Web28/10/ · To start trading forex in Kenya, follow the steps below to create a live trading account. Step 2) Open your Trading Account: Go to the website of the broker that you Web25 rows · 5/10/ · Trading forex (currencies) in Kenya is popular among residents. While recommended, forex brokers are not required to become authorised by the Capital WebEight years ago, after failing to secure a formal employment, he started looking into online forex trading. Patrick Mahinge is the founder of the Kenya Forex Firm, which provides WebLearn How to Start Online Forex Trading in Kenya. At Kenya Forex Firm, we believe that anyone can learn how to invest in the global Forex market. We offer Forex trade ... read more
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As the online forex industry continues to gain popularity in Kenya , there are multiple investors who have emerged as leading forex traders in the country. These traders have not only proven that it is possible to trade profitably but also become wealthy from the global forex market in Kenya.
Kenya , is a country situated in Eastern Africa with a population of approximately 47 Million potential Forex Traders. Tourism in Kenya is the second-largest source of foreign exchange revenue following agriculture and currency exchange is not only legal, but essential for business to be conducted. The Most successful Forex traders in Kenya is also unique as the list features a female forex trader , a true rarity in the Forex World.
Before he joined the ranks of the Best and most successful Forex traders in Kenya , Mugenda was a student living in relative poverty, enrolled in the Technical University of Kenya. He was getting by with very little money given to him by his parents.
Mugenda has always had an entrepreneurial mind and was able to develop some of his own hustles on the side in order to help him save some pocket money for personal use. Initially, Mugenda would buy tea in bulk, repackage them, and resell them to various passers-by. But, even with this extra income, Mugenda was struggling to make ends meet, with multiple financial responsibilities, such as his studies, needing his attention.
As a result, Mugenda decided to find a new source of income in the form of a traditional 8 to 5 job — as an insurance broker. Unfortunately, multiple days would pass before he was able to make a sale.
At this point a friend introduced Mugenda to the world of forex trading , lending him the money needed to make a start. Unfortunately, Mugenda like many other beginner traders lacked the knowledge necessary to make smart investments and lost all of his invested money. Surprisingly, the same friend was generous enough to provide Mugenda with another loan, and took the time to sit down and explain all of the factors connected to the trade, making Mugenda more prepared and equip.
Within a few months, Mugenda was making a reasonable income from Forex trading and his wealth continues to accumulate. Mugenda, a man in his twenties, has made headlines due to his rapid acquisition of wealth as a Forex trader. Mugenda is incredibly successful in the forex trading field and has gone above and beyond to create Paris FX — a Forex company which has gained significant profits in the past few years.
After he graduated from college, Githaiga was unsure of which direction he wanted to go in but decided that the traditional office job setting was definitely not the ideal choice for him.
Through a simple Google search, Githaiga came across the concept of Forex trading. Today, Forex is by no means his full-time job, taking up a very small portion of his day-to-day life. Githaiga gained most of his trading knowledge through self-education on the internet. Silah Obegi is a top Forex trader in Kenya whose success was found in a more traditional sense.
Obegi received a Bachelor of Business Management from Moi University, after which he worked his way up in the field of finances. Currently, Obegi is the C. at Meta Capital Limited.
Throughout his experience within the financial fields, Obegi has been able to develop an automated Forex trading system which is unbelievably lucrative. Obegi is the Director of the Nairobi School of Forex, where he shares his knowledge of the Forex trading system and automated tools he developed.
Joshua Matumo is the founder and managing director of a company called Fourth street Consultants. Matumo began his trading career in at Strathmore University and specializes in trading currencies as well as commodities. Joshua Matumo is known to be excellent when it comes to risk management and professional market analysis alike. Fourth street Consultants also offers consultations and comprehensive courses on Forex trading.
Kamau works as a banker aside from trading. Forex trading has allowed Kamau to earn an extra income alongside his traditional day job. Kamau is still seen as a newbie in Forex trading, but the progress made on the path of becoming one of the most famous Forex traders in Kenya is without a doubt amazing.
For two years Sylvia found, read and learned as much as possible on how to become a successful forex trader in Kenya. Muchai signed up to multiple online trading courses, opened numerous demo accounts, and attended trading seminars both on and offline.
Patrick Mahinge can best be described as a serial webpreneur who started trading forex in Mahinge does not hold any academic qualifications in finance and studied Journalism at Egerton University. Eight years ago, after failing to secure a formal employment, he started looking into online forex trading. Patrick Mahinge is the founder of the Kenya Forex Firm, which provides training and portfolio management services for potential forex traders situated in Kenya.
