Online global forex and contracts for differences (CFDs) broker Pepperstone have entered the Kenyan forex trading market.
Pepperstone Group’s subsidiary, Pepperstone Markets Kenya Ltd, secured a non-dealing Foreign Exchange Broker License from the Capital Markets Authority of Kenya.
“We’re extremely excited by the opportunity to bring world-class trading platforms, execution, and pricing to the vibrant retail and institutional forex market in Kenya,” Pepperstone Kenya CEO, Sahil Patel said in an official statement.
“Having traded for international banks over the past decade, I am pleased to offer the same level of product sophistication, pricing, analysis, and execution to retail investors as that received by a bank trading desk.”
“Kenya is an important new region for us. It has become a renowned and well-regulated financial services hub in East Africa. The economy is highly developed and embodies entrepreneurship and growth,” Pepperstone Group CEO, Tamas Szabo added.
Other brokerages in the market include: EGM Securities locally trading as FXPesa, and SCFM Limited, trading as Scope Markets.
According to the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017, Non-dealing Online Forex brokers do not offer client advice or trade on behalf of their clients. Clients deposit their investment amount with an account to be offered by the broker.
