Choosing the right trading platform and the right broker is essential to ensure profitable trading. Whether you want to engage in commodity or forex trading in Kenya, you cannot afford to choose the wrong broker or the wrong trading platform. The right choice gives you a good start.
Before researching platforms and brokers, identify your needs and avoid copying other traders. It can be tempting to imitate other traders, whether compatriots or not. But you can’t do it right. So, learn as much as you can about trading.
There is an ever increasing number of regulated brokers serving the Kenyan market. Each of these brokerages has advantages and disadvantages. Some, like HFM, have a reputation for reliability. You can also find brokers with the best trading platforms, excellent customer support, and superior training tools. If you are a newbie, you might want to look for a great broker for beginners. In this case, you can consider AvaTrade and XTB.
What you should pay attention to when choosing a broker
The online trading game is about regulatory compliance. You should choose brokers that meet the financial standards established by the regulatory authorities. See the “About Us” page for more licensing and compliance information. Examples of recognized regulators include the Financial Conduct Authority (FCA), ASIC (Australia) and CySEC (European Union).
Consider the minimum deposit
Another critical factor are the terms and conditions regarding the amount of money you can deposit or withdraw. You wouldn’t want to discover that the minimum deposit threshold isn’t ideal for your budget or trading plans. Likewise, you may find the indent too limiting for your liking. For example, some brokers may stipulate the frequency of deposits and withdrawals.
Additional rules you need to check include payment options. Brokers may not offer the correct payment methods. In this case, you can opt for a broker offering options such as M-Pesa and bank transfer.
Transparent pricing structure
Fees play a vital role in your overall trading experience. Therefore, you should select a broker with reasonable fees. On top of that, there is a great need for transparency regarding how the broker charges transaction fees. When in doubt, you don’t want a nasty surprise after depositing funds.
Transparency builds your trust in the platform. So, compare the fees and shortlist your favorite brokers. Next, check that the broker’s website clearly lists the information.
Here are some brokers to consider in Kenya.
This broker offers excellent trading conditions and tools. Moreover, you can choose the right account from a wide range of types to suit your trading plans. In addition to this, the broker offers M-Pesa as a payment option. It is no surprise that HFM is the best option and popular with Kenyans.
Founded 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 on six continents.
This publicly traded FX broker gives you access to over 2,100 instruments to trade. You can take advantage of educational resources and 24/7 multilingual support to ensure a successful business experience in Kenya.
Choose the right trading platform
An online trading platform is a crucial element in the world of trading. It provides access to useful market information and other trading features. You can also stay in touch with your broker through the platform. But these platforms have different functionalities. It is therefore important to ensure that the broker you have chosen 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 is common for brokers to include a proprietary platform alongside cTrader, MT4 and MT5. For this reason, you should evaluate each platform to understand the features and functionality available.
You need to consider whether a given platform is compatible with your device. Major platforms work great on various versions of Windows, iOS, and Android. If you have any doubts about the functionality of a particular platform, ask the broker for clarification.
The ideal trading platform comes with a user-friendly interface that is easy to use, regardless of trading experience. You wouldn’t want to trade on a platform with complex features and find it difficult to navigate. This aspect is vital, especially if you are new to trading.
Another major issue is stability. An unstable platform can ruin your experience and you lose focus trying to troubleshoot technical issues. It is also possible to lose profitable opportunities because, in trading, timing is everything. The system may malfunction when trying to place a potentially winning trade.
Key points to remember
You need to choose the right broker and the right trading platform by identifying the elements that are important to you. Every trader has specific trading goals and requirements. For example, you might want a platform with M-Pesa as your payment method and low deposit and withdrawal thresholds.
Additionally, you may be looking for a trading platform that is easy to use and suitable for beginners. All of these factors may differ from trader to trader. So just avoid copying what others are doing.