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With the growing financial markets across the globe, binary options trading is now accessible to anyone with a stable internet connection. So, are Binary Options legal in Kenya? When it comes to binary options trading, Kenya might not ring the bell to many.
We all knew Kenya for its diverse wildlife and natural beauty. Kenya’s southern border is shared with Tanzania. Kenyan citizens were not famous for their indulgence in the financial sector that much. But times have changed now from fixed-time trading to binary options trading is now home to all. If you are a Kenyan citizen looking to trade in Binary Option, this article can undoubtedly give an excellent start to your trading journey.
In this article, we will tell you about the best three brokers in Kenya and their comparisons. We will also be discussing the regulations, advantages, and features of binary options trading.
So, let’s get started.
Getting started with Binary Options trading in Kenya
For online binary traders from Kenya, it’s good to know that Kenya has an almost 97% financial inclusion rate. Naturally, Kenya is one of the most advanced African countries in the world right now.
Are you wondering how you can tap into Kenya’s binary options trading market? Do you want to know the attitudes and practices that most Kenyan binary options traders follow?
This guide will answer all your queries! First, all you need to do is register as an investor/trader with a professional trading account. Then, within minutes, you will be all set to make profits by doing binary options trading in Kenya! While it is easy to register as a trader, it is different from finding a reliable trading firm.
Although binary options trading is legal in Kenya, you might face difficulties if you lack knowledge of the trading regulations in Kenya. So, let’s get started!
Note: Binary Options are fully legal in Kenya! There are no restrictions for traders.
(Risk warning: You capital can be at risk)
Regulation of Binary Options Trading in Kenya
In Kenya, general trading regulation does not exist like any other emerging countries across the world. On the contrary, binary options trading in Kenya has become popular over the past few years. It is because binary options trading is the latest innovation in the digital retail trading industry.
Uniquely structured, binary options trading has only two possible outcomes (high or low value). However, due to its simple trading method, binary options have attracted traders worldwide to such an extent that many people are investing a considerable amount of their money in binary options trading every day!
The main regulatory body for the financial industry in Kenya is the CMA (Capital Markets Authority). Since its establishment in 1989, the CMA has been operating as an independent body in Kenya to monitor, license, and supervise all the financial market intermediaries across Kenya.
The CMA regulatory oversight extends to various departments, including the Kenyan settlement system, central depository, and stock exchange. The primary responsibilities governed by the CMA extend to:
- The development of Kenya’s capital markets. CMA mainly focuses on taking new incentives by removing the hurdles that can impede long-term capital markets investments.
- CMA facilitates trader’s access to the brokerage services and the stock market exchanges nationwide to encourage trader participation by the general public in the stock market.
- The creation, modification, and regulation of a stable and transparent finance market where securities can be traded well-organized and efficiently.
- CMA plays a vital role in protecting the interests of trading investors.
- Management of the nation’s Compensation Fund Scheme to protect international investors from suffering losses due to the transaction failure of any regulated and authorized broker.
- The development and usage of fintech in Kenya to develop more efficient and stable Kenyan financial markets.
As mentioned earlier, binary options trading in Kenya is now a legal and legitimate investment activity monitored and governed by the CMA. However, Kenya’s online financial trading industry is still volatile in terms of the regulatory framework.
Yet, proper regulation rules on Kenya’s online trading activities do not exist. What does it mean? It means that the online binary options trading in Kenya is indeed legal but not regulated by the CMA.
Nevertheless, the CMA has recently announced its plans to develop a complete legal framework to monitor all online trading activities. The proposed regulatory law amendments to the Capital Market Act will include:
- The CMA must license each online trader to use the financial trading services (binary trading brokers).
- The primary purpose is to create a more secure and trustable online trading environment in Kenya.
Hopefully, this will help you to understand better the established regulation laws in Kenya. As the laws are fully transparent, you can be rest assured to invest in binary options trading across Kenya. Indeed, you can expect high returns with a vast range of financial methods to trade with.
As for now, the best alternative for binary traders in Kenya is to use offshore brokers who are monitored and regulated by reputable international financial regulatory bodies, i.e., the CySEC (Cyprus Securities Exchange Commission).
Trustworthy brokers for Binary Options trading in Kenya
While binary options trading in Kenya seems to be a very lucrative endeavor, you need to understand that a binary trader’s success depends on the broker’s trading activities. If you fail to choose the right broker, there is a massive risk of losing your money online.
To help you find and choose the right firm, here are the shortlisted trustworthy brokers for binary trading in Kenya:
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
300+ Markets
- $10 minimum deposit
- Free demo account
- High return up to 100% (in case of a correct prediction)
- The platform is easy to use
- 24/7 support
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
from $10
(Risk warning: Trading is risky)
300+ Markets
- $10 minimum deposit
- Free demo account
- High return up to 100% (in case of a correct prediction)
- The platform is easy to use
- 24/7 support
from $10
(Risk warning: Your capital might be at risk)
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
from $50
(Risk warning: Trading is risky)
#1 Quotex
Founded in 2020, Quotex.io is a well-known binary options broker for Kenyans that offers excellent trading market signals for copy trading on its user-friendly platform. It is regulated by the IFMRRC (International Financial Market Relations Regulation Centre).
