As Kenyans become increasingly more interested in the Forex market, many brokers have brought their services to Kenya. This poses a new challenge: finding the best broker to open an account with.
To help you with this task, we did some research on choosing a reliable Forex broker in Kenya. Here is what we found, together with our broker recommendations based on those criteria.
Accessibility & Ease of Use
Mobile accessibility is one of the main criteria of Kenyan traders. Thanks to their lower price and convenience, smartphones and tablets are extremely popular among local traders. For this reason, a good broker needs to offer reliable mobile apps and a trading service that works on mobile devices.
Moreover, the design of these mobile solutions has to be user-friendly. Clean, easy-to-navigate menus and options that make sense to customers are a must. In the perfect scenario, all of this will be available in English and/or Swahili.
To make their services suitable for Kenyan traders, brokers must also support M-pesa. More payment methods would be an advantage, but M-pesa is likely to be the most popular method among Kenyan traders.
Reliability
To be the best broker in Kenya, the company will have to support MetaTrader 4. To date, this is the most successful and most reliable platform out there. In addition, pairing MetaTrader 4 with an ECN service will give the most optimal order execution speed.
Account Flexibility
Trader demographics are extremely diverse, even within Kenya alone. For one thing, people differ in their level of experience. A newbie trader is likely going to be overwhelmed. He or she would need simple and clear account terms, ideally with a small investment requirement. In contrast, someone with years of experience would need a highly specialized service that they can customize to their preferences.
In addition, budget is an important consideration when opening an account. Minimum deposit amounts, equity requirements, and bonus compatibility are at play here. The best broker in Kenya would need to cater to all kinds of traders, from those on a budget to big spenders.
Bonuses
Bonuses are especially helpful for many traders, because they increase their account funds. In fact, for beginners bonuses may just be the most important consideration. Many traders want to start with a small investment and boost it with a huge bonus. Thus, generous bonuses will earn brokers extra points.
Is There Such a Broker in Kenya?
Considering all of these criteria, we have concluded that the best Forex broker in Kenya is SuperForex.
The company has excellent technical characteristics. It offers many different account types and has arguably the most attractive bonus program in the industry, including a 2021% bonus. It uses the MetaTrader 4 trading platform and has mobile apps for trading and account management.
Besides a reliable service and trust-worthy technology, it has adapted to cater to Kenyan traders specifically. SuperForex supports M-pesa, along with an array of other convenient payment methods. The minimum deposit on most account types is just $1.
SuperForex has also built an extensive network of partners in Kenya. They help in organizing educational seminars, as well as offering local depositor services to traders from the region.
Moreover, SuperForex was chosen as the Best ECN Broker in Africa for two years in a row in a testament to the high quality of its services.