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Browsing: Forex trading in Kenya
- Safaricom partnered with Visa Kenya to launch the virtual visa card, which is accessible to over 30 million M-Pesa users
- The card enables payments across 61 visa markets, charging Sh 121.92 to the dollar, a lower rate compared to commercial banks
- Safaricom chief executive officer (CEO) Peter Ndegwa said the card would enable its customers to make payments across the world without worry
- Besides Kenya, the service has been rolled out in Tanzania, while Mozambique, Congo, Lesotho and Ghana are target markets
Safaricom’s virtual visa card has stormed the foreign exchange market with lower rates threatening established Kenyan banks.
The giant telco partnered with Visa Kenya to launch the virtual visa card, which is accessible to over 30 million M-Pesa users.
The card enables payments across 61 visa markets, charging Sh 121.92 to the dollar, a lower rate compared to commercial banks.
With the lower charges, the telecommunications company could
Forex Market is a global financial market where currencies are traded and exchanged. Retail investors can participate in this market for the purpose of speculation or hedging.
Trading in the forex market is especially popular in Africa, and the market is regulated by CMA in Kenya. Lower barriers to entry for investors, and entry of more regulated players in the industry has led to growth in CFD trading & forex trading in Kenya.
The Covid-19 pandemic has led to a huge surge in the trading volume in Africa. But most retail investors are unaware of the risks associated with CFD & forex trading, and this puts them at risk of losing their capital or even more.
We look at the state of local online forex trading industry since it has been regulated and the risks that online forex trading pose to retail investors.
Growth and Concerns
Kenya based broker comparison …
Forex trading is the buying or selling of currency on the international currency market.
Forex trading aims at extracting profits from the price movements of the currencies. Therefore, forex traders aim to make money from buying a currency at a low price or exchange rate and selling at a higher price. It involves two currencies while the trade is facilitated by a forex broker.
Traders often use margin trading to speculate on currencies, risk factors increase due to the involvement of leverage and margins which leads traders to risk even more than their invested amount.
Forex Trading
Forex trading determines the exchange rates of all global currencies and is the largest financial market in the world with daily transactions of $6.6 trillion. Forex trading has high liquidity, operates 24-hours, has low transactions costs, easy to use platforms and has fast-paced regulations.
In the past foreign exchange market was limited to …