Forex Trading in Kenya 2024 Compete Beginners Guide

➡️ Bull Market – An appreciating market where traders are anxious to enhance their long trading activity (sometimes referred to as “going long”). In 2023, for instance, NVIDIA entered a bullish market, and its worth increased, prompting many traders to purchase its shares. 👉 Considering this, prospective Kenyan traders might want to do some “due diligence” research on the reliability and safety of their broker before opening an account with them.

#8 FxPro – FCA Regulated Forex Broker for Pro Traders (not licensed in Kenya)

To manage risk and protect your investment once your trading is running, it’s crucial to set stop loss and take profit orders. More and more Kenyans are stepping into this dynamic arena, eager to learn, trade, and potentially reap substantial rewards. What are the steps you need to take to join this vibrant community of traders? In this article, we’ll demystify the process, guiding you through every step of the way.

Information on the TradersUnion.com website is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit. Trading in futures and options carries substantial risk of loss and is not suitable for every investor.

Success through swing trading

• You could also set a take profit order at 1.1300, locking in a profit of 100 pips if the pair rises to that level.
• The traders in the financial markets lose money, as losing is one of the aspects of trading.
• Copy trading allows traders to replicate the trading activities of experienced and successful traders automatically.
• It is the biggest financial market in the world and has very high liquidity.

Forex, short for foreign exchange, is the global market where currencies are traded. It’s about buying one currency while simultaneously selling another, aiming for profit through the fluctuations in exchange rates. 👉 To allow you to participate in forex trading, you require a forex trading account with a brokerage firm. 👉 If you have sufficient funds in your account, you may trade any currency pair that your broker provides. However, most beginning traders will begin by trading the most widely available pairs of major currencies.

• TradingBeasts helps individual traders learn how to responsibly trade forex, cryptocurrencies and other asset classes.
• The forex market, or foreign exchange market, is a global marketplace where currencies are traded.
• Or choose any reputed brokers like HF Markets (which is regulated with CMA as well as other major regulators), XM Forex which are regulated with top-tier regulators like FCA, ASIC, CySEC.
• There is no particular location from where the forex market is controlled or managed.

Hence, value of one pip for a Micro lot, a Mini lot and a Standard lot is $0.1, $1 and $10 respectively. Knowing this information is very helpful as this would help in determining the level of risk one can take and what position to take in the trades. Note that it is important to choose the right account currency based on which instruments you trade the most. This is because most brokers charge account currency conversion charges. These apply when they convert your profit & loss in your account’s native currency.

Exotic Currency pairs

But they are not regulated with the CMA, and are only regulated with foreign Tier-1 & Tier-2 regulations FCA, CySEC & FSCA. They have real time access data from world’s two largest stock exchanges NYSE & NASDAQ. Additional benefits include in-depth market analysis, tutorials through webinars and seminars. Their support is also image processing in node js very good, and available 24/5 during the market trading hours. Plus they have free access to forex market education including their research, forex webinars, video tutorials and free daily technical analysis that is available to all their customers.

This is because the total value of the two currencies used to make up a currency pair determines the value of an exchange rate. If you are a beginner, you should choose brokers with standard spread accounts only where the broker preferably offers STP accounts like in case of Hotforex. These have low fees but commission is charged as per the trading lots. Demo accounts are like real trading accounts, and your can trade and understand the nuances of trade just like real trading account without risking your real money. Your demo account will have dummy funds, and you can use them to test out your strategies & learn under real market like conditions. You have now opened your forex trading account with a regulated broker in Kenya.

Full List of Licensed Money Remittance Providers in Kenya in 2025: Everything You Need to Know

For example, FxPro has 3 different trading platforms that you can choose from. Normally, all the local forex brokers in Kenya that are regulated with CMA would have a local address & contact no. on their website. With this account, the broker charges USD 0.7 per mini lot commissions (10,000 units). From this list you can find all the licensed forex brokers & their license number. This list is normally updated every month, so in case a new broker is licensed next month, or an existing broker has it’s licensed revoked, then CMA will update their list too. FxPro is a multi-regulated forex broker based in the UK that also accepts clients from Kenya.

How to choose the right Forex Broker in Kenya

As a general rule, look for forex brokers that have a local office & offer local phone number in Kenya where you can call. Usually, all the brokers will have specific pages for the total number of instruments on their website. They have a comparison table on their website for every asset class. Below is the screenshot of the table for List of Minor currency pairs.

#6 FXTM – Good ECN Broker with low minimum deposit

It provides a platform for audiences and experts to share their experiences on how to improve or manage health issues, across Kenya and the Africa region. Twende is a travel show that highlights beautiful, unique, diverse locations, people, and cultures. The show offers fresh perspectives on familiar locations and memorable experiences in new ones. Nation opencv introduction Reports is a weekly podcast offers an opportunity for listeners to interact with various reporters and journey with them as they unravel the biggest most emotive stories. These are the charges that are incurred without executing trade orders.

Though XM does a good job of making sure all its fees are transparent and are laid out as per the asset class’s page. All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.

All currency pairs have a standard quote format with a specific number of decimal points. The number of decimal points may range from two to four, but a pip is slang for the last decimal point digit. If a quote to buy euros with US dollars is $1.1379, and it drops to $1.1369, it dropped 10 pips. Hundreds of thousands of people have been attracted to this popular investment activity over the past decade. In this article we will look at how to start forex trading in Kenya.

Are you considering an investment opportunity that offers potential returns and flexibility? Let’s dive straight into understanding how to trade silver on forex Forex trading and how to open a Forex trading account in Kenya. You should not trust any broker who does not have a license to take clients in Kenya.