Kenya’s first non-dealing online forex broker is set to provide a platform for market purchases in foreign exchange, gold oil among other commodities that its licensed to trade in.
The broker which is regulated by Capital Markets Authority is expected to expose its clients to macro opportunities where they can purchase precious metals among others.
The forex allows payments using mobile money transfer platform like M-Pesa and other payment channels.
EGM Securities’ chief executive, Kevin Ng’ang’a believes that the opportunity will allow Kenyans to get involved in conducting transactions at a lower cost in global forex markets through strictly and locally regulated environment.
He 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.’’
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Kenya’s foremost professional financial analyst, Aly- Khan Satchu said, “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.”
An estimated $5.3 trillion trades daily in the forex market making it the largest forex financial market in the world today.
The FX has subsidiary companies like Divisa UK (Divisa Capital, regulated by the UK’s Financial Conduct Authority (FCA)), Equiti US (formerly Divisa US), Bloom Capital (formerly Divisa NZ) and Divisa Armenia
