An Egyptian company EGM Securities launched the first platform dedicated to electronic foreign exchange trading subject to Kenyan regulation. The new location is supposed to open the Forex market to a wider range of investors.Kenya gets its first locally licensed online FX trading platform. The Egyptian company EGM Securities set the stage for this locally regulated foreign exchange electronic trading platform.
The information was given by the Group’s General Manager on Wednesday 18 July. Kenyans’ access to online currency exchange platforms is nothing new. Only investors who wanted to trade currencies on the Internet had access to international brokers who were not supervised by the local market regulator, the Capital Markets Authority. Indeed, EGM Securities prides itself on being regulated by the Capital Markets Authority (AMC), having its base locally in Nairobi, guaranteeing easy deposits and withdrawals, having more than 90 financial instruments to trade, and to be part of a strong global group
The platform, however, excludes dollar / shilling currency trading which is regulated by the central bank. The Kenyan shilling is one of the most traded currencies in sub-Saharan Africa.
“Of course, we do not offer dollar / shilling currency exchanges, because the regulations do not allow us; But we are able to offer up to 61 currency classes, major currencies, minor currencies and so-called exotic currencies, “said Kevin Ng’ang’a, CEO of EGM at Reuters.
To ensure access to a broad range of customers, the platform only requires its users an initial deposit of $ 100 to start trading. Through this transaction, EGM Securities becomes the first non-dealing online Forex broker in Kenya licensed and regulated by Kenya’s Capital Markets Authority (CMA), the government regulator responsible for authorizing and regulating financial markets.