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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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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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