Forex trading can be intimidating for beginners but having the right broker and trading platform is the first step to becoming a seasoned trader.
At first, traders may not be sure of what they need to look at in a trading platform, or how to go about choosing one.
There are some key factors that beginner traders need to consider when they evaluate a trading platform, which includes reliability, licensing, user-friendly interface, analysis tools, automatic trading functionality as well as security of data and prompt customer feedback.
The type of financial instruments that can be traded is also an important consideration and so is the type of platform - whether desktop, mobile or web-based - and the integration of accounts between devices.
To make things easier for traders, here is a list of six of the best forex trading platforms that cater specifically for beginners in Kenya and steps on how to open a free trading account.
MetaTrader 4
MetaTrader 4 is considered the best forex trading platform for both beginners and experts due to its rich features, user-friendly interface, high customizability, provision of trading and analytical tools, and more.
MetaTrader 4 can be used on web browsers as a web-based platform, downloaded and installed on desktops running Linux, MacOS, and Windows, or downloaded onto mobile devices with Android or iOS. MetaTrader also offers traders with a demo account.
eToro
eToro is the leading social trading platform in the industry offering a variety of financial instruments, which can be traded through its proprietary trading platform. eToro stands out due to the innovations that it delivers along with being the first broker to include social trading, also known as copy trading.
Traders have the option of registering a demo account to test out the trading platform along with the broker’s offering before committing to a live account. The eToro trading platform can be accessed from any web browser and traders also have the option of downloading the app on iOS and Android devices.
Over the last decade the number of forex brokers in Kenya has grown, attracting more Kenyans into this trade. Even then, finding the list of the best forex brokers in Kenya can be a tedious process.
Plus500
Plus500 is a popular and reputable broker with multiple regulation and authorization in numerous jurisdictions around the world. Beginner traders can benefit from using the Plus500 proprietary trading platform through which they can trade a variety of financial instruments.
The trading platform features a user-friendly interface and comprehensive charting capabilities. In addition, there is 24/7 customer support for traders who require assistance and an extensive FAQ section. Beginners have the option of registering a demo account to test out the trading platform.
MetaTrader 5
MetaTrader 5 is the more robust version of MetaTrader 4 and traders will find that most brokers offer either one of the two or often both. MetaTrader 5 supports the trading of forex and numerous other financial instruments.
There are six pending orders along with a variety of other functions and features that traders have access to. The programming language is MQL5 and traders have full customisability with the trading platform and advanced charting capabilities.
In addition, MetaTrader 5 is also available for use on web browsers, or it can be downloaded on desktops that run Windows, Linux, or MacOS, or mobile devices supporting iOS or Android. New traders can also make use of the user manual which is provided to help them navigate the trading platform.
Interactive Brokers
Interactive Brokers has been in operation for decades and has a presence in 135 markets and 33 countries around the world. The trading platform offers traders with extensive educational materials including webinars, trading glossary, videos, and more. There is also an array of trading tools and high customizability where the dashboard is concerned. There is also a demo account available.
cTrader
The platform, designed and developed by Spotware Systems, introduces beginner traders to ECN trading conditions. The cTrader platform goes hand-in-hand with cAlgo, a platform used to build algorithms used by cTrader.
cTrader has a desktop and web-based version and is user-friendly. It comes with the option of easily rearranging the interface to create a customized workspace setting. The starting point is opening a trading account.
