1/5 Top 10 Best Forex Brokers in Kenya 2021 fxreviews.best/blog/best-forex-brokers-in-kenya Forex trading requires brokers to execute your transaction as no one can directly deal with the foreign exchange market. Before we discuss the top 10 best forex brokers in Kenya, let us get an overview of what forex (FX) and how forex trading is done. Forex (FX): An Overview Forex is a global marketplace where trading is conducted in the form of exchanging currencies and currency derivatives. Foreign exchange is termed as forex in simpler terms. This market is even the largest of all the financial markets in the world because of its high daily turnover, which is around $6.6 trillion dollars. The foreign exchange market has no physical location on the globe, rather than all the operations are conducted online only. The transactions are carried out on an electronic network with the help of intermediaries such as brokers, banks, and institutions. This market opens five days a week and 24 hours a day. It also opens on some of the holidays of the stock markets. How Forex Trading Works? Forex trading refers to exchanging of two currencies with each other. Traders buy a currency and sell another currency and this is done with the intention of earning profit. The trading is done in currency pairs and the exchange rate for a pair is determined by the
Top 10 Best Forex Brokers in Kenya 2021
Oct 21, 2021
Forex trading requires brokers to execute your transaction as no one can directly deal with the foreign exchange market. Before we discuss the top 10 best forex brokers in Kenya, let us get an overview of what forex (FX) and how forex trading is done.
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Top 10 Best Forex Brokers in Kenya 2021 fxreviews.best/blog/best-forex-brokers-in-kenya
Forex trading requires brokers to execute your transaction as no one can directly deal
with the foreign exchange market. Before we discuss the top 10 best forex brokers in
Kenya, let us get an overview of what forex (FX) and how forex trading is done.
Forex (FX): An Overview
Forex is a global marketplace where trading is conducted in the form of exchanging
currencies and currency derivatives. Foreign exchange is termed as forex in simpler
terms. This market is even the largest of all the financial markets in the world because of
its high daily turnover, which is around $6.6 trillion dollars.
The foreign exchange market has no physical location on the globe, rather than all the
operations are conducted online only. The transactions are carried out on an electronic
network with the help of intermediaries such as brokers, banks, and institutions. This
market opens five days a week and 24 hours a day. It also opens on some of the holidays
of the stock markets.
How Forex Trading Works?
Forex trading refers to exchanging of two currencies with each other. Traders buy a
currency and sell another currency and this is done with the intention of earning profit.
The trading is done in currency pairs and the exchange rate for a pair is determined by the
foreign exchange market.
The first currency in a pair is known as the base currency while the second one in the pair
is known as the quote currency. For example, if the exchange rate for GBP/USD is 1.3895,
it indicates that one unit of GBP is $1.3895 dollars. In this pair of currencies, GBP is the
base currency and USD is the quoted currency.
Forex Lots
Trading in the forex market is done in predetermined lots of currencies. The forex lots are
generally of three types that are micro, mini, and standard lots. A micro lot worth 1000 of
a given currency, on the other hand, a mini lot worth 10,000 and a standard lot worth
100,000. Traders can trade in multiple of these lots according to their funds.
Forex Market Types
The transactions of the forex market are classified into three main categories that are:
Spot Transactions
A spot transaction is the one that is executed with the present exchange rate of a currency
pair. It can also be said as on the spot transactions. Half of the daily transactions of the
foreign exchange market are spot transactions only. If a person is going for an abroad visit
then also the exchange of currencies is known as spot exchange.
Futures Transactions
Forex futures are known as currency derivatives in which a buyer and seller are obligated
to complete a transaction on a predetermined price and date. The difference between
prices is settled on the predetermined future date agreed by both parties.
Forward Transactions
Forward contracts also bind buyers and sellers to execute a transaction on a future
predetermined date at a predetermined price. Although, the main difference between
forwards and futures is that forward contracts are private contracts whereas futures are
traded as per the terms of the foreign exchange.
Currency Pair Types
A forex currency pair can be determined according to the types of currency pairs
defined in the foreign exchange market. There are three types of pairs, which are:
Major Currency Pairs
The most frequently traded and the most liquid pairs in the foreign exchange market are
known as major currency pairs. These pairs have USD on any one side of them. Their
trading volume is high because of the higher volatility in the prices.
