OANDA Kenya Review 2024 - TU expert opinion
Is the Forex market legit in Kenya?
Forex trading is legal in Kenya. The residents of the country have access to services of a number of large international brokers. The Capital Markets Authority regulates the operation of financial organizations in the country. Brokers obtain the CMA license in order to provide financial services in the country.
CMA does not impose substantial restrictions on the operation of brokers. Traders can trade any assets. There are no requirements for the automatic Stop Loss or trading amount limitations. Leverage trading is available.
How to Trade Forex in Kenya
Before you start trading, choose a reputable broker with the license of the Kenyan regulator. Next, you need to register on the website and verify your account. The next step involves funding your account using a debit/credit card or another option. Now you can choose an asset, determine the lot and start trading while observing capital management rules.
Detailed Review of OANDA in Kenya
OANDA is a good choice for traders from Kenya. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
OANDA (“Olsen AND Associates”) is an American broker that has been in the financial services market for over 25 years. The company's activities cover traders almost all over the world. The company has a wide range of trading instruments.
A few numbers about the OANDA broker, which will help a trader to choose a reliable broker:
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More than one million clients worldwide.
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More than 25 years of experience in the foreign exchange market.
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The minimum investment amount is USD 1.
Advantages of OANDA for trading in Kenya
Traders Union analysts conducted a detailed analysis of OANDA for traders from Kenya. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Possibility of passive investment using the Fx Manager service.
Availability of three convenient platforms.
A large number of training materials, videos, and online courses.
Minimum deposit from 1 US dollar.
A wide range of trading instruments.
Availability of a demo account.
The broker has no restrictions on the choice of strategies available to a trader. Hedging and locking orders are allowed. There is a trailing-stop available. There is no information on the minimum duration of the trade retention on the site.
Analysis of the Main Features of OANDA in Kenya
Traders Union analysts analyzed the key features of OANDA for traders from Kenya. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for OANDA traders from Kenya
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of OANDA trading conditions for traders from Kenya. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, WebTerminal MT4, MT5, fxTrade
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📊 Accounts: |
Standard, Core, Swap-free, Premium, Premium Core
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💰 Account currency: |
USD, EUR, HKD, SGD
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💵 Replenishment / Withdrawal: |
Visa, Mastercard, Skrill, Neteller and various Alternate Payment Methods
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🚀 Minimum deposit: |
No
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⚖️ Leverage: |
Up to 1:200
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0,01 lot
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💱 Spread: |
From 0 p for currency pairs
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🔧 Instruments: |
FX, Indices, Bullion, Commodities, Crypto
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💹 Margin Call / Stop Out: |
Stop Out - 50%
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🏛 Liquidity provider: |
J.P. Morgan, Deutsche Bank AG, Royal Bank of Canada
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution
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⭐ Trading features: |
Advisors; Availability of a demo account; A large number of training materials.
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🎁 Contests and bonuses: |
No
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OANDA Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by OANDA for traders from Kenya. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union experts analyzed the OANDA broker for hidden fees. When withdrawing money to a debit card, no commission is charged. When withdrawing funds to a credit card (once a month), a commission is not charged either, but if funds are withdrawn to a credit card more than once a month, then the commission is from $15 for each withdrawal. Withdrawals via PayPal payment system are possible only in US dollars, Euros, and British pounds.
Account type | Spread (minimum value) | Withdrawal commission |
Standard | From $11 | When withdrawing to a debit card - no. When withdrawing to a credit card (once a month) - no. When withdrawing to a credit card (more than once a month) - from USD 15. Withdrawal via PayPal - no. |
Premium | From $11 | When withdrawing to a debit card - no. When withdrawing to a credit card (once a month) - no. When withdrawing to a credit card (more than once a month) - from USD 15. Withdrawal via PayPal - no. |
The broker has a commission for shifting trading positions to the next day (swap). Also, we have compared trading commissions at the OANDA broker with those of other Forex brokers. Each broker was assigned a level from low to high, based on the results of the assessment for this parameter.
Expert Review of OANDA
The OANDA broker has substantial experience in the Forex market. The company has managed to earn a reputation as a reliable broker who provides its clients with decent trading conditions. The company has only two types of accounts, as well as the ability to open a demo account for novice traders. It does not have cent accounts.
OANDA offers a wide range of trading instruments as well as three trading platforms (MetaTrader 4, WebTerminal MT4, MT5).
The broker's website can hardly be called convenient and functional, which creates some inconvenience for clients.
FAQs
Is OANDA legal in Kenya?
Yes. OANDA operates legally in Kenya. The broker holds the necessary licenses.
Can you learn trading with OANDA? Does the broker offer courses for traders from Kenya?
Yes, OANDA offers good trading courses and a lot of educational information for clients from Kenya.
Can OANDA be trusted? Has the broker been operating in Kenya long?
OANDA has been operating in Kenya quite long and has a good reputation. Therefore, traders can work with OANDA.
Is OANDA suitable for novice traders from Kenya?
Yes. OANDA offers optimal trading conditions and good education for beginners from Kenya.
How efficient is OANDA customer support in Kenya?
OANDA offers a sufficient number of ways to contact customer support in Kenya, and also provides support in the state language.
Has OANDA had any incidents involving theft of funds of clients from Kenya?
No. OANDA provides reliable security of funds of clients from Kenya.
Will I be able to file a lawsuit in Kenya if OANDA violates my rights?
Yes. If OANDA violates your rights, you can file a complaint with the regulator of Kenya, and then with a court.
Can OANDA clients from Kenya use the broker’s mobile app?
Yes. The mobile app of OANDA is available for the clients from Kenya.
Does OANDA provide Kenya market analysis?
Analysis of Kenya is featured in the information provided by OANDA.
How can I withdraw funds from my account at OANDA in Kenya?
OANDA supports bank transfers and debit/credit cards of the banks operating in Kenya.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!