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Introduction
Forex trading in Kenya is becoming more and more popular every day as the country continues to embrace the fact that the Forex market is the best place for anyone to invest their money. With the recent economic downturn, it has been a long time coming for the Kenyan people but the city of Nairobi now hosts one of the largest Forex trading centers in East Africa if not the entire continent.
The growth of this center has led to a wealth of opportunity and competition among those who wish to trade which has resulted in an abundance of platforms designed specifically for traders like you. Each platform brings its own unique experience, style, and features making it difficult to decide where best to start your journey into foreign exchange trading so we have compiled some information across several platforms on offer today.
Top Forex Trading Platforms in Kenya
1. MetaTrader 4
The MetaTrader 4 is the foremost Forex trading platform for users across the globe has been a market leader in the space for the last 10 years. It boasts support in 15 different languages and has a very user-friendly interface that any novice investor can easily navigate.
The fact that it is used by the largest banks and financial institutions in the world says a lot about the stability of the platform. It has been able to get a penetration of over 85% worldwide and has remained the top-charting forex trading platform for years.
Advantages of MetaTrader 4
a. The ease with the setup procedure makes it easy for both professionals in the field and beginners to trade easily with it.
b. It is beginner-friendly given that it’s the top choice in the forex trading platforms for those who have no prior knowledge of the business and are still learning how the market work.
c. Mt4 has a very intuitive interface that makes it easy to understand the charts, indicators as well as settings used by professional traders.
d. This leading Forex trading platform is the most simple and the safest option for forex traders.
e. It comes with an array of different features that include flexible analysis tools and the next market panels, the trading window, and the array of time frames.
Disadvantages of MetaTrader 4
a. The fact the platform has a very poor mobile application, which is why some people love the MT5 trading platform more.
b. This top Forex trading platform has the same level of sophistication and the real-time data feeds updated by the broker to the account of the trader.
2. cTrader
cTrader is not a well-known platform but it is among the best trading platforms in Kenya. cTrader is the third top Forex trading platform in the world. The cTrader cloud-based platform is designed for fixed income securities, commodities, and the forex markets.
It comes with an advanced level of functionality that has high-speed execution along with the real-time data feeds updated by the broker to the account of the trader.
Advantages of cTrader
a. It has a customizable trading environment
b. It gives you the ability to open the position during market hours as well as the ability to close the position any time you want.
c. cTrader allows the trader to use the expert advisors that are the automated trading tools.
d. It offers the ability to the trader to trade the EMINI M2M forex instruments.
e. It has lower transaction costs than other platforms
Disadvantages of cTrader
a. The platform is not compatible with the trading terminal from any other provider it requires in installing the MetaTrader 4.
b. There is a fee for the data feed, the cost could be between USD 25 – 60 per month
c. If the trader wants to enter the market, he has to push the buy/sell button because it does not support indicators and graphical tools.
The above disadvantages are the reasons why the platform is used by a few traders, although the advantages of more than the disadvantages. This fact is proven by the trading volume on the EMINI M2M Forex Market, which had the largest number of orders in August 2010.
3. Metatrader 5
It is similar to Metatrader 4 but the major difference is the ability to trade the cryptocurrency. This was due to the rise of CFD trading and more trading platforms offering them.
CFDs work by the investor only buying the contracts and the difference in the value of the contract decides the profit/loss. Again, the main advantage is the efficiency it has as a trading platform while at the same time it offers highly advanced features for any trader.
Metatrader 5 runs on any Windows operating system which is compatible with .NET.
Advantages of MetaTrader 5
a. Unlike MetaTrader 4, it allows the trader to also deal with CFDs in
b. It’s among the trading platforms that rely on the investor’s performance and can grant awards, accolades, or even gift cards to top traders.
c. The trader can use the platform with the language of his choice. However, the trader needs to understand the procedures and the regulations that govern the trading account.
d. The vast array of features and tools that are available on the Metatrader 5 platform makes it one of the best platforms in comparison to others.
e. Unlike other trading platforms, MetaTrader 5 is the only one that allows the trader to use the mobile platform as well. It is the easiest platform for the beginner and the professional trader alike since the user interface has been designed with a lot of care on the use of the color scheme, the charts, and the tools that are provided by MetaQuotes Software.
f. It provides a free trial account.
4. eToro Trading Platform
eToro is one of those best forex trading apps in Kenya that focus on the social aspect and community building. Apart from the top forex trading platforms in Kenya, it also has a great social media platform where traders can share their ideas and market trends.
eToro was specifically designed for social trading and copy trading with these kinds of traders dealing with CFDs.
