In this article, we will look at the list of best Forex Brokers in Kenya. The online Forex trading is one of the largest trading environment in the world today.
More than $4 trillion are changing hands daily.
In the past, only governments and hedge fund managers were allowed to trade in Forex trading in Kenya.
However, with the advent of technology and the internet, anybody can trade from anywhere in the world.
To trade in forex in Kenya, it is vital to know some of the best online forex trading brokers in the world.
It’s worth to note that this information regarding online trading brokers is everywhere.
List of Forex brokers in Kenya
Here is a list of Forex brokers in Kenya:
1. IG group
IG was founded in the year 1974, and it has grown to be one of the leading online forex trading brokers in the world.
It is among the best online forex brokers in Kenya. It is London based and a publicly listed company.
IG offers traders access to trade over 15,000 products across multiple asset classes:
- including forex,
- CFDs on shares,
- cryptocurrencies, a
- as well as provides access to other global markets.
IG has a minimum initial deposit of 250 euros with 91 total forex pairings.
On its trading platform, IG offers streaming news from Reuters and research in the form of:
- Economic Calendar, as well as a
- customizable screener for various asset classes.
- CFDs on global stocks, forex, and cryptocurrencies.
The broker also integrates AutoChartist into the platform, allowing traders to view trade signals generated.
In addition to signals from AutoChartist, IG offers signals from PIA First.
Trading Platform and tools
IG’s primary trading platform is web-based and available as an app for Android tablet.
Additionally, it’s also available on smartphone devices as well as an iOS version for iPhone.
The iPad, as well as for Windows smartphone and tablet devices, can also access the platform.
Besides, IG offers the MetaTrader4 (MT4) platform, which it launched in 2013, enabling clients to run a desktop or mobile version of the popular MT4 software.
2. XTB brokers
Just like IG group XTB is publicly traded and regulated by various financial centres all over the world.
It has nearly over 2000 trading products in global markets.
The primary regulators for this broker include Poland’s KNF, UK’s FCA and Germany’s BaFin.
It has a trust score of about 83.
XTB requires a minimum deposit of 250 Euros and has an average spread of 0.90.
XTB offers a diverse range of research across its platforms and websites.
- Streaming headlines from top-tier news providers
- an economic calendar,
- an in-house staff that publishes technical and fundamental analysis,
- a premium service is offered under the TRADEBEAT brand that provides market sentiment, exclusive strategies, and trade recommendations for subscribers.
Platform and tools
XTB’s primary platform offering, xStation5, is available for web, mobile, tablet, and even iOS and Android smartwatches.
Usability across XTB central platform is evident in that it allows:
- Resizing of panels
- The detachment of charts for focused analysis,
- The trade-ticket window allows multiple layout templates.
3. Ava trade
Ava trade is Regulated by the EU, Japan, Australia, BVI, and South Africa.
It provides off-exchange forex options on over 40 pairs. Ava trade was founded in 2006 as AvaFx before rebranding.
Ava trade needs 100 Euros to invest.
AvaTrade combines in-house research tools and resources with content from third parties.
On SharpTrader, users can find daily and weekly technical and fundamental analysis articles published daily.
Additionally, it has integrated tools from external providers.
For finding trading opportunities, AvaTrade offers several social copy-trading platforms, including ZuluTrade, in addition to the Signals market on MT4.
Platform and Tools
AvaTrade offers multiple third-party trading platforms such as:
- MetaTrader 4 (MT4) web
- a desktop platform from MetaQuotes Software Corporation.
The ZuluTrade and Tradency platforms are primarily for social copy trading.
Its mobile trading app has three stars.
Moreover, AvaTrade offers traders multiple platforms through its regulated brands.
Therefore providing clients with a wide range of options for using trading tools across a good range of markets.
This, therefore, includes spot forex on 59 currency pairs and 37 currency pairs for forex options trading.
4. EGM Securities
Top in the list of licensed Forex brokers in Kenya is EGM securities are Kenya’s First Non-Dealing Online Forex Broker based in Nairobi.
It’s good to note, EGM is authorized and regulated by the Capital Markets Authority of Kenya.
Additionally, its group structure, EGM securities are part of a global business that delivers:
- corporate and
- institutional services
Forex, precious metals, CFD’s are some trading products that EGM securities deal with. The also have the best trading platform in Kenya.
Forex brokers in Kenya Conclusion
Trading CFDs, Forex and cryptocurrencies involve a high degree of risk.
All providers have a percentage of retail investor accounts that lose money when trading forex and CFDs with their company.
You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs and forex work.