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What is Crypto Trading in Kenya

What is Crypto Trading in Kenya

What is Crypto Trading in Kenya revealed. We tested and verified how to trade Crypto for Kenyan traders.

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

In this in-depth guide you’ll learn:

  • What is a Cryptocurrency? 
  • Can you trade with Bitcoin in Kenya?
  • Our recommended crypto-forex brokers?
  • Which brokers have local offices in Nairobi, Kenya?
  • Is Binance banned in Kenya?
  • How to sell crypto in Kenya?
  • Which Bitcoin should you trade with to be profitable?
  • Which broker offers an app on IOS and Android?
  • Which banks in Kenya accept crypto?
  • Which forex brokers offer a low minimum deposit of $5 (589 KES)?
  • Which brokers offer a signup bonus for first-time traders?


And lots more…

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

Let’s dive right in…

Updated : August 31, 2022

What is Crypto Trading?

👉 Trading cryptocurrencies involves making a financial bet on the future value of one cryptocurrency relative to another cryptocurrency (in crypto/dollar pairings), the US dollar, or any other major fiat currencies.

 

👉 Because of its adaptability, leverage, and the possibility of both short and long positions, contracts for difference (CFDs) have become a favourite trading instrument for digital currencies.

Understanding Cryptocurrencies

Understanding Cryptocurrencies

👉 Cryptocurrency may be referred to by a wide variety of names. You have undoubtedly heard of Bitcoin, Litecoin, and Ethereum, three of the most well-known cryptocurrencies.

 

👉 Cryptocurrencies are gaining traction as a viable payment option in the digital realm, and Kenya is among the top countries in the world actively participating in crypto trading.

 

What is a cryptocurrency?

👉 Cryptocurrency is a decentralized digital currency that eliminates the need for centralized institutions like banks to validate financial transactions. This decentralized payment network allows users to send and receive funds with ease, regardless of their physical location.

 

👉 Cryptocurrency payments are not backed by any central bank or government and have no physical form; rather, they are recorded in a public ledger that is accessible to anyone with internet access.

 

👉 The public ledger keeps track of all the monetary transactions that occur in the cryptocurrency network. In addition, digital wallets are required and used to store cryptocurrency.

 

👉 The moniker “crypto” comes from the fact that cryptocurrency transactions are verified via the use of encryption. This implies that the storage and transmission of bitcoin data between wallets and to public ledgers require sophisticated code.

 

👉 Kenyans must know that the primary function of any encryption is to provide privacy and safety, thus blockchain has become extremely important.

 

👉 Bitcoin, the first and currently most popular cryptocurrency, was launched in 2009. Most people who are interested in cryptocurrencies do so because they believe they can make a profit by trading them.

 

The Basics of how cryptocurrencies work

👉 Digital or virtual currencies backed by cryptographic methods are known as “cryptocurrencies.” They allow for safe internet transactions to be made without the need for any intermediaries.

 

👉 Elliptical curve encryption, public-private key pairs, and hashing functions are just a few examples of the cryptographic methods and algorithms used to secure these records. One may either mine for cryptocurrencies or buy them on a cryptocurrency exchange.

 

👉 Certain online stores do not accept cryptocurrency payments. Even the most well-known cryptocurrencies, like Bitcoin, are seldom employed in everyday commerce.

 

👉 However, their surging value has made cryptocurrencies widely used as a medium of exchange. Occasionally, they are used to move money across international borders.

 

Quick overview of Blockchain

👉 Bitcoin and alternative coins, or alt-coins (all other cryptos apart from Bitcoin) owe much of their success and use to blockchain technology.

 

👉 Blockchain could be thought of as an online ledger or a series of interconnected blocks, as suggested by the name.

 

👉 All participants in the network have independently validated the transactions included in each block. Because each node must validate each new block before it is confirmed, forging transaction histories is exceedingly difficult.

 

👉 Each node, or computer keeping a copy of the ledger, in the network must concur on its copy’s accuracy before it can be added to the master copy.

 

👉 Distributed ledger technology (blockchain) has been touted as having applications in a wide range of sectors and procedures, from the supply chain to online voting and crowdfunding.