Minor Currency Pairs
Minor currency pairs are also termed as major cross currency pairs. These pairs do not
include USD in them, rather they involve currencies of strong economies in the world.
These pairs also offer many trading opportunities, although they are not as liquid as the
major pairs.
Exotic Currency Pairs
Exotic currency pairs are made with the combination of major currencies with the
currencies of emerging economies in the world. They are not traded like the major and
minor currency pairs. Hence, they have lower liquidity and profit-making opportunities.
Top 10 Best Forex Brokers in Kenya
Let us discuss the top 10 brokers that you can use while trading in forex. These brokers
are rending the best services to their clients and have a convenient trading platform.
Oinvest
Oinvest is regulated by Financial Sector Conduct Authority (FSCA). It offers to trade in
forex and several other options that are stocks, cryptocurrencies, indices, and
commodities. Different types of accounts are offered by the broker and the highest
leverage of 1:400.
New traders can also use a demo account along with a wide variety of educational
material. It runs on a MT 4 trading platform that is easy to operate. Customer service of
24/5 is provided by the broker.
101Investing
101Investing is a CySEC regulated broker offering a forex trading platform. Along with
forex trading, traders can also trade stocks, commodities, cryptocurrencies, and many
more. Choose the most suitable account according to your preference and a demo account
is also available for traders.
MT 4 is the trading platform that allows access from the web, desktop, and mobile.
Traders can take customer support 24/5 for more than 250 trading instruments. The
maximum leverage of this broker is 1:30 only. Educational and analytical tools are
available in a wide variety.
Capixal
Capixal is another leading broker that only requires $20 as an initial deposit. It is a well-
regulated broker running on the MT 4 trading platform. Traders can trade forex,
commodities, stocks, and several other trading instruments.
of quality educational material and research tools offered by the broker.
ABInvesting
ABInvesting is a regulated broker that allows instant access to a huge number of trading
instruments including forex trading. 1:500 is the leverage offered by the broker and
traders can also access a free demo account. Apart from the demo account, the broker is
having three different account options according to the preference of traders.
The trading platform can be accessed from multiple devices like a web browser, mobile,
and desktop. Get customer support of 24/5 with a dedicated team. Use a wide range of
educational and research material for better decision making.
TradeATF
TradeATF is a regulated broker that offers trading leverage of 1:400. Along with forex
trading, traders can also enjoy stocks, commodities, metals, and other trading options. If
you are a beginner take advantage of a demo account and learn the fundamentals of
trading.
Traders can trade on the go with mobile, web, and desktop trading options. Customer
support is available via different options such as telephone, email, and chat. Learn
professional trading with a wide variety of educational material offered by the broker.
ETFinance
ETFinance is offering leverage of 1:500 and it is a regulated broker. The trading platform
is MT 4, WebTrader, and mobile app that makes your trading experience easier. Choose
from three different accounts at your convenience.
A wide variety of trading instruments are available along with educational material and
analytical tools through which you can make the best decision. Dedicated customer
support and a demo account are also offered by the broker to traders.
InvestLite
InvestLite is offering to trade with a minimum deposit of $250 dollars. The maximum
leverage available is 1:500 and apart from forex trading, other instruments are also
available for trading. Traders can opt among the three different accounts plus a demo
account if needed by a trader.
The customer support team is available from Monday to Friday. A huge collection of
educational materials, research, and analytical tools are offered by the broker.
MetaTrader 4 trading platform is offered by the broker to traders.
HFTrading is a leading broker among all the forex brokers which is regulated also.
Traders can enjoy trading with the high leverage offered by the broker. Select the most
suitable account among the three accounts available with the broker excluding a demo
account.
Trade with a variety of trading instruments such as forex, stocks, commodities, and many
more. Get dedicated customer services via email, live chat, and verbal communication.
Take advantage of flawless trading on the MT 4 trading platform with a huge range of
research and educational material.
ROinvesting
ROinvesting is a regulated online broker and it has three trading platforms that are
MetaTrader 4, WebTrader, and Mobile App. It offers trading in various instruments
including forex trading. Traders can choose among three different types of account or a
demo account for a little warm-up.
High leverages are offered by this broker for trading. A wide range of educational material
and analytical tools are available for trading analysis. Customer services are offered via
email, live chat, and telephonic conversations.
