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maskmanhk · 5 years ago

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Just as important in the Forex market as it is in the stock market is the choice of which Forex brokerage firm you opt for. The markets vary in that the stock market brokers have commissions to make their money but a Forex broker will use spreads to make their money.

The forex brokers listed below have been reviewed by us based on a number of key features. We recommend reading the forex broker reviews before making your choice on which forex broker to download & join.

The forex brokers recommended on this page are mainly suited for intermediate and pro traders. They require slightly higher deposit amounts and they might not accept Mpesa. Click here for a list of the best forex brokers that accept Mpesa. These are beginner-friendly forex brokers.

Having made the necessary sacrifices and effort to gather the initial capital to invest, it is quite natural that you wish to invest in an intelligent manner, maximizing your potential profits while, at the same time, keeping your risk levels as low as possible.

You have most probably taken the time to learn the workings of the trading system and garner as much information about the financial markets as possible before investing your money. You have experienced the pain of losses and also the joys of success and by now should have a better idea of exactly what you should be doing and how to go about doing that.

Now, you are finally ready to begin trading properly. You wish to start trading for real and generating a second source of income, no matter whether it is your primary or secondary income source. It is time for you to watch you initial investment pay off and your profits begin to grow.

The only thing you need to do now is to choose a broker and a trading platform to work with. Unfortunately, there is such a multitude of brokers, traders, platforms, and choices being offered. Each one of these also offers its own free gifts, options, and unique features. The realization that trading does not involve simply understanding the system of trading comes suddenly and you begin to experience doubts.

The most challenging questions then become, “Who should I work with?”, “Who should I trust with my money?”, and “Which forex trading platform will meet my needs and desires?” Answering questions like these is not easy, and you will have to sift through a sea of information in order to find the right answers. And if you stumble and make the wrong decision, you might find yourself losing a great deal of potential profit or even suffering from losses due to certain important factors you might have forgotten to include in your decision-making process.

At Kenya Forex Firm, however, our professionals are totally immersed in the world of finance and trading. We completely understand your feelings and the worries that you must be experiencing at the moment. Rest assured that you are hardly the only trader to feel this way.

Our aim, therefore, is to aid you in choosing the best forex brokers in Kenya. We can help you make sense of information that seems chaotic and without order, and also reduce the chances that you will commit any errors. We have taken the time to review every active broker in detail, and analyzed their various trading platform, conditions, and other features that each one offers clients.

Our standards are exacting and our main focus is on the efficiency and profitability offered by a broker. Using the information that we have gathered, we present you with a summarized report of what we feel are the 10 best forex brokers in Kenya, and who will offer you the best terms and potential profits currently available. Emphasis has been placed on the main factors that you should consider when making your decision. With the extensive information we place at your disposal, you will be able to choose the broker, trading platform, and trading conditions that suit your needs and trading style best.

Besides saving valuable time and money, more importantly, you will be more assured that your decisions are the right ones. This will allow you the greatest potential for success.

All that is left for you to do is to make your choice of one of the recommended brokers above, register on their site, and start trading, confident that you have made the best decision possible.

XM Forex

XM forex is a forex trading broker regulated in the Republic of Cyprus that was started by a group of interbank dealers in 2009. Their initial aim was to improve the level of services in the forex trading community.

With XM Forex, traders can access commodities, CFDs as well as foreign currencies. The main advantage of dealing with XM is that because they are based in Cyprus, and Cyprus is a member of the Eurozone, it meets the minimum standards required of any financial service provider that operates in the EU.

It’s also good to know that XM is registered with the FSA (Financial Services Authority) in the UK and Germany’s Federal Financial Supervisory Authority (BaFin). This additional registration gives any of XM forex traders extra protection.

XM have gained an excellent reputation over the years due to their core values of business transparency, top rate trading conditions and expert communication. They offer a wide range of trading options including foreign currencies, precious metals, stock indices and energies. Another positive factor is that there are no rejections or re-quotes of trading orders and their speed of execution is second to none. 99.35% of orders are executed within 1 second.

XM Trading Platforms

XM currently offer a great choice of platforms for their clients that include MetaTrader 4, MT5, XM WebTrader, XM Mobile and MAM Trader.

MetaTrader 4

One of the world’s most popular trading platforms due to it’s user-friendliness and variety of tools. The XM MetaTrader 4 trading platform can be used for manual and automated trading with its own expert advisers.

XM WebTrader

This platform allows traders to trade via the internet without having to go to the trouble of downloading specialized software.