 

👉 Banks like JPMorgan Chase & Co. (JPM) are experimenting with blockchain technology to streamline payment processing and reduce transaction fees.

The Legality of Trading Crypto in Kenya

The Legality of Trading Crypto in Kenya

👉 Money issued by the government or central bank is called a fiat currency. The Federal Reserve guarantees the value of every $1 note, and so does every country’s central bank with its official currency.

 

👉 In contrast, cryptocurrencies are not supported by governments or commercial institutions. As a result, establishing their legitimacy in the various global financial jurisdictions has proven challenging.

 

👉 The fact that cryptocurrency transactions have often taken place outside of the traditional banking system is problematic. Whether cryptocurrencies are considered legal tender in a certain jurisdiction affects how they may be used in day-to-day transactions and exchanges.

 

👉 In December of 2021, El Salvador became the first nation in the world where Bitcoin was recognized as legal money. Regulation of cryptocurrencies is patchy throughout the rest of the globe.

 

👉 In Kenya, in 2015, the Central Bank of Kenya (CBK) issued a public notice to announce that no organization in Kenya has been granted permission to provide Bitcoin-based money transfer services or goods.

 

👉 In addition, Bitcoin and other virtual currencies are not re not recognized as legal cash in Kenya, and Kenyans should not expect any recourse if the platform on which they exchanged or stored virtual currency goes bankrupt.

 

👉 In addition, the announcement further alerted Kenyans of the potential downsides related to investing in, stockpiling, or trading virtual currency to try and dissuade Kenyans from participating in these activities:

➡️ Because of the anonymity and untraceability of bitcoin transactions, criminals often use these currencies to launder money or fund terrorist activities.

➡️ Across the globe, people trade virtual currencies on unregulated exchange sites. If these markets fail or go out of business, customers may lose money with no recourse to recover their funds.

➡️ Virtual currency values are very speculative since they are not backed by any physical commodity. A large degree of fluctuation in the value of virtual currencies might come from this, putting users at risk.

 

👉 Thus, while crypto trading is not outlawed in Kenya, the CBK has made it abundantly clear that investors, traders, buyers, and sellers of all digital currencies are not legally protected if they experience unfair treatment or loss of funds.

The Pros and Cons of Trading Crypto in Kenya

✔️ PROS❌ CONS
Cryptocurrencies are a decentralized alternative to traditional currency. When doing business with others, this approach eliminates the need for traditional centralized intermediaries like banks and monetary organizations.Cryptocurrencies are not anonymous even if they promote themselves as such. They leave a digital footprint that can be analysed by law enforcement organizations like the FBI. This might lead to local or national governments tracking residents’ financial dealings.
With cryptocurrency, there is no longer any chance that the collapse of a single entity, like a huge bank, would cause a domino effect of crises throughout the globe, for example, the recession that occurred in the United States in 2008.Criminals are increasingly using cryptocurrencies for malicious purposes including buying and selling illegal goods and services and laundering stolen funds.
Cryptocurrency could eliminate the requirement for a neutral third party like a bank or credit card provider for making direct monetary transactions between users. To protect these types of decentralized transactions, public and private keys, as well as additional incentive systems like proof of work and proof of stake, are utilized.Wealth in a cryptocurrency blockchain is supposed to be shared among numerous users. The fact is that there is a small number of very wealthy people who possess most of the economy. Despite Bitcoin’s meteoric rise in value, research shows that just 11,000 people own about 45% of the currency.
Transaction times for cryptocurrencies are often far lower than those for traditional money transfers due to the lack of intermediaries. Decentralized finance flash loans are an excellent illustration of these kinds of transactions. These loans are completed in seconds, need no security, and are widely used in the trading industry.A basic tenet of cryptocurrencies is that anybody with a computer and access to the Internet may “mine” them. However, the energy required for mining popular cryptocurrencies may rival that of whole nations.
There are lucrative opportunities for profits in cryptocurrencies. Over the last decade, the value of the cryptocurrency markets has surged, at one time exceeding $2 trillion.Because of the prohibitive cost of energy and the unpredictability of the mining industry, the industry has been dominated by multinational corporations with multibillion-dollar annual profits.
Bitcoin and other cryptocurrencies are now used as intermediary currencies to facilitate international money transactions, which means that money transfers are more simplified and cheaper.While the ledgers on which cryptocurrencies are recorded are invulnerable to theft, other crypto repositories, such as exchanges and wallets, are not impenetrable.
The volatility of cryptocurrency prices on public exchanges is a well-documented phenomenon.
Most financial experts think cryptocurrency is just a passing craze that is heavily influenced by celebrities, the media, and other factors.

