TemplerFX is one of the most preferable brokers for online forex traders in Kenya. This is partly because the broker accepts Mpesa as a means of depositing and withdrawing money from your account, and largely because there is nothing not to like about this broker.
Here are some of the strong points that we liked about TemplerFX
- Minimum deposit starts at only $1. (Try their CentForex account)
- Relatively low spreads on all currency pairs
- Regulated by the FSA
- Maximum leverage of 1:1000
- A $30 No Deposit Bonus for verified clients
Can You Trust TemplerFx With Your Money?
This is one of the questions that every forex trader needs to ask themselves before they proceed to depositing money with a forex broker. It is extremely important that you only trade with forex brokers who have proved that they can be trusted. TemplerFX is one such broker.
For starters, TemplerFx has been in the industry since 2004. Those are more than 15+ years in the industry. Most unreliable forex brokers don’t last more than a few months in the market.
TemplerFX also offers non-dealing desk trade execution. With NDD trade execution, the broker acts as a bridge between you and liquidity providers. The broker does not trade against you, and therefore can be more reliable.
Some of the other advantages of trading with an NDD forex broker like TemplerFx include:
- Automatic execution of trades. Guaranteed no requotes
- Fast execution on orders
- More transparency. The broker can’t interfere with your trades
- Deep liquidity
TemplerFx Benefits to Kenyans
After being in this industry for more than 5 years, I have learned to ask one question before I make any deals. What is in it for me? Like why would I register with TemplerFx and not any other broker such as IC Markets? There are a few reasons why I recommend TemplerFx to forex traders in Kenya.
First and foremost, this forex broker accepts Mpesa. Mpesa makes depositing and withdrawing money from your trading account super easy. (There are a number of other forex brokers that accept Mpesa, and I have done a very detailed review of them here.) Mpesa deposits and withdrawals at TemplerFx are instantaneous unlike other funding methods which can take up to 10 days to process.
Secondly, TemplerFx has a rather relaxed account verification process. With just a phone number and an ID, you’ll be ready to start trading and withdrawing profits straight to Mpesa. Their verification process is unlike that of other forex brokers who are so insistent on proof of residence to verify your account.
And believe it or not, you can start trading forex at TemplerFx without risking a single cent of your money. This is thanks to their $30 No Deposit Bonus promotion. What this means is that TemplerFx will give you a free $30 to start trading with. And you can withdraw the money plus profits after meeting certain conditions.
Lastly, the low initial deposit requirements at TemplerFx makes it more favorable to Kenyans. Kenya is a third world country where money doesn’t come easy, and most beginner forex traders don’t want to risk all their life savings with forex trading. TemplerFx has deposits as low as $1 on their cent accounts and $25 on their UniversalFx accounts. Coupled with a very generous 1:2000 leverage, strategic traders stand to make awesome profits from an all time low initial deposit.
How to Open an Account With TemplerFx
Now that questions about the legitimacy of TemplerFx are out of the way, let’s look at the various ways you can open an account with this broker.
1. Open a Client Account at TemplerFX
The first thing you need to do is open a client account at TemplerFx. Kindly note that this is different from a trading account. Click on this link to open an account.
You will need to provide your First and Last Name, an email address, and a phone number. Make sure that the details you provide are correct as they will be needed later when you are verifying your account.
Once you have submitted these details, TemplerFx will send you an email that contains your username and password for logging into your client account.
2. Verifying Your Account
One of the reasons why I like recommending TemplerFx to kenyan traders is the ease with which accounts are verified. There are 5 stages of verification at TemplerFx which include Email, phone number, identity, residence, and Credit Cards verification.
If you’ll be solely using Mpesa to deposit and withdraw money from TemplerFx, you’ll only need to go through the first 3 stages of verification (email, phone, and identity). Residence and Credit Card verification is only required if you will be using Visa/MasterCard, Skrill, or Direct Bank Deposit with your account. I suggest you stick with Mpesa for now.
