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A broker or futures broker is an entity in the form of a company, agent, institution, or individual whose task is to bring together buyers and sellers to carry out trading activities of currencies (forex) and futures (commodities and CFDs) on the world market for profit. This forex trading activity was initially dominated by big banks from various countries such as the United States, Japan, England, the European Union, Canada, and Switzerland where the main currencies were USD, JPY, GBP, EUR, CAD, and CHF. However, along with the development of economic relations between countries and the rapid growth in the forex market, it is the reason why there are more and more forex brokers in the world today. Usually, forex trading in Kenya is carried out in derivatives and commodity futures where this activity is facilitated by a futures exchange, for example on our official website http://www.forexkenya.net/.
The Commodity Futures Trading Regulatory Agency is a supervisory and regulatory agency for commodity futures trading activities in Kenya. This agency is in charge of overseeing all activities related to forex trading, crypto, and gold futures. Including brokers who are also one of the objects that are continuously monitored. However, if you find a broker that has not received permission from the regulatory agency, then its legality is questionable. In establishing regulations, this regulatory body has standards that must be adhered to. In general, these regulations are implemented to ensure the quality of brokerage services to ensure the safety and interests of you (the trader). One of these rules is for example in terms of segregated accounts, capital deposits, and withdrawals of funds without going through a third party. These rules are applied to ensure security in transactions for each customer of a registered broker.
Testing the feasibility of brokers is not only carried out during the regulatory registration process of the Kenyan regulatory body but is carried out periodically to monitor the broker’s performance from time to time so that service quality and safety are guaranteed and at a level that is following national standards. If you are an individual trader who wants to make trading transactions on the forex market with small and limited funds, then of course the big banks will not want to make these transactions with you.