Brokereo
More than 250 trading instruments are available with Brokereo along with forex
trading. High leverage of 1:500 is offered by this broker to traders. It is regulated by
CySEC and support for 24/5 is available for the traders.
Three different types of accounts are provided excluding a demo account by this broker.
Take advantage of a huge variety of educational material and research tools that are
required for trading. Two trading platforms are provided by Brokereo, which are
WebTrader and Mobile App.
Conclusion
Forex trading has the potential to fetch great returns for your investments. Understand
the market fundamentals and select the right broker among the leading forex brokers.
Your broker should fulfil all your trading requirements. Traders can also compare the
above-mentioned best forex brokers in Kenya and then choose the best according to the
Forex trading requires brokers to execute your transaction as no one can directly deal
with the foreign exchange market. Before we discuss the top 10 best forex brokers in
Kenya, let us get an overview of what forex (FX) and how forex trading is done.
Forex (FX): An Overview
Forex is a global marketplace where trading is conducted in the form of exchanging
currencies and currency derivatives. Foreign exchange is termed as forex in simpler
terms. This market is even the largest of all the financial markets in the world because of
its high daily turnover, which is around $6.6 trillion dollars.
The foreign exchange market has no physical location on the globe, rather than all the
operations are conducted online only. The transactions are carried out on an electronic
network with the help of intermediaries such as brokers, banks, and institutions. This
market opens five days a week and 24 hours a day. It also opens on some of the holidays
of the stock markets.
How Forex Trading Works?
Forex trading refers to exchanging of two currencies with each other. Traders buy a
currency and sell another currency and this is done with the intention of earning profit.
The trading is done in currency pairs and the exchange rate for a pair is determined by the
foreign exchange market.
The first currency in a pair is known as the base currency while the second one in the pair
is known as the quote currency. For example, if the exchange rate for GBP/USD is 1.3895,
it indicates that one unit of GBP is $1.3895 dollars. In this pair of currencies, GBP is the
base currency and USD is the quoted currency.
Forex Lots
Trading in the forex market is done in predetermined lots of currencies. The forex lots are
generally of three types that are micro, mini, and standard lots. A micro lot worth 1000 of
a given currency, on the other hand, a mini lot worth 10,000 and a standard lot worth
100,000. Traders can trade in multiple of these lots according to their funds.
Forex Market Types
The transactions of the forex market are classified into three main categories that are:
Spot Transactions
A spot transaction is the one that is executed with the present exchange rate of a currency
pair. It can also be said as on the spot transactions. Half of the daily transactions of the
foreign exchange market are spot transactions only. If a person is going for an abroad visit
then also the exchange of currencies is known as spot exchange.
Futures Transactions
Forex futures are known as currency derivatives in which a buyer and seller are obligated
to complete a transaction on a predetermined price and date. The difference between
prices is settled on the predetermined future date agreed by both parties.
Forward Transactions
Forward contracts also bind buyers and sellers to execute a transaction on a future
predetermined date at a predetermined price. Although, the main difference between
forwards and futures is that forward contracts are private contracts whereas futures are
traded as per the terms of the foreign exchange.
Currency Pair Types
A forex currency pair can be determined according to the types of currency pairs
defined in the foreign exchange market. There are three types of pairs, which are:
Major Currency Pairs
The most frequently traded and the most liquid pairs in the foreign exchange market are
known as major currency pairs. These pairs have USD on any one side of them. Their
trading volume is high because of the higher volatility in the prices.
Minor Currency Pairs
Minor currency pairs are also termed as major cross currency pairs. These pairs do not
include USD in them, rather they involve currencies of strong economies in the world.
These pairs also offer many trading opportunities, although they are not as liquid as the
major pairs.
Exotic Currency Pairs
Exotic currency pairs are made with the combination of major currencies with the
currencies of emerging economies in the world. They are not traded like the major and
minor currency pairs. Hence, they have lower liquidity and profit-making opportunities.
Top 10 Best Forex Brokers in Kenya
Let us discuss the top 10 brokers that you can use while trading in forex. These brokers
are rending the best services to their clients and have a convenient trading platform.
