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NAIROBI, KENYA: EGM Securities launched the first locally-regulated foreign exchange electronic trading platform, opening domestic forex trading to a wider range of investors, said Wednesday the director General of EGM.
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Kenyan investors who wanted to trade currencies on the Internet had earlier access to international brokers, but none were supervised by the government. local market regulator, the Capital Markets Authority.
The Kenyan shilling is one of the most traded currencies in sub-Saharan Africa. Dollar / shilling currency trading is regulated by the central bank and will therefore be excluded from the platform.
"We of course do not offer the dollar shilling currency pair as the regulations do not allow us but we are able to offer up to 61 currency pairs, the major currencies , the miners and the exotics, "Kevin Ng's Ang, a CEO of EGM said.
He added that users would be required to deposit as little as 10,000 shillings ($ 100) so that they could start trading on the platform, which would not provide services itself.
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"All you need is an internet connection," he said.
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