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How to trade Forex in Kenya

How to trade Forex in Kenya

How to Trade Forex in Kenya revealed. We tested and verified how to trade forex for Kenyan traders.

This is a complete guide on how to trade forex in Kenya.

In this in-depth guide you’ll learn:

  • What is Forex
  • How does Forex Trading work?
  • Our recommended forex brokers for beginner traders?
  • How to compare forex trading brokers against each other?
  • How to make money from forex trading in Nigeria?
  • Is Forex Trading Legal in Kenya?
  • Which brokers offer an App on Android and IOS?
  • How to trade forex online in 2022?
  • Which forex brokers offer a low minimum deposit of $5 (606 KES)?
  • Which brokers offer a signup bonus for first-time traders?


And lots more…

So if you’re ready to go “all in” with forex trading for Kenyans

Let’s dive right in…

Updated : October 26, 2022

What is a Forex Trader?

👉 Foreign exchange (Forex) traders and currency traders are the same people who deal in exchanging one currency for another on the foreign exchange market.

 

👉 Forex traders are professionals engaged in trading for a financial business or set of customers, as well as amateur traders who trade for their own financial benefit, either as a pastime or as a means of subsistence.

 

👉 Using currency exchange rates, Forex traders attempt to benefit from trading foreign currencies. Therefore, as the relative value of currencies rises or falls, Kenyan traders attempt to anticipate these fluctuations and purchase or sell appropriately.

What is Forex Trading, and How does it work?

Forex Trading

👉 Forex, often known as foreign exchange, is a network of buyers and sellers who exchange money at an agreed-upon price.

 

👉 It is the technique through which people, corporations, and central banks change one currency into another; if you have travelled internationally, you have engaged in FX transactions.

 

👉 Some transactions in foreign exchange are made for convenience, but the vast majority are made for financial gain. Because of the high number of daily currency exchanges, the value of currencies could see very wild price swings.

 

👉 This volatility, with its high potential for enormous gains and equally high potential losses, makes forex trading so appealing to traders.

 

👉 The currency market, often known as Forex (FX), is the biggest financial market in the world, with daily notional value exchanges exceeding $4 to $5 trillion.

 

👉 The 24-hour market for currency trading is closed only from Friday evening until Sunday evening. However, the 24-hour trading sessions are deceptive. There are three trading sessions: European, Asian, and American.

 

👉 Even though there is significant overlap between the sessions, most currency trading occurs during those market hours.

 

👉 This implies that currency pairings will see more volume during certain trading sessions. Traders focusing on dollar-based pairings will find the maximum activity during the US trading day. All foreign exchange is conducted in pairs.

 

👉 In contrast to the stock market, where a single stock may be bought or sold, you must purchase one currency and sell another in the forex market. All currencies are then valued to the fourth decimal place.

 

👉 A pip or percentage point is the lowest trading increment. Typically, one pip represents 1/100 of 1%. In addition, another inherent characteristic of forex trading is that variable-sized currency lots are exchanged as follows:

➡️ The micro-lot consists of 1,000 units of a certain currency. For example, a micro lot equals $1,000 of your base currency, the dollar, if your account is financed in US dollars.

➡️ A mini lot corresponds to 10,000 units of your base currency

➡️ A standard lot corresponds to 100,000 units.

 

👉 A pip (percentage in point) is the smallest trading increment. Typically, one pip represents 1/100 of 1% or the value in the fourth decimal place.

 

👉 Many currencies are valued to the fourth or fifth decimal place. Exceptions to this rule include currency pairings whose quote currency is the Japanese Yen (JPY). Typically, these currency pairings are priced to two or three decimal places, with a pip representing the second decimal place.

 

👉 Since one pip in a micro lot indicates just a 10-cent change in price, retail and novice traders often trade in micro lots. This makes it easy to control losses should a deal not provide the desired outcomes.

 

👉 One pip in a micro lot is worth $1, whereas the same pip in a normal lot is worth $10. In addition, some currencies may change as much as 100 pips or more in a single trading session, making micro and mini lot trading more doable for tiny investors.

