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6 Steps to Start Online Trading in Kenya for Beginners – HapaKenya

Online Trading has been growing rapidly since the start of 2000. This has been made possible by the improvements in technologies behind the trading & investing ecosystem. Most exchanges, capital markets and commodities markets have gone online through the use of centralized electronic systems.


Online Trading has been growing rapidly since the start of 2000. This has been made possible by the improvements in technologies behind the trading & investing ecosystem. Most exchanges, capital markets and commodities markets have gone online through the use of centralized electronic systems. 

Many low-cost new brokerages have opened in the past decade to offer low cost services with fast execution with the help of online trading tools & technologies like Bloomberg Terminal, Refinitiv Electronic Trading, MetaTrader, cTrader, web trader & mobile apps; large liquidity providers like Citi, UBS, Barclays etc. have made it easier to get liquidity for any instrument from Stocks, indices, Forex to Cryptocurrencies by these brokerages.

Online Trading has got a lot of attention from younger population namely millennials who are savvy about investing and trading. Millennials today believe taking things in their own hand by educating themselves of the trading basics and investing online. 

Trading in Bitcoin & Forex has seen a lot of demand and they have become very popular in Kenya, Rest of Africa & also around the world – such that FX is highly regulated & Cryptos trading is being considered by governments around the world for legalization. 

While stock trading is also seen picking up among millennials globally with the availability of global stocks, IPOs through online trading apps like: FXPesa, Etoro, Plus500, Hotforex, XM, IG as these new investors are keen on investing in new age tech stocks like Amazon, Apple, Google, Facebook.

We look at the basic steps you would need to get started with online trading in Kenya.

1) Research the Available Instruments & Investment/Trading Options

The first step of online trading involves research and analysis of the financial trading instruments and investment options that are available for online traders in Kenya. 

While most of the investment instruments including mutual funds, indices, commodities like oil, precious metals like gold, stocks, forex/currency trading, cryptocurrencies are now available online; you need to check which one suits your long-term goals including returns and experience level before investing in them. You must also assess your risk level involved in trading of that instrument before investing in it. 

Like Mutual Funds is most suited for beginner investors and requires lower experience & involves least risk when compared to other investments.   

On the other hand, Stocks, Indices, Commodities, Forex, Cryptos require extensive market research & understanding of market terminology and knowledge of tools required in trading & analysis.

Emmanuel of Trade Forex Kenya explains: “The financial instruments depend on various complex factors including economic, political, supply, demand etc. which result in their price movements. You should be able to research, and make an informed, educated decision on the instrument that you want to trade.”

“There are a variety of instruments that are available in the market which can follow different trends at any time. Like for example: Stocks of a particular sector generally show similar price movements, while currencies of emerging economies follow US Dollar trends like: weakening or strengthening against USD based on the strength or weakness of the Dollar.” 

Education & experience is extremely vital to your success & making an informed decision in the online trading environment. Trading in the financial markets are subject to risks. You should also be able to understand the risks and mitigate them before investing.

2) Choose an Online Broker Suited to Your Requirements

You cannot directly trade in the financial markets including capital markets, forex market, commodities market or derivatives market. The buying and selling of instruments in the financial markets are executed through a middleman called a broker. 

Individuals in Kenya need to open an account on a registered and well-regulated broker to take part in online trading activity. There are different regulations for different financial markets, your broker must have the required license to provide the access to the particular markets.

Like for example – for stock trading, the broker needs to be licensed by NSE. While for forex & CFD trading, brokers need to be licensed by CMA to offer forex trading & CFDs on Commodities, Foreign Shares. Few such CMA licensed brokers that offer Forex Trading and CFDs on Foreign Shares, Commodities are FXPesa, Scope Markets, PepperStone Kenya. 

There are multiple brokers in the market that can be regulated to offer same instruments. You need to compare multiple factors like their fees, number of instruments on offer, deposit/withdrawal options, history & reputation in the industry, number of regulators the broker has license from etc. 

You have to choose a broker that suits your trading needs at lowest cost and also ensure that the broker is highly regulated.

3) Open an Online Trading Account

After choosing a broker, the next step is to open a suitable account. There are different types of accounts that are offered by brokers depending on the needs, requirements and types of the traders. 

