Forex Trading in Kenya
The installation of High speed Fiber Optic cable in Kenya has led to many online ventures opening up for Kenyans. We see many technological start-ups budding from Kenya. One online venture that is beginning to pick up is Forex Trading.
Although many Kenyans are still unaware of Forex Trading, it is surely getting more popular. It is at a point where it threatens to over shadow any other online venture in Kenya. One of the driving forces behind this has to be the soaring unemployment rate. This has forced Kenyans to think out of the traditional setup of getting an education and then finding a Job. A few Kenyans have decided to create opportunities for themselves and have started trading Forex.
There are a few local Kenyan brokers and a few Introducing brokers who are working in Kenya. Most are misleading the general public and promising unrealistic returns. Some have gone on to make unrealistic claims such as doubling investor’s money in a few days. Some are absolutely rogue and have no affiliation whatsoever with any broker. Some are even using forex trading to disguise pyramid schemes! Although some businesses are actually legit and are genuinely knowledgeable about forex trading and have good experience in trading most are using this opportunity to fool the general public.
As has been seen in recent local publications such rogue schemes and businesses have been uncovered. With one local broker having all their bank accounts frozen. The problem arises not because Forex Trading is not a genuine business but due to lack of regulation by the government and more so lack of knowledge within the general public.
In the hunt for quick money the general public has fallen prey to many such schemes. Here are a few tips to help you learn more about the market and how you can differentiate between genuine forex traders and brokers from rogue traders and brokers.
1. Educate Yourself About Forex Trading
There are many online forums where you can learn about how the forex trading market works, what are the risks and rewards involved. Some written forex courses and instructional trading videos can be found online free of charge, while more personal instruction or mentoring will probably require the payment of a fee.
2. Avoid Schemes That Promise Unrealistic Returns
Really if someone can double your money in a few days, why would they not simply put in the little money they have it double it every few days and become overnight sensations! Why do they want to share their good fortune with you?
3. Ask for Client References
Get a number of client references and ask genuine question. Just simple questions depending on whether you are asking about a broker or a trader. Do they trade on their own, or does someone trade for them? Have they been able to withdraw their returns? What problems they may have face e.t.c.
4. Deal with International Regulated Brokers
There are tons of them out there. Again be sure to get all the information possible before deciding on a broker.
The public now seems to be getting scared of Forex Trading and some going on to think of it as gambling. Forex Trading is lucrative and you can make profits from it. You simply have to educate yourself, find a good broker, trade on a demo, get good experience and you are good to go. Demo trading is part and parcel of learning to trade.
Forex trading is a legitimate business in which one can make profits and losses just like any other business. If you have no trouble with this part of the deal, then you need not to worry.
SZ Ventures are introducing brokers of AVA TRADE in Kenya. We have alot of forex trading tutorials to help you learn forex trading. We also provide other forex trading services such as Account opening, Account Management and Forex Trading Signals also. You can find out more about Forex Trading in Kenya.