An Introduction to the Forex Market for Kenyans

An Introduction to the Forex Market for Kenyans

What is the Forex Market?

👉 When it comes to exchanging currencies, the Foreign Exchange Market is by far the biggest and most active market in the world. Any individual, organization, or nation may participate, regardless of the amount of money exchanged.

 

👉 It is an over-the-counter (OTC) exchange market since no monetary authority controls the currency. Foreign exchange, often known as currency exchange, is crucial to the success of any business or individual operating on a global scale.

 

👉 It is useful for converting foreign money into local currency and vice versa. However, for use inside their own borders, countries must first convert foreign money into their own currency.

 

👉 All transactions with foreign parties should be conducted in the domestic currency of the importing country and exporting countries’ domestic currencies, respectively.

 

👉 Because of the complexity of dealing with several currencies and their associated payment concerns, this is not a realistic option. Therefore, most nations choose a single currency to use in international trade.

 

How does the Forex Market Work?

👉 The country’s currency is measured against its trade currency. As the economic standard, this money would be used in all transactions. Therefore, countries must use other major currencies, such as the US dollar, the Euro, the British pound, or the Japanese yen, in their commerce.

 

👉 A country’s foreign commerce may be monitored via its balance of payment account. Deposits and withdrawals of foreign currency are recorded here, while payments made in foreign currency are deducted from this account.

 

👉 Assuming everything else is equal, a country with a negative balance of payments will have a currency that is less valuable to foreigners.

 

👉 So, when a country’s balance of payment account is negative, there is a higher need for foreign currency to cover imports and exports. Because of this, their purchasing power in domestic currency increases.

 

👉 Making a currency exchange involves simultaneously buying and selling two separate currencies.

 

👉 This means there will be a price disparity between the two currencies. Supply and demand determine the amount of one country’s currency that may be exchanged for another.

 

👉 The basic function of the currency market is to facilitate this kind of international price parity. All other financial markets that contribute significantly to global stability will benefit from this increase in liquidity.

 

The Types of Forex Market Explained

The Spot Market

👉 Transactions need prompt payments at the current currency rate. Therefore, it necessitates quick money delivery or on-the-spot conversion, often within 48 hours. In addition, spot trades are currency exchanges that occur two days after the contract date.

 

👉 The spot market is the marketplace where spot transactions occur, and the spot rate is the exchange rate that applies to such transactions.

 

👉 When the price of commodity increases or decreases between the time of real agreements and the time of trading, traders suffer uncertainty. Spot market traders are less susceptible to such market instabilities.

 

Swap Market

👉 Swaps permit the exchange of two cash flows denominated in two distinct currencies. Swaps, also known as double transactions, are transactions in which a buy or sell of the same currency for forward delivery immediately follows a simultaneous purchase or sale of spot currency.

 

👉 The spot currency and the forward currency are exchanged. Commercial banks participating in forward exchange activity may shift their fund position through a swap transaction.

 

Forward Market

👉 The forward market entails transactions in which exchange occurs at a defined date and price in the future. In other words, the forward currency market involves entering a contract for the future purchase or sale of foreign currency.

 

👉 Forward rates are comparable to spot prices, but delivery occurs later. Therefore, there could be discrepancies between the spot and future exchange rates. This difference is referred to as the forwarding margin or swap points.

 

👉 In addition, Kenyan traders could alter the delivery duration at their discretion. By using ahead exchange contracts, this exchange enables exporters and importers to circumvent the difficulties of rate volatility.

 

Futures Market

👉 Futures contracts are alternative forward contracts that are exchanged openly on futures exchanges. As with a forward contract, it specifies the price and date for an asset’s future purchase or sale.

 

👉 Futures contracts, unlike forward contracts, have a predetermined contract amount and maturity date. Futures can only be traded on a regulated exchange, subject to competitive trading.

 

👉 A forward contract does not need margins, unlike other futures market participants. However, traders must deposit an initial margin into a collateral account to open a futures contract.

 

Forex Options

👉 Options are derivative contracts that provide a foreign exchange market participant to purchase or sell a foreign currency at a fixed rate (strike price) on or before a certain date (maturity date).