He also works as an online blogger and builds new businesses from home. Vincent Nyagaka is forex trader with over 6 years of experience in the field. He decided to venture into forex trading after his traditional income was not sufficient, purchasing online courses and learning as much as possible. Nyagaka later founded Benstride where he teaches students on how to trade in Forex.
He offers a free beginners forex course and a premium forex course on his site. In order to get started in the Forex Market is relatively easy and requires only a few steps. With this being said, Beginner Traders need to keep in mind, signing up and knowing how the Forex Market works, is two completely different things.
Firstly, a trader should invest in a modern device that has the ability to connect to internet. This will be used in order to trade. The device chosen can range from a smartphone or tablet to a laptop or desktop computer. Step two will be finding a reputable, regulated online forex broker which accepts clients from Kenya.
Luckily, there are multiple globally regulated Forex Brokerage firms available to choose from. Here is an overview of the 5 Best Forex Brokers who accept Kenyan Traders. IG Group was founded in and is regulated by the Financial Conduct Authority FCA in the U. and the Australian Securities and Investment Commission ASIC in Australia. The country of a traders residency will determine which account type they can open.
In most countries, they will only be able to trade forex, CFDs and options. Saxo is a globally regulated, multi-asset class broker which offers traders the option to trade on more than 40, instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds from a single account across multiple platforms including their own — SaxoTraderGO and professional-grade SaxoTraderPRO.
The Saxo Group is regulated in 15 jurisdictions including authorisation from the UK Financial Conduct Authority FCA , the Australian Securities and Investments Commission ASIC , the Financial Services Agency of Japan FSA and many more.
Customer support is available in nearly 30 different languages via phone, email and an FAQ section. Users can trade on Stock, Forex, Option and Futures — to name but a few. City Index is a world leader in spread betting , FX and CFD Trading , regulated by the Financial Conduct Authority FCA.
City Index offers over 12, different instruments to trade, including over 84 currency pairs on the ever-popular MetaTrader4 trading platform. XTB is a European broker which was founded in , and has offices in 13 countries across the globe. XTB is regulated by the UK Financial Conduct Authority FRN and has been listed on the Warsaw Stock Exchange since XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:.
Traders can choose from 25 crypto CFDs 9 individual coins or 16 crypto pairs which are available 7 days a week from 3am Saturday to 9pm Friday. Traders can buy or sell digital coins with leverage and day expiry. XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian. In order to trade forex in Kenya , or any other country, a trader will need a trustworthy trading strategy within a sound trading plan.
Choosing a Regulated Forex Broker coupled with self-education is an excellent start. JP Markets offers a welcome bonus to all new traders who choose to register for a real account. JP Markets is considered a low-risk and can be summarized as trustworthy and reliable. JP Markets is regulated by the top-tier Financial Services Board, Based. Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds.
IW Bank clients may experience different fee structures according. com does not offer a sign-up bonus for first-time sign-ups or beginner traders. No sign-up bonus, deposit bonus, or welcome bonus is offered to traders. The Minimum Deposit for 1st-time traders might vary based on. com offers Spreads and commissions vary according to the account type that the trader is using. RSS Feed. Top 4 Brokers.
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Top 10 African Brokers. Top 10 European Brokers. Top 10 US Brokers. CFD Trading. Case Studies. Helpful Guides. Trading Courses. Select Language. Русский English ไทย Svenska Brazil Portugal Polski Suomi India Indonesia Pakistan Melayu Bangladesh. Tiếng Việt 한국어 Italiano Nederlands Kenya Français العربية Español Deutsch Nynorsk Dansk 简体中文 日本語. Bulgarian Catalan Croatian Czech Republic Philippines Greek Hungary Romania Slovakia Iran Ukrainian Turkey Tamil. Through MT4 offering, a single login access is provided by XM for all 8 MT4-enabled devices and through MT5 offering, a single login access is provided for all 7 MT5-enabled devices.
With a freedom to use Expert Advisors and a One click trading functionality where one can open or close trades with just one click allowing a quick lock-in to profits, professional traders can really benefit.
XM also allows hedging to the trading portfolio. XM Forex app can be used to track trades or even place trades,, if one registered for MT4 or MT5 platforms. Etoro is a social trading platform setup back in A unique experience where users can interact with fellow traders and copy their trades, enabling beginners and advanced traders to profit from their combined strategies.
One can check out Etoro by opening a virtual portfolio before putting real money. There is a research tab offering market depth. Other notable functionalities include One-click trading, stop loss, trailing stop loss and offline trading capabilities. Depending on the instruments, there are CFDs as well as delivery-based assets. Withdrawals can be done via wire transfer, Paypal and even to Credit cards to the same account where the funds were deposited.