For example – ECN accounts are offered by forex brokers to offer direct market execution of your currency and commodity trades at lowest fees & commissions. 

There are also some forex brokers that offer trading accounts in local currencies like Ksh Accounts for traders to be able transact & trade in their own currency. 

Moreover, many brokers also offer demo accounts for you to test the trading environment. You get virtual funds to trade and test your strategy in the markets. Its best to start with a demo account.

So, you need to be able to differentiate in different accounts offered by the brokers and the fees they charge on each account for the instruments you want to trade.

After you have selected the account type you need, you need to click signup for the account type you need and fill your details in the form on the broker’s app or website.

4) Complete the KYC

After you sign up with the broker, next thing is to complete the verification of your account. Verification is mandatory and is required by law to trade through any broker. Most brokers call this as KYC (Know your Customer). 

Before you can start executing any trade order or start investing in the market, it is required to complete the KYC verification which requires submitting identification documents, age and address proofs to the broker. 

Then broker will activate your account after they complete the KYC which can take 24-48 hours, depending on the brokerage. After which you can download their platform to start trading.

5) Start Trading

Once your trading account is active and then you need to decide on the order that you want to place like buy order on EUR/USD or buy order for 100 Apple Stocks, after which you place trade on that financial instrument through your broker’s platform.

Before executing the trades, it is important to understand the basic terminologies & tools like limit orders, stop- loss, indicators, and many other terms, so that you can trade actively based on informed decisions.

6) Keep track of Market News, Updates & Data

The financial markets are volatile and the prices of various instruments i.e. stocks, currencies, commodities fluctuate almost every second during the active market hours.

Any economic, political, national, or international news can trigger price movements in the market. Hence, it is important to keep a track of the market updates and news concerning the stock, commodity, currencies etc. that you are looking to trade. 


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RoboForex adding EOS Cryptocurrency

RoboForex adding EOS Cryptocurrency

RoboForex announced today adding EOS, a cryptocurrency which is now available for trading with the broker on both MT4 and MT5 platforms.

Roboforex added EOS CryptocurrencyCurrently, RoboForex clients have 7 crypto instruments to choose from.

RoboForex keeps expanding its crypto portfolio.

The latest addition is EOSUSD, which is already available to the clients through MT4 and MT5, alongside with six other crypto pairs:

BTCUSD, ETHUSD, BCHUSD, DSHUSD, LTCUSD, and XRPUSD.

The EOSUSD trading conditions are the following:

  • minimum lot size: 100,
  • minimum increment: 0.01,
  • leverage 5:1.

EOS is a cryptocurrency that was introduced in 2017 and is based on blockchain and smart contracts. Its key features are scalability, decentralized apps, and huge throughput (a few million transaction per second).

This is another step towards developing our crypto portfolio.

Our clients do value the flexibility and state of the art technologies we offer them As for us, our mission is meeting their expectations and constantly improving the trading conditions by opening the door to new instruments and opportunities.

says Denis Golomedov, ;Marketing Director at RoboForex.

Roboforex and Cryptocurrency

This Broker has been on the forefront of crypto trading on the Metatrader 4 and Metatrader trading platforms from the beginning and pushing for more and more trad-able assets to be added to their offering .

it took this broker a little bit of time but now that they got them selves into the cryptocurrency trading arena they come to lead the pack. this in combination with their the trading platforms they are offering makes this a broker to take notice of.

as yet there are not enough brokers that offer metatrader 5 and especially one where you are able to trade bitcoin ethereum, litecoin and now also EOS.

About RoboForex

RoboForex is a brokerage company catering to clients from various countries. The broker’s focus is providing the traders with access to its own financial market platforms.

RoboForex Ltd is a licensed company (License No. IFSC/60/271/TS/17).

 

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Local bitcoin Trader Jailed for Money Laundering

Indicted: Local bitcoin Trader Jailed for Money Laundering

Local Bitcoin trader, Theresa Lynn Tetley, also widely known as Bitcoin Maven has been indicted for indulging in illegal bitcoin-for-cash transactions. According to the Central District of California, the LocalBitcoins.com trader has been sentenced to 12 months in prison.

She has also been handed a three-year supervised release and a $20,000 fine. A former real estate investor and stockbroker, the court ordered her to relinquish $292,264.00 in cash, 25 assorted gold bars, and 40 bitcoin.

money launderingTetley pled guilty to one count of operating an unlicensed money exchange business, and another related to money laundering. Her case is the first of its kind in the Central District of California.

