For young Kenyans looking for a way to supplement their income or start a side business, forex trading has become a very popular recourse. A new sector of Kenyan forex traders has evolved as a result of the proliferation of mobile device technologies.
There are various trading apps used by Kenyan retail traders that offer a wide range of beneficial features, such as detailed market research of the Kenyan shilling and other currencies, technical and fundamental analysis, foreign currency quotes, and a variety of other tools says Louis Schoeman from Forexbrokers.ke
Still, comprehensive research is required in order for Kenyan traders to find the best software for their specific trading goals, techniques, and styles. To make this process easier, we have gathered the top 3 trading apps available to Kenyan traders right now.
AvaTradeGo – best option for beginner traders in Kenya
In terms of FX and CFD trading, AvaTrade is regarded as one of the most reliable brokers in the industry. The platform’s major purpose is to give traders a seamless and responsive trading experience.
AvaTradeGO provides Kenyan traders with a variety of tools and resources, including position management software, charting capabilities, and more.
To help traders make more informed financial decisions, the app provides access to market trend technology, societal trends, as well as fundamental and technical research.
A comprehensive dashboard with straightforward management tools, clear charts, zoom for details, and many other helpful features specific to this app make for an enjoyable trading experience.
With AvaTradeGO, trading is made simpler than ever, since the app gives users step-by-step assistance on opening trades, feedback on their activity and support any time they need it.
Users can manage numerous accounts and switch between demo, real and low spreads accounts, to acquire all the data they need when testing out strategies or opening trading positions.
Users can also watch markets develop in real time with this wonderful feature, a simple method to follow social trends from the AvaTrade dynamic traders community.
For today’s most pressing financial developments, you may rely on the app’s cutting-edge technology to get your hands on the information you need.
To assist you in making more precise and informed choices, all of your trading tools are linked together to provide you with real-time information, such as what other traders are buying and selling, trading patterns, and other insights.
Pros and Cons
|Broad range of tradable instruments||High EURUSD and inactivity fees|
|MetaTrader 4 and 5 available|
|Excellent educational resources|
|Regulation||Central Bank of Ireland, MiFID, ASiC, BVI|
|Minimum deposit from||$100|
|Average spread from||0.9 pips|
|Commissions from||No commission on Forex|
|Bonuses||First Deposit Bonus|
|Customer Support||24/5 – multilingual|
2. Exness App – best option for tight spreads
With its proprietary app, Exness also provides a mobile version of its services. That said, the broker does provides both MT4 – the world’s most popular trading platform – and MT5 – the most recent version of the industry standard – as trading platforms.
Desktop, web browser, smartphone, and tablet versions of MetaTrader 4 and 5 are all available.
While both the MT4 and the MT5 trading platforms are great, Exness’ unique technology is more user-friendly for newcomers to the market.
While offering third-party platforms such as MT4 and MT5 has its advantages, the advantage of Exness supplying these platforms is that traders may take their own customized version of the platform with them if they decide to switch brokers.
The Exness app includes a straightforward user interface that makes it simple to navigate and search for different instruments.
There are three chart styles to choose from, including Line, Bar, Candlestick, Hollow Candles, Area, Baseline, and Heikin Ashi charts, as well as over 50 drawing tools and 100 indicators to use over different timeframes.
In addition to providing technical insight and rapid pattern identification, TradingView, one of the most popular third-party trading tools on the market, is fully integrated into the app and gives technical insight and instant pattern recognition.
Aside from the app, trading platforms like MetaTrader 4 or MetaTrader 5 are also available for mobile download, and allow traders to customize their indicators, receive an additional variety of charts, and support algorithmic (or automated) trading.
Pros and Cons
|Over 130 currency pairs|
|Minimum deposit from||$1|
|Average spread from||1.3 pips|
|Commissions from||3 USD and 10 USD per 1 lot for CFDs|
|Bonuses||Standard +10% Bonus Programme|
|Customer Support||24/5 – multilingual|
3. Pepperstone – best for experienced traders
In order to focus on the complex work of trading, Pepperstone provides an easy market access platform. A wide range of low-cost options, a variety of user interfaces and account kinds, and efficient customer service make Pepperstone a perfect alternative for traders.
A web-based or download version of Pepperstone’s cTrader trading platform is stable and easy to use from any browser (Chrome, Firefox, Safari, or Internet Explorer).
A redesigned appearance and feel, one-click trading, and full integration across desktop and mobile platforms ensure a better trading experience for all types of investors.
Trades may be placed on charts, watchlists can be set up, and the “depth of market” of an instrument can be accessed via the market calendar.
Pepperstone’s cTrader offers a basic and easy-to-use interface. Expand the full-screen charts, which include more than 70 technical indicators, and you’ll have a wealth of information at your fingertips.
Using technical analysis patterns, Autochartist additionally creates trading suggestions. You can attach “take profit” and “stop loss” orders to any one of Pepperstone’s four order types in cTrader.
A trailing stop loss is an option available to the trader, but a guaranteed stop loss is not. There is also a choice between executing the stop loss order at the bid or ask price.
Additionally, the broker provides chat and phone support around the clock, as well as access to social media platforms and an online contact form, in addition to email support.
Clients are allocated an account manager who is responsible for assisting them with any account-related issues that may arise, ensuring a comprehensive and feature-rich trading experience in a fully supported environment.
Pros and Cons
|Pros No minimum deposit Low trading fees for forex No added costs for withdrawals or deposits Great additional research tools||Cons Limited number of instruments|
|Minimum deposit from||AUD200|
|Average spread from||0.4 pips|
|Commissions from||$3.76 commission per lot per trade|
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