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Pepperstone is a well-known Forex broker that offers its services to clients from different parts of the world. Kenya is not an exception, as Pepperstone even has a local office open in Nairobi and holds a license from the Kenyan Capital Markets Authority (CMA). With Pepperstone Kenya, you can get access to multiple trading products via different trading platforms.
Kenyan FX and CFD traders benefit from the presence of a local office in Nairobi as well as local phone assistance. Kenyan traders can use a variety of transaction methods with the broker, with one of the most popular methods being M-Pesa. In this guide, we will take a look at some of the most important features for Kenyan traders.
"We developed some unique technology that made everything faster when it came to processing FX transactions. We brought the commissions down, they were sitting around a hundred dollars, we brought them all the way down to seven dollars and that really disrupted the market" - Owen Kerr
There are several reasons for Kenyan traders to choose Pepperstone over other Forex brokerage companies. These reasons are safety, fees, commissions, available instruments, and payment options. We will go through each of them separately and see why they are attractive and competitive at the same time.
It is important to ensure that the broker you choose is safe and secure before putting your money at risk. To avoid scams in the Forex market, regulatory agencies monitor the safety of traders and the actions of licensed brokers. As we already mentioned, Pepperstone has been granted a regulatory permit in Kenya by the CMA.
The Kenyan Capital Markets Authority is one of the oldest regulatory agencies operating in Kenya and it has the responsibility of regulating and developing the Forex market in the country. The CMA has gained a lot of trust through its 33 years of existence and that’s one of the main reasons why Pepperstone is a trustworthy choice for traders from Kenya.
Traders in Kenya pay relatively low trading and non-trading fees at Pepperstone. However, it is important to note the different Pepperstone Kenya account types and the fees they come with.
On the Standard account, you will not have to pay any commissions. Spreads are flexible as well and are based on market liquidity. Spreads on currency pairings start at 1 pip per lot with the Standard account. The average spread for EUR/USD is 1.1 pips per lot.
The Razor account's trading fees are different compared to a Standard account. With this account, Pepperstone also charges a fee for each deal, which is determined by the trader's base currency. This commission is only applied when using the Razor account to trade FX. The EUR/USD currency pair's average spread is 0.1 pips per lot.
Pepperstone is Kenya's most cost-effective licensed FX and CFD broker due to its low trading costs.
Pepperstone offers a good selection of trading products when compared to other Kenyan licensed brokers. With more instruments accessible, traders have more opportunities to earn profits. These instruments include:
Overall, the quantity of trading instruments accessible is more than many other Kenyan Forex and CFD companies.
Traders in Kenya can deposit and withdraw money from Pepperstone in a variety of ways. Traders can deposit and withdraw using credit/debit cards and a variety of e-wallets in addition to local bank deposits and withdrawals. M-Pesa is one of the most common ways to withdraw money from the broker. It was introduced in Kenya and is very popular within the country. It is a virtual banking system and the transactions are provided through a SIM card. So users can transfer money to others with an SMS.
Clients must pay any fees incurred by the third-party payment gateway, such as international telegraphic transfer costs or e-wallet commissions. Bank transfers are not the best option for Kenyan traders because they might take up to 3 to 5 business days to process. Deposits and withdrawals are simple for Kenyan traders thanks to a wide selection of payment channels and no additional commissions. Currently, Pepperstone does not allow cryptocurrency deposits or withdrawals.
Yes, Pepperstone is completely safe for traders from Kenya. It is regulated by the Kenyan Capital Markets Authority (also known as the CMA) which has been overseeing the Forex market for more than 30 years now.
You can withdraw your profits from your Pepperstone client area. After you've signed in to your account, go to the Funds section, then select Withdraw Funds, choose the withdrawal method and amount, then wait for the withdrawal confirmation email to arrive at your registered email address. You may withdraw using local means like Pepperstone Kenya MPesa.
There is no Pepperstone Kenya minimum deposit for Pepperstone accounts but still, the recommended amount for a deposit is $200.