Forex Trading App – FX Guide
Choosing the best online forex trading app for Kenyans can be challenging. It would be particularly useful if they accepted Kenyan forex traders and offered apps for Android and iOS. You need not worry.
For active currency traders, it is important to have immediate access to market news, quotes, charts, and their trading accounts. This has led to the popularity of smartphone software applications among forex traders.
You can trade forex and stocks using one of these top online forex trading apps mentioned below if you are a Kenyan trader.
What is a Forex trading app?
It refers to software or software interfaces that traders connect to the global foreign exchange market and trade. Many Forex trading apps are available on the market, including MT4, MT5, WebTrader, and CTrader.
There is no forex broker worth their salt who will not offer at least or even all of these trading apps.
Many currency traders like to stay on top of market news, quotes, charts, and their trading account at all times. Therefore, smartphone applications for these purposes are extremely popular amongst currency traders.
Forex mobile apps
Throughout the regular 24-hour trading day, the major currency pairs traded on the forex exchange market are active, volatile, and event-driven, so they are highly sensitive to economic news announcements.
All forex brokers offer mobile apps, and some of those apps are so popular that traders who do not have accounts with the broker still use them. In addition, several popular forex trading apps are available for free and allow you to access news, price quotes, and charts.
Characteristics of great forex trading apps
Regardless of whether each forex trading platform and app targets a specific segment of the market, all the best trading apps have these three things in common:
Currency values can change in a matter of seconds, so you need the latest value information immediately to make the best decision.
It is especially problematic on mobile platforms because they have less processing power than desktop computers, and they may lag or crash in the middle of a trade.
Test your preferred forex trading app with a few small trades before you commit to it and ensure that it can deliver the speed and trade volume you require for your currency trading.
Advanced analytics and tracking
Advanced analytics in a forex trading app can help you discover the most appropriate currencies to buy or sell on a given day. Alternatively, you can use an app that will help you select currencies to be short.
Creating alerts to tell you when a price reaches a certain level, using software-driven trading notifications, and using historical data ensures you make informed decisions. No one should spend hard-earned money without thinking first.
Trading education resources
The power of knowledge is critical in a constantly evolving market. These forex apps allow you to keep up with the latest international news and editorials, as well as the technical side of trading.
Functional for beginners and experts
Select a forex trading app that is user-friendly for both beginners and experts. You may be so new to investing that you have no idea where to start; an app will help you stay informed as you invest.
An app that assists you from the beginning of your journey is far more valuable than one that tries to confuse you with industry jargon and complicated charts.
A customer-centric app is what every advanced investor wants, which is why it should be accessible to both novices and experienced traders. So even though the app will not hold your hand, you know it will make your life easier.
For forex traders, the spread refers to the difference between the bid and the asking price for a currency, and it is the commission your forex broker will charge you when you trade.
High-frequency traders may soon see a large percentage of their profits wiped out by fees and commissions despite the spread being just a fraction of a single unit of the currency they’re trading.
When searching for a forex broker, don’t be afraid to shop around for a broker with fair fees-this will help you minimise your losses. Putting aside money for spreads and commissions is important, but not at the expense of overpaying. Your goal is likely to save for the future, and you deserve to hold onto as much money as you can.
Detailed reviews for the best trading apps in Kenya
1) FxPesa-best forex trading app for beginners
Beginners who are interested in forex markets will find FxPesa by EGM securities a good forex trading app. There is no hassle in registering, there is a lot of support, and you can even attend classes and seminars across the country organised by brokers.
This makes FxPesa one of the best trading apps in Kenya and even more appealing to Kenyan forex traders due to its deposit and withdrawal methods. Profits can be withdrawn via Equity Bank’s EazyPay, Mpesa, Airtel Money, and other local payment methods.
As well, FxPesa has a low minimum deposit of $5 (Ksh 500). Therefore, those interested in online forex trading can use this opportunity to explore the market without putting too much money at risk. Based on that, you can decide whether you want to get into online forex trading.
FxPesa also offers demo accounts that can be used to try out new strategies and to hone your skills.
Mobile apps are available for Android and iOS devices from FxPesa. Traders can also access MT4 via their laptops or desktop computers if they wish to trade forex.
FxPesa is indeed a legit company, so if you’re wondering if it is, the answer is yes. The capital market authority (CMA) granted FxPesa an exclusive license as the first non-dealing desk broker. Since the broker obtained its trading license in 2019, there have been incredibly few complaints against it.
2) Liteforex-best ECN trading app in Kenya
ECN means Electronic Communications Network. A trader with an ECN broker, such as LiteForex, has a 99% chance of catching a trade with reasonable spread due to their use of an extensive network of computers. In addition, as the trades are sent directly to liquidity providers, the broker has very little opportunity to manipulate the spread.
However, on all the major currencies, Liteforex charges a commission of $10 per round instead of paying the spread. Although this commission seems high, a closer look at it will show that it is actually among the lowest commissions on ECN accounts on the market today.
