Best Binary Brokers in Nairobi
The best binary brokers in Nairobi - Pocket Option
Top binary brokers in Nairobi are:
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Pocket Option - sleek trading platform; 24/7 customer service; social trading platforms
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QUOTEX - up to 98% payout; integrated top security softwares; comprehensive and intuitive trading platform
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IQcent - 24/7 trading; up to 87% payouts; advanced charting and analytical tools
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Raceoption - reliable binary options platform; low deposit requirements; beginner-friendly
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VideForex- 24/7 trading and support; 98% payouts for making predictions about the movement of various instruments' prices
With binary trading legal in Nairobi, signing up and trading with the best binary brokers in Nairobi is the second factor to consider after learning about the fundamentals of binary options trading. Given the abundance of fraudulent binary brokers in Kenya, there is a pressing need for ways to find a reliable binary trading platform. These brokers provide services comparable to those offered by legitimate brokers, and they frequently appear to include features that appeal to traders.
As Naroibi becomes a well-known city with lots of Forex, binary, and stock traders, both experienced and beginners, the number of shady brokers will rise. However, to be sure you have nothing in common with these scam brokers, focusing on how to locate the best binary brokers in Nairobi is a top decision.
However, since locating the top binary options brokers can be challenging, novice traders with other commitments might wish there were more comfortable alternatives. Those options are what this article is offering binary traders in Nairobi. You will discover the best binary brokers in Nairobi in the article, which was the outcome of extensive research done by TU commoexpert traders.
Top 5 binary brokers in Nairobi
Pocket Option
The Pocket Option broker is part of Gembell Limited holding, which was founded by a group of professionals seasoned in trading and investment activities. The company is mass-market requirements-based, therefore, it provides quality services to binary options trading in the OTC market access. The broker strives to make the trading process as simple, clear, and convenient as possible. For this reason, Pocket Option has developed a unique trading platform to ensure stable trading for traders and investors.
Pocket Option trading conditions are classic for the binary options market. You can trade currency pairs, stocks, commodities, and cryptocurrencies using a web platform, designed with the inherent characteristics of working with options in mind. The minimum initial deposit for all accounts is $50, but hereinafter the balance should be from $100 to $50,000 (depending on the profile). The Pocket Option minimum deposit is $1.
QUOTEX
QUOTEX is a broker specializing in binary options trading. The company was established in 2019. Its clients can trade currencies, metals, oil, cryptocurrencies, stock indices and earn a profit of up to 90% of the value of the option. QUOTEX has developed a proprietary trading platform which is easily customized, supports 29 technical indicators and allows investments from USD 10. The broker’s team provides support 24/7. Personal and payment information of the clients are protected with two-factor authentication.
IQcent
IQcent is the premier online trading platform for retail clients looking to make a mark in the investing world. IQcent offers binary options and Contract for Difference (CFD) trading opportunities across several asset classes, such as forex, stocks, commodities, and cryptocurrencies. The minimum trade size is just 0.01 USD/EUR, and traders can leverage up to 1:500 with CFDs.
In addition to various financial instruments, IQcent also provides an extensive suite of payment methods with more than 10 supported options. The minimum deposit amount may vary depending on the type of account but goes from as low as $10 to $250 and $1,000. However, traders can't deposit lower than (USD/EUR) 5,000 for direct bank transfers.
IQcent offers an intuitive and useful proprietary web-based trading platform with several in-built indicators essential for making informed trading decisions, including momentum, relative strength, and average range. Depending on your needs and preferences, IQcent offers three types of binary options: turbo options, intraday options, and long-term options.
Raceoption
Raceoption is a Forex and binary broker providing financial services internationally. The company offers optimal trading conditions for buying and selling assets of different groups, and it gives options to make money on binary options and copy transactions of professional traders. Raceoption clients have access to a referral program and bonuses; the broker also regularly conducts trading competitions among all traders. Trading is available around the clock, and the support service is also available at any time of the day.
