Recently, the (CMA), Kenya’s financial regulatory authority, warned its citizens about the dangers of dealing with unregistered brokers in Kenya. Scams involving foreign exchange (FX) have a long and not very illustrious history in Kenya. Now, more than ever, it’s critical to work with a trustworthy, well-established broker that has passed the necessary regulatory muster. It’s good news that you may engage in legal forex trading in Kenya.
In this post, we will not only focus on forex brokers in Kenya that are regarded as secure and regulated, but we will also cover other topics.
Best Kenyan Forex Brokers
As a result of our research, we have selected the following:
- FOREX.com, Best Forex Trading Platform
- Pepperstone is the best discount broker.
- AvaTrade is where serious day traders should open an account.
- XM : Best for Professionals
- FXCM is Best for Trading Tools,
- FXTM :The Best Leverage is Found
How to Get Started Trading Forex in Kenya
Many of the world’s largest online forex brokers have set up shop in Lagos and elsewhere in Kenya because of the country’s promising economy and population.
For novice traders, the good news is that the Kenyan forex market is straightforward. You may begin going by following these measures:
- Choose a device that can connect to the internet, like a computer, tablet, or smartphone.
- Use one of the brokers mentioned above to ensure they’re a legitimate option for trading in Kenya.
- Register for a margin account with a forex broker.
- Fund your trading account using a payment option offered by your broker.
- After selecting a broker, the following step is downloading a trading platform.
- After you’ve finished the first five stages, it’s time to research and formulate a trading plan to ensure that your first transaction goes as smoothly as possible.
When does Kenyan forex trading seem to be most profitable?
In Kenya, there are optimal periods for trading foreign exchange. Currency trading is active in Kenya between four and eight o’clock in the evening. From 4:00 pm, the London and New York trading periods overlap, meaning there is higher market activity. The market’s liquidity is most increased then.
Can You Make Money Trading Forex in Kenya?
You undoubtedly already know that foreign trading currency (Forex) involves a significant degree of inherent risk. Recognizing and valuing the foreign exchange market volatility might assist you tremendously.
That’s why it’s crucial to invest the time and effort required to develop reliable forex trading methods that may lessen your loss exposure, improve your odds of making a profit, and even expand them.
Find Top PayPal Forex Brokers Here
If you’re looking for a brokers accepting paypal with flexible account options and cheap spreads and commissions on currency and CFD trades, go no further than HYCM. PayPal is an option for making deposits and withdrawals for users of this service. One hundred dollars is required for an HYCM PayPal deposit. Using PayPal on this site will not cost you anything regarding processing costs.
HYCM has several advantages over its competitors, including inexpensive forex and CFD costs, a wealth of helpful resources for beginner traders, and a simple account creation procedure. Authorities govern HYCM in the United Kingdom, Cyprus, Dubai, and the Cayman Islands. HYCM is well-liked by fx traders because of its low costs and lack of withdrawal fees. You may get an account up and running in less than a day, and you can use any one of six different base currencies. The platform supports foreign exchange, CFD, and cryptocurrency trading. The HYCM demo account is very useful, especially with the company’s learning resources.
. Vantage FX
Vantage FX is a PayPal forex broker that offers low total costs and is great for novice traders. PayPal is an option for making deposits and withdrawals for users of this service. The minimum for depositing with Vantage FX PayPal is $200. Using PayPal on the site will not incur any additional fees.
The benefits of using Vantage FX as your forex trading platform include quick account creation, trouble-free money transfers, and a reliable environment in which to conduct business. There are no inactivity fees on this site, and it is well-regulated.
The minimum PayPal deposit to fund a Plus500 account is $100. The processing period for a PayPal deposit to reach your Plus500 account is around three business days; nevertheless, Plus500 provides a charge-free environment and pays any PayPal fee.