GMT and EST hours for trading Forex Forex market welcomes traders 24 hours a day. Welcome to Forex Kenya forex traders, the first website dedicated to forex trading in Kenya. For those of you who are not familiar with the forex market, it is enough to say that forex stands for ‘Foreign Exchange’ and it represents the trading of currencies one against another. By trading on the forex market, Kenyans can make money by correctly guessing which currency is going to raise and which one is going to fall.
To easily explain how forex trading works we will give you a simple example. Let’s consider that you bought 10,000 US Dollars in January 2015 at the rate of 90. 75 Kenyan Shillings for one dollar. This is how you make money by trading currencies. In the above example you probably saw that you needed 10,000 dollars to make a profit of about 1,000 in six month. That’s a lot of money and a lot of time, but don’t worry, there are ways to overcome this issues very easy. The broker is a specialized company that creates the perfect environment for traders to take advantage of the currency fluctuations in no time.
Opening an account with a forex broker will allow you to trade on the international forex markets with huge amounts of money and make profits much faster. Forex brokers offer leverage in order to allow their clients to trade high amounts of money. A broker that gives you a leverage of 1:200 allows you to trade 200 dollars for every dollar you have on your account. If you make a deposit of 100 USD you are able to trade worth of 20,000 USD because of the leverage effect. Why is the broker allowing this? Here is another example to explain why the broker gives you leverage. USD, the most traded currency pair in the world.