Online forex trading has caught up in Kenya. So much that we even have two forex brokers registered in Kenya:
- Scope Markets, and
- EGM Securitites
Although these are in no way our best recommended brokers, it goes to show how much online forex trading has become an acceptable and alternative way of making money online.
In this review article, I am going to focus on both local and international Forex brokers that accept Mpesa deposits.
Why Trade Forex Using Mpesa?
Forex is the largest and by far the most popular financial market in the world, which is traded by vast number of individuals, organizations and major banks. The second largest financial market namely New York Stock Exchange (NYSE) averages a daily trade volume of $74 billion which is no match for the daily trade volume of the forex market at an astonishing $4,000,000,000,000.
This $4 trillion market provides real time access and superb liquidity of the global currency exchange as there is always someone ready to buy/sell a currency to/from you, permitting you to place trades instantly. Forex is not limited to a rising market, you can also profit from a falling market.
Large capital or large investments are not required. In fact you can join millions of other traders from as little as $25 and open trades from $2.5. Many Forex service providers offer generous leverage, typically x400 converting your $25 to 10,000 units of tradable currency.
There are numerous currencies available to trade on a forex platform. A few have been listed below which can be cross traded with one another.
|EUR (Euro)||GBP (Great British Pound)||USD (US Dollar)||NZD (New Zealand Dollar)||AUD (Australian Dollar)|
|JPY (Japanese Yen)||CHF (Swiss Franc)||CAD (Canadian Dollar)||HKD( Hong Kong Dollar)||SGB (Singapore Dollar)|
|MXN (Mexican Peso)||TRY (Turkish Lira)||DKK (Danish Krone)||NOK (Norwegian Krone)||SEK (Swedish Krona)|
On a forex platform you are not only limited to currencies. The majority of broker trading platforms include commodities such as gold, silver and oil which are also tradable. Also some brokers extend to stocks, allowing you to diversify your portfolio of trades.
When/Where Can I Trade?
Access to the forex market is available from the comfort of your own home, empowering you to trade instantly from anywhere on a 24-hour market. Demo accounts are available with live rates and virtual money enabling you to master your skills prior to real investment. You do not require previous experience, just sheer enthusiasm and the dedication to learn is necessary. The FX market can be traded whether you are employed full-time or part-time, giving you financial independence and allowing you to be your own boss.
Forex Brokers That Accept Mpesa
- Iron Trade
- Hot Forex
- Grand Capital
Have you been thinking of trading forex but you are afraid of losing your money?
Fear no more.
1. XM Forex Broker
XM Forex Global– a reputable forex brokerage firm based in Greece, offers a free bonus of $30 when you open a live account.
You do not need to deposit any money in your live forex trading account to access this discount.
Simply open a Live Forex Trading Account and you are ready to roll.
You can withdraw all the profits you earn from the Live Account at any time that you want.
The most convenient way to withdraw your forex profits in Kenya is using Moneybookers/Skrill. You can withdraw funds from Skrill right into your Mpesa account in Kenya.
If you do not have a Skrill Account, click here to open one for free.
XM Forex Bonus on Deposits
One of the reasons why I always recommend XM Forex Brokers to my forex proteges is because of the low amount of minimum deposits required to operate an account.
The minimum deposit stands at $5.00 only.
And incredibly, you get up to 50% bonus on the amount that you have deposited. So, whenever you deposit $5.00 into your XM forex account, you will get a bonus of $2.50. Your total trading balance will therefore be $7.50.
The 50% bonus applies to all amounts below $1,000. For amounts exceeding $1,000, a 20% bonus is included.
The XM Forex bonus keeps accumulating with every subsequent deposit you make until you have earned a total bonus of $5,000!
If I were you, I would be headed to XM Forex Brokers right now to claim my bonus.