The XM forex broker in Kenya has a number of advantages for traders in Kenya. First, this broker offers zero fees for deposit and withdrawal. In addition, it has a friendly customer support team that is always available via live chat. Traders, however, should note that XM does not have a Kenyan phone number, which may be a downside. Also, the broker is not regulated by the CMA, so it may not have the lowest fees for high trading volumes.
XM offers a variety of trading accounts. You can choose between Micro, Standard, or Ultra Low accounts. Each account requires a minimum deposit, which can vary between seventy and seven hundred kwacha. XM offers several payment gateways, including Mpesa.
XM is one of the oldest Forex brokers in Kenya. The company started offering online forex trading in 2009, and it has grown to become a world-renowned brand. Traders can trade in over a thousand different trading instruments, including forex, stocks, and futures. Spreads are very low at 0.6 pips, and leverage is up to 888:1. XM also offers exclusive offers for Kenyan traders.
Kenyans have an increasing appetite for trading in FX. This market is now the third largest in Africa and is recognized around the world. The Capital Markets Authority CMA has strict rules to protect consumers. In addition, CMA-licensed Forex brokers in Kenya must be based in Kenya. Retail currency traders use platforms to speculate on currency direction.
XM offers extra tools for novice traders and also offers a compensation scheme for winning trades. Its traders can even access free online courses and webinars. Moreover, the broker has an expert who can help them understand trading strategies and make informed decisions. In addition, it offers exclusive offers for Kenyan forex traders.
XM offers clients a wide range of trading instruments, with low spreads. The broker also provides real-time pricing on its forex market. XM also offers stock CFDs. These CFDs are listed by region and have a specific symbol. There are three types of account available with XM, depending on the type of trading you are interested in.
To open an account with XM, you must deposit at least $5. The other types of accounts differ in terms of the minimum deposit, base currencies, minimum deposit, and contract size. XM offers Islamic accounts, but does not offer corporate accounts. Another downside is that it does not offer EU client protection. Furthermore, it requires a 24-hour verification period for the account to be verified.