Binary Options In Kenya
Trading binary options is an attractive and popular type of online investment that is spread enormously fast around the world. In Africa, binary options trading is very popular and country like Kenya did not bypass this trend.
This guide will provide all information regarding most popular brokers that are available in Kenya. Also, we will help you to learn more about brokers in Kenya, can Kenyan traders use binary options software and are there options to trade with some popular brokers in the industry.
All these years, traders are trading every day in Kenya. Thanks to good payouts and a wide variety of different settings, binary options have become a strong choice for trading on the financial market.
In this article, we will try to explain how to trade with different currencies, commodities, indices, and stocks.
Traders from Kenya have a goal to profit from binary options and we believe that they can succeed by adhering to certain strategies and rules, and not rely on pure luck.
For this reason, with this guide, we will try to bring all Kenya traders closer to binary options and how to trade in order to be a successful trader.
Binary options are not just for professional traders and successful investors. They are also for beginners who have to learn to abide by the basic trading rules for starters. That’s why we have decided to write this guide to bring Kenya traders closer to how binary options work and help with strategies and tools to reduce risk and increase trading performance.
Binary Options in Kenya
Binary options began their boom in 2008 in the US. However, in time they have spread to all continents. Advanced technology has enabled all traders to access the market at any time and set up trade in the way they want.
In the same way, binary options have also been developed in Kenya, so we have many Kenya traders who are profitable and trading on a daily basis on the market.
As we have already mentioned, for Kenya traders it is important to know the binary options. This means understanding the main purpose of this type of trade, which is the prediction of growth or fall of a particular asset in the given time interval.
Kenya traders have the ability to trade with indices, stocks, commodities, and assets.
This means that at any time if you meet all the conditions with the broker and if the broker offers one of these types of assets, they can invest their investment in a particular trade.
In order to explain the most common forms of trade, we would like to point out that Kenya traders will have the opportunity to trade with 60 Seconds, High / Low, Ladder Options, Pairs, One Touch and other options provided by the broker. These are all ways in which you are investing a certain asset, while at the same time traders need to decide when to invest in a particular trade.
In order to succeed, it will be necessary for them to choose expiry times that determine the duration of each trade. For the time intervals, the trader can choose 60 seconds, 2 min, 5 min, 15 min, 30 min, daily, weekly, monthly, and more.
The entire binary process for Kenyan traders is being done online and only high-quality Internet connectivity is required. Also, it is important to note that this type of trade also carries certain risks, and we will explain them in further text.
What are Binary Options?
The very definition of binary options is very simple. You invest your money to predict whether a certain asset will grow or fall in a given time interval. In order to do this, it is necessary to monitor the market analysis and take care of certain tools and features provided by brokers. With this trading method, traders know in advance what sort of result they can expect. This means you can at any time know how much you can win, but also lose on a single trade.
To sum up the entire binary options definition, we would like to say that Kenya’s traders primarily goal is to predict the price of a particular asset at a given time interval and thus increase their profit.
Trading Features Available in Binary Options
In order for the binary options trade to be successful, it is necessary that more functions and tools work as one. This can be achieved by setting up your account properly.
High returns are one of the main reasons Kenya traders want to trade binary options. Many binary options traders have the same goal – earn as much money as possible, and binary options are available to everyone, from beginners to professionals. What can help you with this are the various trading settings, features, and tools that you can use while trading.
One of the major features that will surely make happy all of Kenya’s traders is a demo account. With a demo account and the help of the virtual money that your broker is giving you, you can try out all the strategies, tools and settings of your account. This way, especially beginners, can test the software and see if they are satisfied with its performance.
This means that Kenya traders can completely try out how to trade binary options and see if they are attracted to this kind of trade.
Also, the great advantage of binary options is also mobile apps that allow traders to trade on the move. Apps are linked to Android and iOS systems so Kenya traders can use them on their mobile devices and tablets.
Which Expiry Times Should Kenya Traders Use?
Expiry times are really important part of the binary options trading process. However, understand how binary options expiry times work is big imperative for the traders. There are different expiry times with various lengths and some offer better odds than others.
