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What Day Trading is in Kenya

What Day Trading is in Kenya

What is Day Trading in Kenya revealed. We tested and verified Day Trading strategies in forex trading for Kenyan traders.

This is a complete guide to Day Trading in Kenya.

In this in-depth guide you’ll learn:

  • What is Day Trading
  • What is considered a good spread in Kenya?
  • Our recommended forex brokers with the Day Trading methods?
  • How to compare forex trading brokers against each other?
  • How does Day Trading affect profits in forex trading?
  • What are low-spread currency pairs?
  • What is the difference between low and high currency pairs?
  • What are narrow spreads and why do they matter?
  • Why you should trade with a low-spread broker?
  • How to calculate a spread as a Kenyan trader?
  • Which low-spread 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 spreads for Kenyans

Let’s dive right in…

Updated : October 26, 2022

What is a Forex Trading Strategy?

👉 A forex trader’s strategy is to decide which currency pair to purchase or sell at any given moment.

 

👉 Currency traders can employ either technical analysis or fundamental, news-driven approaches to the market. In currency trading, traders often rely on trading signals to determine when to buy or sell a specific forex pair.

 

👉 In addition, because of their popularity, currency exchange (Forex) traders can easily find a variety of trading tactics online or produce their own.

What is a Day Trader, and What does Day Trading Entail?

What is a Day Trader, and What does Day Trading Entail?

👉 The term “day trader” describes a market participant who engages in day trading. A day trader opens positions in financial markets such as stocks, currencies, futures, and options and then closes them all on the same trading day.

 

👉 Successfully trading Forex throughout the day requires knowledge of the best forex pairs to trade and the best times to begin and exit trades.

 

👉 For a day trader, success means capitalizing on microscopic price shifts in widely traded, liquid equities. The better the market is for day traders, the more turbulent it is. As a result, day traders need extensive expertise in foreign exchange, trading tools, and platforms.

 

👉 The spread between the ask and bid prices is where a day trader could turn a profit. Day traders are investors who purchase and sell forex pairs daily based on their predictions of price movements. Day traders can either trade alone or be employed by a financial organization.

 

👉 Independent day traders may manage client funds or invest their own. However, their lack of access to more extensive resources might make it difficult for them to compete with firms that employ day traders.

 

👉 There is a significant difference between the trading strategies of day traders and those of long-term investors since day traders often only hold onto their forex pairs for a single day.

 

👉 Every night, they wrap up their open trades. As a result, day trading is less dangerous than other forms of investing since there is no chance that a sudden event will wipe out your investment overnight.

Pros and Cons of Day Trading in Kenya

Pros and Cons of Day Trading in Kenya

👉 The practice of day trading continues to be a popular discussion point among financial professionals. Those who have never invested before may now get their money on the table with the help of apps.

 

👉 However, day trading is not for the faint of heart, and it could have disastrous financial effects if you are not prepared. So, before you put down any Shillings to become a day trader, consider these benefits and drawbacks.

 

Pros

You control your investment and your journey

👉 Making day trading your full-time occupation is difficult, and it will take some time once you begin. Nevertheless, you have complete control over your investments and, eventually, your earnings.

 

👉 Being a day trader entails setting your own schedule, controlling your activities, and doing what you believe in. Individuals are drawn to investing because they obtain complete control over their daily activities.

 

Day Traders are independent

👉 Day traders can work autonomously. Instead of reporting to a corporation or following trading instructions from a company, any investor with sufficient personal cash can trade whenever they want, operating as flexibly as global markets will let.

 

It is fast-paced and exiting

👉 Day trading is unlike many other investment strategies. Few investors are equipped for this fast-paced and adrenaline-inducing approach to the financial markets. Day trading is a lifestyle of battling one’s wits against the market and thriving in a high-risk environment.

 

You can day trade in more than one way

👉 You can utilize various day trading methods to locate the optimal one. This allows for more flexibility, which is often difficult to get with other forms of investments.

 

👉 For analytical and problem-solving types, nothing is more exciting than analysing the present market and determining the best next step. Of course, there is always some risk, but that is part of the excitement.

 

You are free from overnight risk

👉 Long-term traders must be concerned about the forex market plummeting and causing them to lose thousands of dollars in a matter of hours. However, day traders are seldom concerned about overnight fluctuations.