XM Mobile Trader

For those of you who are often on the move and those who love to use their mobile devices XM Mobile Trader is the obvious solution. Trades made using an iPhone, iPad or other mobile devices are easy with their suit of mobile platforms.

MAM Trader

For more advanced trading and the professional trader with more than 1 account, MAM Trader enables you to manage more than one account and has all the necessary trading tools.

Types of XM Trading Accounts

XM offers 3 different types of trading account:

Micro Account

With an initial deposit of only $5 this first level account is ideal for the beginner and those who’d prefer a low risk approach towards their investing. Minimum contract size is 1 000 lots.

Standard Account

This next level account is much more suitable for more experienced and professional traders but requires a larger initial deposit before trades can be done. The benefits are the same as those for Micro accounts but Standard traders can trade with a larger contract size.

Executive Account

If you’re in the position to take bigger risks for bigger gains then an Executive account is for you. The minimum deposit is $100 000 but you get the opportunity to trade in much bigger volumes. Other accounts include an Islamic Account as XM are glad to welcome customers from all over the globe and as such are happy to make special allowances for people’s religious beliefs. If you open an Islamic Account trades will be based on Sharia principles. For those traders who don’t have the experience or time to manage their trading activities there is the option of opening a Managed Account. This type of account allocates the account holder their own personal account manager to manage their funds and take part in trades on their behalf. For complete beginners there is the valuable option of opening a Demo Account. Always a good way to start your forex trading journey as you can experience the highs and lows of trading without risking any of your own money.

XM Forex Bonus info and some additional features

To encourage new customers the XM Bonus is currently $30 worth of credit when you open your first real account. It’s available to all new clients and no initial deposit is required. The bonus is automatically credited to your account and there are no hidden terms. Any profits earned can be withdrawn. Other XM bonus offers include a welcome bonus, loyalty program, free VPS services and no charge for deposits and withdrawals.

So in conclusion XM is a worthwhile choice for both new and experienced traders as it offers an interesting range of bonuses and accounts that cater for the wide variety of people who are interested in investing their money in the forex market. Customer support is available in a wide range of languages and can be contacted on weekdays by live chat, email and via an extensive range of country specific phone numbers. It has a very high rate of executed trades, no rejections and no re-quotes. A distinct advantage in this ever changing market.

EasyMarkets Forex Broker

EasyMarkets

If you’re looking for a forex broker that offers a good all round service Easy Markets could be right up your street. As well as easy forex trading they offer a variety of ways to take advantage of many different markets all across the globe.

Easy Markets is well known all over Europe as it is regulated in several EU countries. Although we should mention that you cannot sign up with Easy Markets if you reside in the USA. Being regulated means you can trust the company’s legitimacy. And as well as trading in foreign currencies you’re able to trade commodities, if you fancy a change of scene.

Easy Markets entered the field of forex trading in 2003. It was started by a group of bankers, forex and internet experts with the aim to provide access to global currency markets as well as trades in equity indices, energy and agricultural commodities, metals and vanilla options via a web-based, desktop or mobile platform.

EasyMarkets Accounts

For their customers EasyMarkets has 3 main types of trading accounts: VIP, Premium, and Standard.

1. Standard

This is the basic level entry account and requires a minimum deposit of $25 and a minimum deal size of $5 000. A mini account gives you access to one on one training, live chat and all platform features.

2. Premium

The next step up is the gold account that requires a minimum deposit of $500 and minimum deal size of $50 000. Additional advantages include your own personal dealer, dealing room chat and access to special offers.

3. VIP

You get all the standard features with a minimum deposit of $2 000 and minimum deal size of $25 0000. As a platinum customer you’re entitled to higher dealing leverage and an expert charting package.

This is the most sophisticated package available for Easy Markets clients. As a VIP account holder you can receive market update calls from dealers, call levels by dealers and customised reports.

All these accounts can undertake trades in silver, gold and oil contracts as well as foreign currencies. Easy Markets also offers some unique extra features such as freeze rate facilities (trades only executed at a certain price) and one click trading. This super fast way of trading means you can buy and sell with little delay.

Easy Markets also offers a range of different easy forex bonus offers that are regularly updated. The current offer is a 20% easy forex bonus trading credit when you make your first deposit.

Like most forex brokers Easy Markets makes its money via the bid-ask spread. In other words their profits come from the difference between the bidding and asking price. The spreads vary according to the liquidity of the market at the time of the trade. However it’s good to know that tailor-made spreads may be available for certain types of account i.e. Platinum and VIP account holders.

