Ten things you did not know about online forex trading in Kenya but which are essential for any trader with plans to fund a live trading account ~ trader forex demo download
Are you relatively new to the concept of online forex trading? There are ten things you need to know especially if you are a Kenyan interested in this market. Online forex trading is a universal story which fortunately has some resonance with Kenya as well. But unlike the countries from which it originated, there are some peculiarities about online forex trading that can only be found only in Kenya and other regions where the concept is still largely a new form of investment.1) It is unregulated
Unlike developed economies of the world, online forex is still unregulated in Kenya. There are no laws to govern the relationship between forex brokers and the traders. This can probably be explained by the fact that Kenya has had no home grown forex broker hence the need for laws has never been thought of. But with the continued interest in a forex industry among Kenyans and foreign based forex brokers, there is a growing demand for parliament to enact relevant laws that shall ensure the take off of this industry. You could gain more insight on the unregulated nature of online forex in Kenya from the article, are Kenyan forex traders the new group of reclusive millionaires? Begin a life of financial independence today by opening a trading account with a regulated and trusted broker.You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
2) It is full of self proclaimed tutors who are nothing but scammers
You’ve probably encountered them in your quest for a Kenyan forex tutor. Most of these so called tutors have a dormant blog or static website that contains nothing but their mobile phone numbers. Their biggest characteristic is their arrogance; one website has a warning to those that would like to call and enquire about the tutors permanent address. Most of these tutors will claim that they can train you on how to trade through webinars or video lessons. The forex industry being unregulated, coupled with the lack of a school of certification, anybody can hold himself out as a forex tutor. I don’t hold myself out as one, but trust me to give more forex knowledge to any willing beginner for FREE. Yes, I don’t charge because after all training on how to trade forex online is simply a matter of knowing where to find the relevant material. The self proclaimed tutor will wait for your money then probably send you a training video he downloaded a while back and go silent on you after a while. If you are struggling to come up with a profitable trading strategy you should read
3) No online forex broker has local offices in Kenya
Most Kenyan forex traders use brokers like oanda and easyfx all of which have no local offices in Kenya. That means that you only get to interact with your broker by email or skype and a telephone call. That lack of physical interaction has caused doubt among many prospective . Kenyan forex traders so far as determining whether or not the broker is a scam or legit. But with the recent rise of VIPortal Incorporated who claim to have over 8,000 customers, it is only a matter of time before foreign based forex brokers set offices in Kenya.
4) It is the most rewarding online venture
Forget about all other ways of making money online such as data entry or writing and spending countless hours raising a blog. Forex is the most rewarding online venture for most Kenyans. Of course you must first know what you are doing. The benefits that come with trading the markets far outweigh the risks involved. Just go through the local papers archives and read about those who have made it trading forex online and you will be surprised to realize that whereas most Kenyans keep to blogging, only a small number ever blog to riches. Most blogs are in fact full of political propaganda and waste a lot of negative energy bad mouthing the who is who in our society.
5) It is illegal to trade forex through other peoples accounts
Do not confuse this with private online forex trading. I have covered the legality and illegality of online forex trading through the article is online forex trading illegal in Kenya? Go through it to learn more on the illegal side of forex trading and how VIPortal Incorporated, a local forex entity, got it all wrong. The illegal side of forex trading exists when you attempt to trade other people’s money.
6) It is the fastest growing online venture among Kenyan youths
As a blogger I must admit that the recent development in the forex industry in Kenya has led to more traffic to my site. Ever since VIPortal got on the wrong side of the law, more and more people are attempting to discover how forex trading in the online sphere works. A while back the most searched thing by Kenyans over the internet was how to kiss. It is my belief that if a new survey is conducted today, how to become a successful forex trader will make it to the top five list.
7. You canot trade the Kenyan shilling online.
I will not dwell much on this as I have covered it in an older article titled why you wont trade the Kenyan shilling online. Just follow the link and find out the reasons why.
8. The forex industry in Kenya is mainly male dominated
Men are the ones who have so far shown greater interest in online forex trading in Kenya. I do not know why fewer ladies have so far shown interest but it could probably have something to do with men’s ability and willingness to take risks. Ladies should however realize that being considered as a weaker sex actually turns out to be their greatest advantage in the trading of forex because it turns them into better money managers who will not lose all their initial capital on a single bad trade. That is one mistake that most male forex traders make.
9. Forex trading is widely among the youths
By now you know that Kenyan youths are considered among the tech savvy in the world and are actually playing on a league of their own within Africa. This makes them able to unearth most online forex ventures ahead of any other group. Also, the old are rarely as engaged with online situations as the youths. This is therefore one place where the youths will not go to bed waiting for government to get heads rolling before they can get employed.
10. Most Kenyan forex traders hold mini accounts
Forex trading involves the trading of micro, mini or standard lot accounts. The account type you trade will depend on your portfolio and your risk tolerance level. Most online forex traders from Kenya have mini accounts which mean that they open their first trading accounts with between $100 and $500. Please note that you can open a trading account for as little as $10.You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
I hope you are now familiar with the current situation as far as online forex trading and Kenyans is concerned. If you had fears it is my belief that they have been assuaged by this article and any of your questions have all been answered. Feel free to read more articles by visiting our homepage or clicking the link to any of the articles provided below.-------------------------------------------------------
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