Best Forex Brokers for a Kenyan Trader

broker

I have traded on the online platforms of many a forex broker and my experience with each has been, let me say, different. This list of my top five is not cast in stone. In the comment section at the bottom of this page you can share your own experience with any forex broker of your choice and vindicate (or vilify) my list. All comments are welcome on this site 🙂

Without further ado, here is my list of top five brokers that I have worked with and withdrew ‘a little money’ from right here in Kenya.

 

  1. Markets.com

 

This was the very first broker I ever worked with. I was new to trading forex and I was looking for a ‘cheap’ broker with whom I could start trading with something as low as 100usd with low withdrawal limits and tight spreads. The application and verification process also had to be fairly short and simple and it was mandatory that they have a Demo trading account for practice. I found all that at Markets.com

 

The advantages of Markets.com are;

 

  • No commissions
  • Upto $250 welcome bonus when you open a mini account
  • Leverage of up to 200:1
  • Support for multiple platforms including MT4 and mobile platform.
  • Instant withdrawals for credit cards and only 3 days or less for the numerous other ‘Kenya friendly’ deposit/withdraw options.
  • Excellent support including regular phone calls straight to Kenya when you open an account or when you lodge a complaint.
  • Once your account gets to $20,000, you will get VIP support. The benefits of this are too many to list here. Trust me.

 

You can check them out and open an account HERE

 

  1. XM

 

This is my worst and my best forex broker to date. It is currently my ‘Main’ account. It is my best because there is a lot of free money swirling around this broker all the time. Heck, I got $30 just for verifying my account with National ID and electricity bill without depositing a single cent. There are trading contests every other week so if you do not make money on actual trades, you can fall on small mercies via their promotions. I however don’t like their mail. It is too much (new contest, winners announced, system updates etc) but since you can filter the emails, this is no biggie.

 

The advantages of XM.com are;

 

  • Support for MT4 (This is very important)
  • Ridiculously low initial deposit amounts. At one point it was $5!
  • Trading based on Sharia principles for Muslim traders
  • Efficient trade execution (99% of trades placed in less than 1 second so no slippage).
  • No commissions
  • Unique leverage of 888:1
  • Very many options for you to deposit money into your account and withdraw.

 

You can open an account with XM HERE.

 

  1. Easy-forex

 

With a name like Easy-Forex, who wouldn’t want to trade here?

 

This is a beginner friendly platform which I traded with some time back because of their Paypal support. Apparently, this is rare among forex brokers.

 

The main advantages of Easy forex are;

 

  • No commissions
  • Very tight spreads. For a trade in a major currency, you might end up being nicked only a pip or two.
  • Support for MT4
  • Accounts can be opened with as little as $25
  • When I am not using paypal, I wire the money straight to my bank account but Kenyan banks are known to slap people with huge charges for FT so don’t do a bank wire for small amounts.
  • Customer service available 24hrs a day.

 

To open a forex trading account with Easy-forex and start trading right away, click HERE.

 

BEST SOCIAL TRADE PLATFORMS

 

  1. Etoro OpenBook

 

For almost anyone who has ever done any Social trading, this is the first point of call and the market leader to date.

 

Just like facebook, in Etoro Open book you can see what other traders are doing in real time and check their strategies (and if they are working or not). This enables you to follow or copy your favourite traders and make money from their expertise – For free!

 

The advantages of Etoro are too many to list here but allow me to state a couple;

 

  • Etoro has a mobile trading app so you can track your investments and copy trades from anywhere.
  • Real time trading. You need a fast internet connection. Fortunately in Kenya even the mobile connections are 3g and good enough.
  • Start trading with as little as $50 and enjoy very high leverages of upto 400:1
  • Very low spreads (from 2 pips).

 

Open your Etoro account HERE and let the experts make money for you.

 

  1. ZuluTrade

 

Allow me to first get this fact out of the way, the first time I joined Zulutrade I thought it was an African platform. Haha the joke is on me.

 

That said, I can state without fear of contradiction that ZuluTrade is the BEST SOCIAL trading platform if you are a smart trader with solid money management and a hawks eye for opportunities. Etoro might be the largest, but on many fronts, Zulutrade is the best. Why?

 

  • Zuluguard. To protect you against rogue signal providers, Zulutrade has an innovative product called Zuluguard which is activated everytime a well performing trader changes his strategy or starts a losing streak. This guarantees you that you will never wake up one morning and find an empty coffer.
  • Ability to comment directly on the signal providers page. If you are about to follow a certain trader, read the comments left on his page by other followers first. You might get some invaluable insight there.
  • There are more than 10,000 traders to follow and there is an advanced search engine so you can pick out EXACTLY who to follow eg traders who have been active and profitable for more than 6 months.
  • Follow the follower. I particularly like this trick very much. If you see a guy who has made lots of money on Zulutrade, you can open his portfio and see WHO HE IS FOLLOWING/COPYING. This enables you to copy the exact same signal providers as him and (hopefully) make as much money!
  • Money management. Depending on your risk appetite, you have a slider which you can use to determine what proportion of your capital you would like to allocate to your signal providers. While bigger proportions means larger profits, It also means larger losses if a signal provider goes haywire which is why I like leaving my slider at 30-40%

 

To view the numerous advantages of Zulutrade and open a trading account, click HERE.

 

As I said before, this list is not cast in stone. These just happen to be the brokers with whom I have had favourable experiences with while trading in Kenya and if you have a different favourite trader, just drop a comment below and we will check them out.

 

I wish you happy and prosperous trading 🙂

5 Comments

  1. how do you detect scammers? like for my case i want open an account with a certain company called trading studio and the person who guides me through opening account promises me if i deposit the amount i get free signals? how do i detect he’s a scammer? Hoping to hear from you soon.

    Reply
    • I don’t know about trading studio but if you just want a good broker’s account from which you can deposit and withdraw via Mpesa, I would recommend Templer. I have had a very good experience with them. Check them out >> http://bit.ly/withMpesa

      Reply

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