For all you forex newbies Easy Forex offers a wide range of educational tools such as training videos, e-books, simulators and events. They also run webinars and seminars for all levels of expertise.

Easy Forex Platforms and conclusion

When looking at different forex brokers the level of customer service provided is a vital factor when searching for the best one. EasyMarkets ticks all the boxes as their customer support is via a 24 hours phone line with quite a few European-based numbers and a few from countries outside the EU. You can also contact the customer support team via email should you prefer.

You know that EasyMarkets is a reliable broker because of the vast number of transactions they get and enable every month. And as well as forex you can try your hand in other markets too. MetaTrader 4 is one of the most commonly used platforms with more than 85% of trades taking place using this software.

So in conclusion, this forex broker is primarily targeted at relatively new traders and those who are looking for a simple and straightforward trading experience. With their range of different options they are also suitable for intermediate and advanced traders, especially if you qualify for preferential rates. Although not available in the USA, traders who reside in Europe, Australia and other countries would be wise to take notice of this easy forex review and have a go at using their user-friendly online trading platform.

FXCM

FXCM is a regulated ECN Forex broker based in USA and has headquarters in New York. The company offers the possibility to trade with and without a dealing desk. You can choose to trade on rates provided directly by the banks with the FXCM widening, getting around 1.8 pips for the EUR/USD currency pair. However, if you need a protection against the spread uncertainty, you can trade with dealing desk with the spread of 2.6 pips on the EUR/USD currency pair.

To open a standard account, the broker requires an initial deposit of 2,000 USD, and it offers leverages of up to 1:200 for all traders who are outside the United States, and 1:50 leverage for US traders. FXCM also offers a mini-account for those who are still new to online currency trading. It requires an initial deposit of 50 USD. I have not tested the mini account, for this reason I can’t share any thoughts about it in my review.

FXCM offers several trading platforms, including the popular MetaTrader 4 platform. For my trading I used the FXCM Active Trading platform. The platform is available to traders that trade more than 10 million currency units per month or deposit more than 25 000 USD. The platform is easy to use and is very intuitive. The spreads are quite tight, around 0.8 pips for EUR/USD, however broker charges a commission of 3.5 USD per 1 lot. I always prefer trading Forex without a dealing desk involved.

FXCM provides great customer support for traders with accounts over 25 000 USD including the weekends when the markets are closed. I didn’t try the standard customer support for smaller account owners, but it states that they offer support in over 20 languages via phone, chat and e-mail.

The registration process requires not only your personal information, but also your financial details and employment information. To approve my account I had to provide a copy of my ID and a valid utility bill for providing proof of residence.

FxPro

FXPro is a regulated Forex broker based in Limassol, Cyprus. I was trading with this broker for a couple of months now. To open a standard account, the broker requires an initial deposit of 1,000 USD, and it offers leverage up to 1:500 for all traders who live outside the United States, and 1:50 leverage for the US traders. However, for MT4 platform it is even enough with 500 USD to open an account. Also, registering a process for the real FXPro accounts was simple.

FXPro offers 2 trading platforms, including the popular MetaTrader 4 platform and their own FXPro cTrader. I always prefer trading Forex without a dealing desk involved,so for my trading I used the FXPro cTrader trading platform. The spreads are tight, around 0.6 pips for EUR/USD, however the broker charges a commission of 65 USD per 1 million traded. Which is 6.5 USD per 1 lot.

Main drawback is that they offer only MT4 iphone and ipad platform. They have not developed mobile version of their FXPro cTrader. And as sometimes I have to leave my computer during the trading process, I am used to manage my positions over the phone.

FXPro provides a great customer support. I had a couple questions during the registration process, which were answered in no time at all. Also I had a couple of small issues with the trading process and quotes, so I had an opportunity to test the customer service well.

Overall, I was satisfied with FXPro services, especially with the customer support and order execution. The commissions from turnover were not the smallest in the market, however I would classify them as normal. The main thing that I did not like was the fact that they did not had their own platform solution for a smartphone.

Dukascopy

Dukascopy is a regulated ECN Forex broker based in Switzerland. The company offers a security of your funds, no price manipulations and quite swift order executions. During the ProForexCourse testing I managed to collect enough experience with Dukascopy for this review.

