Trading binary options is for years now an attractive and lucrative type of online investment, widespread among many people around the world. In Africa, binary trading is especially popular, such as South Africa, but also Kenya and several other countries, such as Nigeria and Zimbabwe.
This binary guide will provide more detailed information regarding most popular binary brokers in Kenya, can Kenyan traders trade on binary software and are there option to invest in binary options with the help of signal providers.
Binary Options Kenya
Initially, binary industry appeared in laite 2008 in the USA and quickly spread on different continents by providing trading platforms on which traders in Kenya will be able to trade with numerous underlying assets.
However, our Kenyan readers should know first what binary options are and how we define them. Trading binary options is an online trading alternative which has two options, yes or no and is based on fixed payout and expiry time. It all comes down to the fact that traders need to determine will and asset price rise or fall in a specific time frame which is set in advance.
Traders are able to trade with different underlying asset, such as stocks, commodities, currencies and indices. Also, trade options and times of expiry are required to complete a trade, whereas each broker has its own list of available assets and trading features.
Experience trading with IQ option!
Concerning trade options, Kenyan traders can choose between trading on 60 Seconds, High/Low, Ladder Options, Pairs, One Touch and many more. Regarding expiry times, they have on disposal a wide range of short term and long term time frames, such as 60 seconds, 2 min, 5 min, 15 min, 30 min up to a day, week, month or even 150 days.
In binary options trading, risk is involved since this trading type is done online and trades are executed based on current market trends. However, as one of the main benefits of such binary options popularity is the fact traders know potential risk in advance, even before a trade is made. This means how potential money gain or money loss can be known in the initial stage.
Binary trading process in Kenya can be done entirely online, where traders only need internet connectivity to be able to place trades and earn money accordingly.
Binary Options Features – Trading in Kenya
For binary options success to be possible, there are several elements which should work simultaneously such as available trading tools and features available on particular broker’s platform.
High returns are definitely one of the reasons why many traders from Kenya find binary trading to a suitable option to invest their money. This industry seems also attractive to beginner traders who have opportunity to experience online trading, practice and possibly make money in the process.
Features such as demo account, different trading instruments such as option to limit daily trades and ability to trade binary options on the go, thanks to mobile app, are all popular ways of how to achieve better trading results.
Demo account is especially appreciated feature among novice traders who lack financial knowledge such as expert traders possess, and with practicing on demo, they can test the platform and have better performance in risk free environment. By this we mean how Kenyan traders don’t need to invest actual money but instead they are provided with virtual funds.
Traders who are very busy and don’t have time to trade binaries solely on computers, are able to use mobile application and have a more simple way of trading when they are on the move. These apps are designed is a simple way to be efficient and easy to use. With most brokers, app is connected with Apple and Android systems where Kenyans have option to use it on their tablets and smartphones.
How to Choose a Top Binary Options Broker?
Selecting a right binary broker should be traders’ initial step when planning to invest in binary options. Nowadays, there are a lot of binary brokers who are available on Kenyan market and traders should wisely choose the one to trade with in order to avoid any possible scam.
As a novice trader, choosing a broker who offer demo account might be a good idea to start with, among other segments on the trading platform. Traders should also check carefully broker reviews listed on our site to find a detailed explanation of what particular platform has to offer.
Each broker has its own trading characteristics and offer different tools as well as number of trading account and minimum deposit requirements. Usually, average industry minimum deposit is $250, while some brokers such as IQ Option who offer deposit of just $10.
When Kenyan traders check a specific platform, they should read terms and conditions as well as find information about withdrawal procedure since this element is one of the main ones in terms of successful binary trading process. If a broker has good and responsive customer support, it is one more thumbs up for traders who can see how this broker is serious and has very good support agents who can provide fast and accurate trading info.
Alternative Way of Trading with Binary Robots
If Kenyan traders are new to binary options trading or simply don’t want to spend too much time trading, they can try out option to connect with binary trading software or robots. There are couple of them on African market these days, and some of the most reputable ones are Binary Options Robot and Fintech Limited.
What these binary robots deliver to traders in Kenya is an option to adjust the settings and let the software to place a trade on their behalf. As one of the useful features we discovered lately is that on Binary Options Robot software, traders are able to activate Auto Trade Approval – a tool that enables full control over trading portfolio so that traders are able to accept or decline received trading signal
Are Binary Options Legit in Kenya?
What we learnt from our reviews regarding Kenyan regulatory authorities and binary options, is that it seems there are no prohibitions on binary options. There is Capital Markets Authority financial watchdog which is responsible for monitoring and supervision of stock exchange and other market activities.
Therefore, binary options trading seems as a legal online trading industry which is available on Kenyan market to interested traders.
There are plenty of binary brokers, such as IQ Option, AnyOption, StockPair etc who offer trading platforms to Kenyan traders and conduct a legit binary trading business. When traders register with them in few steps, they’ll get access to the platform and after they deposit, traders can invest in different underlying assets in order to maximize profit.
To become a pro trader, reputable binary brokers provide a selection of useful education materials, such as video tutorials, guides, trading basics 101, webinars, ebook, glossary and many more. These edu materials can be used to enhance trading knowledge and have better understanding of how does binary options trading in Kenya works and can traders earn money during binary trading journey.