The Top Forex Trading Apps for Kenyan Traders in 2023
Looking for the perfect forex trading app? Our list of the best forex trading apps of 2023 provides all the features and tools you need for successful trading
In the ever-evolving world of Forex trading, having a dependable Forex trading app has become crucial. Whether you're a beginner or a seasoned professional, the ability to scrutinize market data and manage trades on your phone is an indispensable part of your trading day.
A Forex trading app is an application that you can install on your phone or tablet. It enables you to trade Forex and other financial instruments. These apps are usually provided for free by Forex brokers. Some apps are proprietary, developed in-house by a broker, while third-party companies make many popular apps. Proprietary Forex trading apps are more straightforward for beginners to set up and use.
Forex trading apps let you open a demo or trading account with the broker, buy and sell instruments, deposit and withdraw funds from your broker, provide real-time market data, display news and analysis, and offer price alerts and other tools to help manage your risk.
Forex Trading App vs. Forex Trading Platform
Forex trading apps are available on mobile devices, while Forex trading platforms run on desktop computers. In essence, they both perform the same function: to allow you to trade on financial markets and connect to your broker's trading system. However, desktop trading platforms offer more features and tools than trading apps, and experienced traders prefer them for more in-depth technical analysis and advanced order types.
Comprehensive Reviews of the Best Forex Trading Apps of 2023
Based on our thorough review process, we've compiled a list of the best Forex trading apps in Kenya for 2023. These apps were tested on Android and iOS devices, and their stability, execution speed, fees, and ease of fund transfers were closely scrutinized.
AvaTrade: Top Forex Trading App
AvaTrade's leading mobile app, AvaTradeGo, was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTrade offers an advanced dashboard with intuitive management tools, clear charts, and a Market Trends feature that lets you monitor trading trends within the AvaTrade community.
Key Features of AvaTradeGo
- AvaProtect loss protection: Full refund for any losses; any gains are yours to keep
- Market Trends: Monitor social trends, see what other traders buy and sell, and keep a close eye on your trades
- Secure deposits, FSCA-regulated, and 24/5 customer support
XM: Fastest Execution Speed
XM is a highly regulated broker offering native XM apps supporting MT4 and MT5 with three account types. It stands out for its execution speed, with 99% of trades executed in less than a second.
Main Features of the XM App
- Both MT4 and MT5 trading platforms are available as apps
- No re-quotes or rejections of orders
FXTM: Best App for Automated Trading
FXTM is a well-established Forex and CFD broker. The FXTM Trader mobile app offers access to FXTM's complete range of CFDs and facilitates fast opening and closing of positions.
FXTM Trader Features
- Micro Account with a 10 USD minimum deposit
- Access to over 250 trading instruments, including Forex, commodities, and CFDs
- Allows for automated trading via EAs
eToro: Best Social Trading App
eToro is renowned for its social trading platform, which lets you follow and copy the trades of professional traders. It is user-friendly and perfect for beginners who want to learn from experienced traders. eToro also has a wide range of markets, including Forex, stocks, and cryptocurrencies.
Key Features of the eToro App
- Social trading: Follow and copy the trades of expert traders
- Wide range of markets: Trade forex, stocks, cryptocurrencies, and more
- Easy to use: User-friendly interface for beginners
How to Choose the Best Forex Trading App?
When choosing a forex trading app, consider the following factors:
User Experience
Consider the user interface and user experience. An intuitive, easy-to-navigate app will make trading more uncomplicated and more enjoyable. Look for apps that provide a customizable interface that suits your trading style.
Security
Ensure that a reputable financial regulator regulates the trading app and the broker. The app should also have advanced security features such as two-factor authentication.
Fees
Different brokers and apps have different fee structures. Some may charge for data, others for trades. Be sure to understand these fees before you start trading.
Features and Tools
An excellent forex trading app should provide real-time news, market data, and analysis tools. It should also offer advanced charting features and other tools to aid decision-making.
READ ALSO: Top 10 Binary Options Platforms that Accept M-PESA in Kenya
Conclusion
The right Forex trading app depends on your specific needs and trading goals. Kenyan traders have many choices available to them in 2023, and the best app is the one that best aligns with your trading style and experience level. Conduct thorough research and consider user experience, security, fees, and features before choosing. With the right tool, you can quickly and successfully navigate the exciting world of Forex trading.
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