Thus, if the leverage is excessive, the investor’s losses become a twofold best cryptocurrency brokers burden to repay. 👉 While forex trading is not tough, it is a unique endeavour that requires specific knowledge. 👉 To determine how much risk you are prepared to take without losing your investment, it considers how much money you are willing to put up for trading.

Bid and Ask Prices

The details of the Premium Pro Account, offered by Hot Forex, can be seen below. HF Markets is a global award-winning Forex and CFD broker, licenced and regulated by some of the most reputable regulatory bodies around the world. Deposits and withdrawal transactions are secure because Pepperstone uses advanced encryption technology. Moreover, it’s great that forex payment methods come with no additional costs and are free of charge — that’s a great value you’ll be getting in there. Our broker reviews are reader supported and we may receive payment when you click on a partner site.

Launched in 2006 as a global CFD and FX broker, AvaTrade enjoys oversight by numerous financial institutions, including the Irish Central Bank. 👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC. 👉 Many FX brokers provide practice accounts; all you need to do is provide some personal details to get started.

Featured Brokers

The Premium Account is spread only trading account, while Zero Account is spread + commission/lot account type. Most brokers now have low deposit requirements of as low as $5 to open Live trading account & start trading. It is recommended that you choose the only brokers that are licensed by CMA.

1. Open up a demo account and learn the fundamentals of forex trading using all educational resources available.
2. Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed.
3. Overall, AvaTrade is the best Forex broker in Kenya with spreads that remain stable in all market conditions.
4. In this chapter we will highlight some of the main risks that most traders ignore.
5. From this list you can find all the licensed forex brokers & their license number.

👉 Other forex brokers operating in the Kenyan context are regulated by non-Kenyan instances such as the Financial Conduct Authority (FCA) or the Financial Sector Conduct Authority (FSCA). 👉 Profitable trading in KES, therefore, requires careful study of the relevant currency pairs and an eye for the right conditions for investing. In addition to its award-winning proprietary platform, it has competitive trading conditions and high-quality trading solutions. 👉 Capital.com is a regularly licensed and reliable forex broker in Kenya. Its trader base extends from Asia, Africa, and Latin America to Europe.

Demo accounts are available to assist novice traders to learn by virtual trading experience. 👉 For new and inexperienced traders, it is always best to begin by setting up a demo account. A bitfinex review demo account is a dummy account that helps you to understand the complexities and nuances of forex trading without risking real money.

👉 Each day (24/7 from Monday to Friday), the foreign exchange market trades $6.6 trillion worth of money, according to a Bank for International Settlements (BIS) report issued in 2019. A currency exchange market is an extremely useful tool since it enables us to purchase and sell currencies both inside and beyond national borders. Liquidity and volatility in forex markets spikes when the major financial hubs of London and New York are open. This can provide more chances for individuals to make a profit, while it can also be cheaper to trade (due to narrower bid and ask spreads).

👉 When traders think a currency’s value will rise, they take a “long position” or a purchase. Conversely, Kenyans take a short position, also known as a sell position, when they anticipate a currency’s value decline. 👉 The tables below show the many time zones that affect the opening, closing, and overlap of the forex market sessions.

Which Broker has the Most Currency Pairs?

👉 To be a successful forex trader, you need to have an in-depth knowledge of the markets. To meet the demands of both novice and seasoned traders, most brokers provide a wide choice of industry-leading training materials in several languages. 👉 Open an account with a forex broker registered and regulated by the Kenyan Capital Markets Authority to trade forex in Kenya. EGM Securities (FXPesa), Pepperstone Kenya, Exinity East Africa Limited, HFM Investments (HotForex), Windsor Markets, and SCFM Ltd. (Scope Markets) are all licensed by the CMA. When you open a leveraged position, you will need to make an initial deposit. It is important to remember that the margin requirements for forex trading on margin are subject to change depending on your broker and the size of your trade.

STP or Straight Through Processing is where the broker passes the trades to liquidity providers for execution and gives access to interbank market structure. Even though having DMA gives you wider access to markets with higher rewards and risks, but finding true brokers providing DMA is difficult and tricky. For Live accounts, brokers can either be market makers or provide DMA (Direct Market Access) & DMA brokers are either ECN or STP. And there is Broker B, that has 1.2 pips spread on a EUR/USD trade, but there are no other commissions. The overall fees would likely be lower with broker B, depending on your trading volume. Hence, we are able to trade and profit more with less capital but high leverage.

Or choose any reputed brokers like HF Markets (which is regulated with CMA as well as other major regulators), XM Forex which are regulated with top-tier regulators like FCA, ASIC, CySEC. Many other forex brokers like Exness, FXTM, HFM etc. offer wide range of trading instruments. But if thee is some specific instrument that you want to trade, then always check first if that is available with the broker. The money invested in Forex & CFDs should be kept purely for trading purposes and the investor should be ready for both profit and loss of the entire capital. The traders in the financial markets lose money, as losing is one of the aspects of trading. Therefore, do not invest any money which you can’t afford to lose.

👉 Lots are the basic unit of currency exchange in the foreign exchange market. For instance, there are 100,000 units of currency in a standard lot. On the other hand, a mini lot can hold up to ten thousand units, while a micro lot can hold just one thousand, and nano lot one hundred.

👉 Traders in the forex market must use a broker to carry out their trading activities. These brokers charge a spread, which can be defined as the difference between the buy and sell prices, allowing the broker to collect fees for their service. 👉 Interest rate variations, as one of the most important factors in the currency market, may have a substantial influence on your business. As exchange rates favor one currency over another, you have a higher chance of earning from trade opportunities if you hold a position in that currency. 👉 Due to the enormous number of players and the high value of transactions in the London forex market, the London session is more volatile than the other two currency sessions. The influx of liquidity from London has the potential to significantly boost the ‘average hourly movement’ of key currency pairings such as the EUR/USD.