It combines powerful trading tools with straightforward trading options to offer complete transparency.
Get a free deposit bonus of 50% at Quotex with our promotion code “bobroker50“
You can only use this bonus code by signing up via our website.
Here are the top findings of Quotex:
- Its payment options are perfect for residents of Kenya.
- You can get a 100% deposit bonus with a free demo account.
- The minimum deposit value is $10, and the minimum transaction size is $1.
- You get up to 95% profit payouts every 1 minute.
- With an 87% accuracy rate, traders can create a unique binary trading strategy.
- Great platform for beginners to start binary trading with just one click.
Is Quotex legal in Kenya?
Kenya’s Capital Markets Authority does not impose any regulations on binary options trading. So, using a reputed global brokerage like Quotex is entirely legal in Kenya if you are over 18 years of age.
(Risk warning: You capital can be at risk)
#2 IQ Option
IQ Option was Founded in 2013. It is a trusted binary options broker for Kenyans. IQ Options is best known for its dependable trading platform. It offers a smooth binary options trading interface and CFD with competitive fees.
Whether you are a beginner or an advanced trader, you can easily open an account on IQ Option and start binary trading. Here are the top facilities on IQ Option:
- It is a regulated online broker by FCA, MiFID, and CySEC.
- The minimum deposit needed is $10, and the minimum trade value required is $1.
- Supports various trading Platforms, including iOS, Android, & Windows.
- It is a safe and beginner-friendly platform, best used for CFD trading, Margin trading, and binary options.
- It offers a maximum of 95% payout along with the demo account facility.
- It includes assets such as Forex, Binary Options, Stock CFDs, and Cryptocurrencies.
Is IQ Option legal in Kenya?
IQ Option offers its services without restrictions to Kenyan binary options traders. Moreover, the lack of regulation by the Kenyan government makes it legal to rely on IQ Option for binary options trading.
(Risk warning: You capital can be at risk)
#3 Pocket Option
Owned by Gembell Limited, Pocket Option is an emerging binary options trading broker since 2017. Governed by the IFMRRC (International Financial Market Relations Regulation Center), Pocket Option is a reliable broker for Kenyans with more than 100 available assets.
You can easily create an account on Pocket Option and start binary trading. Here are the top findings of Pocket Options:
- It is a regulated online broker by FCA, MiFID, and CySEC.
- The minimum deposit needed is $50, and the minimum trade value required is $1.
- You can use the demo account facility at the beginning.
- Supports various trading Platforms, including iOS, Android, & windows.
- Offers maximum 128% payouts along with 50% deposit bonuses.
- It supports trade types such as high, low, and turbo and more than 100 assets.
Is Pocket Option legal in Kenya?
Pocket Option is safe, reliable, and legal to use in Kenya for trading binary options and other instruments. But it might surprise you to learn that Pocket Option does not offer its services to Western countries, including the USA and UK.
(Risk warning: You capital can be at risk)
Suitable deposit methods available In Kenya
A comprehensive population in Kenya uses online digital transaction facilities and e-wallets on a day-to-day basis. So naturally, online bank wire transfers and online credit card transactions are accepted widely across Kenya. Hence, Kenyans will not face any difficulty funding their trading accounts with any online broker such as Pocket Option or IQ Option.
Note that the choices available to deposit different trading accounts can vary based on the platform’s rules and regulations. So, check the available deposit method first and then open a trading account!
Some popular payment methods are:
- MPESA
- E-Wallets
- Crypto
- Local Bank transfers
- Credit Cards
Currency pairs & spread
The Kenyan Shilling is not very popular in the global financial markets. So, most Kenyans use several major and minor currency pairs while using different offshore broker platforms where they don’t generally get the local currency option for binary options trading.
Instead, they trade currency assets and commodities like gold.
Are Binary Options Legal in Kenya?
Kenya does not have any specific local binary options broker, and the only trading options for Kenyans have been through offshore brokers. They also make most of their financial market investments with the local stock exchange market. In addition, they use instruments like Treasury Bills under the governance of the Capital Markets Act.
Binary options trading in Kenya are not regulated but completely legal. Therefore, Kenyans can open trading accounts online and trade with various offshore binary options brokers.
As a beginner trader, you should learn about Kenya’s legal, regulatory conditions and considerations while trading binary options. If you have queries, you can reach out to the customer care of the broker platform to clear out your doubts!
(Risk warning: You capital can be at risk)
Benefits of Binary Option trading in Kenya
After having learned so much about Binary Options Trading, you must be wondering about its benefits.