Dukascopy is indeed an ECN broker with a lot liquidity, but based on my trading experience, Dukascopy spreads are definitely one of the lowest in the industry. My testing parameters were as the following:

Account size: 50 000 USD Commission for 1M: 18 USD Trade size: 500 000 (5 Lots) Trading period: September 3rd to September 28th Trading platform: JFOREX Platform

Firstly, their spreads are floating. On average, the EUR/USD spread reaches around 1.2 pips; however, the broker charges a commission of 18 USD for 1M USD (0.18 pips), which increases the spread in both directions by 0.36 pips. It is still a very attractive deal compared to other broker, though during important news announcements the spread increases by 4 or 5 pips. Also, during the trading period I had a lot of cases with slippage, and once I contacted the Dukascopy representatives, I got an explanation that the slippage was caused by volatile market conditions.

Dukascopy offers several trading platforms, including the popular MetaTrader 4 platform. For my forward test I used a downloadable JAVA-based platform, called jForex. The platform is easy to use and very intuitive. The only thing that I didn’t like much was that platform does not merge positions automatically, therefore after every closed trade I had to do that manually. Nevertheless, the broker does not charge the commission for merging positions, so this was not a big issue.

I really liked the way the Portfolio Statement is presented within the platform. The accounting information regarding the trading activity is very user-friendly: you can easily find all necessary information regarding transactions, trades and commissions.

Signing up for a Swiss broker is slightly more complicated while other brokers offer an online subscription. You are required to download all the papers, fill in the necessary information, and mail the documents to Switzerland. It is suggested that you email scanned copies or fax them first to ensure that everything is in order before mailing your the original documents.

If you are opening up a private account, you will need to include a certified copy of your passport or any utility bill showing your residential address. You will be contacted by a company representative if any additional documentation is needed. A standard bank order is needed to deposit or make a withdrawal from your account.

In general, I had a pleasant experience while trading with the broker. While it offers speedy trade execution and tight spreads, you might get a higher slippage during highly volatile market conditions. At the same time, they size of the slippage is not that critical and it does not occur every time. While the application procedure for an account might be somewhat annoying, it is being offset by an advanced client service and well-thought trading platforms.

Forex.Com

I came across this broker back in 2014. Forex.com is quite a well-known broker and it has two headquarters located in New York and London. The broker allows trading currencies and metals as well as CFDs, and it is possible to execute trades with the FOREXTrader platform, designed by Forex.com, or regular MetaTrader platform.

Personally I never tried their own platform as I at that time I felt perfectly comfortable trading with MetaTrader. Along with its own platform, I like the list of PRO tools they offer such as Autochartist, eSignal and Strategy Center, including DowJones Newswires. It is possible to open a trading account with 1:400 leverage for Forex, and 1:200 for CFD contracts.

During my live experience, sometimes I got lots of re-quotes during volatile times on markets, with spread on EUR/USD reaching up to 3 pips, and I didn’t get that many of them while trading with any other broker. Also, I would debate about the execution speed, as sometimes it took longer than 60 milliseconds to place an order on a live account.

What I liked about the broker is a 24/5 live chat support that helped sometimes answering basic questions related to practical matters (such as opening an account). However, sometimes I got an impression that there was a robot answering my questions.

To conclude, it’s a nice broker, I made my first trading successes and losses with it and it allowed me to get a clearer overview about Forex trading. Yet, for advanced and experienced traders I would suggest trading with others brokers, preferably the ECN-type ones.

Saxo Bank

Saxo Bank is a worldwide-known broker that is headquartered in Copenhagen, with offices located in more than 25 countries. Saxo Bank offers 30000 different trading instruments from over 33 global exchanges, but I was trading only Forex with them, so I cannot express my opinion about other instruments they are providing.

What I like about Saxo Bank is that client funds are deposited at Barclays and HSBC, which are some of the leading players in the banking world, and it means that they are very serious about the security of client funds. In my opinion, the security of funds is one of the most important things that you look in your broker.

What I really liked about Saxo Bank is that they do offer 3 integrated trading platforms, and each one of them is accessible from one Saxo Bank account. The Saxo MT4 account offers the choice of more than 50 FX pairs and CFD indices and commodities. This is not so much of an importance to me though as I trade only one currency pair. But what was attractive for me is that they offered tight spreads and provide leverage of up to 1:200.

The Saxo MT4 platforms allow free access to the Metaqoutes smartphone app so it does allow me to maintain the trade over my smartphone whenever I have to leave my PC. I never had any issues with them. I tested their customer service, that is claimed to be operational 24/5, and I was pleased with their quick responses.

The real account registration process is very easy and is done directly on SaxoMT4 website. Trading with Saxo Bank was convenient, also I am not a huge fan of MT4 platform. And the trade execution was accurate with small slippages and narrow spreads.

via Kenya Forex Firm LTD

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