- Kenyan forex brokers contribute to COVID-19 fund
- Religion is not standing in the way of popularity of forex in Kenya
- The Capital Markets Authority regulates the industry.
The coronavirus pandemic has impacted almost every sector of the economy, but the online forex trading sector has continued to thrive despite the current crisis. For Kenyans, forex trading holds massive potential currently, and even post-coronavirus, there will be more opportunities.
Forex brokers contribute to COVID-19 fund
Recently, Kenyan forex brokers contributed to the COVID-19 Emergency Response Fund through the CMA COVID-19 fund. The Capital Markets Authority contributed Ksh20 million; while forex brokers EGM Securities Ltd and Pepperstone Markets Kenya Ltd contributed Ksh1 million and Ksh500,000 respectively to the COVID-19 fund.
There are various arguments that forex trading can be risky, but this is far from the truth. For individuals who understand market cycles, they know there is massive potential in this sector. Most importantly, in Kenya, only around 10% of the population is Muslim, unlike in other North African countries where there is always a debate on whether forex trading is haram or halal.
Regulation by Capital Markets Authority boosting forex popularity
Another aspect boosting the popularity of the online forex trade is the introduction of Capital Markets Authority to regulate the sector. Initially, foreign brokers dominated the sector, but Kenyan based brokers are now cropping up. The risk of being defrauded by shadowy foreign brokers is no longer there since the Capital Markets Authority now regulates the industry.
The coronavirus pandemic has created more forex trading opportunities, and currently, currency pairs are showing high price ranges that have not been witnessed before. For Kenyan traders, the question is whether they have the strategies and skills to take advantage of these opportunities. Brokers are now offering education to traders and potential clients thanks to growing competition in the industry. So for any Kenyan looking to venture into forex trading, they can easily access forex education.