 

👉 A call option enables traders to purchase the underlying asset, while a put option enables them to sell it. Exercising an option entails purchasing or selling the underlying asset through the option. On the options market, traders are not required to exercise their options.

 

When can Kenyans trade Forex?

👉 The foreign currency market is unique among global financial exchanges in that it is open 24 hours a day, five days a week.

 

👉 The tables below show the many time zones that affect the opening, closing, and overlap of the forex market sessions.

➡️ Greenwich Mean Time (GMT)

➡️ Eastern Standard Time (EST)

 

Greenwich Mean Time (GMT)

📱 Region📍 City📈 Market Open💻 Market Close
EuropeLondon8 am5 pm
EuropeFrankfurt7 am4 pm
United StatesNew York1 pm10 pm
United StatesChicago2 pm11 pm
AsiaTokyoMidnight9 am
AsiaHong Kong1 am10 am
PacificSydney10 pm7 am
PacificWellington10 pm6 am

 

Eastern Standard Time (EST)

📱 Region📍 City📈 Market Open💻 Market Close
EuropeLondon3 amNoon
EuropeFrankfurt2 am11 am
United StatesNew York8 am5 pm
United StatesChicago9 am6 pm
AsiaTokyo7 pm4 am
AsiaHong Kong8 pm5 am
PacificSydney5 pm2 am
PacificWellington5 pm1 am

What are Forex Brokers, and what is their role in Forex Trading?

What are Forex Brokers, and what is their role in Forex Trading?

👉 You need the help of a forex broker if you want to trade on the Forex market. Central banks, investment banks, commercial banks, fund management firms (mutual funds, hedge funds), huge corporations, retail investors, and speculators participate in the foreign exchange market.

 

👉 Together with the interbank market, the foreign exchange market is one of the world’s most important financial markets. However, only a small fraction of the market’s volume is transacted by individuals trading for personal gain.

 

👉 Private individuals participating in the foreign exchange market are retail Forex Traders. Speculators, often known as retail Forex traders, employ a Forex broker to access the retail off-exchange FX market (or Forex market).

 

👉 Companies that facilitate foreign currency trading on behalf of their clients are known as forex traders.

 

👉 Typically, this refers to online trading platforms developed by individual companies or to the MetaTrader 4 (a MetaQuotes product) that retail Forex traders use. Brokers facilitate transactions between their clients and their liquidity partner(s) (often larger global institutions).

 

👉 Straight-through processing (STP) refers to the practice whereby retail Forex brokers settle trades directly with the larger banks that offer liquidity.

 

How brokers earn money in Forex

👉 Forex brokers are compensated in two distinct ways. One way is via the gap between a currency pair’s buying and selling prices.

 

👉 One pip is the difference between a bid price and an ask price of 120.85/121.85 for the Shilling/US Dollar currency pair. Kenyans will get the spread amount from their forex broker if they initiate and close a deal at the ask and bid rates.

 

👉 Further compounding the problem is that some brokers charge commissions on trades and extra fees to trade exotic options and other specialized markets. Some brokers may also require a one-time or ongoing fee to access a particular software platform.

Basic Forex Terms that Kenyans Must Know

Basic Forex Terms that Kenyans Must Know

👉 Successful Forex trading requires familiarity with the market’s terminology and prevailing patterns. The foreign exchange market is complex, but some forex trading’s most common terms are summarized here.

 

Currency Pair

👉 Buying and selling currency pairs is a fundamental part of the foreign exchange, or Forex, market. This is because the total value of the two currencies used to make up a currency pair determines the value of an exchange rate.

 

Exchange Rate

👉 The rate at which one country’s currency can be traded for another is known as the Exchange Rate.

 

Base Currency

👉 In the USD/KES currency combination, the US dollar acts as the base currency since it comes first in the pair.

 

Quote Currency

👉 If one were discussing the value of a currency combination like USD/KES, the Kenyan Shilling would be the quote currency.

 

Long/Short Position

👉 When traders think a currency’s value will rise, they take a “long position” or a purchase. Conversely, Kenyans take a short position, also known as a sell position, when they anticipate a currency’s value decline.