Some of the brokers will tell you that expiry times depend on the assets you choose and the option you use to trade.
Are expiry times predetermined?
The answer for this questions is simple; Yes! There are basically three types of expiry times that traders can use:
- Short Expiry Times – the range of short expiry times is a few minutes. The most common short expiry times is 1 minute to 5 minutes
- Medium Expiry Times – the assets that you can trade with expiration times between 5 minutes and 1 to 2 hours are called short expiry times. These assets usually have higher payout than assets with short expiry times
- Long Expiry Times – some brokers will offer to traders long expiry times with intervals from 2 hours to period of the whole month. However, like in any other financial market, long time expiry times are hard to be predicted
Also, trading on different assets can affect which expiry times you need to use. According to the brokers, commodities and indices are advised to trade with short expiry times and for stocks, traders should use medium to long expiry times.
Interesting information is that traders from Keny have a great choice of brokers who can trade binary options and thus expand the possibility of trading with them. Likewise, these brokers allow a large selection of expiry times and manipulation of certain assets due to different expiry times options.
How to Choose Binary Options Broker For Kenya?
Choosing a quality and safe binary options broker is the most important in the entire binary options trade process. There are a variety of brokers available for traders from Kenya and it is, therefore, good to check all available information on a particular broker, so that you do not invest in broker scams.
To begin with, we suggest that you check if your broker has a demo account. This is the best way, especially for beginners, to test software and decide whether to continue trading with it.
It is also necessary to read the broker reviews that are available on our site to find out more about what a particular broker can provide.
Each broker works in a different way, offers different settings and strategies that can be used during trading and has different minimum deposit requirements. In the binary industry, the minimum deposit is usually $ 250, but Kenya traders can also deposit with an IQ option broker offering a minimum deposit of $ 10. Also, traders are able to deposit with MarketsWorld, Binary.com, Ayrex, BDSwiss, and 24option. All these brokers are available on our broker’s tab where you can read detailed reviews about them.
Also, when a Kenyan trader decides to use a specific platform, we suggest reading the terms and conditions that should be on the broker page itself. In this section, you will be able to get important information like withdrawal options, bonus options and different requirements and rules for trading. It is important to inform yourself of everything that the broker provides you and all that you can use to trade more profitable.
Likewise, if your broker has customer support, this can greatly contribute to the quality of the service. This way, you can get all the important information quickly, and educated agents can help you explain all the ambiguities you face.
For all Kenya traders, we have also created types that you should follow when choosing the appropriate broker you want to trade with:
- Terms and Conditions
- Customer Support
- Education Center
- Demo Account
- Deposit and Withdrawal
- Trading Features, Strategies, and Settings
All these tips can help you to trade quality, and knowing more about the broker can increase your profitability. Always try to get more information and find out all that the broker provides while you’re dealing with it. You have to be careful because there is much suspicious software on the Internet and brokers who are not in the interest of making a profit.
Brokers Regulation in Kenya
A lot of brokers you can trade with and are available in Kenya have a regulated license. However, the broker decides whether to be regulated and in what way. If the broker is not regulated, it does not immediately mean that broker is a scam.
The most famous regulatory body involved in licensing binary brokers is CySec.
CySec means Cyprus Securities and Exchange Commission and its license provides traders with a safe experience. Also, this regulatory body monitors brokers who have to comply with their regulations and rules.
Cysec primary goal is to track brokerage relationships with clients and how it behaves in important trading aspects such as payments, withdrawals, winning ratios, trustworthiness, and security.
As we have already mentioned, if a particular broker does not have a license, that does not mean that he is immediately a bad one or a scam.
Brokers recommended for Kenya are confident and safe. So far, we have had no reports of something bad happening. Also, we advise all traders to read all broker-related information so that they can choose the broker that best suits their needs.
Why are Terms and Conditions Important for Binary Options Traders?
In order to choose the highest quality broker that provides you everything you are interested in, you need to be well informed. In the world of binary options, security is the most important, and the trade process takes place through a broker. Most traders in the registration process only accept terms and conditions text with the aim of creating their account as quickly as possible. However, in terms and conditions text you can often find all the essential items and broker information. This means that by creating your account you can see all the advantages and disadvantages of a broker.
