Forex Trading Platform – FX Guide

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1.
4.8 stars from 552 ratings

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With Blackstone futures, you'll pay low fees and trade under good conditions. So is this broker a good choice for Kenyan traders?
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2.
4.7 stars from 389 ratings

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Markets.com is among the best forex brokers that offer PayPal deposits in Kenya. The Markets.com review discusses the broker in detail.
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69% of retail investor accounts lose money when trading CFDs with this provider.
3.
4.6 stars from 156 ratings

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Exness is among the best forex brokers that offer M-Pesa deposits in Kenya. We've provided a review to check how good this forex broker is.
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Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

If you are going to trade on a Forex platform every day, you need to select the right platform. Make sure the platform you pick is flexible enough to meet the needs of your trading profile. Investing in the Kenyan market is a complex process, and you want to make it as easy for yourself as possible to concentrate on the market.

In the following section, you’ll learn the essential features that you must look for in Forex trading platforms. First, you need a Forex trading platform that is easily operated and accessible and provides all the tools you need for your fundamental analysis and technical analysis.

Your trading platform should be reliable, stable, and not go offline when you open a trade. In addition, you must have a trading platform that’s both secure and transparent. Trading with hard-earned money is risky, which is why you must research the best platforms before you start trading.

Modern technology has enabled an explosion of ultra-competitive Forex trading platforms of Kenya due to rapid technological developments. Therefore, we have compiled a comprehensive guide covering the most popular Forex trading platforms and the most competitive ones.

MetaTrader 4- FX trading platform

Traders around Kenya use MetaTrader 4 as their primary trading platform to exchange currencies. In addition, MetaTrader 4 is the primary trading platform used by millions of traders with varying experience levels and different trading needs.

It was developed by MetaQuotes Software and released in 2005. MetaTrader 4 is offered by most retail Forex brokers since it is widely accepted and used by many traders.

Traders can also use MetaTrader 4 to sync their account with their broker, not just use it for charting. MetaTrader 4 works with multiple accounts, and unlike regular charts, it provides full automation functionality where you can set Expert Advisors or EAs to execute automated trades.

The MT4 platform provides more than +50 free indicators that can be customised and modified. As a result, Kenyan traders new to technical analysis and charting software will find MetaTrader 4 the best technical analysis solution.

One-click trading on the MT4 platform is a fast way to trade over a chart and is available on the MT5 platform.

MetaTrader 5 – FX trading platform

MT5 was developed three years after MetaQuotes released MT4. One of the main reasons for this platform was the addition of CFD trading. In 2020, 11.5% of MetaTrader usage will be MT5 (up from 5.4% in 2019) due to the popularity of CFD trading and more brokers offering MT5.

The advantage of MetaTrader 5 over MT4 is that it offers a wider range of CFDs, including share CFDs, than MT4, which focuses only on currency trading. As a derivative, CFDs trade the price movements of underlying assets. There are more indicators and more order types on the platform compared to MetaTrader 4.

A major drawback of MT5 is its programming language for automated trading, MQL5. If you are an MT4 user, you would be learning new coding from scratch since this is not the same as MetaTrader 4 and the MQL4 language.

It has been difficult to adopt MT5 because of this problem. The popularity issue is also relevant when buying EAs (trading bots) or copy-trading with a smaller marketplace than MT4.

TradingView-FX trading platform

Forex Trade Graph Chart Concept

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
Blackstone Futures Broker Review
4.8 stars from 552 ratings

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FSCA

up to 30%

USD 100

1:400

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CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
Markets.com Broker Review
4.7 stars from 389 ratings

Broker Verified

FCA, ASIC, CySEC, FSCA, BVIFSC

up to 50%

USD 100

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.
3.
Exness Broker Review
4.6 stars from 156 ratings

Broker Verified

SFSA, FSC (BVI), CBCS, FSCA, FSC (Mauritius)

up to 10%

USD 10

1:2000

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CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
4.
CM Trading Broker Review
4.6 stars from 156 ratings

Broker Verified

FSCA

up to 100%

USD 250

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

TradingView is a platform for trading Forex over the internet. Besides offering charting solutions for stocks, commodities, indices, and many other instruments, it is also a multi-asset online trading platform.

TradingView can be accessed through any web browser, and it is easy to use. The social aspect of this software distinguishes it from other trading platforms.

A trading platform like TradingView is much more than that. There are social networking sites where traders can interact with each other and share ideas. It is possible to use technical analysis with TradingView, as well as to publish and share ideas. The Tradingview community was created in this way from the ground up.

Forex analysis can be improved by using the charts and tools offered by TradingView. Additionally, a Pro account is available for a monthly fee, which gives you access to even more features.

cTrader- Forex trading platform

Trading platforms for institutional traders such as cTrader are cutting-edge forex trading platforms. Although the cTrader platform can be easily customised, it has a professionally designed default interface that can cover nearly all your trading needs.

It does not freeze as often as other trading platforms, which trading platforms are supposed to strive for. In addition, with cTrader, you’ll be able to access the platform from any internet browser, eliminating the need for computer installation.

CTrader has a DOM (Depth of Market) ladder, which is its main feature and characteristic. Liquidity is displayed on both sides of the market (buying and selling sides). Since you are trading directly with liquidity providers instead of your broker, you are connected directly to them.

TradeStation-Forex trading platform

Platforms like TradeStation offer great tools and integrations. Additionally, they act as a broker and have a data feed. This means they have all the information you need in one place. In addition to desktop computers, web browsers, and mobile applications, you can access TradeStation via a desktop computer, web browser, and a mobile app.

With TradeStation, pretty much anyone who invests or trades will be satisfied with their experience. However, because TradeStation is a multi-asset platform and not just for Forex, it’s a bit more complex from a usability standpoint.

