With IG, you can open a forex trading account online, call or email blogger.com@blogger.com It only takes a few minutes to create an account, and there’s no obligation to add funds until you want to place a trade. Alternatively Sometimes Forex traders wish they could afford higher margin trades, but they're not ready for the risk. CurrExchange Forex Broker grants that wish with a % bonus on deposits that helps the user start Forex trading on higher margins, increasing their account balance Secondly, lack of education and online trading risks make the online forex world a relatively dangerous place for new investors. Thirdly, since forex brokers in Kenya provide high leverage of up to , low capital requirement, many inexperienced traders are exposed to higher risk and lose their small savings through online trading
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Online forex trading youtube Africa, Nigeria, and Kenya had registered the highest retail trading volume in the last 5 years in Africa. The main reasons for the growth are said to be the young demographics, cheaper internet, higher mobile penetration, and tight regulations, online forex trading youtube. InKenya became the second only Online forex trading youtube country to have a regulatory regime for Online Forex Trading. The Kenyan regulatory authority CMA put a regulatory framework in place on 27th August, And first broker EGM Securities got its license in Feb, online forex trading youtube, which started the new chapter in the online forex market and retail forex trading in the region.
We look at some of the concerns and the overall state of local online forex trading industry since it has been regulated. South Africa is the most prominent hub of forex trading in Africa with the highest online forex trading youtube of regulated brokers. Leaving aside institutional investments, Nigeriais estimated to have more retail traders than South AfricaLastly, Kenya, which is a relatively new regulated market have an estimated 90, retail traders.
South Africa has always been a popular market for traders and brokers in Africa due to the strong regulation provided by Financial Sector Conduct Authority FSCA.
The COVID pandemic fueled the growth as people started trading forex, commodities, indices and gold for various reasons:. Before the CMA regulator brought regulations, it was estimated there were around 50, retail traders who were investing in forex through foreign brokerages illegally.
So, to tighten the market control and ensure safety of the investors and to increase oversight on brokers, CMA proposed to regulate the industry.
This bill proposed to have effective and safe online forex trading environment for Kenyans. With these regulations, the licensing was made mandatory for all forex brokers in Kenya and it is illegal or criminal offence to operate without such license. According to the guidelines in these regulations, the broker has to have these qualities to be eligible for providing online forex trading services to retail investors in Kenya:.
As per the Capital Markets Online Foreign Exchange Trading Regulations,there are three types of licenses a broker can get:. A dealing online forex broker functions similarly to a market maker. The broker licensed as a dealing online forex broker has the following characteristics:. A licensed non-dealing FX broker means CMA has authorized the broker online forex trading youtube act as a link between the foreign exchange market and traders in return for a commission or mark-up in spreads.
The majority of online brokers in Kenya are non-dealing FX brokers. A online forex trading youtube money manager FX broker chooses and invests prudently in the forex market on behalf of their clients. Note: The CMA currently prohibits online trading in currency pairs involving Kenyan shilling; and binary options. With 15 days of end of each month, brokers need to the give details of any customer complaints and resolution status; b evidence of daily reconciliations; c for the money-manager, reports on the total funds under management; d a full set of monthly management accounts; and e risk-based capital adequacy returns.
CMA has also created a public complaints portal to protect investor interests where investors can raise a complaint if they feel they have not been heard by the broker or their representatives or if there was any unfair dealing on part of broker, online forex trading youtube. The final response must be sent to online forex trading youtube complainant within 28 days. Pepperstone Kenya and Exinity Limited received their CMA licenses in All four online brokers are non-dealing forex brokers that means they are not market makers.
Apart from them, there is also Standard Investment Bank Limited Mansa X with a money manager license. The recent surge in online trading amid COVID has prompted the CMA to warn against engaging in forex trading through unlicensed entities.
Many foreign CFD brokers accepts Kenyan traders. Almost all the CySEC regulated forex brokers, with a few exceptions, online forex trading youtube, accept traders from Kenya.
But they are not authorized by CMA for offering Online Forex trading to Kenyans. It has also raised concern over international brokers providing their services in Kenya. CMA requires all FX brokers and money managers not having licenses to operate in Kenya to cease and desist from trading.
The regulatory authority has noted that many international brokers are advertising CFD trading products during the COVID pandemic without a license.
According to CMA, these firms should cease their advertising activities unless they have a right to operate in Kenya.
The CMA has put a clear warning against unlicensed brokers. It has also appealed to the public to report online fraud and illegal transactions to CMA-Capital Markets Fraud Investigation Unit.
The onus is on traders. Kenyan forex trading ecosystem is in the evolving stage of market regulation. Unlike South Africa, online forex trading youtube, with a robust regulatory framework by FSCA, online forex trading youtube, Kenyan CMA is relatively new and has to cover a lot of ground to make the online trading safe and accessible to everyone. There is also a concern over Pyramid schemes and online frauds in forex trading.
Secondly, lack of education and online trading risks make the online forex world a relatively dangerous place for new investors. Thirdly, since forex brokers in Kenya provide high leverage of up online forex trading youtubelow capital requirement, many inexperienced traders are exposed to higher risk and lose their small savings through online trading, online forex trading youtube.
There is a need to review the policies on leverage that can be offered to retail traders. To counter the lack of awareness among investors, CMA has started online courses and study materials on their website in conjunction with regulated brokers.
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