Forex trading in Kenya is not well regulated, and choosing a broker can sometimes be a problem.

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Some companies offer online trading. But you need to be very careful as the company could be a complete fraud or government officials can charge you with doing something illegal.

Best Forex Brokers Kenya

A recent scandal is that of the VIP portal that scammed some investors in Limuru. If you do decide to start trading, you will need to look for a broker that is recognized by an authorized governmental institution as a legal entity. You would also want to check what trading platform the company has if any at all. The lower the commissions the company offers, the better.

You should also open the type of account that fits your capital size best. A broker should care about you as a trader and offer excellent customer service. Additional services would act as a bonus for you too. See a list of Forex brokers in Kenya. There are different account types that traders can choose from based on the size of their capital.

Brokers make money charging fees on your transactions. As such, it is reasonable to expect excellent customer service on their behalf. It does not matter whether a broker is native or foreign; you should be served well as long as they operate in Kenya.

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Related: African Forex Trends to watch for in They should also resolve trading-related problems and issues in a fast and effective way. If a broker ignores you, you should not open an account with him or close it if you have opened it. Brokers compete with each other trying to gain as many customers as possible, and they often do it by offering extra services. Those may include free educational materials in video, audio and text formats, various market analysis on weekly and daily time frames, financial news feed.

You may expect some annual, quarterly or even monthly contests for traders. So, the more extra services they offer, the better for you. After all, it shows whether the broker cares about their traders or not. Read also the list of the wealthiest people in Kenya. The first step is to learn, so visit Baby Pips and make sure you complete the course. Do extensive research online and offline — Start on Google and look at different online brokerages. To help with your research, look for the following before engaging an online forex broker:.

How to get started with Forex Trading in Kenya -

On that note, EGM securities have made it easy for Kenyan traders to deposit money by providing M-Pesa deposit and withdrawal processes, among others. Being regulated by the Kenyan government, Kenyan Traders should not have reason to worry now.

Most offshore forex brokers were unregulated which saw many Kenyans lose their investments and even lost hope in Forex. Like other forex brokers, EGM provides macro opportunities for its traders by allowing them to trade with precious metals such as gold, oil, and foreign exchange, among other commodities. For security sake, Kenyan traders should move to EGM securities Kenya, which is regulated by our government; hence, any problems can be followed closely. This period has seen all financial markets brimming with opportunities. Bi-directional markets such as the online forex trading market hold a lot of opportunity at the moment and will hold even greater opportunities after COVID has been contained.

For Kenyans, there is a lot of opportunities to get started in forex trading right now. Do not buy into the schools of thought that say the forex market is too risky to invest in at this time. Many financial fortunes were changed for the better in the period immediately trailing the global financial crisis. These were those who understood market cycles and knew how to play the market both ways by buying when they needed to, and shorting when the time was right. This means one simple thing. Religion will not stand in the booming popularity of forex trading in Kenya.

The popularity of FX trading was given a boost by the introduction of regulation by the capital markets authority. The entrance of the first local forex provider into the market generated a lot of media buzz. A second player has since entered the local market, but they are doing so at a time when offshore brokers have had more of a foothold in Kenya than the local ones. This article highlights what the rest of has in store for Kenyans in online forex trading. So what lies ahead?



At the heart of the institution of forex authorization and licensing by the Capital Markets Authority in Kenya is regulation. Kenya is coming from an era where many local traders lost their money to fly-by-night operators. Many of these were shadowy companies with unclear regulation or licensing, and worked with local partners, some of who were also doing things on their own without the consent or knowledge of their principals. For instance, it was not unusual to see an individual claiming to be a representative of an offshore broker, and offering to manage funds for clients without track record or without any form of regulation.

Cases of such persons absconding with the money of their clients were rampant. At this time, the Capital Markets Authority was in existence, but only regulated the Kenyan Stock Exchange and brokers offering trading in local stocks. With traders suffering such mishaps in the past and the CMA stepping up with regulation, Kenyans can be sure that unregulated forex brokers will not have a field day in the country.

Even offshore brokers who step into the market know they have to get their licensing sorted out before they come or they will get nowhere. With greater forex trading awareness has come the clamour for forex education. Forex brokers now know that forex education is no longer an optional bonus but a necessity for getting and engaging new clients. Competition in providing comprehensive forex education means that Kenyans who want to start online trading will now be able to get access to top quality forex education content that can make a difference for them.

Online Forex Trading in Kenya 2021

The world is at a critical juncture and like it or not, the COVID pandemic has created immense trading opportunities in the financial markets. Many currency pairs are trading in price ranges that have not been witnessed before. All the forex market is asking is this: do Kenyan forex traders have the skills and strategies to take their own share of the COVID opportunities in the forex market? COVID looks like it will be with the world for several months ahead.

This means that there will be lots of opportunities. Many brokers are already reporting increases in new registrations as offline jobs and opportunities dry up. Online opportunities such as forex trading will continue to be around for a lifetime. Therefore, Kenyans need to use this window of opportunity that the increased volatility in the FX market has brought their way to make money from the market. It is true that CMA has regulated forex trading, but it cannot prevent Kenyans from trading with offshore brokers. So Kenyans will see a situation in where regulated offshore brokers will operate alongside the two locally-based forex broker brands.