EGM Securities Launches Kenya’s First Regulated FX Trading Platform

EGM Securities, an online Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, has announced today that it has launched the first and only online regulated non-dealing online Forex Broker Forex Broker In the forex space, a broker is any company that can provide traders with access to a platform that permits the buying and selling of multiple currencies.The retail forex industry has grown over the past two decades to include every major jurisdiction, which in turn has necessitated new regulatory oversight. Relative to the institutional sector, retail brokers are rather small portion of the greater forex market. However, traders can rely on brokers for leveraged trading in a 24-hour-a-day marke In the forex space, a broker is any company that can provide traders with access to a platform that permits the buying and selling of multiple currencies.The retail forex industry has grown over the past two decades to include every major jurisdiction, which in turn has necessitated new regulatory oversight. Relative to the institutional sector, retail brokers are rather small portion of the greater forex market. However, traders can rely on brokers for leveraged trading in a 24-hour-a-day marke Read this Term in East Africa. The subsidiary of Equiti Group will allow traders to invest in global macro opportunities such as foreign exchange, oil, gold, other precious metals and commodities.

Based in Kenya, the launch of the platform means, for the first time, residents of the country will be able to participate in the largest financial market in the world in a regulated environment. Consumers can use multiple payment channels for the platform, including M-Pesa, a mobile phone-based money transfer by Vodafone.

Major leap for Kenya’s financial market

According to the CEO of EGM Securities, Kenya was the obvious point of entry into East Africa. This is because the country has the most advanced economy in Central and East Africa and it is renowned for being the leading financial hub on the continent. Furthermore, Kenya has the most proactive and innovative regulator in the region, he said.

Commenting on the launch of the new platform, Kevin Ng’ang’a, CEO of EGM Securities, said: “Increased access to global forex markets and innovative financial offerings for Kenya’s investment community is a major leap forward for the country to advancing its financial markets depth and economic growth. We are very excited at the prospect that lies ahead for the financial markets in Kenya.

“We realised there was an opportunity as many Kenyans were trading with foreign entities, which are not regulated by Kenya’s Central Markets Authority, and do not provide investor protection as these are offshore entities. Being licensed by the Capital Markets Authority of Kenya, investors are afforded the provision of legitimate online Forex services.”

The platform offers private investors access to forex, CFDs, and equities asset classes. In addition, corporate and institutional investors will benefit from a Partnership Programme.

EGM Securities was the first, and only, broker of its kind to receive a licence by the government capital markets regulator. The broker received the licence earlier this year following a lengthy and rigorous application process.

Well-known and influential financial professional, Aly-Khan Satchu, added: “Kenya is honoured that EGM Securities chose Kenya as the first country on the African continent to launch this innovative offering. It is a vote of confidence for Kenya’s financial and capital markets and regulatory environment.”