And, well, rightly so you must know about them since you are about to invest your hard-earned money in that. So, let’s look at them:
1. High rewards
However, there is a high risk in Binary Options Trading, and the rewards are staggering too. When you compare it with FOREX or Fixed Time trading, Binary Option gives you a return of 60-80% on your total amount, while FOREX only provides a return of 10%.
If you want to increase your money manifold, there is no better option than Binary Options trading. This is a relatively new concept in Kenya but is gaining momentum rapidly because of its high-reward nature.
So, if you have some spare money, try spending it in the Binary Option.
2. Fixed Risk
Although the risk is high in Binary options trading, it can never exceed your deposit amount.
Unlike Forex trade, where things are uncertain, everything can be clearly defined in Binary options trading.
As a wise trader, you are always aware of how much you can lose. So, you can never be in a shock-and-awe when it comes to binary options trading.
You can choose how much you want to risk based on your capacity, which is an excellent benefit of binary options trading.
Moreover, some brokers also reward their traders after losing. They provide 5-15% cashback on the amount you lose, which is also a big plus.
3. Zero Complications
Well, there is nothing hidden from the end trader in binary trading. You already know there can only be two outcomes, and things may fall either way.
Even a beginner can try his luck in binary options trading as brokers provide demo accounts that can allow an amateur trader to get a glimpse of real-time trading.
Website interfaces of such brokers are also user-friendly, so it is easy for novices to understand what the app or website is all about.
One can create their account with ease with their Facebook or Google account.
4. Quick Process
You do not have to wait for months for the result. Binary options are fast. They are traded in a 15–30-minute window and sometimes an hour.
The quick process allows the users to trade multiple times in a day and enhance their profits. It is best for people looking to make quick profits and end their day on a high.
Some trades are even valid for 60 seconds only. Here a trader has to choose among the two options, and the results will be out in the next 60 seconds.
(Risk warning: You capital can be at risk)
5. Plethora of Assets
You can trade with almost every asset in Binary Options Trading. You can either choose gold, silver, or shares to start your trade.
You can assess the market and choose the asset that is bound to increase in the next hour.
Some traders find themselves experts in a few assets only; this trade allows them to invest in those assets only and increase the probability of their winnings.
Some companies may do well during a particular time, while others might find themselves dipping. As a wise trader, you can predict using trade indicators and invest accordingly.
6. Binary Option trading has something for everyone
Binary options trading is just not confined to experienced campaigners. Instead, even a layman can start trading through them.
Binary Option is not like the “one size fits all” thing. Brokers have different binary options for novices where the level of risk is a bit less, along with low levels of profit.
However, if you do not want to invest in the first go, demo accounts are always a good option.
You can trade through virtual money, and neither the profit nor the loss will be yours but, you will learn much-needed things about trading.
7. You can close your trade before the stipulated time
Unlike Forex trading, where you cannot back off once invested, Binary Option allows you to step back in between the trade time.
For example: if your trade time was 15 minutes and, entering the 12th minute, you feel the price will now come down, you can close a trade right away and keep the profit.
There is no charge for the closure, and the asset’s value will be considered the final value upon closure.
So, with Binary options trading, you have the liberty to choose the trading time.
8. You can trade multiple times a day
There is no limit to your trading. You can trade many times because the entire trading process gets over within an hour.
As a trader, you can trade for the entire day and double up your investments. But, of course, some people do it as their full-time job too.
Since this instrument is transparent and you know what you can win and lose, people do not hesitate to take their chances.
However, extensive knowledge of securities is required to turn to it full-time, so it is risky for inexperienced traders to venture into it.
Conclusion: You can trade safely with the right brokers in Kenya
With the advent of digitization, Kenyans are now coping up with the world in the financial sector. With their economy reviving from the aftermath of the COVID-19 pandemic, Kenyan citizens are digging in deep to try out different things that can help them make some extra bucks.
Financial markets can be tricky due to the risk factor, but rewards are equally encouraging. Investing in instruments like Binary Options Trading with the assistance of world-class brokers like Pocket Option, IQ Option, Olymp Trade, Binomo, and Expert Option can significantly boost Kenya’s financial sector.
With extensive rewards, cashbacks, demos, and support assistance, these brokers motivate Kenyan citizens to come out and explore the financial markets. The healthy competition amongst them is also a big plus for the Kenyan financial sector.
(Risk warning: You capital can be at risk)
Frequently Asked Questions about Binary Options Trading in Kenya
What are the risks of binary trading options in Kenya?
Trading binary options comes with the inherent risk of losing 100% of the investment when the price doesn’t move in the direction you expect.
Can you trade binary options for free in Kenya?
Signing up for a demo account with a reliable binary options broker is a great way to trade these options for free in Kenya. But you must bear in mind that since demo accounts are loaded with dummy virtual money, the profits you make with it will also be virtual and cannot be transferred into a bank account.
How much money do you need in Kenya to trade binary options?
Most binary options brokers demand a minimum deposit of 10 USD. So, Kenyan traders need about 1450 Kenyan Shillings to trade binary options.