Estimated withdrawal process time is days for many payment providers. Multi-device support: Make sure the trading platform is available on multiple devices, which gives you access to the trades on the move. Being able to access it on mobile as well as tablets, you will not miss major profit-making opportunities. Multiple order types: It is important to place the order based on the situation hence different types of order placing capabilities can really make a difference.
Stop loss orders, limit orders, market orders, buy stop or a sell stop order are different types which a trader can place depending on the circumstance, hence look for a trading platform that lets you access these. No downtime: Some platforms tend to freeze during critical moments of a trade.
Some platforms tend to remove stop loss orders and do not close the trade as per the given instructions which is unethical. Hence it is important to go through reviews and choose the one that performs well. Available trading instruments should not limit your trading hence it is better to ensure all assets you would like to trade are available.
Also, the content helps to navigate the platform and familiarize with it. Economic calendar also strategically impacts your trades, so a well-built calendar is quite useful. Check for reviews on the historical spread, commissions for various accounts on offer as well as minimum deposit and withdrawal fees. TradeForexKenya Editor Last Updated: April 9, Trading Platforms Proprietary for web, mobile.
And FXTM trader app. Visit Hotforex. Read Hotforex Review. Visit Plus Visit FXTM. Visit XM. Read XM Forex Review. Visit Etoro. Hotforex is 1 rated FX platform Visit. Back To Top. Regulation s : FCA, FSCA, CySEC. Visit Broker. Regulation s : FCA, ASIC.
You can trade forex via any licensed FX broker. In Kenya, there are 6 non-dealing forex brokers licensed by the CMA. We have researched trustworthy and independent reviews of Forex brokers in Kenya. Compare the brokers based on our reviews, fees comparison, regulatations to make your decisions.
We have also created beginner forex guides to help you get started. Parent company EGM Securities is licensed by CMA. Regulated with CMA. Regulated with ASIC. In this step-by-step guide we wil explain everything you need to know about Online Foreign Exchange trading in Kenya as a beginner trader. Forex trading is trading in different currency pairs with the aim to earn profit from the difference in the value of the currency pair due to market movements.
KES is a not a strong currency like USD. Hence if we buy USD then we have to pay , KES. Now suppose the value of KES increases in the market. In that case, we have to pay less KES for every USD bought.
That would also mean that for every USD you sell, you would receive more KES than you paid. This difference between the KES paid and received is the profit that you earn. Forex trading is a profitable only if you know how to study the currency pairs and when to invest in which currency pair. Let's say you have 20 US Dollars, but you want Kenyan Shillings instead. Then you can convert your US Dollar into Ksh. via a regulated exchanger or bank. They will convert your Dollar into Kenyan Shilling at the latest exchange rates.
In this above example, the exchange or bank will also charge a markup fees, to process your forex transaction.
This fees is generally by offering you a sell rate higher than the buy rate. Let's say buy rate for 1 USD would be Ksh. then the sell rate would be or lower, depending on your bank which is participating in the FX market on your behalf to exchange your currency. If you are trading forex, then you will come across some terms that you should remember if you want to be an active trader. In the forex market all currencies are traded in pairs, against each other.
Pip is the smallest decimal value in a currency's price. It is generally the last decimal in the quote. The movement from 1.
This is effective because it leaves the extra money with the investor with which other investment options can be tried or can be kept for personal use.
Leverage is given by CFD brokers. Since forex trades generally take place in standard lots, which is , units of currency, we assume we are buying 1 lot of EUR. Leverage is calculated by dividing the total trade value by the margin required. This would give us a leverage of In case the EUR value appreciates by pips to 1. Hence, we are able to trade and profit more with less capital but high leverage. Most investors look for high leverage offerings but one should understand that high leverage also increases the risks of high losses in case of negative trades.
For CFD instruments other than forex, you should strictly use leverage of no more than Also Read: Our guide on What is Leverage in Forex Trading. The bid price is the maximum price at which a trader or a broker is willing to buy a forex pair. The ask price is the minimum price at which a trader or broker is willing to sell a forex pair. One thing to note here is, the bid and ask prices operate differently for brokers or market-makers and price takers or regular investors. Market-makers buy at the bid price and sell at the ask price.
Price takers buy at the ask price and sell at the bid price. The concept of the bid and ask prices is similar to the buying and selling prices of groceries from the perspective of a shopkeeper.
As a shopkeeper, the wholesaler's selling price is equal to your buying price. Similarly, when you are selling the same groceries to your customers, your selling price will be equal to your customers' buying prices. Generally, the bid prices are lower than the respective ask prices. This is because the sellers try their best to make a profit off a trade. It is good for you if your broker has a lower spread, which would mean lower fees for a trade.