How can Kenyans start trading Crypto?

Which Factors influence the value of Crypto?

👉 Beginner crypto traders in Kenya might be concerned about how they could start trading crypto safely. Typically, three stages are required, these are:

➡️ Select a Platform

➡️ Register and Fund Your Trading Account

➡️ Place an Order to either Purchase or Sell Crypto

 

Select a Platform

👉 Choosing a proper system to work with is the first step. Typically, you could use either a regular stock/forex broker or a cryptocurrency exchange to buy and sell digital money.

 

➡️ Conventional Forex or Stock Brokers – Cryptocurrency may be bought and sold using online brokers much like equities, bonds, and ETFs. These exchanges provide cheaper trading rates at the expense of cryptocurrency functionality.

➡️ Crypto Exchanges – There is a wide variety of cryptocurrency exchange trading platforms to choose from, each of which may specialize in a particular cryptocurrency, provide wallet services, provide interest-bearing account alternatives, and much more. In many cases, fees on an exchange are determined by the assets being traded. To choose the best cryptocurrency platform, it is important to weigh the costs, security, storage, withdrawal, and learning tools offered by each.

 

Register and Fund Your Trading Account

👉 After settling on a trading platform, the following step is to deposit funds into your crypto trading account. Cryptocurrency may often be bought using a debit or credit card using a fiat currency like the US dollar, the British pound, or the Euro, but this varies per exchange.

 

👉 Credit card purchases of cryptocurrencies are frowned upon and not supported by many markets. It is important to note that not all credit card providers support cryptocurrency purchases.

 

👉 Because of the extreme volatility of cryptocurrencies, it is not wise to borrow debt or incur potentially hefty credit card transaction fees only to buy a little amount of the asset. Online banking and wire transfers are two more payment methods accepted by certain sites.

 

👉 The deposit and withdrawal methods and times available on various platforms are different. The time it takes for a deposit to clear also varies depending on the method used.

 

👉 Costs should be considered. Fees for making deposits and withdrawals, together with those for making trades, may be incurred. It is important to do some preliminary research on the fees associated with each potential payment method and platform.

 

Place an Order to either Purchase or Sell Crypto

👉 An order may be submitted using a broker’s or exchange’s mobile app or website. To place a purchase order for cryptocurrency, choose “buy,” pick the appropriate order type, input the quantity, and complete the order. Orders to “sell” work the same way.

 

👉 Alternative methods of cryptocurrency investment exist. Payment processing platforms that enable consumers to purchase, sell, or keep cryptocurrencies include MPesa, PayPal, Cash App, and Venmo.

 

👉 Additionally, the following investment vehicles are available to Kenyan traders:

➡️ Bitcoin trusts could be purchased using a standard brokerage account. With the use of these instruments, even small-time stock market investors may have access to the cryptocurrency market.

➡️ Bitcoin Mutual Funds – Both exchange-traded funds (ETFs) and mutual funds are available to invest in Bitcoin.

➡️ Blockchain stocks or even Exchange-Traded Funds (ETFs) – Stocks and exchange-traded funds (ETFs) issued by firms focused on the blockchain technology underlying cryptocurrencies and cryptocurrency transactions are another way to participate in the cryptocurrency market. Alternatively, you might invest in the stocks or exchange-traded funds of businesses that have adopted blockchain technology.

 

Storing your Cryptocurrency

👉 Once you have bitcoin in your possession, you must keep it secure from hackers and thieves. Crypto wallets are devices or websites that securely save your bitcoin private keys.

 

👉 When an exchange offers wallet services, it simplifies the process of storing funds. However, not all brokers and exchanges will immediately provide you with wallet services.

 

👉 Wallet users have a variety of service providers from which to choose. Hot wallets and cold wallets are used to describe two distinct types of electronic payment systems:

➡️ “Hot wallets” are a type of cryptocurrency storage that stores your private keys in a cloud-based service.

