While in the past it was a recourse strictly for those who are financially equipped and with access to the global market, Forex trading has now become an affair everyone can join and indulge in thanks to simplified apps and computer software.
There are various trading apps and softwares used by Kenyan retail traders that offer a wide range of beneficial features, such as detailed market research of the Kenyan shilling and other currencies, technical and fundamental analysis, foreign currency quotes, and a variety of other tools.
Below are the top platforms that make trading easy in Kenya.
Quantower – user-friendly, easy to use
This relatively young trading platform is convenient for both beginners and traders with long-term goals. Quantower allows you to test and apply different strategies, using charts of different complexity. The platform’s user-friendly interface makes it easy to customize working space, saving the trader’s time.
XM Forex – Low fees, good support
XM Trading is another broker that offers low cost forex & CFD trading. There are more than 1000 instruments to choose from including forex, CFDs on precious metals, energy and indices.
XM is regulated by 2 top-tier regulators including CySEC & ASIC. XM’s trading fees is quite competitive, and they offer straight standard spread only trading accounts without any extra commissions. Their fees is lowest with their Ultra Low account.
Their trading accounts are quite straightforward. XM provides four account options. For Standard and Micro accounts, the required minimum deposit amount is 5 USD and gives maximum leverage of 1:888.
For XM Ultra Low account, the required minimum deposit amount is 50 USD with similar leverage. XM also provides a Share account for equity trading, with a minimum deposit of $10,000 and no leverage.
Exness App – best option for tight spreads
With its proprietary app, Exness also provides a mobile version of its services. That said, the broker does provides both MT4 – the world’s most popular trading platform – and MT5 – the most recent version of the industry standard – as trading platforms.
Desktop, web browser, smartphone, and tablet versions of MetaTrader 4 and 5 are all available.
While both the MT4 and the MT5 trading platforms are great, Exness’ unique technology is more user-friendly for newcomers to the market.
While offering third-party platforms such as MT4 and MT5 has its advantages, the advantage of Exness supplying these platforms is that traders may take their own customized version of the platform with them if they decide to switch brokers.
AvaTrade– Loss protection, Monitor social trends,
AvaTrade’s flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTradeGo provides a stable trading experience with an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. AvaTrade’s fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
- Choose from over 1,000 instruments to trade, including Forex pairs, Commodities, Stocks, Cryptocurrencies and more
- AvaProtect loss protection: Any losses are fully refunded, but any gains are the traders to keep
- Market Trends: Monitor social trends, see what other traders buy and sell, and stay on top of your trades
- Secure deposits, FSCA-regulated and 24/5 Customer Support
Markets.com – Most Instruments to Trade, low trading costs
Founded in 2010, Markets.com’s offers trading on over 2,200 financial instruments including stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds.
Markets.com mobile trading app, called Marketsx, offers fast, low-cost trading on over 2,200 financial instruments. The app has been natively designed for both iOS and Android, providing a smooth and stable trading experience.
- Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission.
- Over 2000 global shares, 67 currency pairs, 41 global indices, 27 commodities (including everything from gold and copper to wheat, cotton, and heating oil), 60 ETFs, 7 cryptocurrencies, and 4 government bonds.
- 23 of Marketsx exclusive Blends CFDs. Blends are stock baskets of industry-leading companies.
- Built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and more.
- A range of tools that use data from leading analysts, hedge funds, and commentators. Each tool has integrated buy and sell buttons.
eToro – Safe, cryptocurrencies
eToro was founded in the early days of the online retail Forex era, in 2007 – this broker occupies a unique space as the king of social and copy trading.
eToro has a long track record and unique reputation to protect, although this image is more focused on its copy trading model than on any other individual feature, except maybe its special relationship with cryptocurrencies.
eToro is regulated in Cyprus, the U.K., Australia, and the United States although its U.S. offering is firmly differentiated from its offering to the rest of the world.
eToro is a leading cryptocurrencies CFD broker. Following its 2019 acquisition of Danish blockchain company Firmo and Belgian crypto portfolio tracker application Delta, it released its cryptocurrency wallet for mobile devices.