6 Best Binary Options Brokers in Kenya
Best binary option broker in Kenya - Pocket Option
TOP binary option brokers in Kenya:
Pocket Option - best for beginners
QUOTEX - best platform at all
IQcent - best mobile APP
Raceoption - best platform for social trading
Videforex - best web platform
Binary.com (Deriv) - most trusted broker
If you're a Kenyan looking to trade binary options, it's essential to choose a reliable and trustworthy broker to ensure that your funds are safe and your trades are executed accurately. In this article, we'll be discussing the 6 best binary options brokers in Kenya.
We'll cover their regulation status, trading platforms, account types, and other essential features that you need to consider before choosing a broker. By the end of this article, you should have a clear idea of which broker best fits your trading needs.
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What is the best binary broker?
The best binary broker for you depends on your needs and preferences. Popular brokers in Kenya include Raceoption, Videforex, and IQ Option.
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Is binary option trading legal in Kenya?
Yes, binary options trading is legal in Kenya but not yet fully regulated.
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What is the minimum deposit for binary brokers?
The minimum deposit for binary brokers varies. Some require as little as $5, while others require more.
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Is there a Kenyan binary options broker?
There are no locally based binary options brokers at the moment. However, international brokers like Pocket Option, IQcent, and others accept Kenyan traders.
Top 6 binary trading apps in Kenya
The table briefly previews the top 6 binary trading apps in Kenya. Each app includes information on the minimum investment required, available assets, bonuses, and the option to open an account.
| Broker | Minimum Investment | Assets | Bonuses | Open an Account |
|---|---|---|---|---|
$50 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 50% |
||
$10 |
Currency Pairs, Stocks, Crypto, Commodities |
30% deposit bonus |
||
$20 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 50% |
||
$250 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 100% |
||
$250 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 50% |
||
Binary.com (Deriv) |
$10 |
Currencies, indexes, stocks |
Pocket Option
Pocket Option is a popular trading platform founded in 2017 by seasoned trading and investment professionals. The broker offers a powerful web-based trading platform as well as mobile apps for both iOS and Android devices.
One of the things that set Pocket Option apart from other binary options brokers in Kenya is its tailored approach, designed to meet the needs of a broad range of investors. Binary options traders enjoy top-notch services, including a straightforward signup process and access to a wide range of assets and trading tools.
Traders can choose to trade stocks, currency pairs, cryptocurrency, and commodities. What also makes this one of the best binary options brokers in Kenya is its low minimum deposit. You only need an initial deposit of $50 for any account you choose to open with the Pocket Option. After the initial deposit, you'll need to keep a balance between $100 and $50,000, based on your profile.
👍 Pros
•Low minimum deposit of $5
•Wide range of assets and trading tools
•Intuitive user interface
•Fast signup process
•Tailored to suit a variety of investors
👎 Cons
•Limited educational resources compared with other brokers
•The platform isn't regulated by a reputable regulator
•The withdrawal process is slow
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.
👍 Pros
•Affordable minimum investment amount – USD 10;
•No trading fees and no deposit, withdrawal and account fees;
•Simple and user-friendly trading platform designed for binary option trading.
👎 Cons
•Leveraged trading is not available;
•There is no quality education and instruments for analysis on the website;
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.
👍 Pros
•Low minimum deposit requirement of $10
•Commission-free trading
•Wide range of assets, including forex, cryptocurrencies, stocks, and commodities
•Multiple account types to choose from
•User-friendly trading platform with advanced charting tools and technical indicators
•24/7 customer support
👎 Cons
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•Withdrawal fees for some payment methods, such as bank transfers
Raceoption
RaceOption is an offshore CFD and binary options broker dedicated to providing traders with access to the financial markets. Through this platform, users can invest in more than 100 instruments, which include markets such as forex, indices, commodities, and stocks.
Clients should know that if they fail to execute at least one trade per calendar month, a $10 account service fee will apply afterward. Moreover, margin trading on this platform has different leverage levels depending on the asset type; cryptocurrency positions have a maximum of 1:30, while other instruments offer up to 1:100 in terms of leverage ratios.
With a $250 minimum deposit requirement, you can open a Bronze account and get started immediately. This platform helps simplify the trading process by offering a demo account and an easy-to-use mobile app, and you can opt for Turbo, Intraday, and Long Term Options.
👍 Pros
•Wide range of assets, including Forex, cryptocurrencies, stocks, and commodities
•Multiple account types to choose from, including a demo account for practice trading
•User-friendly trading platform and mobile app
•24/7 live video chat support
•Offers social trading features
👎 Cons
•Minimum deposit requirement of $250
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•Inactivity fees
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.
👍 Pros
•Wide range of assets, including Forex, cryptocurrencies, stocks, and commodities
•Small minimum trade size starting at $1
•Copy trading
•Cryptocurrency funding method
•User-friendly trading platform with advanced charting tools and technical indicators
•Commission-free trading
•Multiple account types to choose from, including a demo account for practice trading
•24/7 customer support
•Offers social trading features
👎 Cons
•High minimum deposit requirement of $250
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•$10 Inactivity fee
Binary.com (Deriv)
Another top platform for binary trading in Kenya, Binary.com has been around since 1999. With over 1 million traders on the platform, this is one of the most popular binary options brokers around the world.
Binary.com offers a wide range of features, including forex trading, commodities, crypto trading, and more. What makes Binary.com stand out is that you can get started with a minimum deposit of just $5. This broker also provides an automated trading system that helps you to make profitable trades with minimal effort.
