,250 financial instruments through a choice of platforms. It offers two live account types and also caters to a demo and Islamic Swap-Free account to suit beginner traders and those following the Muslim faith.
👉 AvaTrade was among the first forex brokers to introduce CFD trading on commodities, indices, and stocks and introduce digital currency trading.
Unique features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions. | The demo account is only available for a period of thirty days. |
| The broker enables customers to choose from a variety of trading strategies, providing Kenyan investors with flexibility. | The spreads are not at their most competitive levels. |
| A demo account is available for both inexperienced and seasoned traders to use. | On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid. |
| AvaTrade provides Muslim traders with trading circumstances based on Islamic law. | Retail traders have access to a relatively low ratio of leverage. |
| Both social trading and trading in cryptocurrencies are supported. | |
| The services provided by AvaTrade will meet the needs of Kenyan merchants of all experience levels, to their complete satisfaction. | |
| Different trading platforms accessible, accessed from a variety of devices. | |
| Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge. |
Trust score
🥇 The trust score for AvaTrade is 93%.
2. Axi
Overall Rating
- 4.8/5
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Overall, Axi is a reputed broker with industry-leading products and services. Axi offers MT4 as the only platform option, but traders get free access to AutoChartist, MyFXBook, and PsyQuation to make smarter trading decisions.
👉 Beginners have access to high-quality, organized teaching materials and regular market analysis. Axi is perfect for experienced Kenyan forex traders, MetaTrader4 users, and high-net-worth traders who trade significant positions often.
👉 Axi offers Standard, Pro, and Elite trading accounts. The broker offers tight spreads, minimum slippage, fast execution speeds, and multilingual 24-hour customer service in a safe and regulated environment.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, SVG, FCA, FMA, DFSA |
| 📱 Social Media Platforms | • Facebook • Telegram |
| 💻 Trading Accounts | • Standard Account • Pro Account • Elite Account • Demo Account • Islamic Account |
| 📊 Trading Platform | • MetaTrader 4 |
| 💰 Minimum Deposit | 0 KES |
| ✅ Trading Assets | • Forex • Share CFDs • Indices • Commodities • Oil • Precious Metals • Cryptocurrency CFDs • CFDs |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Axi is multi-regulated with three Tier-1, one Tier-2, and one Tier-3 regulation | An inactivity fee is applied to dormant accounts |
| MetaTrader 4 is provided across devices alongside useful plugins such as AutoChartist, MyFXBook, and more. | Deposit and withdrawal fees are charged |
| Kenyan traders are given access to local payment providers and can deposit/withdraw in KES | There is only one trading platform supported |
| There are no account fees charged when Kenyans register an account | The demo account is only available for 30 daya |
| Axi offers beginner traders access to a comprehensive trading academy where they can learn how to trade and refine their trading | There is no KES-denominated trading account |
| There are social trading opportunities |
Trust Score and Kenyan Market Share
🥇 Axi has a trust score of 84% and it does not have a large market share in Kenya.
3. Pepperstone
Overall Rating
- 4.1/5
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 Pepperstone is widely regarded as one of the greatest online trading brokers in the market, with over 170 countries and $8.3 billion in daily deals.
👉 They provide traders all over the world with access to all markets with cutting-edge technology, low spreads, low latency, and high-speed execution, as well as award-winning customer service.
👉 Over the years, the broker has received numerous awards, including those for forex broker quality, customer service, cutting-edge technology, and providing the best possible trading conditions for customers.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💰 Minimum Deposit | 150 USD |
| ✅ Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | No |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone caters for traders of all trading experience or style | Leverage restrictions apply |
| Pepperstone is a multi-regulated and multi-award-winning broker | Additional fees applied to the Islamic account |
| Pepperstone ensures client fund security by keeping it in segregated accounts | |
| Pepperstone accepts Kenyan traders and provides enough educational material for beginners | |
| Demo account and Islamic account offered | |
| Several funding options offered | |
| No deposit fees and withdrawal fees charged |
Trust Score and Kenyan Market Share
🥇 Pepperstone has a very high trust score of 92% and a market share of <5% in Kenya.
4. HF Markets
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
CMA, CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Overall, HF Markets, previous known as HotForex, is well-regulated by several reputable entities. HFM Investments Limited, a subsidiary of the brokerage company, has been given a license by the Capital Markets Authority (CMA) in Kenya.
