Can trading support Kenya’s entrepreneurial spirit?

 

Photo credit: Exness

Kenya’s economy has always been something of a powerhouse. Until 2020, it was outpacing the

economies of most African countries and remains the largest and most buoyant economy in East Africa. What’s more, despite facing significant challenges in recent years, the Kenyan economy is growing. In 2022, GDP growth stood at 4.8 percent. By 2024, it had risen to an estimated 6 percent.

A bustling transportation hub for the wider region, Kenya also boasts a thriving financial sector, making the country an attractive prospect for foreign investment. However, it’s the diversity of Kenya’s economy that’s responsible for the country's financial success and increasingly optimistic outlook. At the heart of this is a nationwide culture of entrepreneurship.

In recent years, the rise of online trading platforms has made it easier than ever for aspiring traders to grow their finances through trading the financial markets. Interested in the possibility of growing your wealth? The world of online trading is more accessible than ever before.

Becoming an Online Trader

If you’re searching for a potential supplementary income stream, online trading could be for you. Nowadays, all you need to begin trading is a basic grasp of the financial markets and access to an online trading platform. In fact, all you need for forex trading are the services of an experienced global broker.

One example of an online trading broker, regulated and licensed in Kenya, is Exness. Such brokers allow aspiring traders to engage with financial markets through trading contracts for difference (CFDs) such as forex. With CFD trading, you’re essentially speculating on price changes of financial assets. However, there are two perspectives to consider. If a trader opens a position using leverage and the price moves favorably they stand to make significant gains, and if the price moves unfavorably they may lose a substantial amount.

The Benefits of Using a Regulated Global Broker

CFD trading might seem like a high-risk venture, especially if you only have minimal experience with trading financial assets such as forex. However, using a global broker that’s established in the industry does bring some peace of mind. Forex and CFD trading are becoming increasingly regulated in Kenya, giving individuals a degree of confidence when making trades and aiming for financial success in this market.

Looking to diversify your portfolio? You’ll want an online trading broker that allows you to engage with various instruments. Beyond traditional currencies, there are shares, indices, commodities, and more. Even if you’re only currently focused on a particular trading instrument, diversifying your investment portfolio makes sense in the long run. You’re never locked out of lucrative new ventures, and you are equipped with tools to protect yourself from negative changes in the market.

What To Look For When Choosing a Broker

As well as regulation and diversifying investment options, a good broker should also be an affordable one. Aspiring traders can control their expenditure by choosing a broker that offers competitive spreads, like Exness. However, these aren’t the only costs you’ll want to keep an eye on. Everyday 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? Perhaps you’ve already been trading for a while now. In either case and everyone in between, it’s important to pick a broker that will cater to your trading behavior and needs. Make sure any service you choose suits your style of trading and investment requirements.

Software

Furthermore, consider what features you depend on to complete a day of online trading. Ideally, a broker should be using a familiar trading platform that offers all the functionality you’re looking for. Key features to look out for include technical indicators and charting tools. Automation is also becoming an increasingly common feature. If you want to place your faith in algorithmic trading and automation, choose an online trading platform that supports this, such as MetaTrader 5 (MT5).

Customer support

Another crucial aspect of any online broker is reliable customer support. A minor 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 with multiple lines of communication, including email, live chat, and phone support.

Additional Resources for Less Experienced Traders

To stand the best chance at financial success, traders need to be armed with industry insights. In a traditional trading environment, this knowledge would come from interacting with other traders. For those who operate solely online, this level of interaction isn’t possible. However, established online trading brokers offer a wealth of resources to help steer your way.

At a bare minimum, you’ll want an online broker that offers a range of instructional resources to help you navigate your first trades. Basic tutorials are a must, while in-depth articles and video guides will ensure you’re getting the most out of any trading platform you’re using. Do you already have some forex trading experience? 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 platform. Once you’ve shortlisted a selection of options, it’s time to weigh up the pros and cons. Are these platforms regulated? If so, by which authorities? Looking to explore commodities and indices, as well as traditional forex trading? Make sure you’re choosing a platform that lets you speculate on other trading instruments as well. Furthermore, consider the added value of a particular platform. A broker with a wealth of learning resources can help take you from an absolute beginner and shape you into a seasoned trader in relatively little time.