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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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Online Trading platform SIRIX

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SIRIX|  Online Trading platform SIRIX Review

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Everyone that has been trading for some time has most likely traded on the metatrader 4 trading platform of metaquotes. This has been the standard in the industry for the last couple of years.

 

But more and more brokers Like CMSTrader and UBCFX are offering alternatives that might suite certain traders even better then the MT4 as they have a lower learning curve and are designed more intuitive.
One of these platforms is the Sirix Trading Platform.
The Sirix Trading platform is

Sirix, a fully packed trading software with numerous with numerous options and special indicators that are designed by the software company to present you with a personalized trading experience.

Positive features and benefits of the Sirix Trading Platform

Ease of Use: if you are a trader you will be able to access your Sirix trading platform and see all your trades and other information at any place and time. The Web-trader is a fully function trading platform that does not require you to do any download. This has more or less become the norm of the industry and if you for example take the Sirix Trading platform of LegacyFX you will be able to have a download desktop version, a web version and a mobile version.
these in general all have the same functionalities but of course is the mobile version a bit more limited due to the smaller screen real estate.

Indicators and Options: this platform provides build I more than 50 Indicators which for most traders is over kill but it does allow most traders to find the right indications to match their trading behavior and trading strategies.

The Charting Package that Sirix provides is easy enough to understand and gives you as a trader all the information you need, there are different time frames that in combination with the ability to display lines and annotations make this platform feel like it is designed for you.

Social Trading: Sirix has a full feature social trading module that allows you to watch the trades of others which might give you new insights and trading ideas. If you come a across a trader that is particular successful you are able to copy that traders’ trades and create a full automated copy trader,
You as the trader are still in charge and you have the option to trade with lesser or higher amount then the trader you are copying.
In order to use the social trading, you have to open an account with their social trading community.

This can only be done by using a nickname an order to protect you identity. When you are part of the community then you are part of all the brokers that offer this feature to their traders. Meaning you are able to follow a trader that is trading with 12trader while you are trading with account from UBCFX or any other broker that has Sirix.

Now I have to mention that if you look to only trade social then the Etoro Platform is still a better solution s this system is built only for social trading and they have pretty much defined the concept.

 


Sirix Crypto Trading Platform

this is the latest platform that was launched by Leverate.

it focuses , just like the name says more n the trading of cryptocurrencies.

as this company understands that this is the direction where the market is going and more and more traders are asking for trading in Bitcoin or ripple trading to just name a few they have added this feature to the Sirix Platform , this means that every broker that has the sirix trading platform is in theory able to offer trading in cryptocurrencies.

in addition they have launched also a platform that is only trading cryptocurrencies but that will be another review as i have yet to see and play with this system


Conclusion
The Software company Leverate has created a very user friendly platform with inbuilt social trading and news functionality. When they launched this platform in 2012 it was already a good platform but today it rivals the best of them easily.

The Intuitive aspect of this platform is one of the key features and makes the threshold of trading lower for newbies. There is also a fastn amount of Sirix Tutorials out there that will help even the total beginners with the Sirix Platform

Now of the traders that need bots and more indicators then there sis still nothing that beats the metatrader 4 trading platform but for many traders Sirix offers more then enough and makes the trading experience easier then with MT4.
More and more brokers are offering this alongside their other trading platform so you as a trader will come across more and more brokers that have the Sirix Trading platform in their arsenal.

These are some of the Best Broker for trading on Sirix

UBCFX
LegacyFX
12Trader
CMStrader

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Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Bringing DLT Specialists Together:

 

 On September 11, Sweden will host Blockchain & Bitcoin Conference Stockholm organized by Smile-Expo – international coordinator of business events.

The conference will introduce various topics regarding blockchain and will drive attention to the most topical problems of the cryptocurrency market today.

Key speakers:[yasr_overall_rating]

One of the invited experts is the Member of Swedish Parliament Mathias Sundin who is involved in the Tax Committee and the Finance Committee. The specialist has co-founded a revolutionary technological organization Warp Institute and joined financial company Goobit. At the event, the speaker will analyse the power of decentralized systems, evaluating its long-term strenghts.

Head of Digital and Innovation at Landshypotek Bank Merete Salmeling will deliver the presentation, too. She will explain how DLT can be integrated into the real estate, and what advantages it brings.

President of Blockchain Alliance Europe Tanja Bivic Plankar will join the conference as well. Being an initial coin offerings expert, she will share knowledge about ICOs, describe recent innovations in the token sale sphere and talk about the regulatory framework.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

Regulatory and legal challenges coming with innovations will also be discussed by Dr. Guenther Dobrauz-Saldapenna – Partner & Leader PwC Legal Switzerland. The speaker is a lawyer, VC investor, and banking specialist. He provides business consultations and has already written 10 books discovering innovative processes, money and technology.

See the full list of Key speakers here

Blockchain & Bitcoin Conference Stockholm is the second crypto event in Sweden carried out by Smile-Expo. The company has already held 40 successful crypto conferences in 25 countries.

Use an opportunity to meet leading DLT specialists, ask questions and learn new topical information about the blockchain industry at first hand at the conference!

Blockchain & Bitcoin Conference Stockholm

Details of the event and registration are available on the official website of Blockchain & Bitcoin Conference Stockholm.

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Go Visit the Blockchain & Bitcoin Conference Stockholm

Go Visit the Blockchain & Bitcoin Conference Stockholm

The Blockchain & Bitcoin Conference Stockholm is a highly anticipated crypto event in Sweden.  and is being held for the second time.

after the success of the first one they look to make this event a annual one.  since the crypto industry is going more and more out of the shadows and becomes more mainstream you will find that the quality of people involved also grows.

this is clearly displayed in the extensive list of speakers at this event.

Event goals:

bringing together the international business community in order to share their experience of integrating blockchain and cryptocurrencies; discussing blockchain industry issues and finding ways to solve them; encouraging a balanced growth of the cryptocurrency market.

Conference topics: 

  • blockchain in various sectors: energy industry, real property, newsmaking etc.
  • Legal regulation of the blockchain sector
  • token models and their application
  • ICO regulation.

Speakers:

the list of world-renowned blockchain experts, including government officials, foreign investors, entrepreneurs, lawyers, and developers is impressive and should get this event the notice it deserves.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

who should not miss this Event :

investors, business people, lawyers, startup founders, and those aiming to launch a token sale.

why should not miss this Event :

:to receive full information with case studies about the blockchain application, to discover how to comply with the legal norms in the blockchain industry, to find business partners, and to enhance your brand awareness.

Prices of the Event

Standard ticket  – 240 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

Student ticket – 121 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

A valid student ID should be presented at check-in. No refunds on the day of the event.

Buy Your ticket Now


Blockchain & Bitcoin Conference Stockholm is a part of the series of Blockchain World Events held in 25 countries. The organizer is Smile-Expo International Company.

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