 

👉 You will remove one of the long-term investors’ most significant causes of everyday worry. Whether economic decline, political unrest, or a corporate scandal causes a country’s currency value to plummet, you could make timely judgments without losing significant capital.

 

Day Traders can compound their profits

👉 Each lucrative purchase raises your purchasing power for the subsequent transaction, accumulating with each transaction.

 

Cons

You lose more than you earn at first

👉 Day trading is sometimes characterized as a get-rich-quick scheme, and this is true for those whom applications or clubs entice.

 

👉 You will pay hundreds or thousands of dollars to a third party in the expectation of waking up a billionaire, only to find yourself in severe debt. The more you invest, the more you could lose, and the stakes might be incomprehensibly high for those who put their whole life savings at risk.

 

You need Deep Pockets to Day Trade

👉 Day trading sometimes necessitates significant expenditures in trade setups. Day traders are often pitted against high-frequency traders, hedge funds, and other market experts that invest millions in obtaining trading advantages.

 

👉 A day trader has little option but to invest in a trading platform, charting software, and sophisticated computer gear to remain competitive.

 

👉 There are additional recurring costs associated with day trading. For example, day traders might pay higher-than-average transaction fees due to the number of deals.

 

👉 In addition, depending on the number of deals, day traders might pay continuous charges for receiving live price quotations and commission fees.

 

Day Trading requires constant work and dedication

👉 Successful day trading involves the undivided attention of the investor. As a result, many day traders give up their regular income to pursue day trading full-time.

 

👉 In addition, a day trader must maintain vigilance throughout market hours since lucrative positions may rapidly become unprofitable. In addition, day traders must depend on hundreds of variables that frequently fluctuate across many assets.

 

Day Trading is extremely research-intensive

👉 You cannot do day trading while on holiday or during your lunch break at work. Achieving success in this industry takes meticulous preparation, which many novices are either unable or unwilling to execute.

 

👉 You will spend countless hours in front of the computer monitoring the market, maintaining a spreadsheet, and planning your next investment.

 

👉 You will require accounting skills and cannot depend on an app to manage everything for you. In the end, it is merely a tool, and the true source of success is one’s own knowledge.

 

Tax Implications

👉 Short-term buying and selling of stocks for a profit might have tax ramifications. For example, day trading profits can be subject to the ordinary income tax rate for short-term capital gains.

Risk Management Strategies for Day Traders

Risk Management Strategies for Day Traders

👉 Every deal has the potential for a loss, and even the most successful traders often lose money. Therefore, the size of your wins and losses and your winning percentage will determine how successful you are as a trader over time.

 

👉 No matter how frequently you win, you could still lose everything if you gamble recklessly. Therefore, traders need a solid risk management plan to avoid ruinous losses.

 

👉 You need to figure out how much risk you are willing to take, learn the odds of making a profit from each deal, and take precautions against the possibility of a “black swan” occurrence.

 

Risk-Reward Ratios

👉 Day traders who are consistently successful understand the risks and rewards of each transaction. Therefore, day traders attempt to choose positions in which the expected return justifies the level of risk taken.

 

👉 The potential gains outweigh the possible losses in these transactions. The risk/reward ratio is your expected return divided by the amount you are willing to risk.

 

👉 Successful traders know that limiting their exposure is a cornerstone of their strategy. Day traders are advised to have a risk-reward ratio of 1:2 (if your goal is to win $50 in a transaction, you should be willing to lose $100).

 

Cutting Your Losses by using Stop-Loss and Take Profit Orders

👉 If your trade is losing money, you may use a stop-loss order to get out before you take a bigger loss. These may be conducted in two ways on a broker platform: manually and automatically. The plan is to stop losing money before it becomes unmanageable.

 

👉 One of the most challenging aspects of day trading is learning to exit a losing deal consistently. Margin calls, significant losses, and even account blowouts may occur if steps are not taken.

 

Plan Your Trades

👉 The saying “Plan the deal and trade the plan” is often used by successful traders. It is no different in battle, where preparation is frequently the difference between victory and defeat.

 

👉 Selecting a dependable broker is the first step toward successful frequent trading. Unfortunately, a select few brokers focus on occasional traders. As a result, they have exorbitant fees and lack the necessary analytical tools for serious traders.

 

👉 The ability to set predetermined loss and gain levels is a crucial tool for traders. Every successful trader has a certain buying price and selling price in mind.

