Exinity Capital East Africa is the latest entrant into Kenya’s Forex scene following approval from the Capital Markets Authority (CMA). CMA granted Exinity Capital a license to operate as a Non-Dealing Online Foreign Exchange Broker.
Exinity Capital joins three other forex players approved after the enactment of the Online Foreign Exchange Trading Regulations, 2017. The three include; EGM Securities trading as FX Pesa, SCFM Ltd trading as Scope Markets, and Pepperstone Markets Kenya Limited.
As a non-dealing broker, Exinity will link Kenyan forex traders to online foreign exchange markets in return for a commission or mark-up in spreads. CMA prohibits the firm from engaging in buying and selling of foreign currencies, offering client advice or trade on behalf of their clients.
According to CMA acting CEO, Wycliffe Shamiah, the entry of Exinity into Kenya offers traders a choice of four non-dealing brokers regulated by the Authority. He reiterated that the Authority is keen to identify unlicensed entities to protect the public from being defrauded.
The pandemic has led to growth in forex trading as people have more time to research and trade. In addition, forex trading is attractive to consumers due to low transaction costs and speed.