Kenya is a popular destination for forex trading, with many brokerages offering services to Kenyan investors. However, not all brokers are created equal, and it is important to choose a regulated one that meets the standards of the Capital Markets Authority of Kenya (CMA).
In this article, we will introduce you to some reputable brokerage companies regulated by the CMA so that you can choose the best forex broker in Kenya for yourself.
How to choose a forex broker?
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Let’s start with some criteria that are a must when selecting a broker:
The license – In order for a brokerage company to operate legally, it must have a license from the regulator authority.
Trading platforms – The trading platform is the key to success in the world of trading. The more powerful your platform, the greater your chances for success.
Customer service – A broker must provide at least 24/5 customer service in case of any questions or problems of a trader.
Let’s begin with the list.
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HFM is a great brokerage company for those looking for a variety of trading tools and high-quality customer support. It offers 3500+ products, 5 account types, and 18 different trading tools. Additionally, it provides complete asset security to keep your investments safe from scams or fraudulent behavior. When trading with HFM, you can be confident that your investments are in safe hands.
Because of its high standards, HFM has been named the best forex broker in Kenya.
XM Markets also provides a variety of resources to help you learn about foreign currency trading. The company offers webinars, educational articles, and a demo account as well so that you can practice your trading skills before putting any real money at risk.
The third on our list is Scope Markets. It is a global provider of online trading services and institutional solutions. The broker is regulated by the Capital Markets Authority of Kenya (CMA) and offers 2 different types of accounts – the live trading One Account and the Risk-Free Demo trading account. The minimum deposit amount required to open a live trading account is $100.
Pepperstone is the Kenya online forex broker that provides traders across the globe with cutting-edge technology to trade the world’s markets. The brokerage company is regulated as well and offers some of the lowest spreads on major currency pairs. Pepperstone welcomes clients who wish to deposit less than $200.
The last one on our list is the brokerage company Easy Markets. The brokerage company offers tight fixed spreads and negative balance protection for traders who want to take risks without the worry of losing money on their investments. Besides, they provide a powerful feature like the Deal Cancellation which allows traders to cancel trades within 6 hours if they make a loss.
So, there was the list of forex brokers in Kenya and some criteria you should consider while making a decision. According to our research, the brokerage company HFM is considered to be the best forex broker in Kenya.
To wrap it up, make your choice based on the factors that are important to you. Remember, it’s always best to try out a few different brokers before settling on one. Select the one that fits you more and trade.
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