Kenya is one of the most notable countries in Africa. Kenya has always been on the fore front of most of the advancements that the African Continent has gone through. Kenya is also among the first countries in Africa, to develop all the infrastructure needed for seamless forex trading. It is one of the countries with the highest number of forex traders in Africa.
It, therefore, follows that there are many forex brokers in the country hoping to get a piece of the forex brokerage cake in Kenya. Many Kenyan forex traders are beginners, and would not know what to look for in a great forex broker. Forex trading is fairly new in Kenya, but more and more young people are taking up the craft to try and make a profit.
Our concern today is on which forex broker is the best Kenya. Often times we get questions pertaining to what is the best forex broker, and how to choose the best forex broker. We’ve made it our business to ensure that any forex broker who is just getting started with forex trading has the best head start into forex trading. Tag along and let’s find the best forex broker in Kenya.
Below, we are going to review three of what we believe would be the best forex brokers for Kenyan traders. The three forex brokers are compared in the table below.
|Brokers||Minimum spread||Minimum deposit||Currency Pairs|
|FXTM||0.1 pips||$10||57||1st Choice|
|Forex.com||0.97 pips||$50||50||2nd Choice|
|IQ Option||5 pips||$10||29||3rd Choice|
So, what made us choose these three brokers? We’ll give our reasons by exploring each one of them. Before then, you need to first understand the aspects of a forex broker that makes it ideal for you, or anyone else. Here is what to look for in the best broker for forex trading.
- The trading accounts and platforms
- The trading support and tools offered
- The customer care and services offered.
The trading accounts offered by a forex broker are the main reason why you need a broker. You need to ensure they are up to per. Also, the trading support and tools you will get is part of the additional support that brokers have in order to entice more traders to get onto their platforms. You obviously want to work with a broker that can fully support you.
Customer care is important because it is investable that you will come across some challenges while trading. You need to ensure there’s someone available to attend to any concerns that you might have.
Now let’s begin with the actual reviews, and find out which is the best forex brokers for Kenya clients.
There is no surprise in FXTM being one of the top forex brokers in Kenya. It has been at the top across the globe for many years, and it is expected to be among the forex brokers that are quickly taking over emerging forex brokerage markets. FXTM has not risen on time by hearsay or mistake. It has worked for almost two decades, and provides some of the of the best brokerage services in order to build the stellar reputation that it enjoys today. FXTM is certainly the best forex brokers with low minimum deposit 2019.
One more reason FXTM is a great forex broker for not only Kenyan traders, but any other trader from anywhere in the world, is because it is a regulated and trustworthy broker. FXTM comes from Cyprus, but it operates in many countries in the world. For it to be able to operate in a particular country it has to be regulated by the relevant regulatory authority in that country. FXTM, is regulated by notable authorities such as CySec, ESMA, and FCA. In Kenya its operations are under the oversight of CMA (Capital Markets Authority).
FXTM Trading Accounts
The first thing you always want to find out is the kind of trading accounts you will be offered by a particular forex broker. FXTM is one of the most impressive forex brokers on that front. Take a look at the lists of trading accounts on FXTM below.
- Cent Account
- Standard Account
- Shares Account
- ECN Zero Account
- ECN Account
- Pro- Account
As it is evident above, there are two tiers of trading accounts on FXTM. The standard accounts could be described as low tier accounts that are designed for beginner traders. They are the best options if you are working with low investment capital as well.
On the other hand, ECN accounts are best for seasoned traders, and traders who are working with large investment capital. These accounts carry significant risks levels, and it is best that you are comfortable with your craft before you start trading on them.
FXTM does not fall short when it comes to the trading tools and support, You’ll get a demo account, trading indicators, market reports, and other forms of trading support on FXTM. Also, they have a strong and stellar customer service department that ensures all your concerns are properly take care of.
Kenyan Traders would certainly enjoy trading on Forex.com as well. It is a forex broker of the same caliber as FXTM. Forex.com is a USA-based forex broker, but it has also managed to get its services into many countries including emerging brokerage markets like Kenya. Its services in Kenya are no different from those it offers everywhere else. Forex.com is without a doubt one of the best forex brokers with demo accounts 2019.
Forex.com has become a big name, thanks to its stellar services. In addition, it is a strongly regulated forex broker, and its services are above board. CFTC is one of the strongest regulatory authorities in USA. It ensures forex brokers offer quality services, and they never exploit forex traders.
Forex.com Trading Accounts
Forex.com is a very impressive trading account when it comes to the trading accounts front. There are four trading accounts on forex.com, which can either be standard or commission. Standard accounts have fixed spreads and significantly lower risk levels, while commission accounts feature varying spreads and higher risk levels.
Here are the trading accounts;
- Individual account
- Joint account
- Corporate Account
- Sharia account
Apart from the categorization of either standard or commission, these accounts are usually quite similar. The difference is in the ownership structure, and how the accounts are operated. For those who want to trade as a group the Joint and Corporate accounts are fantastic options.
Forex.com does not fall short of anything when it comes to trading support and tools. To begin with, it has some of the most-developed and advanced forex trading platforms. Forex.com traders also enjoy quite a great deal of trading support. There is a demo account, market tips, accounts managers, and many other forms of support.
When it comes to customer service and care, you cannot take anything away from forex.com. It is a broker that knows that it is important to ensure the clients feel comfortable while trading, and they know they have someone to turn to if things are not going right.
Kenyan traders have one more fantastic option in IQ Option. IQ Option could be termed as one of the new kids on the block. It has been on the forex trading scene since 2013, which means it is quite seasoned as well. That’s is quite evident in the kind of brokerage services it offers. IQ Option has risen to the top in a very short while, but that’s because it has been offering above board and top-notch brokerage services.
IQ Option is a fantastic forex broker. You cannot take away anything from it. From its regulation to its reputation issues, they are no qualms about trading in IQ Option. To begin with, IQ Option is regulated from Cyprus, where it is headquartered, and is regulated in every other Jurisdiction in which it operates. It main regulator is CySec.
IQ Option Trading Accounts
One of the most attractive aspects about IQ Option, is the fact that it does not complicate it trading accounts. There are only two of them, and the two accounts are designed to be accommodative of every trader regardless of their experience level, and trading balance. We had mentioned that most Kenyan traders would be beginner traders. They’ll be glad to know IQ Option is one of the best forex brokers for beginners 2019.
Here are the two accounts on IQ Option.
- Standard account – the standard trading account is the main trading account, and it is acquired by depositing a minimum of $10. The account has all the trading tools you would need, and is a perfect place for beginners to start trading.
- VIP Account – the VIP account is in many ways similar to the standard account. In essence, it is IQ Option’s way of rewarding traders who are loyal, and are doing well on its platforms. The account requires a minimum deposit of $1900, or a total trading volume of $1500.
IQ Option does not falter on the customer service front. It has one of the best customer care services and any trading concerns are usually solved in the shortest time possible.
In summary, each of the three forex brokers above is unquiet in a way, but they all rise as the best in the industry. Whether you are in Kenya, or anywhere else across the globe, these forex brokers will do the trick for you. All of them deserve the title of best forex broker Kenya.