Which apps should you use when trading Forex in Kenya

Ranking the best Forex trading apps in Kenya for each device

Forex trading is gaining popularity in Kenya lately. The presence of local regulatory bodies has increased the trust among traders in FX markets and many reputable brokers are operating in the Kenyan FX scene. In order to start your FX trader journey it is a must to learn about the trading platform software which enables traders to access markets and make profit. Let’s dive deep and rank the best Forex trading apps in Kenya you do not want to miss. 

The best Forex trading apps in Kenya

FX trading is booming in Kenya as many people see the Forex as the opportunity to achieve financial freedom. There are several trading apps and software that are used by the best Kenyan traders and they allow them to analyze markets and manage trading risks comprehensively.

MetaTrader 4 (MT4)

MetaTrader 4 is among the oldest and most robust Forex trade apps to use in Kenya. It offers traders much functionality to fully analyze the markets with tens of inbuilt technical indicators and many more tools. With the platform it is possible to fully automate the trading process or to use custom indicators built by other traders and developers. This gives MT4 the capabilities all traders search for. Its user-friendly interactive interface allows traders to customize their charts to their preferences and trade with maximum comfort. The vast majority of brokers offer the MT4 platform and it is recommended that beginners familiarize themselves with this app. The app may seem very complex at the beginning but it is very well built and takes a little time to master the basics. 

TradingView

TradingView is probably the most visually appealing trading and charting platform available today. TradingView’s main advantage over other apps in this list is it is the same on all devices be it mobile or desktop. TradingView is among the best apps for FX trading Kenya as it offers many unique features that simplify trader’s experience including dark mode and superior chart customization. 

MetaTrader 5 (MT5)

The next evolution of MT4 should be MT5, but the difference is not that big and MT5 is a slight upgrade from the MT4 platform. Its design and functionality is very similar to its older brother and offers the same functionality and a bit more trading tools and timeframes than MT4. Its design is modern and has several inbuilt social features. It is possible to select from numerous timerames and indicators to make trading even more comfortable.  But since it is similar to MT4 many brokers and traders still prefer the old one and it doesn’t have as large a community as the MT4. Because of its similarity and growing popularity MT5 may be the one of the apps to trade FX with Kenya that has a huge potential. 

Selecting the best Forex Trading App for Beginners in Kenya

The best way for beginner FX traders to find the best trading app is to familiarize themselves with the most popular trading apps that are also offering advanced features. The most popular trading platforms used by the majority of traders and offered by 99% of brokers are MT4 and MT5.

The best Kenya Mobile Trading Apps ranked

The mobile trading apps are almost the same with the mobile apps. But the number one platform here is TradingView with the MT4 in second place. Some brokers offer their proprietary trading apps but compared to these two platforms they are not as advanced or feature-rich. The MT4 app and TradingView app are the best Kenya Forex trading apps you can find right now. It has to be noted that TradingView supports a limited number of brokers, but all the indicators that are available on desktop and web platforms are accessible on the mobile app making it the superior choice for FX analysis on the go. MPESA is another popular mobile app in Kenya that allows Forex trading. MT4 can be used for both analysis and trading on the go and offers many inbuilt indicators, but no custom indicators. While the above mentioned platforms are best for Forex trading, the picture is slightly different for stock trading. TradingView and cTrader are the best stock trading apps in Kenya. CTrader can be used on all devices and offer copy trading and is widely-used for stock trading. But since the TradingView offers much more indicators and chart analysis tools the competition is very fierce between these two platforms. 

FAQs on which apps should you use when trading Forex in Kenya

What is the best app for Forex trading in Kenya?

The best Forex trading software is not dependent on specific countries as all traders worldwide use similar trading software. The best app to trade Forex in Kenya is MetaTrader 4 or MetaTrader 5. These apps come with a multitude of handful features which makes them the perfect tool to analyze the FX markets and then open and manage positions. Inbuilt stop loss and take profit give traders superior risk management abilities. Another popular platform which is very robust is TradingView as it offers similar functionality on all devices. It has a growing community of traders and they can share ideas and follow each other. The indicators are always there no matter what device you are on. So, TradingView and MT4 are two of the best FX trading apps to use in Kenya.

How do I choose the right trading app in Kenya?

It all depends on the markets you are going to trade. For FX markets the best apps are MT4 and MT5, and for the stocks TradingView gives superior flexibility. Make sure your broker offers either one of those trading software and familiarize yourself with any of these apps. TradingView is the best when it comes to analyzing any financial markets no matter the asset class. The MT4 and MT5 apps offer superior trade management tools and capabilities. 

What apps do most Forex traders use in Kenya?

The most widely-used app globally and in Kenya is MT4. This app is one of the oldest trading software in the world and offers advanced functionality to open and manage trading positions and to control risks. Kenyans prefer MT4 because it gives them the ability to analyze markets on the go and trade the markets simultaneously without limits. While MT4 and MT5 are the most popular trading apps in Kenya and worldwide the TradingView is gaining popularity recently because of its clean design and advanced features. The only downside as of now for TradingView is its limited trading features in mobile devices. Other than that the TradingView is the best platform for analyzing markets from any device and offers the exact functionality across all devices. 

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