If you wish to increase your trading speed, you should always be concerned with your ability to execute trades quickly. Approximately how fast can you execute trades? TradeStation is very fast when it comes to speed and velocity of movement in trading. One disadvantage of TradeStation is that it requires a small fee to trade using this platform. A trading platform that you might consider using is TradeStation if you’re considering trading seriously.

A proprietary programming language, Easylanguage, is available through TradeStation for developing automated trading strategies and building indicators. Traders rely on this to build their trading strategies and build their indicators. Backtesting is another way to improve your strategy.

Comparison of Forex trading platforms

A variety of factors heavily influences the performance and reliability of Forex trading platforms. A broker’s trading interface is connected to a third-party liquidity provider’s or the broker’s trading server.

Virtual Private Servers (VPS) are also available from some brokers as part of their brokerage accounts to increase the effectiveness of their trading terminal and reduce latency and errors.

You can evaluate the performance of a trading platform by analysing the following features of a trading terminal as a trader:

Accuracy of price and live market feeds

The best platforms should have accurate price feeds and live charts that accurately reflect online trading currencies’ market dynamics.

Several live feeds are provided by online sources and leading mainstream FX brokers of Kenya that can be used to cross-reference price movements, chart patterns, and spreads with multiple platforms.

An unreliable and dishonest broker can manipulate the trading platforms to display corrupt data, allowing them to gain an edge over traders. As a result, such companies may be subject to heavy sanctions and stringent penalties from regulatory organisations for engaging in such tactics.

Speed of transactions

Success in the foreign exchange market is dependent on two factors: accuracy and speed. The extreme volatility of the markets requires a trader to know precisely when to enter and exit the market to avoid substantial loss.

The platform should not cause any delays to open or close trades due to slippages, although slippages are a part of direct market access trading.

You should test the speed of your platform against other leading platforms if you are constantly concerned about the speed of transactions on your platform.

If you wish to reduce the time between your trades and run EAs 24X5 without leaving the trading terminal on for long periods, consider a VPS. A VPS will reduce the time in between your trades significantly.

Perform bugs and errors

At the beginning of trading, platform reliability was a major concern because of the performance problems and bugs that plagued the trading servers.

As a result of regulatory guidelines and increased awareness among Kenyan traders, errors and reliability issues have significantly decreased, making trading a safer and more reliable experience.

FX trading platforms may encounter issues from time to time, which are typically handled during scheduled updates.

Visibility of Trading and account information on the platform

Forex’s online trading platforms should provide you with all the information about your trading account and other aspects of trading in an easy-to-use interface. Almost all of the platforms in the market allow you to access all tools and features with a single click.

It is possible to encounter some complex platforms in the market due to the availability of different platforms. Consider experimenting with the interface to learn the pros and cons of the platform so that you can develop a comfort level with it.

Trading on a platform that does not suit your needs is always a good idea if you cannot do it easily.

A brief introduction to desktop and mobile forex trading platforms

New generation traders and investors of Kenya benefit greatly from mobile devices such as smartphones and tablets.

The concept of mobile trading is a relatively new one that has gained immense popularity, partly fueled by the fact that dedicated platforms are available for mobile traders comparable to their desktop counterparts.

Today, almost all platform developers and leading FX brokers create trading platforms compatible with desktop and mobile trading applications, including the essential features required for seamless trading. Mobile trading apps are available for iOS, Android, Windows, Mac, Linux, and most desktop, mobile, and tablet operating systems.

The best-automated Forex trading platform online

Stock exchange trading data information displayed on a futuristic interface

A broker or third-party service provider can direct their clients to an automated trading account via proprietary channels or by integrating a software platform or plugin onto their proprietary platforms.

EAs from third parties are also available as free or paid subscriptions from FX account managers and signal service providers. MetaQuotes provides a great deal of free and paid automated trading strategies that can be used with its MetaQuotes MT4 and MT5 platforms, so it’s an ideal location for finding a good automated trading strategy.

First, you need to define your investment goals and develop a trading strategy that best suits your risk appetite and trading style. Alternatively, you can hire a dedicated account manager or use an automated trading bot.

As an investor, you have the freedom to choose the automated trading style that suits your preferences from a large selection of brokers that offer the best combination of automated trading platforms.

In addition, you should find a broker whose policies correspond to your own rather than tinkering with your strategies to fit those of your Kenyan broker.

How to test a forex platform using a demo account?

Demo trading allows traders to see the markets before risking real money. It’s the ultimate tool in a trader’s arsenal. Not only can demo trading help you find a good trading strategy, but it can also help you learn about a trading platform.

If you’re unfamiliar with a new trading interface, demo trading can be a great way to learn how to open trades, change trading terms, set take profits and stop losses, and manage trades from the terminal.

A demo trading platform does not provide a complete picture of an actual trading platform in live trading conditions, but it does provide some information about how efficient and reliable the platform is overall.

It is always advisable to trade in a demo account before trying a new platform because a simple mistake like clicking the wrong button can make you wrongly buy or sell a currency pair.

FX Kenyan traders are always advised to perform a demo trade before investing in the markets because even small errors can lead to substantial losses.

Bottom line

Even if you’re starting, the trading platform you choose can make or break your success. Unfortunately, a perfect trading platform is not available. As a result, choosing a Forex trading platform that can meet all your requirements is wise. Kenyan traders should primarily choose a platform that simplifies their lives.

You should consider the most crucial features of your trading when choosing from so many options. From there, you can narrow down your options based on what your trading needs are. Last but not least, regardless of the trading platform that you choose, you must also have a successful trading strategy.

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