➡️ Cold storage wallets are technological devices that are kept offline, unlike hot wallets, which keep your private keys online.

3 Best Crypto Trading strategies for Kenyans

Which Factors influence the value of Crypto?

👉 The goal of many institutional investors is to diversify their holdings by including Bitcoin and other cryptocurrencies. Even though the cryptocurrency market has been in a freefall since the start of the year, certain cryptocurrencies have shown to be excellent investments in the past.

 

👉 In recent years Bitcoin has significantly outperformed traditional financial markets. However, investors must consider the fact that Bitcoin and other alternative coins are highly speculative assets with their own specific risks.

 

👉 Thus, it is important to have a plan in place when investing in digital assets, just as you would with stocks and bonds. Some of the best crypto trading strategies for Kenyans are:

➡️ Scalping

➡️ Range Trading

➡️ Arbitrage

 

Scalping

👉 Scalpers benefit by taking advantage of increasing trade volume. Many scalpers employ automated bots to boost the frequency of their trading cycles, which allows them to quit a transaction within seconds after entering it.

 

👉 Ideally, scalpers should quit a transaction before any new article or short-term movement may alter the market opinion on a coin. To profit from this highly short-term cryptocurrency day trading method, you need to have a sizable bankroll.

 

👉 Even though the ROI of each transaction is minuscule, risking a huge amount allows the scalper to generate a considerable profit. Frequently trading, sometimes 10 to 20 transactions per minute, also means that modest profits accumulate.

 

Range Trading

👉 Frequently, a virtual currency will move for an extended period inside a particular range. Crypto market capitalizations are tiny enough to be controlled by a single large mover.

 

👉 In certain instances, these large market participants influence the price of a coin to benefit from a range, and if you see these trends, you could profit from them.

 

👉 Pay attention to the overbought and oversold regions while engaging in range trading. Overpurchased indicates that buyers have satisfied their demand, and the stock will decline in value; oversold indicates the reverse.

 

👉 Indicators provided in every credible stock charting software may assist in locating these zones. Commonly used indicators include the Stochastic Oscillator as well as the relative strength index (RSI).

 

Arbitrage

👉 Arbitrage entails purchasing cryptocurrency in one market and selling it at a greater price in another. Spread refers to the difference between the purchase and sale price of an item. As a mostly unregulated market, crypto permits anybody to establish an exchange.

 

👉 Because of the disparities that exist in asset liquidity and trading volume, this could result in significant variances in spreads. On the cryptocurrency market, traders often keep a portfolio on a trading exchange.

 

👉 To initiate an arbitrage opportunity, create accounts on exchanges where you anticipate the identical asset’s price will be different.

 

👉 In 2016, Bitcoin was 40% more expensive in South Korea than it had been in the United States. This quickly became known as the “kimchi premium” and appeared many times. Traders made a profit by buying Bitcoin on US crypto exchanges and selling it instantly on South Korean exchanges.

 

👉 Although this magnitude of disparity is not typical, the low barriers of entry for new exchange platforms create arbitrage possibilities more often than in conventional asset markets.

 

👉 Kenyan traders must also consider trading costs while trying arbitrage. The costs associated with making a deal on an exchange may negate any profits from the trading spread.

Which Factors influence the value of Crypto?

Which Factors influence the value of Crypto?

👉 Apart from providing the basis to produce cryptocurrencies, blockchain technology has larger ramifications in the global economy, including the prospective use in smart contracts and the Internet of Things, or IoT.

 

👉 Cryptocurrencies, which have barely been around for about a decade, are not subject to the same market pressures as regular markets since they are not recognized as legal cash. This differentiates cryptocurrency trading from the stock market or other conventional financial instruments.

 

👉 The decentralized structure of crypto assets means that data releases, political instability, and interest rate fluctuations have less of an impact on their respective markets.

 

👉 In addition, being a novel type of financial instrument, cryptocurrencies’ price fluctuations are not strongly correlated with other assets.

 

👉 However various variables, like developments in blockchain technology and efforts by regulators to manage their acceptability and “tradability” in the financial markets, may impact cryptocurrency pricing.