 

Bid and Ask Price

👉 You can think of the bid price as the going rate for selling currency and the ask price as the going rate for buying currency.

 

Appreciation/Depreciation

👉 The value of a currency appreciates when it rises in price. In contrast, depreciation means its value is decreasing or has decreased.

 

Gapping

👉 An opening price is higher than or lower than the previous day’s closing price, with no intervening trading activity. This means a limit or stop order could be executed at a price different from the one requested.

 

Pip

👉 A “percentage in point” (or “pip”) is the smallest possible change in a currency conversion rate. It determines how much a currency pair’s exchange rate has fluctuated in the foreign exchange market.

 

👉 A pip is the fourth digit after the decimal point in currency exchange rates, or the last digit in the case of Japanese yen-based currency pairs, which are only provided to two decimal places. As a result, profits and losses in the market are measured in pips.

 

Lots

👉 Lots are the basic unit of currency exchange in the foreign exchange market. For instance, there are 100,000 units of currency in a standard lot. On the other hand, a mini lot can hold up to ten thousand units, while a micro lot can hold just one thousand, and nano lot one hundred.

 

Leverage

👉 Leverage allows investors to manage greater positions in the market with smaller amounts of capital. For example, a trader’s initial investment can be multiplied by 2, 30, 50, 100, 200, 400, 500, 1000, and even up to 3000 and more, via leveraged trading with a certain online broker.

 

Margin

👉 Kenyan investors and traders must put up a certain amount of capital called “margin” to initiate and maintain a position. For example, for traders in Kenya, the margin requirement is 30,000 KES (3.33%) for a 1,000 KES open position when using a 1:30 leverage.

 

Stop-Loss Order

👉 You can reduce your exposure to potential losses by cancelling a transaction at a predetermined value level possible with a stop-loss order. In addition, it can protect an investor from increasing losses on an open position if prices continue bearishly.

 

Take Profit Order

👉 A take-profit order is risk management in which a deal is closed off automatically if a certain profit threshold is met. For example, suppose the price suddenly reverses direction before the investor can cancel the trade. In that case, the investor’s earnings can be protected this way.

 

Profit/Loss

👉 Only when positions are closed can the resulting profit or loss be recognized.

 

Risk-Reward Ratio

👉 The risk/reward ratio shows how much an investor stands to win or lose for every dollar invested. Many investors utilize risk/reward ratios to weigh the potential benefits against the potential losses of an investment.

How to trade Forex in Kenya

How to trade Forex in Kenya

Choose your broker

👉 In the past, you would call a broker on the phone to buy or sell foreign currency. However, since the advent of the Internet and computer programs, interacting with a broker is as simple as using a trading platform or trading software.

 

👉 If you trade in the foreign exchange market, you have your pick of several different online forex brokers. You cannot go to a site that covers the financial markets without being bombarded with advertisements from foreign exchange brokers.

 

👉 This article serves as a guide to help you differentiate between the many kinds of brokers and choose the best one for your needs.

 

Make sure that your broker is valid and regulated

👉 You may use a forex broker to simplify your dealings with buying and selling banks. However, the rules and protocols they must adhere to make them legally liable for any mistakes or failures.

 

👉 However, because of its decentralized nature, the currency market has operated mostly unchecked for decades.

 

👉 There are still some dodgy forex brokers, but things have changed in recent years. Before signing up with a broker, it is a clever idea to ensure they are in good standing with the appropriate authorities.

 

👉 You can get this data on the websites of regulated brokers and then verify the broker’s license by looking up the provided license number in the register maintained by the market regulator.

 

👉 In Kenya, the Capital Markets Authority (CMA) regulates brokers. However, while there are only a few local brokers that have CMA regulations, Kenyans can use international brokers with some of the following regulations:

➡️ The Cyprus Securities and Exchange Commission (CySEC).

➡️ The Financial Conduct Authority (FCA) in the United Kingdom.

➡️ The Financial Sector Conduct Authority (FSCA) in South Africa.

➡️ The Australian Securities and Investments Commission (ASIC).