Commissions of $10 per round lot mean that you spend $10 controlling $100,000 of trade size.
Our ranking of Liteforex as one of the best forex trading platforms in Kenya is based on their low commissions, which are among the lowest offered by ECN forex brokers. For this account, the minimum lot size is 0.01 lots, which means you’ll only have to pay fractional cents to open and close trades.
The Liteforex platform, in addition to the tighter spreads and low commissions, ensures that trades execute quickly with no requotes. As an additional benefit, any funds you leave untouched in your Liteorex account earn 2.5% interest per year.
The broker also offers Forex trading using MPesa in Kenya, making it one of the rare ones. You need to deposit $50 to open an ECN account. Using MPesa, you can deposit and withdraw instantly.
Furthermore, Liteforex offers us a copy trading platform, which allows us to duplicate the trades of the most successful traders. Thus, copying other traders on Liteforex will allow you to achieve maximum profit on the market.
3) Hotforex-best trading app in Kenya for copy trading
As a result of their superb copy trading platform, HotForex made it onto our list of Kenya’s best trading apps. Based on all the research, no other platform provided the ease of use that HFCopy, HotForex’s proprietary trading platform, provided.
Few forex brokers still accept MPesa payments and withdrawals as an international payment method. HotForex is one of those brokers. For most traders, MPesa’s minimum deposit is a thousand shillings, so they can easily afford it.
Moreover, both deposits and withdrawals made by MPesa are instantaneous, showing up in your account within a few minutes.
The thing that sets HotForex apart from other forex trading platforms is their revolutionary copy trading software, called HFCopy.
It is a platform that allows new traders to learn from more experienced traders and improve their trading strategies
The following are some of HFCopy’s advantages over other copy trading platforms:
- Your trading account remains under your full control. Whenever you wish, you can withdraw funds.
- By automating the process of copying trades from more experienced traders, you save time and money.
- Increase your profit margin by copying strategies from more than one provider.
4) Exness-best trading app in Kenya for cent accounts
If you want to trade the real deal but don’t have sufficient capital, there’s nothing like the Exness Standard Account for intermediate forex traders.
It is recommended that an initial deposit of $50 be made to this account. The minimum deposit is $1. One hundred units of money will appear in your account. For example, if you deposit $10, 1000 units will appear. If you deposit $50, 5000 units will appear.
Exness cent accounts enable you to leverage up to 1:2000, which provides you with leverage that allows you to control the size of trade up to $2000 with only $1 in your account. In addition, Exness trading accounts can be funded via MPesa, and profits can be withdrawn via the same channel.
There is no MPesa paybill number associated with Exness, however. Instead, you must log in to your Exness account and access the MPesa Deposit Option to complete payment on Exness using MPesa.
When you’re done, you’ll be directed to a payment processor, where you’ll enter your phone number and make the payment. When the pop-up appears, you must enter your MPesa Pin Number. Have your phone nearby to complete the payment. You’re done. Money will be transferred to your Exness account almost immediately.
XM Forex-best trading app for intermediary traders
It is highly rated for intermediate forex traders in Kena who use the XM Forex trading app. XM Forex provides several trading platforms. Top of their list is their mobile apps for Android and iOS, including MT4 and MT5.
Getting started with a Forex trading app
Forex trading can be overwhelming to learn, but with the various options available where users can perform real-time trading on their smartphones via mobile apps, it has become easier to trade while on the go.
With most mobile apps now offering full functionality, there is little reason why any beginner wouldn’t also want to trade on a mobile device. As a result, trading on smartphones has gradually become the preferred platform by most Kenyan forex brokers because of its convenience.
The forex trading apps make it easy for anyone to set up an account. However, when it comes to choosing the best forex trading app, you can make a big impact on your performance in the market. There are a variety of apps available that will meet most of your needs, whether you have an iOS device or an Android one and whether you want to practice your newly acquired trading skills.
Technology and the internet have become heavily reliant on the current world. Even though it takes a significant amount of experience to become a skilled forex trader who can dominate the market, the potential for making billions of dollars becomes apparent.
Almost all these forex trading apps are available free of charge on most platforms available today, but as you choose your forex trading app, make sure to pay attention to the functionalities and features it has. When you are entering a new and rather tricky field, it helps to be as informed as possible. You can make or break your game’s success by the apps you choose to trade.
Individuals have never had it easier to trade forex, and now many platforms offer real-time trading via mobile apps that can be used while on the go.
Due to its popularity, most Kenyan forex brokers now offer app-based trading even if you don’t already have an account set up with their main platform. The majority of investors will only ever make a small fortune through Forex trading apps. However, using apps to trade forex can lead to high profits if you’re a successful trader. Trading will result in losses even for the best traders, but if you can turn a profit regularly, then you are well on your way to success.
Table of Contents
Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
Content Writer | Market Analyst
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