 

👉 News headlines such as debates on how a certain cryptocurrency should be improved or handled may also impact its price. Any security holes discovered by hackers would likewise negatively influence the price of a cryptocurrency.

 

👉 The price of cryptocurrencies could also be impacted by government policies and laws that prohibit or restrict their distribution.

How to mitigate the risks of Crypto Trading in Kenya

How to choose the right Crypto Broker in Kenya

👉 While crypto trading can appear riskier than all other financial instruments, Kenyans must remember that all investment carries a certain degree of risk.

 

👉 While cryptocurrency may be trendy right now, it is important to keep in mind that the industry is still noticeably young and should be seen as extremely speculative. You should expect difficulties whenever you make a new investment.

 

👉 If Kenyans want to trade crypto, they can take measures to protect themselves and ensure that they make educated investment choices.

 

👉 Some tips that Kenyans can follow to mitigate the risks involved with crypto trading include:

➡️ Invest “buffer” Money

➡️ Position Sizing

➡️ Make sure You have the right Risk-Reward Ratio

➡️ Research brokers and exchanges

➡️ Make sure you know how to store your crypto safely if you buy physical coins

➡️ Diversify your investments

➡️ Invest in companies that have crypto holdings

➡️ Always be prepared for volatility in the crypto market

➡️ Consider Copy-Trading

➡️ Hedge Your Positions

➡️ Always use Stop-Loss and Take Profit Orders

 

Invest “Buffer” Money

👉 You cannot put all your eggs in the cryptocurrency basket, as the constant warnings about price swings should have been made clear. Considering this, it is important to have a safety net in place before committing any significant funds to cryptocurrency.

 

👉 The money for this should not come from what you would need to survive. It is also not recommended to use borrowed funds to purchase cryptocurrency.

 

👉 Instead, it is recommended that you spread out a modest investment over a lengthy time frame. You may start with a little investment and go up if your financial situation improves.

 

Position Sizing

👉 One way that cryptocurrency traders mitigate risk is via the use of appropriate position sizes. When the market crashes, traders who have risked a sizeable portion of their cash without a trading strategy might lose a lot of money.

 

👉 Position sizing allows you to build a trading strategy that considers your risk tolerance, the number of coins you want to invest in, the size of your potential losses, and other variables.

 

👉 Position size is a tool for determining the maximum amount of money you are willing to lose in a trade.

 

Make sure You have the right Risk-Reward Ratio

👉 When trading, it is important to weigh the risks involved against the possible gains, a concept known as the risk/reward ratio (RR). Risk-reward ratios facilitate an evaluation of return on investment for a currency unit’s outlay.

 

👉 The risk-reward ratio may be determined by dividing the total amount of potential loss by the amount of money set aside for profit. For each trade, you must choose where you want to enter and exit the market (the stop loss and take profit levels, respectively).

 

👉 Consider a scenario in which you want to invest $1 in Bitcoin and hope to get a 10% return. You are attempting to limit your losses by instituting a stop loss of 5%.

 

👉 The RR ratio in this situation is 5/10, which is 1:2. Therefore, you stand to make $2 for every $1 you risk. If the risk-to-reward ratio is excessive, you should reconsider the transaction.

 

Research brokers and exchanges

👉 Learn about cryptocurrency exchanges and brokers before making any investments. Some sources put the number of available exchanges at over 500.

 

👉 Before you make any investments, be sure you have done your homework by reading reviews and consulting with seasoned professionals.

 

👉 One of the best ways to lower your cryptocurrency investment risk is to study the industry properly. Do not rely on your financial choices on empty promises. Make sure crypto is not the only kind of investment you are making and do your homework on the asset you are considering purchasing.

 

Make sure you know how to store your crypto safely if you buy physical coins

👉 Those who invest in cryptocurrency are obligated to find a safe place to keep their funds. It may be stored in a digital wallet or on an exchange.

 

👉 There are several varieties of wallets, each with its own features, technological specifications, and level of security. In the same way that you would learn about your exchange options before putting money into them, you should learn about your storage options before putting money into them.

 

Diversify your investments

👉 Investment strategies that focus only on one asset class are doomed to failure, and cryptocurrency is no exception. Investing just in Bitcoin, for instance, because that is the term you recognize, would be a mistake.

