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By Steve UMIDHA
Local regulations and regulatory frameworks for the online trading industry are critical for its growth in the Kenyan market, according to Global online trading platform HFM Kenya, which says such measures must be enhanced to protect investors, enhance transparency, encourage online retail trading, and address liquidity problems.
HF Markets made those remarks today as it seeks to tap into the growing Kenyan investment market. The company is offering Kenyans a platform to trade in a wide range of financial instruments, including forex, stocks, metals, and bonds.
Kenya boats as one of the best regulated markets on the continent that has formalized and regulated the online retail trading sector. Besides South Africa, Kenya remains one of the leading trading hubs on the continent.
The nation boasts at least 100,000 daily online traders and more than 5,00 financial entities. Furthermore, the Kenyan Shilling is one of the most traded currencies on the continent.
Dennis Mwenga, a market analyst at HF Markets, says the platform’s mission is to empower individuals to invest and trade independently.
“We don’t trade on behalf of investors,” he clarified. “We provide the platform for them to do it themselves,” said Mwenga.
The market analyst also noted the increasing number of Kenyans engaging in online trading. “Kenyans are becoming more knowledgeable in this field. With the right skills, knowledge, and risk appetite, individuals can capitalize on price movements in offshore financial markets,” he explained.