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Truth About Forex Trading in Kenya

Forex trading has existed for decades, but it remains a hot topic not just in Kenya but around the world.  A common question asked in various places is whether forex trading is a scam. The short answer is no. The long answer, however, is that there are a wide range of organized scams around forex,…

Forex trading has existed for decades, but it remains a hot topic not just in Kenya but around the world. 

A common question asked in various places is whether forex trading is a scam. The short answer is no. The long answer, however, is that there are a wide range of organized scams around forex, trading tips and recruitment into various groups, as in almost every other sector.

If done right and within the law, it could earn you a pretty penny. For some Kenyans, it is their main source of income while for others such as NTV journalist Dennis Okari, it is a side gig.

The journalist regularly shares insights into his trade deals on his social media pages. In July, for example, he shared how he made a profit of Ksh74,200 ($742) from a deposit of Ksh25,000 ($250) on one of the numerous online trading platforms.

So what exactly is forex trading and how does it work in Kenya? This article delves into common questions including how much you need to start, trading for beginners, resources including pdfs, integration with platforms including M-Pesa and universal tips to be a successful trader.

A screenshot shared by NTV journalist Dennis Okari in July showing his weekly earnings from some of his forex trades

A screenshot shared by NTV journalist Dennis Okari in July showing his weekly earnings from some of his forex trades

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Forex itself is a combination of foreign currency and exchange. The foreign exchange, otherwise known as FX, is a worldwide marketplace for exchanging national currencies against one another. It is the largest, and also the most liquid, market in the world.

How much do you need to start trading in Kenya? Well, most brokers and online trading platforms accept minimum deposits of up to $1 (Ksh100) and in some cases, even lower.

To make worthwhile, traders are advised to put in larger sums. Most brokers recommend that you start with at least $100 (Ksh10,000) to facilitate the trades.

Traders make money by buying and selling currencies, benefiting on the difference between two currencies.

In Kenya, the forex trading market experienced a surge in interest after the Capital Markets Authority (CMA) began regulating the market in 2018 allowing retail traders, brokers and investors to participate in the market.

CMA does not regulate individual traders. It, however, regulates brokerage firms and traders are advised to choose a CMA-regulated broker when choosing one, to ensure they are protected from fraudulent activities.

Several online trading platforms exist, some based locally while others are available to traders across the world. Some traders prefer local platforms that offer the ability to integrate with mobile money platforms such as M-Pesa making it easier to make deposits and receive payouts.

How to Start Forex Trading in Kenya

To start forex trading in Kenya, one needs to open a trading account with a online forex broker. Make sure you first do your research to ensure the broker is reputable .

Before actually trading, however, most brokers offer demo accounts which one can use to practice before trading with real money. Demo accounts come with a virtual deposit you can use to practice before actually trading.

Forex learning is an important part of the process, particularly for beginners. A wide range of resources exist online including video tutorials, books and PDF documents meant to guide beginners in understanding the forex market.

Some traders opt to work with more experienced counterparts to learn from them while starting out. Professional trading educators also exist to help those looking to learn before immersing themselves fully into the world of forex trading.

Several Kenyans have minted profits from forex trading. Among the well-known successful forex traders in Kenya are Ken Githaiga, Paul Mugenda and Silah Obegi.

To become a successful trader, one needs to have a plan and stick to it. It is also important to learn about the market and understand it before plunging into trades.

Practice constantly, know your limits and avoid trading based on emotions.

A man working using a laptop. Following the Covid-19 outbreak, working from home is the new normal

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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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