👉 HF Markets offers to trade in MetaTrader4 and MetaTrader5. The retail investor accounts offered by the broker are appropriate for both rookie and experienced traders, as well as professional traders seeking a competitive edge in their trading.
👉 Each retail trading account has its own set of features and trading conditions to suit traders of various trading styles, trading abilities, and investment objectives. HF Markets has won over 55 forex industry awards and has over 2.5 million active accounts in the last decade.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | Micro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| 💵 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| 💸 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tight, competitive spreads from 0.0 pips on EUR/USD are offered | HF Markets only offers a few deposit and withdrawal methods to Kenyans |
| Kenyan traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms | |
| A demo account is available for beginners who are learning to trade and professional traders who are testing strategies | |
| Kenyan traders can register a trading account in either USD, ZAR, or NGN | |
| Several asset classes can be traded through HF Markets |
Trust Score and Kenyan Market Share
🥇 HotForex has a trust score of 83% and a Kenyan market share of 2.5%.
5. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 1156 KES
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Overall, Exness is a low-risk CFD and Forex broker that is regulated and authorized in many jurisdictions. Exness not only has a variety of account kinds to choose from, but it also has some of the best trading conditions in the market.
👉 Exness traders have access to more than 200 financial products and a variety of retail account types. Even though it is not yet authorized by Kenya’s Capital Markets Authority (CMA), it is one of the most popular brokers.
👉 Leverage allows users to minimize margin requirements and control trading strategies more flexibly. Exness gives traders complete control over their funds by allowing them to withdraw cash quickly using electronic payment channels. The broker’s KES Account is great for Kenyan traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Tradable Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 📉 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | Exness offers a limited number of payment methods for deposits and withdrawals |
| Traders can choose between several retail investor accounts | Exness only offers a limited portfolio of financial instruments to traders |
| Exness offers an Islamic account conversion with no additional fees charged | |
| Instant deposits and withdrawals are offered | |
| Exness has customer support available 24 hours a day, 7 days a week |
Trust Score
🥇 Exness has a trust score of 97%.
6. FXTM
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 1156 KES
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Overall, FXTM is considered low-risk and is one of the world’s fastest-growing and finest forex brokers. FXTM or Forex Time was founded in 2011, and due to its concentration in Africa and Asia, the company grew rapidly throughout Europe and beyond in a short period.
👉 FXTM offers three different retail trading accounts namely a Micro Account, Advantage Account, and Advantage Plus Account.
👉 FXTM offers solid trading conditions and extensive instruction are its foundation, and they provide trading solutions and services to the world, regardless of the trader’s experience, via their accessible trading across the globe.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Instagram • YouTube • Telegram |
| 💻 Trading Accounts | • Micro Account • Advantage Account • Advantage Plus Account • Demo Account • Islamic Account |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • FXTM Trader |
| 💰 Minimum Deposit | 1,100 KES or an equivalent to $10 |
| ✅ Trading Assets | • Precious Metals • Stocks • CFDs on Stocks • Indices • Forex • Commodities |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and award-winning forex broker | Inactivity fees are charged on dormant accounts |
| There is a dedicated customer support team available | FXTM does not offer its services to United States clients |
| There are several easy and quick funding and withdrawal methods offered | |
| There are three dynamic retail investor accounts to choose from with high maximum leverage ratios | |
| Low minimum deposit requirements and commission-free trading offered | |
| Deposit fees are not charged on any of the payment methods offered and the processing times on withdrawals are quick | |
| There is a selection of educational tools offered and research tools for experienced traders | |
| There is dedicated customer support offered in multiple languages |
Trust Score and Kenyan Market Share
🥇 FP Markets has a high trust score of 93% and although it does not have an extremely high market share in Kenya it is a popular broker suited to Kenyans
7. IC Markets
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 23120 KES
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Overall, IC Markets is a low-risk ECN broker. The broker is regulated by ASIC, CySEC, the Seychelles FSA, and the SCB.
👉 The broker offers spreads starting at 0.0 pips on the most popular trading platforms and deep liquidity from a wide pool of liquidity providers, assuring speedy transaction execution at the best available price.
