Forex is one of the fastest-growing markets in Kenya. The country’s Capital Markets Authority, also known as CMA, oversees broker operations which ensures protection for users.
Despite this general oversight, there has been a growing number of brokers operating illegally in the location lately.
To overcome doubts, Traders Union experts have gone through hundreds of Forex service providers and come up with a list of the Best Forex Trading in Kenya 2023.
RoboForex Named as the Best Forex Trading App in Kenya
Traders Union has named RoboForex as the Best Forex Trading App in Kenya in 2023. The international multi-trading app, hailed as TU’s Best Broker of the Year in 2022, checked the boxes all across the board, in terms of safety, security, low fees, popularity, and bonus offers. Find out more about RoboForex’s exceptional features and performance in Traders Union’s detailed review.
RoboForex is currently ranked 1st among 378 companies evaluated using the Traders Union Methodology which looks into every platform’s financial standing, reliability record, safety record, trading condition, and customer service standing.
It operates in 191 locations, including Kenya, offering one of the lowest minimum deposit requirements in the market at $10. Trading can be done in 13 languages, suggesting inclusivity of operations, and is regulated by the Financial Services Commission (FSC) Belize which is one of the top-tier regulators in the finance realm.
Kenyan users are entitled to receive a 50% deposit bonus upon sign-up while taking advantage of a 1:1000 leverage which is one of the highest in the country.
Other Reliable Forex Trading Apps in Kenya
RoboForex is undoubtedly a tough rival to beat. However, it only currently offers 35 currency pairs which is a small number for traders looking for greater diversity in their choices.
Traders Union has identified IC Markets as another valuable platform for traders in Kenya, known for its huge liquidity and right spreads that start at 0.01 pips. It also offers a copy trading feature that allows clients to track the performances and moves of professional traders and use the same strategy on their portfolios.
IC Markets is regulated by top-tier regulators such as the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC) which adds to its high degree of reputation.
Another notable app for trading Forex in Kenya is Pocket Option, which primarily caters to binary options traders. It is known for offering transparency to its clientele for a small minimum deposit of $5.
Exness also made the list for providing one of the most excellent trading conditions for traders, regardless of one’s location. The company, established in 2008, capped its minimum deposit requirement to $1 while traders got the better end of the stick with its 1:1000 leverage.
On the other hand, it does not currently run bonus offers which could be a con for those looking to amplify their small initial capital.
Other platforms that made it to Traders Union’s shortlist are MultiBank, FxPro, and AMarkets, all securing high scores in the TU Overall Score.
Reminders for Kenyan Users Before Engaging with Forex Apps
Traders Union recommends considering the following points before opening an account with any Forex broker in Kenya:
- Acquaint yourself with the trading platform through a demo account – demo accounts help traders become familiar with the exchange’s features.
- Prioritize regulatory considerations – platforms regulated by Kenya’s Capital Markets Authority (CMA) should be given utmost priority. Those overseen by trusted regulators namely Financial Conduct Authority (FCA), Australian Securities and Investment Commissions (ASIC), and Cyprus Securities and Exchange Commission (CySec) also present a considerable advantage.
- Do not forget to look into customer feedback – assess the broker’s overall reliability by examining opinions from traders who have already used the platform. There is a proliferation of unreliable and illegal brokers offering their services in the Kenyan market today and one can easily spot the frauds by looking into customer reviews.
- Evaluate research options – verify whether the broker provides a comprehensive set of analytical tools, including technical indicators, charting tools, educational resources, and analytical reports. This flexibility allows for experimenting with various trading strategies for increased profitability.
- Investigate automation tools – choose a platform offering industry-standard automation tools, such as copy trading, for executing trades without constant supervision. Also, consider platforms with the latest features, like MetaTrader 4 and MetaTrader 5.
Trading Forex in Kenya
Kenya boasts one of the world’s highest Forex trading volumes, attributed to its low taxes, robust regulatory presence, availability of Forex instruments, and diligent oversight by the Capital Markets Authority (CMA) for client welfare.
Given these favorable conditions, numerous traders express interest in entering the market. Traders Union provides the following guidelines on how to trade Forex in Kenya:
- Select a regulated Forex broker
- Create an account and add funds
- Grasp the concept of spreads and commission
- Make your first trade
- Learn to manage risks
- Savor the fruits of your labor and always cut losses when necessary
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