 

👉 Then they could compare the returns to the stock’s potential for reaching their targets. Finally, they will make the deal if the after-tax profit is substantial.

 

👉 By contrast, failed traders sometimes initiate a transaction without first determining whether they would make a profit or a loss on the trade. Instead, traders let their emotions take the reins and decide what to do, much like gamblers who hit a winning or losing run.

 

👉 It is common for investors to hang on after suffering a loss to recoup their losses and for traders to ride out a good run in the hopes of maximizing their profits.

 

Use the 1% Rule

👉 Day traders often use the one-percent rule, which does not risk more than one percent of their trading account or money on any given trade.

 

👉 Traders with balances under $100,000 often use this tactic, and some even use larger margins of up to 2%. However, some investors with larger balances in their trading accounts may choose a smaller proportion. This is because the position grows in proportion to the amount of your account.

 

👉 The rule should be set at no more than 2% if you want to limit your losses. If you risk more than this, you could lose a sizeable portion of your trading capital.

 

Calculate Expected Return

👉 The predicted return cannot be determined without establishing stop-loss and take-profit levels. This calculation’s significance cannot be emphasized since it compels traders to consider and defend their trading decisions carefully.

 

👉 It also provides a methodical approach to evaluating potential transactions and picking the most lucrative ones. The active trader will then compare this predicted return to other possibilities before deciding which stocks to trade.

 

👉 Breakouts and breakdowns from support and resistance levels in the past may be used to estimate the likelihood of future gains or losses, or experienced traders can use their intuition.

 

Analyse the Scenario

👉 It is crucial to do a scenario analysis of the assets or instruments you want to deal with before actually doing so, using fundamental and technical analysis.

 

👉 For instance, a transaction dominated by the US dollar requires knowledge about the current economic climate. Therefore, your trading allocation should consider the timing of any relevant economic data releases.

 

👉 By determining whether the market is range or trending, technical analysis aids in corporate decision-making.

 

Make Sure You Diversify and Use Hedging

👉 Never invest all your trading capital in one stock or one currency. Investing all you have in just one stock or asset is a way to lose it all. Instead, Kenyans must spread their investment and invest in different forex pairs and other investment instruments such as stocks, commodities, etc.

👉 This aids in risk mitigation and provides new doorways for exploration. However, there might come a point when you feel it necessary to choose a middle ground.

👉 Kenyans should consider buying stocks in anticipation of the upcoming findings. As a hedge, they could take the opposing stance by using options. In addition, the day trader could remove the hedge when trade activity slows down.

7 Best Day Trading Technical Indicators for Kenyans

7 Best Day Trading Technical Indicators for Kenyans

👉 Traders utilize technical indicators to learn about market sentiment and the supply and demand of assets.

 

👉 When considered overall, these metrics are what provide technical analysis its foundation. Experiment with various technical indicators, both on their own and in various combinations, to identify the ones that work best for your day trading strategy.

 

👉 When day trading stocks, Forex, or futures, it is usually preferable to make things as simple as possible regarding technical indicators. See below for a selection of the most widely used technical indicators that could help Kenyans make more informed trading decisions.

 

Moving Averages (MA)

👉 It is indicative of a rising market trend if the moving averages over shorter timeframes are higher than those over longer timeframes.

 

👉 Day traders in Kenya can buy the market using a variety of risk management tactics, including placing a stop loss at the long-term moving average or retracement support and vice versa. This intraday trading strategy has the potential to provide respectable gains for investors.

 

Bollinger Bands (BB)

👉 Bollinger bands, a lagging indicator, can be used to obtain insight into price volatility and whether prices are comparatively high or low. But, first, a median line or band is established, and the 20-day simple moving average (SMA) is a common tool for doing so.

 

👉 The upper limit is calculated by doubling the standard deviation daily to arrive at the median. Subtracting twice the daily standard deviation yields the final tally.

 

👉 Kenyans could use the band that these calculations produce to identify overbought and oversold zones, and it can provide insight into the moving price envelope that traders work inside.

 

Relative Strength Index (RSI)

👉 There are at least three significant applications of the RSI. First, recent price increases are shown against recent price declines, and the indicator floats between zero and one hundred.

 

👉 Therefore, the RSI levels are useful for evaluating the strength of a trend or momentum. One of the simplest applications of a relative strength index is identifying extremes of buying and selling.

