With the increase in the need to trade forex. There are very many trading apps that have come up and you could end up losing your money to scammers. Let’s look at what the best trading apps in Kenya today are.
Below are our best picks of the best trading apps in Kenya from trusted companies today. If you are thinking of venturing into the forex business, definitely that is a good move. Just consider reading first our forex guide explaining All you need to know before you start trading forex.
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List of Best Trading Apps in Kenya
- IQ Option
- XM APP
- IC Markets
Now let’s look at each of these apps in detail to help you choose the best forex trading app in Kenya. All these apps have been in the market for over five years and they have proved a high level of trust amongst traders.
I can a-test that they are cool places to see your money grow each second you are logged in.
The broker has been around since 2014 and has steadily grown in popularity among traders since then. It is one of our favorites at OnlineJobsInKenya as highly recommended by our founder Ezekiel W.
Olymptrade is such a secured and reliable forex broker that any beginner can jump on to and start trading almost immediately. You get access to a large number of training and educational materials. The training and helpful resources are open to all members of this broker.
You also get access to a demo account with 10,000 virtual funds to help you practice and fine-tune your trading skills.
To start trading and make real money trading forex, you need to deposit at least $10. Use skrill to make your deposits as it is such a convenient mode of payment and creating an account is free.
You make 82% from a successful trade as a standard investor and 90% as a VIP investor. To become a VIP you need to make a deposit of at least $2,000 (Ksh. 200,000)
However, as a beginner, I recommend that you deposit at least $50 (Ksh, 5,000)on your live account to start trading. You get a bonus if you use the link below to create a free account and make the top-up to your account.
FXPesa is another of our favorite forex brokers. Launched in May 2019, FXPesa became Kenya’s First authorized and regulated Non-Dealing Online Forex Broker. It is run by EGM Securities licensed by the Capital Markets Authority Kenya under license number 107.
Since FXPesa is based in Kenya, I would give it a thumbs up for considering incorporating almost all digital payment methods available in Kenya. The likes of Mpesa, Airtel money, visa, and master card. but also a great thanks to its support for Skrill and Netteller.
If you are into an online business then why not go for skrill which directly connects to both your MPesa and bank for convenient trading transactions. You can click here to create a Free account at skrill. If you find it a challenge then we also got you covered.
Just like most brokers, FXPesa has detailed training tutorials for newbies and access to a demo account with virtual funds.
Though FX offers a $5 minimum deposit for executive accounts and a $100 minimum deposit for premier accounts. You don’t want to deposit $5 on any forex trading platform unless you are just testing waters.
Our minimum recommended is a $50 deposit and get a welcome new member bonus added to your account.
eToro is a well-known Israeli fintech company, social Forex brokers, established in 2007.
eToro serves UK clients through a unit regulated by the Financial Conduct Authority (FCA) and Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC).
The broker supports most payment methods accepted globally i.e PayPal, Skrill, Neteller, and iDEAL
It also got voluminous training materials which you can access through the trading Academy. In this academy, the forex brokers offer learning content that you can access through Live Webinars, eCourses, and trading Videos
Minimum deposits for live accounts vary from country to country.
4. IQ Options
IQ Option has been operating since 2014 and has seen noticeable growth over the period. It now supports over 500+ assets that traders can trade in personal accounts.
This forex broker has almost everything that looks like Olymptrade. In fact, you could think that IQ Option is the immediate baby sister to Olymptrade.
From our experience, the IQ Option trading platform is one of the best-programmed software for traders. IQ Option is continuously adding new features to the software and tries to improve the trading experience of the customers.
5. XM APP
Launched in 2009, XM boasts being the first app to intergrade the MT4 platform into its features. This enabled quality trade executions by users.
Also, with this app, you get over 80 Technical Indicators and over 40 Analytical Objects to help you make more precise trades at all times.
one of the various reasons that XM has been successful is that in the brokerage industry is because of its attention to detail and client needs.
The brokerage company, XM, is well-known for its focus on customer needs, which comforts the clients in the safety of opening a public account.
Hotforex dates way back to 2010 when it was launched. The brokerage firm has won a number of stock awards including being part of the Top 100 Companies list that was compiled by the World Finance Magazine in 2017.
A great plus to Hotforex is that they have a massively diverse range of account types available for you to choose from, with seven different options on offer, which is extremely high in this sector.
The options available to you are the Micro, Premium, Zero, VIP, Auto, HFcopy , PMAA, and Premium Pro accounts. Each of them has its own strengths and weaknesses, so you need to ensure that in opening an account, you choose an option that best suits your specific needs.
With the micro account, it is suitable for beginners, with a minimum deposit of $50 required, with spreads starting from 1 pip and variable spreads in general. For those looking to minimize fees and spreads, the Zero account has raw spreads with 0 mark-ups.
This means that you will be dealing with very tight spreads and low commissions. If you are a high roller, the VIP account could be for you as a result of the minimal fees associated with its use and very competitive spreads.
ForexTime abbreviated as FXTM was launched in 2011 in Cyprus.
They have won numerous awards over the years, including being awarded the most innovative broker in 2018.
FXTM holds regular webinars and many tutorials are available for all levels of traders to benefit from. It covers a lot of the bases you need when it comes to trading. There are also regular seminars and workshops conducted across the world.
This broker has been around since 2014 and has over 13 million accounts opened since that time. With over 100 account managers, ExpertOption is one of the most popular and well-known trading platforms available.
ExpertOption developed its own custom platform to cater to the needs of its clients. Lightning-fast execution, accurate price feeds, and weekend trading are all advantages of the ExpertOption platform.
Expert Option offers six types of accounts for you to choose from starting with Micro, Basic, Silver, Gold, Platinum, and Exclusive.
You also get a free demo account with $10,000 in virtual funds to practice with. This is a great way to sharpen your skills without risking real money.
The ExpertOption platform is accessible via mobile and desktop apps. Their mobile app is available in iOS and Android and can be downloaded at the Google Play Store or Apple Store. The desktop app is compatible with Windows or Mac.
IC Markets is an Australia-based global forex broker founded in 2007. The company has several branches across the globe and is regarded safe to trade on because it is regulated by top ASIC.
The platform offers comprehensive news and educational section to all traders. It features video tutorials, Web TV and other supporting material concerning Forex and derivatives trading.
An economic calendar further helps to navigate and plan for important economic events, including historic and consensus data to base decisions on.
Even as a plus, the company offers a great selection of tradable instruments, including 6 cryptocurrencies and share CFDs, as well as a strong customer support service.
Are these trading Apps a scam?
It is important to note that non of the listed forex trading apps above are a scam. Forex trading platforms are identified as legit by traders on the basis of What authority or authorities regulate the broker? In other words, who can you turn to if something goes south?
Fortunately, what has been listed above has been found regulated by top security firms, meaning your money is in safe hands.
Our final thought
50% to 75% of retail investor accounts lose money when trading CFDs with the above-mentioned providers. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Always trade an amount you can afford to lose.
What are some of the best trading apps you feel should be included in this list? Is there any that we included that should be removed? Let’s hear your views in the comment section.
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We wish you all the best in your trading using the best trading apps we found for you.
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