Forex Trading in Kenya All you need to know

Traders in Kenya should prioritise platforms known for their minimal latency and maximum uptime. The forex market offers a diverse range of currency pairs, categorized as major, minor, and exotic. The EUR/USD pair is the most heavily traded globally, closely followed by GBP/USD. Trading in any currency pair signifies the exchange of one currency for another, underlining the intricate dynamics of this financial market.

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Cryptocurrency trading has emerged as a significant asset class, capturing the attention of young, tech-savvy Kenyan traders. Cryptocurrencies like Bitcoin, Ethereum, and stablecoins such as USDT have gained popularity due to their potential for high returns and market volatility. Platforms that offer secure, transparent, and regulated cryptocurrency trading have witnessed increased adoption among Kenyan investors. Lastly, an app specifically tailored to Kenyan traders’ unique requirements is more beneficial than generic ones. An app that addresses these localised needs helps traders navigate high-speed moves effectively by offering resources and tools directly relevant to their trading environment. A reliable trading app must be versatile, providing seamless compatibility with various devices.

• For example, forex traders may set up automated trades by pre-programming entry, stop-loss, and limit prices.
• If you are trading forex, then you will come across some terms that you should remember if you want to be an active trader.
• It it important to use a forex broker that is properly regulated in Kenya.
• In this article, we’ll demystify the process, guiding you through every step of the way.
• Let’s assume you venture into forex trading with confidence but little preparation.

You should avoid brokers that are market makers as these brokers take position against you. So any loss that you make with a market maker forex broker is the profit of that broker. Most brokers now have low deposit requirements of as low as $5 to open Live trading account & start trading. And there is Broker B, that has 1.2 pips spread on a EUR/USD trade, but there are no other commissions. The overall fees would likely be lower with broker B, depending on your trading volume. Forex trading is a profitable only if you know how to study the currency pairs and when to invest in which currency pair.

FXPesa are a MetaTrader 4 offering broker, and latest MT5 or cTrader is not available with them. But they have their own platform which is available on all devices. One of the things that might put you off trading forex is its jargon. There are various elements affecting the value of each currency; the most common ones are inflation, domestic affairs, natural disasters and wars.

Once you have a clear break of the Asian range high or low, either side, you take your position, with stops above/below the other side of the range. Normally, before the start of the London session, price tends to be in a range. Note that when trading any range, you should be wary of a false breakout.

• Always calculate the total cost of trading with a broker before making a decision.
• You can check the list of all the licensed forex brokers on the regulator’s website.
• However, keep in mind that the higher the leverage, the higher the risk is.
• Deposits and withdrawals of foreign currency are recorded here, while payments made in foreign currency are deducted from this account.
• But if thee is some specific instrument that you want to trade, then always check first if that is available with the broker.
• Margin is the initial amount a trader needs to deposit to open a leveraged position.

Trading platforms