VideForex
VideForex was established in 2016 as a leading binary options and CFDs broker. It offers a trading platform suitable for both professional traders and beginners. With VideForex, you can trade different Forex currency pairs – Major, Minor, or Exotic -plus a dozen cryptocurrencies like Bitcoin, commodities like gold, and major indices like the Dow Jones 30 and S&P 500 through CFDs contracts. The maximum leverage allowed is 1:500, so you can take larger positions to increase your profits. With VideForex you have the advantage that your customer's loss is limited to their original investment amount multiplied by the leverage used. The remaining amount of equity will be protected from further risks - making it a very safe and trustable broker.
VideForex offers three types of trading accounts, each with unique benefits. The minimum deposit sits at $250. The platform provides a web platform and a convenient mobile app for users on the go.
Is binary trading legal in Nairobi?
Yes. If you reside in Nairobi, you can legally trade binary options without fearing the financial regulators being on your heels. The fact that binary trading is legal in Nairobi does not mean that it is subject to complete regulation or oversight by Kenya's financial authorities. However, this explains why it is tough to discover a local binary options broker. Many of the professional binary traders in Nairobi depend on the services provided by reputable offshore brokers.
According to the financial regulators, for no reason should a trader choose to trade Forex, stocks, or binary options with brokers that are not regulated. Hence, this is advice for traders who want to guard themselves against losing money to shady brokers, not a rule.
The Capital Markets Act (CMA), which oversees the financial markets, has previously established new standards under a proposed amendment aiming to control the conduct of Forex trading in the nation. However, no regulation or proposal has yet been put forward for binary options trading in Nairobi. However, Kenya's binary options market is still unregulated, so traders of all levels trade with foreign binary options platforms that provide this service.
The CMA is still committed to lowering barriers that might prevent long-term capital market investments and making it easier for citizens to access brokerage services and stock market exchanges.
Is binary trading a good idea in Nairobi?
For traders who set aside time to research the binary market and learn how to trade options, binary trading in Nairobi can be a good idea. If the trader's prediction is correct, they will be compensated according to the profit margin of the broker. If the predictions are wrong, the trader loses their investment.
Although trading binary options is conceptually similar to trading Forex, many traders in this region say binary trading is more straightforward. But you can be a better judge if you know the pros and cons of investing in binary options with the top binary options platforms. Here are some of the benefits and drawbacks of trading binary options in Nairobi.
👍 Pros:
• Compared to Forex trading, binary options offer traders in Nairobi a quicker way to make money from the trading industry, even though there are notable risks.
• Due to the flexibility of choosing the time horizon over which you want to place your bets, binary trading is a relatively short-term viable investment.
• Prospective traders will not have any trouble understanding binary trading's fundamentals because the market is austere.
• The risk-reward ratio for each trade is transparent to traders; they know the maximum loss and gain that could happen.
• In addition to providing a demo account and free educational resources, binary brokers in Nairobi offer traders access to different underlying assets like stocks, currencies, commodities, and indices.
👎 Cons:
• Binary option trading is risky; top traders are liable to lose trades even with the best strategy.
• Although it is a risky endeavor, the existence of shady brokers makes it even riskier.
• Long-term investors are affected since binary options typically expire quickly.
Are international binary brokers legit in Nairobi?
Foreign binary brokers are not forbidden in Nairobi, and it is more secure to trade with licensed offshore brokers. Many professional traders in Kenya use the services of international brokers since no known local binary broker offers qualitative trading services.
Traders must be aware of some unethical binary broker scams. As a result, ensure any international binary broker you choose in Nairobi offers clear risk disclosure statements, transparent terms and conditions, qualified customer support, educational resources, and educational materials.
How to choose a binary broker in Nairobi?
Some brokers' services and products are inherently suited to particular traders. Before selecting a binary broker in Nairobi, it is best to review the services offered by each of these brokers because traders have various mindsets, objectives, and trading methods. However, to choose the best binary platform in Nairobi, review the factors listed below.
Verify if the binary trading platform is regulated by the top global financial regulator.
Look into the different account options and required minimum investments on the binary trading platform. Ascertain the opening deposits, commissions and spreads, margin, and leverage trading, among other features.
Examine whether the trading platform that a binary options broker integrates incorporates the tools and resources you will need for binary trading, like a technical analysis toolbar and an economic calendar. Remember to check if the broker offers traders a demo account.