 

Register an Account with Your Broker

👉 Registering a brokerage or retail trading account with a forex broker is like establishing an account with a regular bank.

 

👉 As a result of the intricacy of the procedure, it might take several days to complete the process, which involves filling out paperwork and doing other steps, including verifying one’s identification.

 

👉 Many FX brokers provide practice accounts; all you need to do is provide some personal details to get started. This might be a great chance to assess your mettle as a trader.

 

👉 Set up a demo or practice account and put your trading abilities to the test until you are comfortable moving on to trade with real money.

 

Learn the basics of how forex trading works

👉 Numerous prospective investors find the foreign currency market confusing and intimidating. The reaction of stocks and currencies to the same piece of news may vary.

 

👉 To add salt to injury, for a beginner to the foreign currency market, knowing how to price currencies and invest in them within a relative context may be a difficult undertaking.

 

👉 As a result of the peculiarities of the forex market, several brokers have established sections devoted to education and research to assist traders in staying current and well-informed regularly.

 

Familiarize yourself with the balances on your account

👉 Working with a forex broker and trading will result in two separate amounts in your account. With no open positions, you have one balance.

 

👉 Your “net balance” is the sum of your current balance and the amount you would have if all your trades went through.

 

What Kenyans must know about the bid-ask spread

👉 Your forex broker will submit your trade to the market when you do so via them. This company offers you a rate for a pair of currencies that is higher than the rate at which they can make a profit.

 

👉 For instance, if you see USD/KES 120.85/121.85, the first number indicates the price the broker is willing to buy the pair from you. The second number indicates the price they will sell it to you.

 

👉 This spread—in this case, 1 pip—is what brokers charge for their services. And when the broker charges a variable or floating spread, traders must remember that the gap might widen or narrow based on supply and demand.

 

👉 “Collecting the spread” refers to the practice of pocketing the difference between the bid and ask prices. In most trading situations, the spread or charge is readily evident to the trader.

 

👉 But remember that the spread is computed depending on the magnitude of your leveraged transaction rather than the size of your account balance, which is great for the broker.

 

Familiarize yourself with leverage and learn how to use it responsibly

👉 A wide variety of leverage is available for foreign exchange trading, from 1:2 up to 1:300, and it is available to everyone with an account. For every $1 you deposit, leverage of 1:10 gives you $10 to invest.

 

👉 Leverage has both positive and negative effects because of the exponential growth in profits it permits and the exponential growth in losses it invites.

 

👉 To comply with the law, Forex brokers must make this information clear, which they often do in the fine print. As a result, young traders who rush into the market often get carried away by their optimism and quickly drain their accounts.

 

Learn about Position Sizes

👉 The foreign exchange market’s standard lot size is 100,000 contracts (in the base currency). This means that a regular account trade of one lot for a Kenyan trader equals a transaction of 100,000.

 

👉 If investors did not have access to leverage, they could not afford to participate in this kind of transaction. For example, an investor with leverage of 1:100 might make a transaction involving one lot (100,000) with just 1,000 in margin.

 

👉 Mini lots, a tenth of a conventional lot, allow traders to trade a fraction of the usual amount.

 

👉 Contracts for micro lots begin at 10,000 units of the base currency, and trading in this range is referred to as “mini lot trading.” For instance, one mini lot is equal to ten thousand Kenyan Shilling in the KES/USD pair.

 

👉 For this reason, a Kenyan trader using leverage of 1:100 would need 100 KSh in margin to control a deal for 10,000 KES.

 

Choose a currency pair to trade

👉 The purchasing and selling of one currency for another are referred to as a foreign exchange, abbreviated as Forex. To put it another way, you will never make a sale without simultaneously purchasing some kind.

 

👉 When talking about the value of one currency compared to another, people often refer to what is known as forex pairings or currency pairs.

 

👉 Since the value of one currency is expressed in terms of another, the two currencies involved in a Forex currency pair are represented by their respective acronyms separated by a slash ‘/.’ Common starting points for novice traders include:

➡️ EUR/USD

➡️ GBP/USD

➡️ USD/JPY

➡️ USD/CHF

➡️ USD/CAD

➡️ AUD/USD

 

Conduct market analysis

👉 If you want to be successful in trading, you need to base your decisions on solid research and analysis of the market. If you do not keep your emotions in check, you risk trading irrationally and losing money.