Oinvest
Oinvest is regulated by Financial Sector Conduct Authority (FSCA). It offers to trade in
forex and several other options that are stocks, cryptocurrencies, indices, and
commodities. Different types of accounts are offered by the broker and the highest
leverage of 1:400.
New traders can also use a demo account along with a wide variety of educational
material. It runs on a MT 4 trading platform that is easy to operate. Customer service of
24/5 is provided by the broker.
101Investing
101Investing is a CySEC regulated broker offering a forex trading platform. Along with
forex trading, traders can also trade stocks, commodities, cryptocurrencies, and many
more. Choose the most suitable account according to your preference and a demo account
is also available for traders.
MT 4 is the trading platform that allows access from the web, desktop, and mobile.
Traders can take customer support 24/5 for more than 250 trading instruments. The
maximum leverage of this broker is 1:30 only. Educational and analytical tools are
available in a wide variety.
Capixal
Capixal is another leading broker that only requires $20 as an initial deposit. It is a well-
regulated broker running on the MT 4 trading platform. Traders can trade forex,
commodities, stocks, and several other trading instruments.
of quality educational material and research tools offered by the broker.
ABInvesting
ABInvesting is a regulated broker that allows instant access to a huge number of trading
instruments including forex trading. 1:500 is the leverage offered by the broker and
traders can also access a free demo account. Apart from the demo account, the broker is
having three different account options according to the preference of traders.
The trading platform can be accessed from multiple devices like a web browser, mobile,
and desktop. Get customer support of 24/5 with a dedicated team. Use a wide range of
educational and research material for better decision making.
TradeATF
TradeATF is a regulated broker that offers trading leverage of 1:400. Along with forex
trading, traders can also enjoy stocks, commodities, metals, and other trading options. If
you are a beginner take advantage of a demo account and learn the fundamentals of
trading.
Traders can trade on the go with mobile, web, and desktop trading options. Customer
support is available via different options such as telephone, email, and chat. Learn
professional trading with a wide variety of educational material offered by the broker.
ETFinance
ETFinance is offering leverage of 1:500 and it is a regulated broker. The trading platform
is MT 4, WebTrader, and mobile app that makes your trading experience easier. Choose
from three different accounts at your convenience.
A wide variety of trading instruments are available along with educational material and
analytical tools through which you can make the best decision. Dedicated customer
support and a demo account are also offered by the broker to traders.
InvestLite
InvestLite is offering to trade with a minimum deposit of $250 dollars. The maximum
leverage available is 1:500 and apart from forex trading, other instruments are also
available for trading. Traders can opt among the three different accounts plus a demo
account if needed by a trader.
The customer support team is available from Monday to Friday. A huge collection of
educational materials, research, and analytical tools are offered by the broker.
MetaTrader 4 trading platform is offered by the broker to traders.
HFTrading is a leading broker among all the forex brokers which is regulated also.
Traders can enjoy trading with the high leverage offered by the broker. Select the most
suitable account among the three accounts available with the broker excluding a demo
account.
Trade with a variety of trading instruments such as forex, stocks, commodities, and many
more. Get dedicated customer services via email, live chat, and verbal communication.
Take advantage of flawless trading on the MT 4 trading platform with a huge range of
research and educational material.
ROinvesting
ROinvesting is a regulated online broker and it has three trading platforms that are
MetaTrader 4, WebTrader, and Mobile App. It offers trading in various instruments
including forex trading. Traders can choose among three different types of account or a
demo account for a little warm-up.
High leverages are offered by this broker for trading. A wide range of educational material
and analytical tools are available for trading analysis. Customer services are offered via
email, live chat, and telephonic conversations.
Brokereo
More than 250 trading instruments are available with Brokereo along with forex
trading. High leverage of 1:500 is offered by this broker to traders. It is regulated by
CySEC and support for 24/5 is available for the traders.
Three different types of accounts are provided excluding a demo account by this broker.
Take advantage of a huge variety of educational material and research tools that are
required for trading. Two trading platforms are provided by Brokereo, which are
WebTrader and Mobile App.
Conclusion
Forex trading has the potential to fetch great returns for your investments. Understand
the market fundamentals and select the right broker among the leading forex brokers.
Your broker should fulfil all your trading requirements. Traders can also compare the
above-mentioned best forex brokers in Kenya and then choose the best according to the
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