What is Forex Trading?
The foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies.
This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices.
Best Bank For Forex Trading In Kenya
|Broker Name||CMA Regulated||Base currency||Min deposit||Currency pairs||Platforms||EUR/USD average spread||Funding methods|
|Exness||Yes||KES, USD, GBP, AUD, US cents, GB pence, Au cents||10 USD||100+||MT4, MT5, Exness trader app||1pip||MPesa, e-Wallets, Cards, banks, cyrpto|
|HF Markets||Yes||KES, USD, US cents, EUR, NGN, & JPY||zero||50+||MT4, MT5, HFM app||1.2 pips||Mpesa, e-Wallets, cards, banks, crypto.|
|FxPesa||Yes||KES, UGX, TZS, USD||5 USD||50+||MT4, MT5, EquitiTrader.||1.4 pips||Mpesa, Eazzypay, Airtel money, Vodacom, HaloPesa, TigoPesa, E-Wallet, Mobile money, local banks, cards|
|FxPro||No||USD||100 USD||50+||MetaTrade, cTrader||1.7 pips||Bank Wire, Cards, Skrill|
|Scope Markets||Yes||KES, USD||100 USD||60+||MT5, scope trader, scope copy||1.1 pip||Mpesa, e-Wallets, cards, bank,|
|Pepperstone||Yes||KES, USD, EUR, GBP, CHF||Zero||60+||MT4, MT5, C-Trader||1.12 pips||Mpesa, PayPal, Cards, banks, telex|
Do Kenyan banks trade forex?
Authorized banks are licensed to buy, sell, borrow, or lend in foreign currency or transact any other business involving foreign currency.
Authorized dealers are also free to facilitate payments between Kenya residents and non-residents and engage in spot money market and derivative foreign exchange deals.
How to invest in forex exchange in Kenya?
Get Started with Forex in Kenya
- Get a relatively modern device that can connect to the internet, such as a smartphone, tablet or computer.
- Find an online forex broker that accepts clients from Kenya.
- Open a margin account with that broker for trading forex.
- Make a deposit using a payment method accepted by the broker.
How much do forex traders make a day in Kenya?
Small-scale Trader: A trader with limited capital (KSh 50,000 to KSh 100,000) and using low leverage might earn KSh 500 to KSh 1,000 per day, depending on market conditions.
Mid-level Trader: A trader with more capital (KSh 200,000 to KSh 500,000) and moderate leverage may earn between KSh 2,000 to KSh 5,000 per day.