 

👉 Spreading your investment over many currencies is a clever idea since there are hundreds of opportunities to choose from.

 

Invest in companies that have crypto holdings

👉 If you are nervous about investing directly in cryptocurrencies, you may diversify your risk by purchasing shares in firms that already own cryptocurrency. Subsequently, the businesses would protect you from the risks associated with cryptocurrency.

 

👉 The quantity of cryptocurrency held by the firm is related to the degree of risk involved. To find out what kind of crypto assets a corporation has, all you must do is look at its financial sheet.

 

Always be prepared for volatility in the crypto market

👉 Keep in mind that there will be both rises and falls in the cryptocurrency market. There will be large fluctuations in cost. You should avoid cryptocurrency if your savings or risk tolerance cannot withstand such volatility.

 

Consider Copy-Trading

👉 To use this tactic, one just mimics the actions of a successful cryptocurrency trader. Some cryptocurrency exchanges allow users to easily replicate the actions of successful traders.

 

👉 Choose a crypto trader based on their record of accomplishment, the number of people who follow them, and the level of risk they are willing to take on your behalf.

 

👉 Once you have found a trader you like based on these criteria, you may connect your account to theirs so that your account automatically buys and sells the same assets they do.

 

Hedge Your Positions

👉 Hedge your bets if you cannot decide which way the asset is going to go. When you hedge your bets, you make two trades: one in the way you think the market will go and one in the opposing direction. No matter what happens to the asset’s value, hedging will protect your investment.

 

👉 Futures markets provide a way for crypto investors to protect their portfolios by going long or short. Going long is a strategy where one anticipates an increase in the value of a cryptocurrency and agrees to acquire it at today’s prices at some future date.

 

👉 When one anticipates a decline in the value of a cryptocurrency, one may choose to “go short” by entering a futures contract to sell the asset at the current market price.

 

Always use Stop-Loss and Take Profit Orders

👉 Two separate but complementary methods for limiting losses and locking in gains are “Stop Loss” and “Take Profit.” When an asset’s price drops below a predetermined level, the deal is automatically closed using a stop-loss order.

 

👉 When the price of an asset reaches a predetermined Take Profit threshold, the deal is automatically closed. By adopting these methods, you may reduce the impact of your emotions on your trading. Further, getting out of a transaction before the market goes against you is always recommended.

How to choose the right Crypto Broker in Kenya

What is Crypto Trading in Kenya

👉 Kenyan traders must evaluate the following components of a cryptocurrency broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Credibility and Reliability

👉 The cryptocurrency market is noticeably young in comparison to other markets, however just because it is new does not imply that every broker you come across is unskilled. There are reputable and knowledgeable crypto brokers available for you to work with.

 

👉 They have the appropriate credentials, such as licenses issued by well-known and respectable regulatory authorities, and they have experts working on their team.

 

👉 Additionally, they have the appropriate qualifications. It is possible to read reviews written about the broker and get insight into the services they provide to choose whether you should work with them.

 

Trading Platform

👉 A broker’s trading platform needs to be intuitive and feature-rich for crypto traders, just as it would be for FX traders. There are several reasons why these kinds of systems are essential.

 

👉 First, they make bitcoin trading very convenient for their customers. A wide variety of choices are available to users of a well-designed platform. These choices exist just to ease the way for both new and seasoned bitcoin traders.

 

👉 A broker, particularly one just getting started in the bitcoin industry, cannot function properly without these platforms. Verify the broker’s web platform is innovative.

 

Financial Background

👉 Do not get into business with a broker whose net worth is lower than the money you want to invest. To be considered a reliable cryptocurrency broker, a company must have access to substantial funds. This ensures that your cryptocurrency holdings are secure and that your broker will not go under.

 

Customer Service

👉 Since cryptocurrency trading is available around the clock, questions and issues might arise whenever they arise. Finding a broker who is accessible at all hours of the day and night is, therefore, highly recommended.

 

👉 Regardless of the time zone, you should be able to contact a knowledgeable support staff that will respond quickly and professionally to your inquiries and concerns.

