How To Legally Start Forex Trading In Kenya

Best Forex brokers

1

9.4/10

Go to broker

Your capital is at risk.

Minimum deposit:

$100

Deposit Bonus:

0%

Regulation:

FCA, CySEC, MAS, ASIC, FMA, FSA (Seychelles)

Review

Plus500 is an international fintech holding that offers CFD and options trading worldwide through its network of branches, as well as futures trading in the U.S. The company was established in 2008 in the Israel. It is regulated by the FCA, as well as by 9 financial supervisory authorities in other countries, such as CySEC (Cyprus), ASIC (Australia), MAS (Singapore), FSCA (South Africa), among others. Plus500 is listed on the London Stock Exchange (ticker: PLUS) and is part of the companies that make up the FTSE 250 stock index. Plus500 is a reliable intermediary for accessing financial markets, used by over 25 million traders worldwide.

Pros/Cons

•Multi-regulation — licensed in 10 countries;

•Wide range of trading instruments — over 2800;

•Highly functional trading platforms — browser and mobile versions;

•Transparent pricing model — Spreads and Additional fees;

•Automatic adjustment of trading conditions to meet regulatory requirements;

•Provision of educational content, free analytics, and demo accounts;

•Customizable trading alerts — both on the platform and through external communication channels.

•Lack of Micro or Cent-type accounts in its account lineup, which allow trading with minimal risks and investments;

•The Plus500 platform does not support automated trading;

•Some popular trader strategies are prohibited.

STUDY REVIEW

2

9.2/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

$0

Deposit Bonus:

0%

Regulation:

ASIC, FCA, DFSA, BaFin, CMA, SCB, CySec

Review

Pepperstone (Pepperstone.com) was founded in 2010 in Melbourne, Australia, by professional traders who were not satisfied with the quality of services provided by most brokers. The founders decided to avoid many of the disadvantages of competitors, including high commissions, delayed execution of orders, etc. The founders therefore focused on improving the technical component. The company has set itself the goal of changing the “rules of the game” and setting the bar high for online trading.
Today, Pepperstone offers clients all over the world some of the best technological solutions and favorable trading conditions. The company also provides professional tools that help traders not only master the fine art of trading, but also significantly increase trading efficiencies. In addition, Pepperstone’s platform is scrutinized by seven regulatory authorities, including ASIC (Australian Securities and Investments Commission, AFSL No.414530), FCA (UK Financial Conduct Authority, 684312), DFSA (F004356), BaFin (151148), CMA, SCB (SIA-F217), and CySec (388/20). Moreover, with Pepperstone, clients' assets are maintained in aggregated accounts with several major, global banking institutions. These facts confirm the reliability of the company and guarantee the safety of the client's capital.

Pros/Cons

•Attractive trading conditions;

•Fast order execution - 30 ms on average;

•1,200+ trading instruments;

•Low fees; and

•No inactivity fee.

•Support service works only 24/7;

•No cent account;

•Not available to US clients;

•Limited passive trading opportunities;

•Limited analytical materials available on the site. The only way to resolve this issue is to connect to trading signals;

•No news section; and

•Demo accounts can only trade for free for 60 days.

STUDY REVIEW

How do I start Forex trading in Kenya?

The first and foremost aspect of Forex trading is learning. If you know what Forex trading is, how the market behaves in a certain situation, and how to mitigate risks while trading, trading and making smart money decisions will help you earn profits.

However, to start your Forex trading in Kenya, follow these three steps:

Step 1. Choose a broker, open an account

Find a trustworthy broker that fits your needs. Open an account with them and complete basic requirements like KYC, document submission, and attaching a bank account. Choosing a platform for customer support is smooth and helpful in reducing time spent on tedious processes.

To welcome new Forex traders in Kenya, Forex brokers are introducing a no deposit bonus promotional campaign to gain traction. You can also benefit and get extra funds from the broker in addition to their deposits. Read this article to learn more - No Deposit Bonus Forex in Kenya - Best Promotions

Step 2. Setup platform, analyze the market

Install the trading platform provided by your chosen broker. Familiarize yourself with technical and fundamental analysis to make informed trading decisions. Set up your trading strategy and stick to it. If you don’t have any strategy, you must experiment with different strategies to find your way.

If you want to know more about trading apps in Kenya and help yourself choose the best one, here are the top Forex trading apps in Kenya. Read the article to know more - Top 7 Best Forex Trading Apps In Kenya

Step 3. Trade and control your risks

Now the last step is to start your trading journey and develop strategies to mitigate risks. Execute your trades cautiously and employ risk management tools, such as stop-loss orders, to limit potential losses. Maintain a trading journal to track your progress and refine your strategies over time.

Tips for beginner Forex traders in Kenya

• Practice with a demo account. Start with a demo account to gain experience without risking real capital.

• Begin with small investments. Initiate your trading journey with modest investments and gradually increase your exposure as you gain experience.

• Stay informed. Stay updated on economic events and global news that can impact currency markets.

• Continuous learning. Embrace continuous learning and adapt your strategies as market conditions evolve.

Final tip - read Forex analytics from Traders Union on a regular basis to keep up to date with current trends and trading ideas.