Introduction.
Forex trading is the most popular and widely used foreign exchange trading system in Kenya. It is also known as FX, FOREX and CFD (Contract for Difference). The main objective of this kind of trading is to profit from price differences between two currencies based on their current value and possible future changes over short or long periods of time.
How to get started in forex trading
The first step to getting started in forex trading is learning about forex trading and one of the best places to learn the very basics is Baby Pips.
The second step is opening a forex trading account. There are several brokers out there, and you can find one that suits your needs by reading reviews online or looking at their websites.
Once you've decided on a broker (I would advise using FX Pesa, one of the best brokers in Kenya), it's time to choose which platform works best for you. Most brokers offer both desktop and mobile apps so that traders who prefer paper trading may continue doing so while others prefer more hands-on methods like web browsing or even watching videos (if they're into that). Some brokers also offer live chat support 24/7 while others provide email support only during business hours (which might not be convenient if you work at night).
Finally, set aside some budget money for trading costs. This includes everything from fees for trades made per month/yearly subscription payments as well as commissions paid by each trade and make sure all these expenses are taken care of before going into actual trading with real money.
The best time to trade Forex in Kenya.
The best time to trade Forex in Kenya is when there is a lot of volatility in the market. These include high volume times such as Asian, London & New York sessions.
Here is a tool you can use for free to know which session you are currently in. This tool will help you choose the right sessions that won't interfere with you normal daily schedule.
Benefits of Forex trading in Kenya.
You can make money from home.
You can trade from anywhere in Kenya.
You can trade from anywhere in the world.
You can trade from any device, including a computer and smartphone, as well as tablets, laptops and even smartwatches!
It’s easy to start trading Forex with just $10 or so.
Conclusion.
If you’re looking to get started in forex trading, we suggest that you buy a forex trading account with FX Pesa, one of the best Forex Brokers in Kenya and start trading the markets today.
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