Therefore, we recommend all traders from Kenya to read the terms and conditions thoroughly because such information can only contribute to quality trading.
Deposit and Withdrawal Process
Deposit and withdrawal process is a very important part when we talk about binary options. Secure trading platform and honest client relationship should be the task of every broker.
There are over 300 brokers in the market that build their reputation and brand name in a variety of ways. However, among all these brokers there are also scam brokers and in this part of the guide, we will show you everything you need to know when deciding to make your deposit or withdrawal.
.Our team on binaryoptions.org.za wants to deliver only tested brokers with a good reputation so traders can trade safely on financial markets from Kenya
Security of Trading Platform
When Kenya traders decide to make a deposit and withdrawal with a specific broker, they need to have all information and what does it take to get the funds on their account.
A majority of binary brokers use high standards for their trading platforms. The SSL technology encryption works in a way that all your personal information is secured and it encrypts all data of registered users.
With this system, traders can feel safe and everything related to their account will be secure with broker only.
How to Make a Deposit?
The process of making a deposit with a broker is usually very simple. Before making a deposit, traders need to create an account which is usually completely free. To create an account, traders need to insert their name, surname, telephone number, email address, and password.
After the registration process is over, traders are supposed to make a deposit with a broker in order to start trading. However, as we already explained, some of the brokers can be tested with a demo account. This way, traders can know more about the platform, strategies, trading features and tools etc.
What is important for Kenya traders is the same for all other countries that are supported to trade with binary options and that key part is identity verification. This means that traders need to provide true identity so brokers can help them about different options, especially withdrawal.
How to Make a Withdrawal?
As we already mentioned, you need documents that are needed to verify your identity and these are:
ID card, passport, driver’s license or any other document that is issued by the government. Also, you will need to send utility bill, bank statement or other proof of your residence. According to the Terms and Conditions which we said are really important, the broker can ask you for other documents.
Keep in mind that this procedure is different from broker to broker. Some brokers can ask for documents during the registration process and they are doing that for their own safety and security of your funds. Thanks to his policies, it is impossible for the third party to manipulate with your account and maybe withdraw your funds.
How Long does it Take for Withdrawal Process?
After you have traded a certain period of time and you have winnings that you want to withdraw, the process is really simple.
Traders are supposed to go directly to their trading account and find a withdrawal button. After that, you need to follow the instructions and submit your withdrawal request.
However, the broker has the final word and usually, they need some time to process it. This process usually lasts from 24 hours up to 5 days.
Also, it all depends on which method did you use for a withdrawal option. Some of the methods are slower than the others and a great example for that are e-wallets and bank wires. With E-wallets, traders are able to withdraw their funds almost instant, while bank transfers can last up to several days.
Both process, deposit, and withdrawal are very important when you select a broker supported for Kenya traders. We advise you to find all information and brokers with a bad reputation and unclear terms and conditions are not good choice to pick.
Also, keep in mind that scam brokers don’t pay attention to procedures and later, traders can have a bad experience while withdrawing their funds. Brokers who promise instant withdrawals without any documents or obligations are not safe and you need to keep an eye on them.
How to Recognize Scam Brokers?
In this part of the guide, we will advise African traders on how to identify good binary brokers from scam binary brokers. The most important part in this is knowledge and information that traders can found about the broker. The traders need to gather as much information as possible before picking a broker they wish to trade with.
This will mean the difference between trading with a legitimate broker with high reputation and scam broker that can affect your investment in the end. The most popular brokers such as IQOption and 24Option are in binary options industry for a year and they have a reputation of being serious. To identify a scam broker we bring you several important parts that you need to watch out for:
Unclear Terms & Conditions
If traders want to do business with a chosen broker, they need to know the information listed under terms & conditions section. Often, traders are trying to read the terms & conditions and get confused or they do not understand what is really written. The best way to understand everything written is to contact customer support agents. On the other hand, reliable brokers such as IQ Option have very detailed terms & conditions on their platform.