 

Technical Assistance

👉 Providing excellent customer service is one thing, but providing stellar technical assistance is something quite else.

 

👉 Brokers often have technical support departments to assist clients with issues that need in-depth knowledge in a certain area. Many cryptocurrency exchanges provide no means of contacting technical support staff.

 

👉 They believe that their customer service staff is sufficient to carry out all their duties. However, things are quite different. You cannot operate a successful crypto brokering firm without a dedicated and knowledgeable technical support staff.

 

👉 Most significantly, the team should be made up of veterans in the crypto space that has worked in the field for many years. They should have an intimate familiarity with the system and be able to provide you with quick, effective answers.

 

Fees and Commissions

👉 When choosing a cryptocurrency broker, it is important to research the charges they impose. Obtain specific information from the broker about the fees they charge and any other potential dangers so that you can make an informed choice.

 

Overall Longevity

👉 Some trustworthy cryptocurrency brokers may have just lately entered the market, although these instances are exceedingly rare. If a cryptocurrency broker has been around for a long time, then it must be doing something well since customers will continue to use it.

 

Registration Process

👉 Sign-up procedures for cryptocurrency brokers provide incredibly detailed information about them. Experts in the field can tell immediately whether a broker is reliable only by observing its onboarding procedure.

 

👉 In the beginning, you could struggle with this. You will be able to tell the legitimate brokers from the scammers more easily as time goes on. The presence of a vast number of depositing fees is a glaring red flag in certain sign-up procedures.

 

👉 If a cryptocurrency broker requires a big initial payment from new customers, chances are good that they are a fraud. This is even more apparent when considering that most reputable cryptocurrency brokers charge their clients next to nothing to trade.

 

👉 Instead of dealing with crypto brokers that demand exorbitant deposits, consider working with brokers like these. The process’s safety should be verified, too. Checking for an SSL certificate is as simple as searching in the upper left corner of your browser’s search bar.

 

👉 Because of this certificate, you can rest assured that the site you are visiting is secure and will not expose any of your personal data to hackers.

 

Convenience

👉 If a cryptocurrency exchange cannot make your life easier, they are not worth your time. Instead of dealing with an uncomfortable cryptocurrency broker, you may as well trade on your own. Everything in this field is changing quickly due to the dynamic nature of the environment.

 

👉 If you want to make the best choices at the correct times, you need to keep current on a broad range of topics. That is if your broker provides you with tools that make your trading easier.

 

Practice Trading

👉 Quite a few circumstances might arise in cryptocurrency trading, making it a complex endeavour. You will not know how to make the proper choices at the right times if you are just starting in this industry. What will happen is that you will lose a lot of money because of this.

 

👉 Avoiding these errors is easy by using demo trading, which simulates real-world trading conditions without any monetary risk to the trader. Since there is no potential for profit or loss, this choice is neutral, but you will gain knowledge about the processes involved in crypto trading.

 

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 Brokers in Kenya

👉 In this article, we have listed the best crypto brokers that offer MetaTrader 4 to traders in Kenya. We have further identified the crypto brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 Crypto Broker 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 MetaTrader 4 / MT4 Crypto Broker in Kenya. OANDA provides customers with access to a wide range of financial products but is best suited for seasoned traders seeking an exceptional desktop trading experience.

 

👉 Spreads are nevertheless vulnerable to market volatility and liquidity despite OANDA’s promotion of an automated engine that attempts to closely track global prices.

 

Best MetaTrader 5 / MT5 Crypto Broker 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 MetaTrader 5 / MT5 Crypto Broker in Kenya. Tickmill provides its traders with the MetaTrader 4 and 5 trading platforms, which allow them to trade in a wide variety of assets.

 

👉 Tickmill has won several prestigious accolades for the quality of its services and is well recognized for its affordable prices.

 

Best Crypto Broker for beginners in Kenya

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on IG Group’s website

👉 Overall, IG is the best Crypto Broker for beginners in Kenya. IG ranks higher than most CFD and forex brokers in terms of its educational material and research tools. IG is highly regulated and offers more than 18,000 tradable instruments to Kenyans.

 

Best Low Minimum Deposit Crypto Broker 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 Low Minimum Deposit Crypto Broker in Kenya. There are a total of six distinct trading account types available with FBS.

