Exness Adds Another Kenya License to Its Regulatory Arsenal
On May 30th 2022 Exness has acquired another African license, this time from the Capital Markets Authority of Kenya (CMA).
With this permit, Exness can provide trading products to its Kenyan clients within a secure regulatory framework.
Licensed by the Capital Markets Authority of Kenya (CMA)
The Capital Markets Authority of Kenya (CMA) has granted Exness permission to offer trading services in Kenya as part of their strategic expansion plan in sub-Saharan Africa, following their successful licensing by the South African Financial Sector Conduct Authority (FSCA).
Paul Margarites, Exness Regional Commercial Director for Sub-Saharan Africa, states that their new CMA license enables them to expand operations in the region. It follows their successful FSCA licensing in 2021 which helped the business gain recognition in Kenya and build a client base.
Exness is an ideal platform for traders in Kenya, offering flexible payment options in local currencies as well as support for various deposit and withdrawal methods such as banks, e-wallets and crypto wallets.
Furthermore, it has a dedicated support team available 24/7/365. Additionally, it provides free forex education through webinars, video tutorials and daily technical analysis. Furthermore, Kenyan M-Pesa can be used for account funding.
Another advantage of choosing a CMA-licensed broker is that it will give you access to the regulated market, which is essential when trading currencies. Furthermore, you won't have to worry about paying tax on your profits either.
Furthermore, the CMA has established a regulatory framework that shields investors from fraud and other unfair and illegal practices. This helps guarantee the smooth functioning of capital markets, encouraging creditors and issuers to attract more investors - leading to faster economic growth overall.
The CMA's implementation regulations are in line with international best financial market practices, helping to guarantee safe and profitable trading of securities and other financial instruments. To this end, CMA closely monitors the activities of institutions and registered persons that handle these instruments and exerts strict oversight over their work.
The CMA has a stringent list of requirements for brokers seeking license, such as having an impeccable track record and abiding by strict regulations. Furthermore, the regulator sets minimum standards in education and client protection. Therefore, it's critical that you read these specifications carefully and choose a broker who meets them.
Licensed by the South African Financial Sector Conduct Authority (FSCA)
Exness is a forex and CFD broker licensed by the South African Financial Sector Conduct Authority (FSCA), giving it access to secure regulatory environments in Kenya for traders.
The company is renowned for its extensive trading products and customer-focused approach. It holds licenses from multiple financial regulatory authorities, testament to its dependability and excellent reputation.
Traders can trade on a range of assets, such as foreign currencies, precious metals, energies, indices and stocks. Furthermore, the company provides leveraged products and supports round-the-clock trading.
Clients can open an account with just $10 and deposit funds in their desired currency. No management fees are applied and deposits and withdrawals are free of charge.
Deposits and withdrawals can be processed through a variety of payment methods, such as debit cards, wire transfers, e-wallets and more. All require a verification code which can be received via email or SMS. Once verified, users are authorized to deposit or withdraw their funds accordingly.
Withdrawals can be made within one business day through the Personal Area. This option gives traders insight into which payment methods are available in their region, their processing times and any commission fees that might apply.
Furthermore, traders can utilize a range of security measures to safeguard their accounts from hacker attacks. These include setting up six-digit security codes and auxiliary PINs with their support team for added protection.
The company also offers negative balance protection and segregated accounts when authorized by the FCA. These measures guarantee that traders do not experience a greater loss than their initial investment.
Exness offers a diverse selection of instruments and account types to suit traders of all experience levels. These include Professional and Standard Accounts, commission-free and spread accounts, as well as commission-free trading environments. All these accounts provide traders with secure and dependable trading environments, along with comprehensive support and educational resources.
Licensed by the Financial Services Board of Kenya (FSBK)
Recently, the Financial Services Board of Kenya (FSBK) granted Exness a license to operate as an online forex broker in Kenya. Based in Cyprus, Exness offers traders an extensive range of markets and asset classes such as cryptocurrencies, currencies, metals and energies to choose from.
The company provides a broad selection of products and features, such as trading calculators, currency converters, news feeds and signals. Furthermore, it gives access to multiple trading platforms and has its own mobile app which can be downloaded from either App Store or Google Play for added convenience.
Exness was established in 2008 and is headquartered in Limassol, Cyprus. As a market maker broker, Exness sets both bid and offer prices for clients and takes the other side of their trades.
As such, it boasts low trading costs and offers competitive spreads on major currency pairs. Unfortunately, its trading platform is not as robust as those offered by other top-tier brokers, plus it lacks a comprehensive selection of educational tools and trading analysis commonly found among top tier firms.
To become a licensed forex broker in Kenya, your firm must be limited by shares and have a minimum capital of 30 million Kenyan shillings ($277,000). Furthermore, 80 percent of its capital must be in cash or equivalents. Furthermore, you must maintain customer support staff that can be reached via phone and email, as well as having an office located locally in Nairobi.
Exness is not only a forex broker, but it also provides CFDs on commodities, stocks and indices. Furthermore, it offers several exotic currency pairs to traders looking to diversify their portfolios. As such, Exness could be an ideal choice for investors.
Furthermore, the company provides a selection of payment methods and wallets that enable customers to deposit and withdraw funds at their leisure. These include Ozow, SnapScan, Tether, Mybux, Bitcoin, bank wire transfer and more.
Client service at this company is available 24 hours a day, 7 days a week. It has a live chat system, local phone numbers and email addresses for its clients to contact them with ease.