👍 Pros
•The broker has been around for a long time, making it one of the most established binary options brokers
•Low minimum deposit of $5
•Wide range of features, including automated trading
•Excellent customer support
👎 Cons
•Broker doesn't offer a cent account
•The online account doesn't have the online chat feature
•The registration process is often slow
How do best binary trading apps compare?
There are numerous elements of binary trading Kenya that can be used to compare the best Kenyan brokers. Here are some of the aspects that you can consider:
Licensing & Authorization
The best and recognized platforms have an authentic license in practice, which is regulated by the reputable international regulators. These elements make them a reliable platform as they offer entirely transparent and beneficial services for their users. When you look out for binary options in Kenya, it can be one of the areas where you need to put the highest focus. The ones controlled by the financial bodies must follow the strict terms and conditions without harming the users’ privacy.
Minimal Amount Deposit
The minimal amount you can deposit to the binary options is also one of the comparable aspects. Some top platforms offer the minimum account of $5-10. In simple words, being a beginner, you can start up with something small to learn before you sum up the money. Besides, you also upgrade your account on the binary platform when you understand its terms and how it works.
Reputation & Authentication
It is one of the best ways to compare binary options brokers in Kenya. The top platforms have millions and thousands of active users who are registered members. It simply means that many people trust, time, and money. So, it is one of the best ways to compare its authenticity.
Is binary trading risky?
Binary trading is a highly speculative investment strategy that comes with a significant degree of risk. The potential for earning high returns in a short time frame can be enticing, but investors must also be prepared to lose their entire investment.
The nature of binary options trading means you must invest more than you can earn in each trade, increasing the potential for loss. Additionally, the highly volatile nature of the market, along with unregulated platforms and fraudulent brokers, further increases the risk.
While some traders have found success in binary trading, it's important to enter into it with a clear understanding of the risks involved and a well-thought-out strategy.
Can I get rich in binary trading?
Binary trading can potentially lead to riches, but it's important to proceed with caution. With the potential to earn up to 70-80% per trade, the allure of quick profits can be tempting.
However, it's crucial to understand the risks associated with such investments. It's important to have a solid understanding of the market and to be prepared to potentially lose the money you invest.
Successful binary trading requires careful consideration and a willingness to learn and adapt to market conditions. While it's possible to get rich through binary trading, it's important to approach it with a professional mindset and a thorough understanding of the risks involved.
Binary Options Success Stories – Are They Possible?Tips for success
Getting started successfully with binary options trading requires developing sound principles. Here are some key tips that new traders in Kenya may find useful as dos and don'ts when learning the ropes of this market:
👍 Do:
• Start with a demo account - Practice trading with virtual funds before risking real money to understand how the platform works.
• Set small trade sizes - As a beginner, don't risk too much money per trade. Only risk 1-2% of your account per trade.
• Confirm news events - Check if any news announcements align with trade expiration to avoid unexpected volatility.
• Diversify trades - Don't put all eggs in one basket. Spreads trades across different assets, time frames and brokers.
👎 Don't:
• Chase losses - Avoid trying to win back losses by increasing trade size as this increases risk.
• Rely on tips - Don't take investment decisions purely based on tips from social media without your own analysis.
• Panic - Don't make emotional decisions based on profits or losses.
• Overtrade - Give positions time to play out rather than trading too frequently which raises trading costs.
How to choose a binary broker in Kenya
Choosing the right binary options broker is an important decision for every trader, regardless of experience level. The broker you choose will impact your trading experience and the overall success of your trades. With this guide, we will share the top five tips to help you choose the right binary options broker in Kenya.
Regulation and licensing
First, you must check whether the broker is regulated and licensed by the relevant authorities. Regulated brokers ensure that your funds are safe and secure, as they are obliged to follow strict rules and regulations. Additionally, regulated brokers usually have a higher level of customer support and offer better services to their clients. In Kenya, the Capital Markets Authority (CMA) regulates binary options brokers, and you should only choose brokers who are licensed by the CMA.
Accepting clients from Kenya
The second tip for choosing a binary options broker in Kenya is to ensure that the broker accepts clients from Kenya. Some brokers only accept clients from certain countries, and if you are not in those countries, you will not be able to trade. Therefore, you should check the broker's website to find out if they accept clients from Kenya.
Trading platform
The trading platform is the software that you'll use to place trades, and it's important that the platform is easy to use and navigate. The best trading platforms provide a wide range of tools and functionalities that allow you to customize your trading experience. They offer a reliable and fast execution of trades and real-time prices and charts.
Customer support
The best brokers provide efficient and reliable customer service through different channels such as phone, email, and chat. Furthermore, they have a dedicated team of professional representatives who can assist you with any technical or trading issues. As a trader, you want to ensure that you will receive quick and helpful support whenever needed.
Payment methods
Last but not least, you should consider the broker's payment methods. The best brokers provide a wide range of deposit and withdrawal options that are fast and secure. Additionally, they should enable you to use your local currency, as well as any other major currencies.
Some of the common payment methods that Kenyan traders use include bank transfers, credit and debit cards, and mobile money. Therefore, you should ensure that the broker offers the payment method that you prefer.
Summary
Choosing the best binary options trading platform in Kenya should be based on individual preferences and needs. All the platforms mentioned in this post are regulated and safe to use, making them ideal for traders who prioritize security.
For beginners, we recommend using platforms that offer extensive educational resources like webinars and video tutorials. Regardless of the platform you choose, remember to start small and only invest what you can afford to lose.
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Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
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).