The Kenyan economy has always been a great strength. As of 2020, it outperformed the economies of most African countries, and remains East Africa's largest and most prosperous economy. Moreover, despite the significant challenges it has faced in recent years, the Kenyan economy is growing. In 2022, GDP growth reached 4.8 percent. By 2024, it had risen to an estimated 6 percent.
Kenya is a vital transportation hub for the wider region, and also boasts a thriving financial sector, making the country an attractive destination for foreign investment. However, the diversity of the Kenyan economy is responsible for the country's financial success and increasingly optimistic outlook. At the heart of this is the culture of entrepreneurship at the national level.
In recent years, the rise Online commerce Platforms have made it easier than ever for aspiring traders to grow their finances by trading the financial markets. Are you interested in the possibility of growing your wealth? The world of online trading has become more accessible than ever before.
Becoming an online merchant
If you are looking for a potential additional source of income, online trading may be the solution for you. Nowadays, all you need to start trading is a basic understanding of the financial markets and access to an online trading platform. In fact, all you need to trade Forex is the services of an experienced global broker.
One example of an online trading broker, regulated and licensed in Kenya, is Exness. These brokers allow aspiring traders to engage with the financial markets through trading contracts for difference (CFDs) such as Forex. With CFD trading, you are essentially speculating on price changes of financial assets. However, there are two points of view that need to be taken into consideration. If a trader opens a position using leverage and the price moves favorably, he will make significant gains, and if the price moves unfavorably he may lose a large amount.
Benefits of using a global regulated broker
Trading CFDs may seem like a high-risk venture, especially if you have only a little experience trading financial assets such as Forex. However, using a global broker that is well established in the industry brings some peace of mind. Forex and CFD trading is becoming increasingly regulated in Kenya, giving individuals a degree of confidence when making trades and seeking financial success in this market.
Are you looking to diversify your investment portfolio? You will need an online trading broker that allows you to deal with various instruments. Aside from traditional currencies, there are stocks, indices, commodities and more. Even if you are currently only focused on a specific trading instrument, diversifying your investment portfolio makes sense in the long term. You will never be excluded from profitable new ventures, and you are equipped with the tools to protect yourself from negative market changes.
What to look for when choosing a broker
In addition to regulation and diversification of investment options, a good broker should also be an affordable broker. Aspiring traders can control their spending by choosing a broker that offers competitive spreads, e.g Exness. However, these aren't the only costs you'll want to keep an eye on. Daily transaction fees are attached to withdrawals and deposits, so make sure you're not paying a premium for these basic services.
Don't have much experience? You may have already been trading for a while now. Either way, and in between, it's important to choose a broker that meets your trading behavior and needs. Make sure that any service you choose suits your trading style and investment requirements.
Programming
Furthermore, think about the features you rely on to complete a day of online trading. Ideally, the broker should use a familiar trading platform that provides all the functionality you are looking for. Key features to look for include technical indicators and charting tools. Automation is also becoming an increasingly common feature. If you want to put your trust in algorithmic trading and automation, choose an online trading platform that supports this, such as MetaTrader 5 (MT5).
Customer support
Another important aspect of any online broker is reliable customer support. A simple technical issue can derail an entire day of trading, so it's important to be able to connect with a human agent as quickly as possible. Look for brokers who have multiple lines of communication, including email, live chat, and phone support.
Additional resources for less experienced traders
To have the best chance of financial success, traders need to be armed with industry insights. In a traditional trading environment, this knowledge comes from interacting with other traders. For those who work only online, this level of interaction is not possible. However, online trading brokers offer a wealth of resources to help guide your way.
At a minimum, you'll want an online broker that offers a range of educational resources to help you navigate your first trades. Basic tutorials are essential, while in-depth articles and video guides will ensure you get the most out of whatever trading platform you use. Do you already have some experience in forex trading? Look for brokers that offer richer content, such as webinars or guest posts from industry thought leaders.
Ready access is all well and good, but there's more to consider when choosing an online trading broker's platform. Once you've shortlisted a selection of options, it's time to weigh the pros and cons. Are these platforms regulated? If so, by which authorities? Are you looking to explore commodities and indices, in addition to traditional forex trading? Make sure you choose a platform that allows you to speculate on other trading instruments as well. Furthermore, think about the added value of a particular platform. A broker with a wealth of educational resources can help you go from a complete newbie and turn you into an experienced trader in a relatively short time.
