The advent of digital age has come with the advantage of online business opportunities that people can do to survive or complement their jobs. Despite their risky nature, Internet businesses have seen growing interest during pandemic and have improved financial, economic status of many homes in Kenya and other African countries.
Part of these online business opportunities is Investing in financial markets through online apps & brokers. Among which Online Forex trading and other online market trading activities has grown popular during pandemic. Retail Investors & traders trading for the first time have increased significantly since the start of the pandemic, with the people stuck at home & looking for new income streams.
However, it could also be a source of misfortune because there are a lot of scammers who have filled the online space, duping many gullible investors & traders, most especially new traders, promising bountiful and unrealistic returns.
The purpose of this article is to enlighten new online Forex traders in Kenya on how to avoid falling victims.
Online Forex Trading is Legal in Kenya
Online Forex Trading in Kenya is legalized and includes CFDs on underlying foreign assets; it is regulated by Capital Markets Authority (CMA). CMA issues 3 types of licenses to entities offering forex trading services – first one is dealing forex broker (acting as a market maker/counterparty), second is non-dealing forex broker (acting as an intermediary to forex market…