3. Opening a MT4/MT5 Trading Account at TemplerFx
Since your client account at TemplerFx is not the same as your trading account, you’ll need to create a trading account . You will need to have verified your Phone Number and ID in order to register a real trading account. Without these 2 verifications, you’ll only be able to open a demo account.
TemplerFx offers 4 real account types to choose from:
- Live CentForex – For small retail trades
- Live MuslimForex – No interests applied to the account
- Live UniversalFx – For larger retail traders
- Live XBTC – For clients who want to trade Bitcoin
While all these account types are awesome, I have to put in a word about the Muslim account at TemplerFx. In addition to the spread, there is a $5 per lot fee for trading using the Muslim account. This is fairly unfair, and if you’re leaning towards a Muslim no-interest account, I’d recommend you try trading with the XM Trading Muslim account.
4. Depositing Money at TemplerFx
Kenyans and forex traders have an option to deposit money into their TemplerFx accounts using Mpesa.
When logged into your TemplerFx client Dashboard, navigate to the “Finance” section using the left-hand navigation menu. Choose Deposits. Choose the Trading Account you’d like to fund. Choose IPay Africa payment System. Select Payment Method as Mpesa Kenya in the next step. Next choose whether you’d like to receive a bonus with your deposit.
Finally click on Deposit now, you’ll be directed to the iPay Portal to complete your payment. On this page, click on Pay Now. You’ll receive a prompt on your phone to input your Mpesa pin. After inputting the pin, your payment will complete automatically and reflect on your trading account. Easy peasy, right?
It will take less than a minute for the money to reflect on your account, and then you can start trading immediately.
5. Trading at TemplerFx
TemplerFx supports several trading platforms including MetaTrade 4 for Windows, Linux, Android, and iOS. It all depends on how you prefer to trade. You can download all trading platforms from your TemplerFx Client Dashboard. Once downloaded use account details from your email to login into the trading platform.
Some forex traders in Kenya prefer to trade from their mobile devices, which is alright if you can master it. Others prefer to trade from the PC. Whichever you choose, you’re set to benefit from fast order executions, thanks to TemplerFx’s NDD setup.
6. Withdrawing Profits from TemplerFx
TemplerFx offers Direct bank transfer, E-Wallet, and Card Withdrawal options. For our case use, we will be using the E-Wallet option in order to benefit from instant Mpesa withdrawals.
Using Mpesa, you can withdraw a minimum of 1 USD from TemplerFx up to a maximum of 500 USD. The withdrawal charges are 1% of the amount you’re withdrawing, with a minimum charge of 0.5 USD.
TemplerFx Mpesa withdrawal charges are very competitive rates and I doubt you’ll find a cheaper withdrawal method at TemplerFx. Skrill withdrawals are free but you have to factor in that you’ll still need to move the money from Skrill to Mpesa or to the bank.
TemplerFx is an offshore forex broker that is regulated by the Financial Services Authority (FSA). FSA is the financial regulatory authority of Saint Vincent and the Grenadines, a tiny Island nation in the Carribean.
There’s a lot of debate on whether forex brokers that are registered offshore can be trusted. And here’s our take of it. If your trading capital is relatively large, $1000 and above, we recommend you stay away from forex brokers that are regulated offshore. However, if you really trust your forex trading strategy and you’d want to take advantage of the large leverage offered by offshore brokers, go ahead and register an account at TemplerFX.
For small time beginner forex traders, there’s really no option, and I will tell you why.
Offshore regulatory authorities are always lax about the amount of leverage that’s offered to their clients. You’ll find most brokers offering leverage anywhere from 400:1 to unlimited leverage.
With your small $100 trading account, you’ll need all the leverage you can get, and therefore, it is better to trade with an offshore broker such as TemplerFx.
Being regulated offshore does not mean that the broker is not legit. If in doubt, read reviews from forex trading forums.
TemplerFx Kenya ~ Our Verdict
If you’re looking for a forex broker with favorable trading conditions for Kenyans, you won’t go wrong with TemplerFx. The forex broker accepts Mpesa, they have relatively lower spreads, and their account verification process is on its own league. I highly recommend TemplerFx to all forex traders in Kenya whether beginner, intermediate or pro.