Tetley was procedurally supposed to register her business with the Financial Crimes Enforcement Network, an agency of the United States Department of the Treasury.

The agency is responsible for analyzing transactions to curb money laundering and related financial crimes. She also failed to implement standard anti-money laundering protocol, including reporting of certain financial sources as per the requirements of this type of business.

Tetley is said to have traded over $6 million for clients within the United States and charged higher rates as compared to other traders within the LocalBitcoins platform.

Also noted in the court documents was that Theresa Lynn laundered bitcoin for a customer who had been suspected of having acquired the cryptocurrency through illegal activities, including drug sales on the dark web.

She also carried out a bitcoin to cash transaction for an undercover agent who had explicitly declared that his bitcoin was tied to narco-trafficking operations.

According to the report, Tetley’s service was responsible for fueling the growing use of cryptocurrencies to launder money and supported a black market system set up purposely to circumvent the law.

The organizations involved in her investigation included the IRS Criminal Investigation and the Drug Enforcement Administration.

Just One of Many

That said, the government has been committing significant resources to counter the crypto – dark web menace, and earlier this month, a major sting operation was carried out against a major money laundering network. Thirty-five suspects were arrested.

One individual, identified as John Edward Monette, was charged with Conspiracy to Distribute a Controlled Substance. He was also alleged to have carried out numerous bitcoin for cash exchange transactions on the dark web, most of them in 2017 and totaling about $19,000.

Another dark web vendor busted during the operation, Ryan Farace, 34 was indicted for being involved in an alprazolam tablets manufacture and distribution scheme.

He sold the drugs on the dark web, with all transactions being made in bitcoin. Additional digital currency money laundering transactions were made to conceal the sources.

Article Originally Published:

By ELIZABETH GAIL at Coincentral

 

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Why You Need to Get Onboard With Blockchain!

Why You Need to Get Onboard With Blockchain!

Blockchain tech – so revolutionary in nature that some are calling it the “new internet.” It has applications in just about every industry, and has completely altered the way we think about internet security, the processing of information, and the speed of transactions.

Blockchain is the technology that supports the digital currency  or cryptocurrency called Bitcoin –

however this is not what it is really about as it has a far wider scope of applications and is being commercialized in a growing number of areas.

It has generated much interest in technology circles and beyond, because of the new possibilities it opens up in financial services, the public sector and other areas.

According to sites like BitFortune.net, blockchain tech is definitely worth keeping an eye on due to the myriad of benefits it provides.

Blockchain and Bitcoin are not the same thing – Bitcoin is implemented using blockchain technology, but blockchain technology can be used in contexts much wider than Bitcoin or other cryptocurrencies. so when we are talking about the blockchain we are talking about a combination of a number of technologies, these including:

  • Distributed ledgers.
  • The blockchain data structure.
  • Public key cryptography.
  • Consensus mechanisms.

Part of what makes it so exciting is that it is completely open source. As a result, there are already a number of interesting blockchain apps, and the number is growing daily.

The technology is so secure that it is already being used by DARPA to secure military data. Various governments around the world are working on ways to use the tech to protect their own data.
The tech is tamper-proof, and the data stored within it is permanent. It cannot be erased or altered, and this is what makes it so enticing to those needing more secure networks.

But there is more, folks. (Okay, so that sounds a bit like an infomercial, but the benefits are real nonetheless.) Transactions can speed across the network – taking only as much time as it takes for them to be authorized.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

The system runs without the need for an intermediary, and this reduces the time it takes to execute transactions. This, and the unique way that the tech works, means that costs are significantly reduced as well.

What makes it so revolutionary is that the information is spread across every computer within the network. With Bitcoin, that means the data is securely “backed up” over thousands of computers.

Now, it is unlikely that banks will entrust their data to a public network in the same way, but they have been working on creating networks of their own instead.

The potential savings in terms of cost and time are extensive. If you want to learn more about these savings, check out the infographic below.

 

Why You Need to Get Onboard With Blockchain!


Why You Need to Get Onboard With Blockchain!


Visit bitfortune.net . for more interesting Infographics

Guys did an amazing job and was allowed to share.


 

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