Advantages of eToro
a. The platform is the top and the most leading social investing network where investors can discuss the market trends and the direction that the prices are heading, as well as the financial markets.
b. eToro Trading Platform eToro is one of those best forex trading platforms in Kenya that focus on the social aspect of the forex trading industry.
c. It’s among the best platform for beginner traders as it offers the demo option that allows the trader to practice and learn the ropes of forex trading without putting their real money at risk.
d. It also has a great virtual account where the trader can try out features and learn how to use the platform.
Disadvantages of eToro
a. The minimum number of trades that the trader can place for the particular pair is 1 lot while the maximum leverage it offers its customers is 1:400.
b. The platform is that the investor cannot withdraw the money directly.
c. It has a hard terminology on its app that makes learning take a while for new traders.
4. Plus500
Plus 500 is an award-winning online CFDs broker with the top innovative technology, making it the best for beginners as well as experienced traders. It’s one of the best forex trading apps in Kenya. The great customer service comes next to make sure that all your queries are answered and last but not least; they offer a free demo account to test their services.
The broker is another great choice for beginner traders and the providers of the platform also offer the possibility of demo trading so that the clients can practice before making a deposit.
Some of the other top features are the flexible orders, the very generous welcome bonus, the high leverage of 1:30, as well as the high number of trading instruments it offers.
Advantages of Plus 500
a. The high leverage the broker offers of 1:30
b. The minimum deposit the trader has to make is $100
c. The number of instruments the platform provides is many for the trader to choose from.
d. The possibility of demo trading the credit and debit card deposits top customer service
Disadvantages of Plus 500
a. The high spread they provide
b. The low maximum withdrawal
c. They do not have customer service which may create problems with traders.
5. Markets X
Markets X is a trading platform the offers the trader the ability to trade the demo and the live market. It’s one of the lesser known forex trading apps in Kenya. It provides high leverage for the trader with 1:250, as well as good trading software for the trader to use.
Market X comes with different trading tools the trader can use easily and quickly to trade the forex market. What sets it apart from others is that it’s a multi-selling proprietary trading platform.
Advantages of Markets X
a. The trader can use the demo to trade the live market which allows the trader the ability to practice trading the forex market before making trades in the live market.
b. It also has a mobile application for your phone, allowing you access to the platform from any place and at any time of the day.
c. It has many smart trading tools that a trader can use during trading and the trader can trade the market the way he wants the way.
d. The platform has a well-automated trading system that allows the user to easily execute trades when the preferred trend is detected.
Disadvantages of Market X
a. The default charting package is not the best and the platform can freeze your account if the wrong trade has been executed.
b. Accessing the platform is limited to those using the broker Markets.com
c. It focuses more on share dealing forgetting the needs of the forex trader.
6. ProRealTime
ProRealTime forex trading platform is the most advanced platform on the list. It has the standard features that every trader needs and the development team behind the system is always looking for ways to make the trader’s job easier.
The ProRealTime system has won many awards for ease of use, fast execution, and powerful analysis tools. What makes this platform unique is that it’s a web-based platform that takes away the need for forex traders to download it.
Advantages of ProRealTime
a. ProRealTime places the focus on the trader, the platform is the only one that allows the forex trader to customize how it looks and operates.
b. Another feature of the ProRealTime system is that it offers the fastest execution speeds in the market as well as advanced charting tools.
c. It takes away the need to download given that it’s a web-based platform
d. It has a great technical analysis for functionality
Disadvantages of ProRealTime
a. The platform is not the easiest to use for the parts that are not the charts
b. Using this platform requires an understanding of Meta trader4 which can be a bit problematic for a beginner who hasn’t used both.
c. It’s not designed for mobile trading.
d. It’s not accessible globally
e. Depending on the broker you choose will determine j=how high the fees of using the platform are.
What to Look for to Get the Best Forex Trading Apps in Kenya?
1. Tools and facilities provided- When it comes to the best forex trading platforms in Kenya, the first thing you need to ensure is that the platform provides the necessary facilities for your needs.
2. Response time- pick a fast trading platform that will make sure that you get to a place and end your trades right on schedule.
3. Reliability- the forex trading platform should be able to accommodate all expectations that you have regarding it, like whether you can use the web-based version or you prefer a downloaded version and that it doesn’t end up freezing on you during a trade.
Want to Start Trading? Here is our List of Recommended Forex Brokers
Final Take
Choosing the best forex trading platform in Kenya is one of the most important decisions any trader will make. You want to be sure you find one that has everything you need and meets all your requirements, but finding out what those needs are can be tricky.
The article has shed some light on the best trading platforms in Kenya and why they are considered the best. Overall, it’s never about the platform but more about you and the trading needs that you have. It’s the only sure way of getting to choose the best forex trading platform in Kenya.