Another critical task is confirming that the broker provides helpful customer support. Verify the level of assistance offered, the support's availability (trading hours), and its responsiveness to questions.
Consider the speed at which withdrawal requests are processed, the supported instruments, and the accepted payment options.
How much can I earn in binary trading?
The amount you can make trading binary options with the best binary brokers in Nairobi could be contingent on the payout ratio the broker offers. Most binary options platforms offer a 75% to 80% profit percentage, although some brokers offer up to a 90% ratio. But the amount you make trading binary options depends on the amount you enter for each trade, how frequently you trade options, and your experience and expertise.
Tips for Successful Binary Options Trading in Nairobi
Binary trading has been outlawed more frequently in the industry, despite being the easiest of all trading activities. This is because trading is a high-risk endeavor due to the frequency with which traders lose their money in trades and the rise in the prevalence of rogue binary brokers. So, even though it is the fastest trade with high payouts, it can also cause you to go bankrupt within a brief period.
Trading with the best binary brokers in Nairobi should be a priority for potential traders, especially if you are a beginner trader. Guilelessly, choosing reputable brokers to trade with should be the first piece of advice for successful binary options trading.
Below are other tips for binary trading success in Nairobi.
Discover the various binary options strategies, how they work, and any risks they may pose. You can learn more about binary trading's fundamentals by reading books or watching instructional videos.
Use the demo accounts offered by the best binary options platforms to practice trading before you start with real money.
Keep a cool head, follow your plan, and avoid trading rashly. This requires you to focus your attention on your long-term objectives rather than allowing market fluctuations to divert you.
When developing your trading strategy, take into account risk and money management.
Stay focused on your trading strategy by avoiding all outside distractions. Avoid trading binary options if you are engaged in other activities that require your full attention. Focus on your accomplishments and maintain a positive attitude. Regardless of the profit, celebrate each successful trade and let it serve as motivation to keep trading.
FAQs
Which binary broker is best in Kenya?
While there is no local broker in Kenya, international brokers are popular binary options platforms that binary traders use for options trading in Nairobi. So, among the best binary brokers in Nairobi, Pocket Option, QUOTEX, IQcent, Raceoption, VideForex, and Binary.com (Deriv) are among the most trusted brokers. But before you choose a binary trading platform, it is important to consider the services of the binary options brokers; it helps you choose brokers that suit your trading style.
Which broker is best for binary trading?
The best binary brokers in Nairobi are those that offer traders a low minimum deposit, demo accounts, several trading instruments, zero commission, high payouts, responsive and flexible customer service, and an intuitive trading platform. Pocket Option and QUOTEX are among the brokers that provide traders with these opportunities.
Who is the best Forex trader in Kenya?
Patrick Mahinge tops the list of the best and richest traders who made their fortunes in the Forex market by trading currency pairs. This successful Forex trader is the founder of Kenya Forex Firm, a platform that educates Forex traders in Kenya and beyond. The likes of Edwin Kamau, Sylvia Muchai, Paul Mugenda, Ester Mofrey, Ken Githaiga, Silah Obegi, and Vincent Nyagaka are other notable traders in Kenya.
Can I be a millionaire through binary trading?
Yes. You can become a millionaire by trading binary options in Kenya. However, this will require you to pay adequate attention to the financial market, create top strategies, and learn how to analyze the market using top fundamental and technical analysis tools. Also, you will be prepared to trade more often, integrate top risk management strategies, and choose brokers that offer high payouts.
Glossary for novice traders
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Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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Options trading
Options trading is a financial derivative strategy that involves the buying and selling of options contracts, which give traders the right (but not the obligation) to buy or sell an underlying asset at a specified price, known as the strike price, before or on a predetermined expiration date. There are two main types of options: call options, which allow the holder to buy the underlying asset, and put options, which allow the holder to sell the underlying asset.
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Binary options trading
Binary options trading is a financial trading method where traders speculate on the price movement of various assets, such as stocks, currencies, or commodities, by predicting whether the price will rise or fall within a specified time frame, often as short as a few minutes. Unlike traditional trading, binary options have only two possible outcomes: a fixed payout if the trader's prediction is correct or a loss of the invested amount if the prediction is wrong.
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CFD
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
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Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).