The harsh economic times are pushing more working Kenyans to venture into forex trading to make an extra coin, according to global forex market information resource company FX Champions.
The foreign exchange market, commonly referred to as the Forex or FX, is the global marketplace for the trading of one nation’s currency for another.
In an effort to tap into this growing market, seasoned forex industry expert David Manzi, the founder of FX Champions- a forex education-training portal, says that there is a growing need to train more Kenyans on FX.
The younger population in Kenya has shown interest in forex trading as a means of generating income. Mainly drawn to the flexibility and accessibility of online forex platforms.
“We aim to engage everyone who is interested in forex trading be it on a part time basis or as an alternative source of income. We are committed to transparency and dedicated to financial education, as we are poised to become a significant player in the region’s financial markets,” said Manzi.
The regulatory environment for forex trading in Kenya has been evolving to accommodate the growing interest in the market.
He says that with the Capital Market Authority’s regulatory frameworks, individuals and companies enjoy protection, transparency and fairness when trading. The authority oversees trading in the country.
Speaking at an official launch of the firm’s forex trading office, the firm’s CEO noted that there has been an increased emphasis on financial education in Kenya, which has empowered individuals to explore alternative investment opportunities, including forex trading.
"More people are becoming aware of the potential benefits and risks associated with forex trading," he added.
David Manzi said the idea was motivated by the need to address financial hardships being faced by majority of Kenyans keen on alternative sources of income to provide for themselves and their families.
The FX Champions framework will also be structured to provide all the resources required to evolve into an expert trader – ranging from core competencies of understanding macro market forces and the basics of technical analysis to trading psychology to more complex FX trading concepts and strategies.
“The platform also provides a solid grounding in the understanding of risk management and the responsible use of leverage – all provided by a totally independent training facility not aligned with any brokerage and without the requirement to invest real funds,” added Manzi.
The foreign exchange market is a global decentralised or over-the-counter market for the trading of currencies.
This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices.