 

👉 There are many benefits and features associated with each kind of retail account. There is a minimal minimum deposit for trading accounts, and Kenyans may choose between MT4 and MT5 as well as real ECN or STP accounts.

 

Best ECN Crypto Broker 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 ECN Crypto Broker in Kenya. Pepperstone is an Australian-based online broker that offers STP and ECN trade execution. Pepperstone is one of the biggest forex brokers, with daily average deals of $9.2 billion and a customer base of 300,000+ traders.

 

Best Islamic / Swap-Free Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, SuperForex is the best Islamic / Swap-Free Crypto Broker in Kenya. SuperForex provides eleven distinct account types to its consumers.

 

👉 In addition, the swap-free (Islamic) option is offered for account users who are religiously opposed to earning interest. Instead of swaps, Islamic accounts operate on a set commission basis.

 

Best Crypto Trading App 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 crypto trading app in Kenya. AvaTrade is part of the AVA group of enterprises, which offers several Social Copy Trading platforms. AvaTrade’s availability of many trading systems for trading purposes is one of its top features.

 

👉 Kenyans are presented with a range of options regardless of whether they are novice or an experienced trader. AvaTrade offers its range of educational materials and comprehensive trading solutions through its proprietary trading apps on iOS and Android.

 

Best Kenyan Shilling Trading Account Crypto 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 Kenyan Shilling trading account Crypto Broker in Kenya. Kenyans who want a KES-denominated account to exempt them from paying currency conversion fees need not look further than Exness.

 

👉 Another benefit of Exness is that the broker is renowned for its competitive spreads and powerful trading platforms.

 

Best Lowest Spread Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Axi is the best lowest spread Crypto Broker in Kenya. When compared to other brokers that offer the class of services that Axi offers, the broker offers some of the tightest spreads in the industry.

 

👉 Axi is a MetaTrader 4-only broker that provides interbank spreads obtained from some of the best liquidity providers in the industry.

 

Best NDD Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySec, ASIC, FCA, BVI FSC, FSCA

Trading Desk

MetaTrader 4, MetaTrader 5, Markets.com propietary platform

Crypto

Yes

Total Pairs

67

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Markets.com is the best NDD Crypto Broker in Kenya. Markets.com is a popular NDD broker that is well-regulated and offers Kenyans over 2,200 tradable instruments.

 

👉 Because of its execution and business models, Markets.com can provide some of the tightest spreads and competitive commissions.

 

Best STP Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11615 KES

Regulators

CySEC, FCA

Trading Desk

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FOREX.com is the best STP Crypto Broker in Kenya. This is a user-friendly trading platform with worldwide access and excellent pricing and execution. Foreign exchange (FX), contracts for difference (CFD), and related services are offered prominently on FOREX.com.

 

Best Sign-up Bonus Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, RoboForex is the best sign-up bonus Crypto Broker in Kenya. Traders in Kenya may rest easy knowing that RoboForex will provide a smooth trading experience across many marketplaces.

 

👉 RoboForex’s signup bonus is one of the most generous in the industry and only one of the many ways the company advertises itself to potential customers.

Conclusion

👉 Cryptocurrency trading has become extremely popular around the globe, and Kenyans have been actively participating so as not to get left behind with this current activity.

 

👉 While Kenyans have endless options to choose from where brokers, platforms, strategies, and coins are concerned, crypto trading is still a very risky endeavour that could result in loss.

 

👉 There are several factors to consider before and while trading crypto, and we provide Kenyans with the perfect guide.

FAQ

Is crypto taxable in Kenya?

Yes, cryptocurrency profits are considered capital gains and are taxable in Kenya.

 

Does Coinbase work in Kenya?

Yes, Coinbase offers its services to more than 100 countries, including Kenya.

 

Where can I sell Bitcoin in Kenya?

You can use any crypto broker or exchange that accepts Kenyan crypto traders.

 

Which Bitcoin wallet is best for Kenya?

Kenyans use Coinbase Wallet more than almost any other Bitcoin wallet.

 

Is there a Bitcoin ATM in Kenya?

Yes, there is a Bitcoin ATM in the Kenrail Towers in Nairobi.

9.1/10 - (18 votes)

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