Forex trading has seen substantial increases across the African continent in recent years. Even though Nigeria and South Africa are the two largest African markets, Kenya, Tanzania, Rwanda, Botswana, Namibia, and Angola have all seen a substantial surge.
It’s from the public.
There are numerous factors that are driving this surge, which is pushing Kenya, specifically, forward in becoming the most contested forex trading space against South Africa and Nigeria. The increase in the provision of internet services, unemployment of younger people, and fierce marketing by a wave of forex brokers are all key drivers in the growth experienced in Kenya.
Another factor that has helped greatly is the low cost of entry into the forex market, with most brokers also supporting mobile trading, which makes it easier for Kenyan traders to emerge and trade in the forex markets. Some brokers even offer a live trading account from as little as $1, making it easy for Kenyan traders to start trading.
Increased internet services
With the Covid-19 pandemic all but behind us, the provision of internet services around the globe has surged substantially, with areas that did not have connection before, being connected through various internet initiatives from telecommunication giants such as Vodacom, amidst others.
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More brokers are now accepting Kenyan traders
Due to strict regulations, such as that in Europe under the Financial Conduct Authority (FCA), brokers are branching out into less-developed countries to reach more traders. There are numerous brokers who have opened their doors to African traders, and Kenyans have made the best of this opportunity.
Low trading costs
The forex market is the most liquid market in the world which means that trading costs are less, providing more traders with access to the market. In addition to this, brokers are constantly competing to offer traders with the best trading solutions in order to boost their client bases and trading volumes.
There are numerous brokers who offer Kenyan traders with the option of registering a live trading account from as little as $1.
Along with this, traders are offered with a variety of features, access to powerful trading platforms, trading tools, education, resource materials, and more, which helps Kenyan traders add a competitive edge to their trading.
CMA approving more brokers
The Kenya Capital Markets Authority (CMA) has recently begun to regulate forex trading in the country. Although forex brokers catering for Kenyan traders are often regulated by other regulatory entities, such as the FSCA in South Africa, more African regulators are partaking in managing the high-risk forex market.
Variety of brokers to choose from
Due to the number of brokers that accept Kenyan traders, traders have more of a choice in the broker that they wish to use. This allows traders to choose a well-regulated broker that suits their specific trading needs and objectives more efficiently.
From the number of forex pairs to trade, the different ways in which to trade, trading strategies, and more, Kenyan traders have a substantial number of options when it comes to refining their trading.