👉 Kenyan merchants can trade complex products on any financial exchange. Kenyan high-volume traders have access to a third-party tool, but IC Markets also offers a variety of features that may give them an edge.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB |
| 📱 Social Media Platforms | • Instagram |
| 💻 Trading Accounts | • cTrader Account • Raw Spread Account • Standard Account |
| 📊 Trading Platform | • MetaTrader4 • MetaTrader5 • cTrader |
| 💰 Minimum Deposit | 23,000 KES or equivalent to $200 |
| ✅ Trading Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| 💵 Kenyan shilling Deposits Allowed? | No |
| ✔️ KES Deposits Allowed? | No |
| 📉 Minimum spread | 0.7 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| IC Markets is a multi-regulated broker with a high trust score | The initial minimum deposit is higher than that of competitors |
| IC Markets offers a choice between three powerful trading platforms | A conversion fee may apply for Kenyan traders who fund their account in KES |
| Kenyan traders can expect institutional-grade liquidity | Kenyan traders cannot use KES as the base account currency for a trading account |
| IC Markets is one of few brokers that have a true ECN model | IC Markets does not offer any proprietary trading platforms |
| Hedging, scalping, and several other trading strategies are allowed | |
| Traders have access to a FIX API connection when they use cTrader | |
| There are low trading and non-trading fees, with the benefit of a demo and Islamic account | |
| IC Markets is transparent about its fee schedule, which further instils trust |
Trust Score and Kenyan Market Share
🥇 IC Markets has a trust score of 85% and as an Australian based broker has a decent market share in Kenya.
How to choose a Social Trading Platform 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
👉 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
👉 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.
Trading Platform
👉 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:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ 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 Social Trading Platforms in Kenya
👉 In this article we have listed the best Forex brokers which classify as Social Trading Platforms operating in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.
Best Social Trading MetaTrader4 / MT4 Forex Broker in Kenya
👉 Overall, Alpari is the best MT4 Forex broker in Kenya. Alpari is a low-risk broker that may be summarized as a dependable and trustworthy market maker. Trading rates of a few milliseconds are guaranteed by Alpari. Over 2 million people have signed up with Alpari.
Best Social Trading MetaTrader5 / MT5 Forex Broker in Kenya
👉 Overall, AvaTrade is the best FTSE 250 MT5 Forex broker in Kenya. AvaTrade is one of the most reputable CFD and FX brokers in the world because of its stringent regulation and authorization, with Kenyan customer money maintained in segregated accounts with top-tier banks in each country.
Best Social Trading Platform for BEGINNERS in Kenya
👉 Overall, eToro is one of the best FTSE 250 brokers for beginners to utilize in Kenia. eToro offers various educational materials such as a demo account, new fees, analysis, eToro Academy, and eToro Plus.
Best Social Trading Minimum Deposit Forex Broker in Kenya
👉 Overall, OANDA is the best FTSE 250 forex broker with a minimum deposit requirement of 0 Kenyan shillings. The broker offers a comprehensive trading platform for both novice and experienced currency traders.
Best Social Trading ECN Forex Broker in Kenya
👉 Overall, XM is the best FTSE 250 ECN forex broker in Kenya. Security, customer service, account financing, and minimal fees are some of the most important features that consumers look for in an online trading platform, and XM provides them in abundance.
Best Social Trading Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, Tickmill is the best FTSE 250 Islamic / Swap-Free forex broker in Kenya. Tickmill is a trusted and easy-to-use broker for all Kenyan traders. This broker’s vast account selection, modest spreads, and rates make it excellent for many traders. Tickmill is governed by multiple countries and offers multilingual support.
Best Social Trading Forex Trading App in Kenya
👉 Overall, Exness offers the best trading app to start trading with. Kenyans will find that it is easy to get started with the Exness Trader platform since it includes all the necessities, such as candlesticks, indicators, and tools for computation.
Best Social Trading KES Trading Account Forex Broker in Kenya
👉 Overall, SuperForex is the best FTSE 250 KES Trading account forex broker in Kenya. SuperForex is a reliable broker that meets clients’ trading demands. Hundreds of trading products and user-friendly platforms meet everyone’s needs.
Best Social Trading Lowest Spread Forex Broker in Kenya
👉 Overall, Pepperstone is the best FTSE 250 lowest spread forex broker in Kenya. It offers spreads bbetween 0.0 pips and 0.3 pips on USDEUR. Pepperstone Markets is one of the most prominent trading brokers with an established track record. Its market share continues to grow because of its low trading fees, quick transaction executions, and wide range of assets.
