The first step in becoming a Forex broker is to find a broker. There are several options available. EasyMarkets, FXPesa, Scope Markets, and RoboForex are a few options. They are all regulated and offer a range of services.
EasyMarkets
EasyMarkets was established in 2001 and offers a proprietary trading platform that is easy to use and navigate. It also offers 24 hour support, free SMS notifications and up to 1400 percent leverage. In addition, it offers many trading assets, including a variety of currencies, commodities, and natural gas.
Kenya’s forex market is volatile and unregulated, so traders should be careful. There have been several scam cases involving illegitimate brokers in the country. It is important to be careful when choosing a broker to avoid falling victim to one of them. These scammers operate through telemarketing channels and try to lure traders. As a result, governments in many African countries are concerned about Forex frauds. Kenya’s government has responded by enacting new laws that protect the retail client.
Kenyan traders should consider a forex broker with top tier regulation. In Europe, this broker is regulated by the Cyprus Securities and Exchange Commission, and in Asia, it is regulated by the Australian Securities and Investments Commission (ASIC). EasyMarkets is a forex broker in Kenya with high-quality customer support and more than three thousand products. It offers a variety of account types and trading tools, including micro lots trading.
FXPesa
There are many advantages to working with a forex broker in Kenya. The first advantage is that you get to trade on a regulated platform with a good leverage, anywhere from thirty to four hundred times your account balance. In addition, regulated forex brokers in Kenya have reliable data and good overall ratings. Another advantage is that you can trade using negative balance protection, which reduces the risk when dealing with the foreign exchange markets.
To get started with FXPesa, you must first sign up for a live trading account and deposit your money. There are step-by-step instructions to help you register. You’ll also need to verify your identity by uploading copies of your ID and address. After you’ve verified your identity, you’ll receive login details. Once you’ve verified your account and funds, you can start making deposits and withdrawals.
Scope Markets
Scope Markets has an extensive reach in Africa and has local offices in Kenya. They are a prominent broker for Kenyan traders and are one of the Top 5 CFD brokers in Kenya. They are registered and regulated by the Financial Services Commission of Belize and the Financial Sector Conduct Authority of South Africa.
As a CMA-regulated broker, Scope Markets is not a high-fee platform. It offers a low-cost, commission-free platform that has a low minimum deposit and no hidden fees. The minimum deposit is only $20 or Ksh. 2000. The broker accepts bank transfers and m pesa as payment methods.
Scope Markets is a global online trading provider that has opened 1,000 client accounts in Kenya. Its entity in Kenya is known as SCFM Limited and is licensed by the Capital Markets Authority of Kenya, which oversees the FX space. It offers a web-based platform that can be used on desktop, mobile or tablet computers.
RoboForex
Forex brokers in Kenya are licensed by the Capital Market Authority, and the Capital Market Authority is responsible for the regulation of the Forex market in Kenya. It is also responsible for monitoring and licensing market intermediaries. If you’re looking for a Forex broker in Kenya, RoboForex is one option. It has an excellent reputation amongst Kenyan traders, and it follows the CMA regulations.
When looking for a forex broker in Kenya, it’s essential to compare the features of each one. You should look for a broker that offers leverage between 30 to 400 times your account balance. A good Forex broker should also have a reputation for reliability around the world and offer features that suit your trading style. Once you’ve done your research, you can select your broker. Remember, though, that the unwritten law of Forex trading is: “too good to be true.” Don’t get carried away with promises of huge profits. Most of these are empty promises.
FBS
Foreign exchange trading has become very popular in Kenya in the past decade. However, before you get into the foreign exchange market, you should develop a winning strategy. This means that you should have patience and be able to pick the right moment to attack. You also need to remember that another opportunity is just around the corner.
In Kenya, the forex regulations are quite strict. However, this does not mean that there are no reputable brokers. These brokers are regulated by the CMA, which is why they provide a transparent platform. The regulations also help to ensure liquidity.