 

👉 You may feel overwhelmed by the abundance of foreign exchange (Forex) materials available at the outset of your investigation. But when you dig into a particular currency combination, you will find some especially useful resources.

 

👉 Technical and basic research, including regular checks of current and historical charts, news for economic trends, indicators, and other types of study, are all essential.

 

How to mitigate your risk in the Forex Market

👉 You cannot trade successfully until you completely appreciate the risks. There is no single best way to trade the market since different traders will use various strategies.

 

👉 Instead, it is up to the individual trader to choose how much risk they are prepared to take. To begin trading, every Kenyan must first define their trading style.

➡️ Do you like trading at times of high volatility, or are you more of a methodical investor?

➡️ To what extent do you like constant involvement, or would you rather filter out distractions so you can concentrate on the big picture?

 

👉 One definition of investment risk is “the uncertainty of returns from an investment or the chance that an investment’s actual return will be different than predicted.”

 

👉 You might lose some or all your original capital. It is based on the average or historical returns of a certain investment. Investment risk increases as volatility does, whether measured by price or interest rate swings.

 

👉 Currency exchange, or Forex, is considered risky due to the constant fluctuation in its exchange rates. Furthermore, leverage levels relate to financial goods like shares in the off-exchange retail forex market.

 

👉 Kenyan investors are risk averse. Hence, bigger expected returns are necessary for them to consider investing in assets with a higher risk profile.

 

👉 Some might argue that taking more risks means a higher potential payoff. In contrast, others would say the opposite, that the risk increases the likelihood of a lower payoff or even a loss. However, more risk is not always associated with greater return potential.

How to choose the Right Forex Broker 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 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 Rating

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

👉 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

Overall Rating

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

👉 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 Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 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

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

👉 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

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.

 

👉 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

Overall Rating

Min Deposit

USD 100 / 11660 KES

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 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 Rating

Min Deposit

USD 5 / 578 KES

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 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

Overall Rating

Min Deposit

570 KES or an equivalent to $5

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 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

Overall Rating

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

👉 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

Overall Rating

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

👉 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 Rating

Min Deposit

USD 5 / 584 KES

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

👉 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

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

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

👉 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

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

63

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 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.

Conclusion

👉 The foreign exchange market, or FX, is the worldwide marketplace for currency exchange. As such, it establishes the real-world worth of one currency relative to another. Due to the market’s low entry hurdle, it is simple for Kenyans to begin forex trading.

 

👉 While forex trading might first seem frightening to Kenyans, knowing the macroeconomic factors that influence currency prices and gaining expertise with technical analysis may help novice forex traders become more lucrative.

FAQ

Can you trade Forex in Kenya?

Forex trading is legal in Kenya. Furthermore, Capital Markets Authority oversees Kenyan Forex brokers and confirms the legality of Forex trading in the country (CMA).

In theory, Kenyans could use any Forex broker globally. However, many foreign-based firms are not approved by the CMA.

 

Who can trade Forex on my behalf in Kenya?

You can use CMA-regulated brokers such as HFM, FXTM, Pepperstone, and Scope Markets or international brokers such as AvaTrade or Exness, among others.

 

How much do I need to start trading Forex in Kenya?

Compared to other trading accounts, the minimum deposit needed to create a Forex trading account is often few. Therefore, you can easily get started trading with as little as USD 100/12,000 KES.

 

Who is the best forex trader in Kenya?

Patrick Mahinge is the best forex trader in Forex, followed by Ken Githaiga, Paul Mugenda, Silah Obegi, and Sylvia Muchai.

 

What is the best time to trade Forex in Kenya?

Due to the advantageous overlap between the London and New York markets, the ideal time to trade in Kenya is between noon and 6 pm, Nairobi time.

However, you might want to expand your search outside of this time range if you are used to trading during times of high volatility.

10/10 - (1 vote)

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