Why do people trade Forex in Kenya?
Have you ever asked yourself this question?
Well, here’s the simplest answer I can think of: –
Millions of people trade Forex daily because it is an easy way to make money online. And anyone can practically do it from any part of the world. Kenya included.
Does that answer the question? Below are 9 more reasons why you too should start trading Forex.
1. The Forex Market Has High Liquidity.
Did you know that the Forex market is the biggest financial market in the world? In fact, it is the only market that does over $4 trillion of trading volume in a day.
If you ask me, this is almost 53 times the daily trading volume in the New York Stock Exchange’s and 200 times the turnover in the Nairobi Securities Exchange.
In such a liquid Market you have instant access to money. You can sell your investments online and make profits faster.
2. Trade Around The Clock.
Unlike in other financial markets, the Forex market is open 24 hours a day – 5 days a week. This allows you to trade openly from 22:00 GMT Sunday – 22:00 GMT Friday regardless of if it is day or night.
3. The Forex Market is Not Limited.
Regardless of the murkiness of the Forex market – rising or falling, you can always make money in it.
All you need to do is, buy and sell an asset with the hope to making money off your forecast. The decision to go long or short lies solely yours. And, there are no bounds on how and when to trade Forex in Kenya.
4. There is a Bigger Potential of Profits in Forex.
Imagine your Forex trading account having $1,000 and you want to trade to raise money fast; you can open a position on any pair (say USD/JPY) for a ticket size of ticket sizes of 500,000.
Now this is not a miracle, it is possible to win 500 times your stake. And it is only possible in Forex. It’s called the power of leveraging. And Forex allows you up to 500:1 of leverage.
5. You Can Start Trading With Ksh. 500 Deposit.
Unlike traditional businesses which will need you to have huge capital before setting up, the Forex market only requires you to have a few bucks. Some brokers accept as little as only $5 initial deposit but the most common is $10, $50 and $100. You are however free to trade with whatever amount you feel comfortable – depending on how much profits you need.
6. Forex is a Straight Forward Place to Invest in .
By this I mean, there is no manipulative influence on Forex. In fact, Forex trading applies the same investment rules to all traders. No one is treated with any specialty no matter how much they invest. Now this is good because it only means one thing; your potential profit (or loss) will not be anchored in how much what company trades alongside your $1 trade.
7. No Middlemen .
It is cost effective to trade Forex in Kenya because Forex trading has no room for middlemen – people/companies who’d add to the cost of your trading.
In other words, Forex is conducted online between buyers and sellers knocking out any possible go betweens.
8. Transnational Cost in Forex is Low.
Because all transactions happen online between buyers and sellers, the market is designed in such a way that it does not have clearing fees, exchange fees or brokerage fees. If anything, the so called brokers are compensated through bid-ask spreads which are sometimes as insignificant as 0.1%.
9. You Can Execute Market Orders in Less Than 1 Second.
This is a feature that you will get on a few broker platforms. The most popular broker for less than a second order executions is XM Forex.