• Due to the minimal capital requirements, forex trading is getting more and more popular in Kenya, particularly on mobile devices.
Kenya has recently started to focus on forex trading, like many other African nations. In Sub-Saharan Africa, Kenya has the third-largest economy (behind only South Africa and Nigeria) and one of the continent's most productive economies. For business, finance, and technology in East Africa, Kenya is recognized as the hub.
Due to the minimal capital requirements, forex trading is getting more and more popular in Kenya, particularly on mobile devices. The tendency has escalated since M-successful Pesa's introduction, which connected millions of hitherto unbanked Kenyans to the established financial system.
There are also numerous Forex brokers in Kenya to choose from.
What is forex trading?
Trading in foreign currencies for financial gain is referred to as forex. Traders can place their orders on the forex market, an over-the-counter exchange where investors can trade currencies.
The foreign currency markets are greater than the total size of all stock markets worldwide. Trading operations take place on the "Interbank Market," which is open five days a week, from Monday through Friday, and allows you to conduct trades at any time.
How to start forex trading in Kenya?
To start out you must register with a recognized and reliable forex broker in Kenya if you want to start trading forex online. The following are recommended steps when starting to trade in Kenya:
Step 1: Learn basics of forex trading
You need to gain some kind of knowledge before entering the world of forex trading. Avoid the error of assuming that forex trading is similar to gambling. Beginners who enter the market with this approach quickly lose all of their money and are left with a tarnished perception of the currency market.
Learn on your own by watching YouTube videos, reading books, or reading online instructions on websites like babypips.com. You can also sign up for a completely online course from individuals. One-on-one instruction with seasoned traders is available at some of the top forex trading schools in Kenya.
Step 2: Raise enough capital to start trading
It is crucial that you must raise sufficient capital to allow you to trade successfully. Although many legitimate forex brokers in Kenya only require a little initial deposit, such as $1, it is not advised that you begin trading with such a small sum.
Traders that have little capital often employ high leverage and engage in riskier deals in an effort to increase it. Make sure your account has enough money in it before you begin trading to avoid this. You should start trading with at least $250 in beginning trading money.
Stick to trading on a demo account if you can't raise enough cash. With the help of a demo trading account, you may hone your skills and start trading with enough money when you're ready.
Step 3: Choose a reliable broker
If the first two steps are done and you have your skills and capital ready, you can start getting down to business. The next step is to decide on a forex broker. Ideally, you want to stick to a well-known broker, one that a lot of people are using, and one that is well-regulated and licensed. Do some research and read reviews on the broker, like for example aExness review, who is one of the recommended brokers in Kenya.
It is also crucial to take into account how simple it is to sign up, make a deposit, begin trading, and withdraw your winnings. In general, Kenyan forex newbies will find it simpler to use CMA-licensed brokers like FxPesa and Scope Markets.
Step 4: Open a demo account
No matter how well you believe you have learned the art or science of forex trading, it is crucial that you begin with a demo account with your preferred broker. You will get a sense of their trading platform from this.
Step 5: Open and fund your trading account
After you have register with a recognized and reliable forex broker you’ll want to start trading forex. It is an added advantage if the forex broker allows Mpesa as a method of funding and withdrawing funds from your account. Open a Free Trading Account Now