For trading in the forex market you need to trade via a broker. The broker's Bid price would be quoted as something like 1. The difference between this is the broker's fees called the spread.
The lower the spread, the better it is for trader. This is because it will allow you to retain more profit or a lower loss. as these can make the overall fees higher even if the spread is low. For ex. And there is Broker B, that has 1. The overall fees would likely be lower with broker B, depending on your trading volume. The value of your order will depend on the units of a currency traded. Generally these units are referred to as lots.
You will see the option to choose the number of lots that you want to trade on the brokers platform. Most brokers allow to trade custom number of lots, for example you can trade 5 Mini Lots, or even 5. Brokers like FxPesa, Exness etc.
that offer MetaTrader have this option. Capital Markets Authority CMA of Kenya has made online forex trading in Kenya more regulated now. To trade forex in Kenya via a locally regulated broker, you need to open an account with any of the forex brokers regulated and licensed by CMA.
There are six such brokers who are regulated by CMA: EGM Securities, PepperStone Kenya, ForexTime Exinity Group , HotForex, Windsor Markets and Scope Markets. There are also global foreign regulated forex brokers accepting traders from Kenya - that are regulated with foreign regulators like Financial Conduct Authority FCA , Financial Sector Conduct Authority FSCA , Australian Securities and Investments Commission ASIC and the likes.
It is recommended that you choose the only brokers that are licensed by CMA. Only this will ensure that you are trading forex legally. Almost all the brokers provide demo accounts.
Demo accounts are like real trading accounts, and your can trade and understand the nuances of trade just like real trading account without risking your real money. But it is still a good place to learn trading. Most Forex brokers have a Live Account Opening page on their website. Live this example from FxPesa's website. Generally, the steps involved are the same.
You need to fill your 'Account Information' details, your Financial Adequacy information. Then you need to submit your 2 KYC documents i. For the KYC, it is essential that you submit valid documents as this will prevent any issues during withdrawals. For ID proof you can submit copy of your Passport or any other National ID.
For Address proof, you can submit your phone or any other Utility Bill. ECN Electronic Communications Network brokers is where the investors directly get connected to the other investors in the Forex Markets and the fee is calculated by the volumes traded by the clients that pass through the ECN environment. STP or Straight Through Processing is where the broker passes the trades to liquidity providers for execution and gives access to interbank market structure.
Even though having DMA gives you wider access to markets with higher rewards and risks, but finding true brokers providing DMA is difficult and tricky. You should avoid brokers that are market makers as these brokers take position against you. So any loss that you make with a market maker forex broker is the profit of that broker.
All the CMA licensed online forex brokers are 'Non-Dealing' which means they don't operate a dealing desk. So, they are not market maker brokers. If you are a beginner, you should choose brokers with standard spread accounts only where the broker preferably offers STP accounts like in case of Hotforex.
The expert traders can go for ECN type account. These have low fees but commission is charged as per the trading lots. With Zero Account it is 0. So, if you are a trader trading high volume, it would be right decision to open your trading account with Zero Account for saving on the broker's trading fees.
Many brokers offer a lot of options when it comes to opening accounts with them. All these accounts require a minimum account balance. This would ensure that a sizeable position could be taken in trading and a good profit could be earned on positive market movements. However, it should be kept in mind that a position would depend on the balance maintained and the leverage offered by the broker.
WebLearn How to Start Online Forex Trading in Kenya. At Kenya Forex Firm, we believe that anyone can learn how to invest in the global Forex market. We offer Forex trade Web28/10/ · To start trading forex in Kenya, follow the steps below to create a live trading account. Step 2) Open your Trading Account: Go to the website of the broker that you Web25 rows · 5/10/ · Trading forex (currencies) in Kenya is popular among residents. While recommended, forex brokers are not required to become authorised by the Capital WebEight years ago, after failing to secure a formal employment, he started looking into online forex trading. Patrick Mahinge is the founder of the Kenya Forex Firm, which provides ... read more
Before you start trading, it is vital to learn the basics. Related Articles. This is mainly because of over-leveraging a position. Brokers by License. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U. They go as far as hosting websites with logos and registration numbers to deceive unsuspecting targets.I know there are several successful Forex traders in Kenya, but this does not stop you from becoming one. Futures, CFDs, and Forex are leveraged products with a high degree of risk to your capital. A broker should care about you as a trader and online forex trading in kenya excellent customer service. It would help if you approached it with care. These smaller economies are often referred to as emerging economies. For this review, let us use MetaTrader 4, which is available with most brokers across the world.