Best Social Trading Nasdaq 100 Forex Broker in Kenya
👉 Overall, IG is the best FTSE 250 Nasdaq 100 forex broker in Kenya. The broker is one of the Top 20 brokers for Kenyan traders because of its unique trading solutions, comprehensive offering, and competitive trading conditions. IG is a multi-regulated and multi-asset online broker with one of the highest trust scores in Kenya.
Best Social Trading Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, IC Markets is the best FTSE 250 Volatility 75 / VIX 75 forex broker in Kenya. IC Markets is a multi-regulated broker with a high trust score. Kenyan merchants can trade on any financial exchange using IC Markets’ complex products.
Best Social Trading NDD Forex Broker in Kenya
👉 Overall, BDSwiss is the best FTSE 250 NDD forex broker in Kenya. It has the best active presence on social media platforms. BDSwiss is a CFD and forex broker and a worldwide supplier with more than 16,000 affiliate accounts and presently trades more than €20 billion in FX each month.
Best Social Trading STP Forex Broker in Kenya
👉 Overall, OctaFX is the best FTSE 250 STP forex broker in Kenya. The broker has been honored with over 28 accolades to date. It is OctaFX’s goal to keep trading costs low, executing 97.5% of orders slip-free using STP (Straight Through Processing) and ECN models.
Best Social Trading Sign Up Bonus Broker in Kenya
👉 Overall, HF Markets which has been previously known as Hotforex is the best FTSE 250 sign-up broker in Kenya. HF Market’s low price and excellent trading platform are exceptional. New and seasoned forex traders will benefit from the platform’s diversity of accounts and asset classes, as well as its in-depth information and analytical services.
Understanding how the Social Trading Platform works
👉 Social trading lets you mimic others’ financial strategies. It’s for folks who don’t want to spend much time finding trade chances. The social trading platform helps you duplicate other people’s trades.
👉 Social trading allows rookie and professional traders to share strategies and imitate one other’s transactions. New technology and platforms make social trading easier than ever.
👉 In these brokers’ platforms, traders communicate their strategy, trading ideas, and historical performance. After finding a good trader, you can copy their trades with one click.
Advantages of Social Trading Platforms
👉 Advantages of Social Trading Platforms include:
➡️ Many social trading platforms and services have well-developed infrastructures and offer a lot of information.
➡️ Social trading can provide first-hand insights based on the knowledge of numerous traders and investors. Without a social trading network, many traders may lack this knowledge and expertise.
➡️ Social trading lets traders discuss tactics and investments. This can lead to knowledge and understanding, which can help diversify strategies.
➡️ Less-experienced traders can learn from the examples they follow and gain trading knowledge.
Disadvantages of Social Trading Platforms
👉 There could also be some drawbacks to trading with Social Trading Platforms:
➡️ You are relying on the skill of others and can lose your investment if you do not choose wisely.
➡️ You have to spend more time on your account, to see what level of return you are getting and if it is what you expected.
➡️ You have to continuously monitor the market, you should not enter the markets without knowing what is happening and what you are doing.
Conclusion
👉 Overall, trading through a Social Trading Platform can give high rewards to Kenyan traders when proper research is done on a Social Trading Platform. To trade with Social Trading Platform, traders should have a good trading plan and risk management strategy in place.
FAQ
What is Social Trading?
Social trading includes imitating another investor’s moves. Social trading platforms make it easy for investors to monitor other traders’ activity and copy their actions.
What is the difference between social trading and copy trading?
Copy-trading allows users to copy other investors’ moves. Social trading allows you to observe other traders’ investments; copy trading copies their trades. Buying is reciprocal.
Is social trading Legal?
Various platforms have made this concept popular in the CFD (Contract for difference) world. CFDs work in jurisdictions where regulations aren’t tough and where it is legal.
What are the disadvantages of social trading?
Social Trading’s drawbacks include relying on others’ skills and losing money if you don’t choose appropriately. You must invest more time in your account to see what kind of return you’re getting.
Can you afford social trading?
Many people believe social trading will erase their trading losses. Social trading can be profitable if you trade logically and not emotionally. Trading contains inherent risks, and previous performance doesn’t guarantee future results. Everyone loses money through trading, but the secret to success is having more winning trades than losing trades over time.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, all financial markets feature a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
