Choosing the right trading platform and broker is vital to ensure profitable trading. Whether you want to engage in commodity or forex trading in Kenya, you can’t afford to pick the wrong broker or trading platform. The right choice gives you a good start.
Before looking for platforms and brokers, identify your needs and avoid copying other traders. It can be tempting to imitate other traders, whether they’re fellow Kenyans or not. But you may not get it right. So, learn about trading as much as possible.
There’s an ever-growing number of regulated brokers serving the Kenyan market. Each of these brokerages comes with pros and cons. Some, like HFM, have a reputation for dependability. You can also find brokers with the best trading platforms, excellent customer support, and superior training tools. If you’re a novice, you may want to look for a great broker for beginners. In this case, you can consider the likes of AvaTrade and XTB.
What you need to pay attention for when choosing a broker
The online trading game is about regulatory compliance. You should pick brokers complying with financial standards set by regulatory authorities. Check the ‘About Us’ page to find more information about licensing and compliance. Examples of recognized regulatory authorities include Financial Conduct Authority (FCA), ASIC (Australia), and CySEC (European Union).
Consider the minimum deposit
The terms and conditions regarding how much money you can deposit or withdraw is another critical factor. You wouldn’t want to discover that the minimum deposit threshold isn’t ideal for your budget or trading plans. Similarly, you may find the withdrawal too limiting for your liking. For instance, some brokers may stipulate the frequency of deposits and withdrawals.
Additional rules that you must check include the payment options. Brokers may not offer the right payment methods. In that case, you could go with a broker offering options such as M-Pesa and wire transfer.
Transparent fee structure
Fees play an integral role in your overall trading experience. Therefore, you must select a broker with reasonable fees. On top of that, there’s a big need for transparency concerning how the broker levies transaction fees. If anything is in doubt, you don’t want a nasty surprise after depositing funds.
Transparency boosts your confidence in the platform. So, compare fees and shortlist your preferred brokers. Then, verify that the broker’s website lists the information clearly.
Here are some brokers to consider in Kenya.
This broker offers excellent trading conditions and tools. What’s more, you can pick the right account from wide-ranging types to suit your trading plans. On top of that, the broker offers M-Pesa as a payment option. It’s no surprise that HFM is the best option and it’s popular with Kenyans.
Established in 2006, AvaTrade boasts billions of dollars in trading volumes. It provides access to secure trading platforms and a wide selection of underlying assets to trade. It has offices across six continents.
This stock exchange-listed FX broker offers access to more than 2,100 instruments for you to trade. You can take advantage of educational resources and 24/7 multilingual support to services to ensure a fruitful trading experience in Kenya.
Picking the right trading platform
An online trading platform is a crucial component in the trading world. It provides access to useful market information and other trading features. You can also stay in touch with your broker via the platform. But these platforms have different features. So, it’s important to ensure that your chosen broker offers the right platform. Some brokerage firms offer multiple trading platforms for your convenience.
Whether you like Metatrader4 (MT4) or other platforms, make sure the broker has the right platform before signing up. It’s common for brokers to include a proprietary platform alongside cTrader, MT4 and MT5. Because of this, you should evaluate each platform to understand the available features and functionalities.
You need to ask yourself whether a given platform is compatible with your device. Leading platforms work perfectly on various Windows, iOS, and Android versions. If you’re in doubt about the features of a particular platform, ask the broker for clarification.
The ideal trading platform comes with a user-friendly interface, and it’s easy to use irrespective of trading experience. You wouldn’t want to trade on a platform with complex features and struggle to find your way around. This aspect is vital, particularly if you’re new to trading.
Another major issue is stability. An unstable platform can ruin your experience, and you lose focus trying to troubleshoot technical glitches. It’s also possible to lose profitable opportunities because, in trading, timing is everything. The system may malfunction when trying to place a potentially winning trade.
You must choose the right broker and trading platform by identifying things that are important to you. Each trader has specific trading goals and requirements. For instance, you may want a platform with M-Pesa as a payment method and low deposit and withdrawal thresholds.
In addition, you may be looking for a simple-to-use trading platform suitable for beginners. All these factors might differ between one trader and another. So, avoid simply copying what others are up to.