Bad Customer Support
A legitimate broker will have customer support available for their traders usually 24/7. A broker who is not a scam will do everything to provide all information to their traders. However, with scam brokers, Kenya traders will face with the inability to contact customer support agents. This is one of the first signs that you are dealing with the scam broker.
With a reliable and trustworthy broker, customer support will be always available for you. The educated staff will be available usually via live chat but also by email. They will be able to provide all answers or give necessary information if Kenya traders do not understand something.
If you cannot get answers to your questions after multiple attempts, that means that you are probably dealing with a scam broker.
Permanent Calls from the Broker
Another way of identifying broker that is a scam is the way they handle personal information from their clients. If you, as a trader, start receiving calls on a daily basis from brokers that push you to invest money, it is probably a scam broker.
These scammy brokers usually promise the huge return of investment when you join with their platform. However, these calls are usually privacy breach because your personal information is sold to the third party.
We urge Kenya traders to be very careful in this spot and do not sign up and deposit with the brokers that are not completely safe and trusted.
Every broker nowadays has certain bonuses which traders can use after sing up with them. These bonuses are usually clearly explained on broker’s platform or under Terms & Condition part.
However, if you are dealing with a scam broker, these bonuses will seem a bit unrealistic from other brokers. For example, if you signup with a broker that have offers like 100% winning ratio or $1,000 bonus on any deposit, you can be sure that something is not quite right there.
Rejected Withdrawal Process
The worst thing that can happen with your funds is that they are rejected in a process of withdrawing. This usually happens with a scam brokers. After the process is rejected, brokers usually call their traders and advise them to deposit more money and then to be able to withdraw their money.
The brokers usually don’t respond to all calls and e-mails from the traders and this situation identifies a broker as a scam
Binary Options Trading Software
When choosing the best broker that suits all of your needs, traders from Kenya should pay attention to what features, tools and instruments for trade are available. Reliable brokers for Kenya offer many different trading tools that can be used for binary options trading.
This can include demo account, a variety of assets that includes stocks, currencies, indices and commodities, different guides and education centers and also, account managers that can help you to trade more profitable.
By offering all these features and assets, trader’s chances to increase winning performance are going up. Also, all these tools and strategies can be of a great help while trading if they are used properly.
One of the benefits, according to the brokers for Kenya are specialized bonuses. As we already mention, you need to know more information about bonuses and how to use them in a way to motivate you while trading with binary options. Bonuses are not obligatory and they usually come with different requirements. For example, traders need to have 25x or 50x turnover so they can be able to withdraw their funds.
There are many different trading options that are implemented in software with the broker and all these depend on the particular broker and trading platform.
Demo accounts and mobile applications are most popular features that can be used these days in binary options trading. Brokers like 24Options and IQOption provide these service to their traders. Apps can be downloaded via Google Play or App Store and you can use them anywhere where you have an internet connection.
Demo accounts are mostly used by beginners and traders without experience, however, professional traders also use them to get more information and to test platform with different tools and strategies implemented.
There is no risk involved in trading with a demo account because money is virtual. Traders with a demo account can gain more trading experience and later invest in a real account and start profiting.
Alternate Ways Of Trading with Binary Options
Kenyan traders who are not experienced enough or simply don’t want to trade on a daily basis because they spend much time can opt for a binary trading software or robot.
There is much different software that African traders can use and let the software to place trades on their behalf.
This way, you don’t need to be in front of the computer all of the time and Robot is trading on your behalf with sophisticated algorithms that are used. Such robots work on the principle of gathering signals from the binary market and then set the best possible trades.
How to use Binary Options Signals?
Before we introduce you to binary options signals, we need to explain you in more details where lies importance of the binary automated software like Robot. In Africa, binary auto trading is hitting record because of the traders who don’t have sufficient knowledge about financial markets.
Usually, these Robots are trustworthy and traders can start trading with them in several easy steps. However, these robots are successful thanks to the binary options signals.
We can define binary options signals as created financial algorithms. These algorithms calculate different assets and create signals that are sent to Robot. They are delivered in a real time so they can be used in the trading process.
For Kenya traders interest in binary options industry, the most important part is to find the reliable broker and to determine the right strategy that they can use and turn in to a profit.
