Best apps for Forex trading in Kenya

How to choose a trading app in Kenya?

Forex trading is getting more and more competitive, with thousands of brokers in the market. Choosing one that fits the bill requires a bit more attention to detail. Here are five helpful tips for finding the best Forex broker.

Test app in demo

Try out the broker by signing up for a demo account. Creating a demo account costs nothing, and you get to trade on the actual platform just how you would be with real money. It will give you a taste of how the app works.

Pay attention to safety

Forex trading is risky like any other trade but knowing that a platform offers a safety net in some form can be reassuring. In this regard, the first thing to ensure is that the Forex broker you are choosing is regulated by an authority.

Now, it may not necessarily be regulated or authorized by a local authority. However, it should ideally be licensed by some reputable regulatory body, even if it’s from abroad.

Pay Attention to the reviews

The reviews from already existing users are extremely important because these reviews often point out the problems with the platform. Yes, reviews may not always be objective, but they can help confirm your doubts, if any.

Look for reviews about ease of use, safety, knowledge base, regulations, and deposit/withdrawal times.

Explore automation tools

Auto trading or trading bots automate the whole process of putting in orders based on certain criteria and rules. Similarly, you can also opt for copy trading or social trading, where you can set up your account to copy moves made by other traders in the industry.

How to start trading Forex in Kenya?

These five stages are intended to help beginners learn how to start Forex trading in Kenya; experienced Forex traders may not require advice. Accept that you are at the start of a long trip even after planning and obtaining information about the world of FX trading. When real money is on the line in the greatest financial market in the world, which is occasionally notorious for acting unpredictably, patience is a winning quality.

1. Select a broker

After doing your homework, the next step is to locate an online Forex broker to work with as a business partner. Safety and security must come first, but don't try to cut corners. Give it some time. Here at Trade Union, we've put up a list of several suggested brokers to consider.

2. Create a new account and add funds

Be sure the broker you select offers a free practice account. Gaining acquaintance with the broker's platform requires practice time. Learn about the many order types, how to open and close a position, use technical indicators, test your approach, and generate money. Under international law, opening an account also entails providing personal identity information.

The broker will ask you to fund your account after you receive approval. Start modestly, and once you're at ease, consider boosting your account balance.

3. Make your first trade

Your objective is to locate good trading scenarios where the chances are in your favor. You can identify these ideal set-ups using technical indicators, your best resources. It would be best if you had the advantage to succeed in Forex, and indicators can provide it. One easy tactic is to use two moving averages, each for a distinct period. The likelihood may favor pricing behavior moving in a particular direction when they cross over one another. Use your demo system to test your technique.

4. Managing risk

To continue trading even after suffering a losing streak, it is necessary to follow sound risk management practices. There are guidelines for safeguarding your losses, ensuring profits are realized, and choosing the right size for your investment. Use these guidelines and tactics by putting them to use.

5. Savor your profits

Trading requires a certain attitude, which includes the ability to tolerate setbacks and move on. Each trader experiences losing deals. Nonetheless, your objective is to profit from your trading experience and have fun doing it. Even though not everyone is suited for trading, the odds will be in your favor if you regularly stick to a sound plan.

What is the best time to trade Forex in Kenya?

If you comprehend the various risks and timing variations, you'll be in the best possible position to profit from market peaks and troughs. Also, it will determine which Kenyan Forex broker is the finest to utilize for trading.

The best time to trade foreign exchange in Kenya is between 11:00 and 17:00 East Africa Time. You can profit from volatility after a news release due to the market's high liquidity and the number of economic news being read at this time. It would be advantageous to arrive at the charts as early as 08:00 to prepare for the day fully.

Best Forex pairs for Kenyan clients

Forex pairings are classified into three types, and what you may trade depends on your broker. Some stick to the most popular currencies - the majors and minors - but the top Kenyan Forex trading platforms offer a diverse range of exotics. Here's a quick glossary of the terms.

One of the best Forex pairs is the EUR/USD currency pair. It is one of the most traded pairs in the world. As one of the most liquid currency pairs to trade, it has some of the lowest spreads among Forex brokers.

Can I start trading Forex without money?

It is possible to start trading Forex without capital. Brokers compete differently, and they have developed engaging ways to enable traders to trade without having to put any of their own money at Risk. Such brokers as RoboForex and AMarkets have no-deposit bonuses which allow you to start with 0.

Other good options to consider as you start Forex trading without funding it yourself:

The key with any of these options is to read the fine print carefully so you understand any profit splits, restrictions, or trading requirements involved before participating. And never pay anyone directly to get a funded account - go through reputable firms.

Leveraging these types of programs allows you to gain experience and earn profits, which will help you either save up or qualify for your own funding to trade Forex successfully over the long-term.

What are the best Forex apps for beginners in Kenya

RoboForex is the top Forex trading platform for novices in Kenya. You may sign up to join a community of millions of other traders, and it features a minimal minimum deposit and a good demo account. Also you can enjoy a copy trading feature to succeed from the more experienced traders' performance.

Do I pay taxes for Forex trading in Kenya?

Kenyan Forex traders must pay tax on their earnings, regardless of whether those earnings were generated in an offshore trading account or with a local broker based in Kenya. It is important for traders to understand that the taxable income from foreign exchange trading must be declared as Kenyan Shillings when filing tax returns with the Kenya Revenue Authority (KRA).

The onus is on the trader to accurately report profits made within 12 months prior to January 1st of each financial year. Traders who are unsure about their tax obligations to seek professional advice or contact KRA directly for more information.