 

👉 When the relative strength index (RSI) rises over 70, the asset may be overbought and vulnerable to a price decrease. Conversely, if the RSI reading is below 30, the asset is considered oversold, and a rebound is possible.

 

👉 Some traders, aware of the risks involved in making such an assumption, wait for the indicator to fall from above 70 to below 30 before selling or increase from below 30 to above 70 before purchasing.

 

👉 Further use of the RSI is to measure divergence. When the indicator’s direction is opposite the price, it suggests that the present price trend is losing steam and may soon reverse.

 

👉 The RSI could also be used to identify levels of support and resistance. When the trend is up, the currency pair’s price will stay above the 30 mark and typically climb to 70 or higher.

 

👉 Subsequently, it is common for the RSI to stay below 70 and even more common for it to drop to 30 or below when a currency pair declines.

 

Stochastic Oscillator

👉 Stochastic oscillators are momentum indicators that use patterns in closing prices. George Lane developed this indicator in the 1950s, which could identify overbought and oversold conditions.

 

👉 There is a fixed range between zero and one hundred on this indicator. Therefore, sell signals may be found when the line moves below the 80 levels, and purchase indications can be found when it moves back above the 20-level range.

 

Moving Average Convergence/Divergence (MACD)

👉 For Kenyans, the moving average convergence/divergence (MACD) indicator is a helpful tool in spotting these price shifts.

 

👉 The MACD indicator uses two lines. To calculate the MACD line, Kenyans must use the difference between an exponential moving average (EMA) of 26 periods and an EMA of 12.

 

👉 The EMA is like the simple moving average in that it takes the average price of an asset over a certain time. However, it gives more weight to more recent values than older ones.

 

👉 The 9-period EMA on the second line serves as the signal. If the MACD line drops below the signal line, it indicates a bearish trend. In contrast, a crossover above the signal line indicates a bullish trend.

 

Momentum Oscillators

👉 Prices in the foreign exchange market fluctuate constantly. Cyclical patterns occur over noticeably brief timeframes that have nothing to do with bullish or bearish market conditions.

 

👉 This is where the momentum oscillator comes in, as it is easy for Kenyan day traders to miss out on such shifts.

 

👉 This indication, shown on a scale from 0 to 100, is useful for predicting the direction of a price’s movement once it has reached a new high or low. When market sentiment is changing, for example, the momentum oscillator could be used to detect it.

 

Average Directional Index (ADX)

👉 Many believe that the “trend” is every intraday trader’s greatest friend and that the ADX indicator is a useful tool for gauging the strength of a trend.

 

👉 For Kenyans, ADX indicates if the current trend has the strength to continue rising or falling. The numbers range from 0 to 100; the greater the number, the more pronounced the trend.

 

👉 Although ADX’s default look-back duration is 14 periods, this may be adjusted based on the stock’s or index’s volatility.

 

👉 A weak trend is indicated when the ADX is below 25, whereas an ADX over 75 suggests a strong trend. To filter out unnecessary signals, ADX is often used with other trend-following indicators such as a “SuperTrend.”

How to Choose the Right Day Trading Market 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 Day Trading 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

👉 Do not think of investing as a method to obtain your daily dose of adrenaline, but to secure your financial future. Avoid taking unnecessary risks with your money by planning for the years ahead.

 

👉 Do your homework on each potential investment, determine your comfort level with risk, and develop a long-term strategy.

FAQ

What is day trading in NSE?

Day trading on the Nairobi Stock Exchange involves buying and selling Kenyan shares multiple times within a single trading day. According to the NSE, day trading shares in Kenya currently account for at least 2% of market activity.

 

What is the minimum required for day trading in Kenya?

The recommended minimum to start day trading in Kenya is 3 million KES (25,000 USD).

 

Can day trading generate income in Kenya?

Kenyans can generate income with day trading. However, it might take more to start day trading than traders will earn for an exceptionally long time.

 

Why is day trading so difficult in Kenya?

Day trading is tough for retail investors because of their propensity for psychological biases.

In addition, they have a propensity to sell winning positions too soon and hold losing positions for too long. This strategy has been dubbed “picking the flowers but nurturing the weeds.” Doing so is simple after the release of endorphins after a successful deal.

 

Is day trading illegal in Kenya?

Day trading is neither illegal nor immoral, but it carries significant risk. Most people do not have the resources, patience, or temperament to day trade successfully and profitably or weather the inevitable and terrible losses in this endeavour.

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