Welcome to tradeforex.co.ke, the best place to learn about forex trading in Kenya.

At tradeforex.co.ke we take a look at the things you need to know get started in this rewarding industry! We find the brokers with the best deals for your trading experience, as well as provide the information that you need to know to help you on your journey.

The Best Online Forex Brokers

Broker

Features

Broker Review

Visit

Hot Forex

* 1:1000 leverage
* 1200+ instruments
* Tight spreads

FX Primus

* 1:1000 leverage
* 210+ instruments
* Free education

* 1:1000 leverage
* 130+ instruments
* Raw spreads

NAGA

* 1:1000 leverage
* 950+ instruments
* Copy trading

Pepperstone

* 1:500 leverage
* 1000+ instruments
* Crypto CFD trading

* Crypto trading
* 1:500 leverage
* Welcomes EA & HFT

*1:500 leverage
 *Low spreads
* Fast withdrawals

bkfx

* 1:500 leverage
* 110+ instruments
* Ultra low latency

XM

* 1:888 leverage
* 1000+ instruments
* Free education

IC Markets

* 1:500 leverage
* 80+ instruments
* Excellent support

Don't miss out!
Subscribe To Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Forex Trading In Kenya

What is Forex Trading?

Have you ever travelled out of the country? If so, you would’ve had to exchange your local currency for the currency of your destination in order to be able to spend money there. This transaction would’ve made you quite literally perform forex trading without even realizing it!

Forex trading stands for foreign exchange trading. It is basically where you exchange one currency for another. The whole process is a game on exchange rates where you’re hoping to buy a currency at a lower price and sell it at a higher price in order to profit out of it.

Is Forex Trading Profitable?

Yes, it can be! With the right resources and educational support, forex trading can be a great way to make money and earn an extra income. Here are a few tips to help you get started and learn how to trade forex profitably:

1 – Study the Industry

One of the biggest mistakes beginners make is they rush into trading currencies without first understanding the markets and how they move. You need to spend time learning how to trade and how to analyze the markets. This will help you identify the trends and when the market is going to shift in your favour. If you don’t learn how to analyze the market then you risk going in blindly and gambling with your investment. The last thing we want is for you to lose your capital.

2 – Trade on a Demo Account

As a beginner, you still have a lot to learn about the way the markets move and the different features available to you on your trading platform. Starting directly on a real account would mean that you’d be learning and using real money at the same time.

A demo account allows you to practice forex trading just like how you would on a real account, except with fake money. This gives you the freedom to make as many mistakes as you want during your learning stage without risking any real money to the industry.

How To Choose A Forex Broker

If you want to trade forex, you’ll need to find a good forex broker. There are many forex brokers out there, so it can be hard to know which one will offer you the best accounts and the best trading support. Here’s what you need to consider when choosing a forex broker:

1 – Regulation

Does your forex broker have a licence? Although not all forex brokers are regulated, most reputable ones are regulated by regulatory authorities such as NFA, CFTC, FCA, ASIC, and CySEC.

2 – Payment Methods

What options does the broker offer for funding your account. How much does the forex broker charge for transfers? You’ll want to choose a broker that has minimal fees so you can maximize your profits and keep more of your money.

3 – Trading Accounts

What is the average spread for each currency pair? What leverage do they allow? What is the minimum deposit required? There are many forex brokers that allow you to open a trading account with as little as $10 so it’s worth looking around. 

4 – Trading platform

What kind of trading platform does the forex broker offer? You’ll want to make sure they have a trading platform that meets your needs, whether you’re new to trading or an experienced professional looking to implement advanced strategies

How To Choose A Trading Platform

It’s important to find a trading platform that you feel confident using. There are several important things to consider when choosing your platform including ease of use, availability of tools for analysis, and time frames for opening/closing positions. The most widely available platforms are MT4 and MT5. 

1 – MetaTrader4 (MT4)

MT4 is an excellent trading platform for new traders. It has a simple design that is easy to navigate and it comes with many user-friendly trading tools. The platform also has several advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. 

2 – MetaTrader5 (MT5)

MT5 is another great trading platform for forex traders in Kenya. It has a user-friendly interface as well as many built-in trading tools. The platform also has a large selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects.

How To Choose Your Trading Style

A trading strategy is a predefined set of rules that help you to identify entry and exit points for a given trade. When deciding on a trading strategy, you first need to consider what you want to get out of your trading and ask yourself  the following questions:

1 – Timeframe: What works best for you? Is it daily, hourly, every 15 minutes?

2 – Market Conditions: Which market environment do you prefer; trending or ranging?

3 – Risk Management: How much money are you willing to risk on a forex trade? 

4 – Trading Method: Are you using a price action strategy or an indicator-based system?

5 – Fundamentals: Are there any major data releases coming out?

No matter how much experience you have, things can always go wrong. It’s important to have a plan, and to do your best to stick to it. Keep in mind that the best forex trading strategies are usually the simplest ones – so don’t over-complicate things!

When Is The Best Time To Trade Forex?

One thing  to keep in mind when you start trading is that each forex pair has its own patterns and peak trading hours. So the first thing you need to do is determine which forex pairs will be most active when you want to trade. This will help you narrow down your options and give you a starting point for finding the best times to trade forex.

There are four major time zones: London, Tokyo, Sydney, and New York (GMT). When more than one exchange is simultaneously open, this increases trading volume and adds more volatility as prices fluctuate between markets. This can mean more trading opportunities and more potential for profit. Be sure to find out the peak trading hours for your favourite forex pairs.

Forex Education

Forex Training

Broker Promotions

Broker Reviews

About FXGlobe FXGlobe is an online trading platform that allows…