How to be Successful in Binary Trading?
There are no specific words that we can use to tell you to have to achieve great results and high returns with binary options trading. However, for Kenyan traders, there are some key elements which should be taken into consideration when investing.
We recommend all traders to exclude their emotions while trading with binary options. They should be kept under control and they cannot affect them in binary trading places. To have this, it is important to have a trading plan and strategy that is providing quality results.
The strategy that is used in a professional way will become a reason for high winning performance.
Safe trading is also important since secured investing and self-discipline will reduce any stress exposure which is important for the binary industry.
Also, it is not recommended to trade with all of your funds at once. The most profitable traders don’t invest more than 10% of their bankroll per trade.
We advise new traders to start slowly and take everything step by step. By this, we mean to check all information that brokers can provide to you, read a lot of different reviews and get a better insight of the trading platform and trading process.
Different payments and security of trading platform are the main elements of the trading process.
Different payment methods can help you extend options with various brokers that are available for Kenya. However, keep in mind that each broker has its own methods for deposit and withdrawal process.
Encourage Traders To Learn How To Trade Binary Options
Kenya is one of the countries with the lowest unemployment rate. About sixty percent people are not working and sadly, this is a bad information for Kenyans.
This is why we think is important that Kenyans should be embraced in trading with binary options. This can be an extra value to the life and way of making money.
The Kenyan currency is really low against the US dollar and it is a dream for a lot of residents from Kenya to be paid in dollars. However, with trading with binary options, everything is possible. Nothing is sweeter when you are withdrawing money from a binary options broker and change your life in a better way.
With the passion and education through our site, we can help you to trade with binary options from Kenya. Read our guidelines, watch videos, read reviews and implement the knowledge you have to trade with binary options.
This way, you will become your own boss and you will not live in fear. You have a choice to improve your life and just waiting for the government to take any actions will not change anything. You can learn how to trade binary options in a short period of time and results will follow.
Where to Learn and What to Read?
All news related to binary options in Africa are logically important for traders in Kenya. Movements of the market price can be challenging to predict, however, traders need to be aware of everything that can affect market changes.
That’s why on Binaryoptions.org.za we have the news section which tracks what is happening in binary options in Africa. We also recommend to our readers and traders to read our guides and strategies, as they can educate themselves and fix some mistakes they may not even know they are doing while trading.
Binary options trading has become a source of earning money in African countries and also traders around the world. That’s why it is important to update yourself with the news on daily basis and improve trading skills with reading a lot of binary related articles.
Is Binary Trading Legal in Kenya?
In this step by step guide, we learned that there is no any prohibitions for traders from Kenya to start trading with binary options.
Therefore, binary options trading are the legal financial industry that is available for all traders living in the Kenyan area. There are plenty number of brokers that offer their service to Kenyan traders. When traders register with them, they will have a full access to the platform. Also, after they make a deposit, traders can invest in different assets that we mentioned before.
From beginners to the expert, the main goal is to trade most profitable. That’s why it is important to educate yourself and use as much as materials, e-books, seminars, guides and video tutorials to improve your skill and knowledge about trading with binary options.
All these materials can help Kenya traders in a way to earn more money during a binary options trading journey. If you learn more and educate yourself enough, you will be able to trade with more confidence and explore the market as you never did before.
Binary options are available in most countries around the world. What Kenya makes special is a very diverse choice of brokers and opportunities that can be implemented in the trading process. Also, opportunities for learning and progress are great. You need to be educated in all possible ways and find a broker who meets all your needs. This guide that is made step by step should greatly facilitate this process and make you a successful trader. Try to remember all of the steps we have presented in this guide and ensure yourself the quality of success by trading with binary options.
In order to trade successfully, many aspects need to be linked, and your goal should be constantly advancing and learning the binary options market. Only this way, you will be able to progress at incredible speed and increase your winning ratio.
Learn, explore and do not let external influences affect the outcome. Try to remain calm in difficult situations and this will affect your profitability.
At the end, we wish you all the luck and we hope that you will find all the information you need to start a successful trading on our website!