Earning money in the forex market from Kenya (or anywhere else in the world) needs to be built into a profitable trading technique that can be put into a strong trading plan. If you are new in trading, you can avoid creating a trading plan and copy the transaction of someone else who is more successful than you. The government in Kenya has a financial sector oversight group called the Capital Markets Authority of Kenya (CMA). The agency was established in 1989 under the capital market act and is responsible for improving the integrity of the country’s capital markets for Kenyan investors.
Forex trading in Kenya
Kenya has the 3rd largest economy in Sub-Saharan Africa, after Nigeria and South Africa. Kenya is a major East African hub for commerce, finance, and technology. Due to Kenya’s important business potential and demographics, online forex brokers who saw the opportunity in the country set up offices in Lagos and other Kenyan cities. If you are a newcomer to trading, you might want to start with forex trading in Kenya.
All you need:
- Purchase a new internet-capable device, such as a mobile, tablet, or Computer.
- Find an online forex broker who takes Kenyan clients.
- Open a forex trading account with that broker.
- Make a deposit using a payment method conformed by the broker.
- Make your first trade.
- Download the broker’s proprietary trading platform or a platform you can use with that broker.
The good news is that Kenya made trading in forex markets safer for retail traders in 2017 by enhancing local forex businesses. To trade forex in Kenya, you will need an applicable trading strategy in a sound trading plan. Ideally, with a money management component, as well as a reliable online forex broker to execute your trades.
Pros and cons of forex trading in Kenya
- Low investment
- Global market
- Good for beginners
- Low transaction cost
- Unregulated broker
- The forex market can be highly volatile.
African countries are well known for their forex trading
- South Africa
If you are a new, you should spend as much time studying the fundamentals of forex trading and the risk and method involved.
If you are mastered the fundamentals, open a demo account with your preferred broker. Before you have a strong plan that works, trade on the demo accounts for at least three to six months.
Open a real account after you are confident in your trading strategy. Begin with a small amount, such as $500, and trade using the smallest lot size available. Don’t invest more money at risk than you can afford. A decent risk management method is never to risk more than 1% or 2% of your trading account. But if you are a new or beginner to the forex market and want to get started, this article can be really beneficial. If you don’t understand something, reread the article; you will find all the answers there.