Kenya is one of the fastest-growing economies in Africa, and forex trading is becoming increasingly popular here. In this blog post, we’ll take a look at XM Forex, one of the best forex brokers in Kenya.
We’ll cover all the important aspects of their service, including account types, customer support, platform features, and more. So if you’re thinking about getting started with forex trading in Kenya, read on for our full review of XM Forex!
XM Forex Kenya – Overview
XM Group is a leading forex broker, providing traders around the world with access to over 1,500 financial markets, including forex, stocks, indices, and commodities.
Founded in 2009 by a team of experienced professionals in the financial industry, XM has quickly become one of the largest forex brokers in the world. With more than 5 million clients and a global reach extending to over 190 countries, XM offers its clients unparalleled trading conditions and 24-hour customer support.
XM Forex offers Mpesa deposits and withdrawals, which is a plus for traders in Kenya.
Mpesa is a secure payment system that allows you to pay for goods and services online without having to expose your credit card or bank account information. To use Mpesa, you must have an Mpesa account.
When you make a deposit with Mpesa, the money is transferred from your Mpesa account to XM’s account immediately. This means that you can start trading right away, without having to wait for funds to clear. In addition, using Mpesa is a convenient way to fund your forex trading account because it allows you to make quick and easy transactions without having to enter any financial information.
There are a number of advantages to using XM Forex in Kenya. Some of the key benefits include:
- Access to a wide range of markets and products, including forex, commodities, indices, and stocks
- A choice of trading platforms, including web-based and desktop versions as well as mobile apps for iOS and Android devices
- Tight spreads and no commissions on trades
- 24/5 customer support in multiple languages
- A variety of account types to suit different trading styles and needs
XM Forex Trading Platforms
There are a few different XM Forex trading platforms that you can use, each with its own unique features and benefits. The most popular XM Forex platform is the MetaTrader 4 (MT4) platform. It’s a professional-level platform that offers traders a wide range of features and tools for successful trading.
The MT4 platform is easy to use and is perfect for both beginner and experienced traders. It offers an intuitive interface, high-quality charts, and powerful analytical tools. Plus, it’s fully customizable to fit your trading style. The platform is user-friendly and provides a wide range of features, such as charting tools, indicators and Expert Advisors (EAs).
XM Forex Trading Instruments
XM Forex offers a wide range of tradable instruments (more than 1000), making it easy for traders to find the products that best suit their needs. In addition to forex, XM Forex offers CFDs on shares, indices, commodities, and cryptocurrencies. This gives traders the opportunity to trade a diverse range of assets and maximize their profits.
- Currencies: XM Forex offers a range of currencies for trading, which can be helpful for those who want to trade in multiple currencies. The most commonly traded currency pairs are those between the US dollar and other major currencies, such as the euro, Japanese yen, British pound sterling, Australian dollar and Canadian dollar. However, you can also trade in minor currencies if you wish.
- CFDs on Cryptocurrencies: XM Forex offers CFDs on a range of cryptocurrencies, including Bitcoin, Ethereum and Litecoin. You can trade these cryptocurrencies with leverage, providing you with the potential to make larger profits.
- Stock CFDs: XM Forex offers CFDs on stocks from around the world, giving you access to some of the most popular markets. You can trade in real time, and benefit from competitive spreads and leverage. You can trade stocks from companies such as Apple, Facebook, Microsoft, Amazon, and more.
- Commodity CFDs: XM Forex offers a range of CFDs on commodities, including oil, gold and silver. Commodities include everything from precious metals to agricultural products, and they offer traders the opportunity to invest in some of the most important global markets.
- Equity Indices: XM Forex offers over 10 equity indices CFDs for trading. The most popular indices include the S&P 500, the Dow Jones Industrial Average (DJIA), and the NASDAQ Composite Index. Most of these indices are available for trading around the clock, 24 hours a day, 5 days a week.
Each tradeable instrument has a unique set of characteristics that traders should be aware of before making any trades. For example, some currency pairs are more volatile than others, and some commodities are more sensitive to geopolitical events than others. It’s important to do your research before investing in any instrument to ensure you understand the risks involved.
XM Forex Minimum Deposit
You can open a Standard or Micro account at XM Forex Kenya with as little as $5.00, and there are a number of different account types to choose from, depending on your trading experience and needs. You can find out more about the different account types on the XM brokers website.
The minimum deposit at XM brokers is low enough that even novice traders can get started, and it’s also one of the lowest deposit amounts available in the industry.
The minimum deposit requirement may vary depending on your chosen payment method. For example, if you choose to make a deposit via credit or debit card, the minimum deposit requirement will be $5. If you choose to make a bank transfer, the minimum deposit requirement will be $100.
For more information about XM minimum deposit requirements, please visit their website or contact their customer support team.