Do you know that forex trading is one of the most lucrative business ideas in Kenya right now, yet there is very little information available about forex trading for beginners in Kenya?
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Not so long ago, we got wind of a business idea that was promising massive returns, but at a very high risk factor. We decided to venture into online forex trading to clear the doubts and find out whether it is as promising as it is being claimed to be.
The first thing we realized once we started doing our research is that forex trading is a high-risk investment especially for beginners and you should never trade with money that you cannot afford to lose.
You should also consider finding a good forex trading for beginners tutorial or video course that will guide you through the various forex trading strategies and terminologies.
Take time to learn all the forex trading tips before you risk your money, otherwise you could lose all your invested money.
Choosing a Forex Trading Platform
The first thing that we needed to do was open an account with an online forex broker. These are the chaps who facilitate the forex retail trade. You need a broker if you are to trade forex. Same thing with trading stocks at the Nairobi Stock Exchange.
When looking for a broker, we took into consideration the reputation of the brokers and the ease with which a complete beginner can open an account and preferably start trading forex instantly.
After doing a very thorough research and analyzing several factors, we had two most reliable forex brokers left in our list:
- Windsor Forex Brokers, and
- Easy Forex
The two forex broker firms seemed to be in a tie in as much as reputation was considered. What they differed in was the ease of trading forex on the two platforms.
About Online Forex Demo Trading Accounts
Every reputable forex broker will offer users the opportunity to test drive a demo version of their online trading software. It is recommended that as a beginner forex trader, you place trades on at least 20 different forex demo accounts before you commit your money to any one broker.
The demo trading accounts are not for beginners only, however. Experienced forex traders also need the demo accounts to experiment and simulate new forex trading strategies before they place the trades on live accounts.
Windsor and EASY Forex offer demo-trading accounts, something that you should always look for when choosing a forex trade broker.
Windsor Brokers offers two types of demo forex accounts. One on the MT4 platform and the other one on a revolutionary platform they are calling Gwazy. I found Gwazy to be quite fun to trade on. Within five minutes of trading on the demo account, I had already earned $27.00!
Easy forex offers one type of forex demo account called The Easy Forex Simulator. The Easy Forex Simulator lets you practice how to trade forex for 120 minutes.
From my experience with the demo account, I would say that the Gwazy Account from Windsor Completely kills it. Go ahead and give it a try. It is worth it and it is full of fun.
The list of other reliable forex trading platforms with demo accounts include:
A Word of Caution- Trade as if it is Real
Trading forex in a demo account does not necessarily simulate how you would place trades in a live forex account. While you can be comfortable to lose $100 in a demo trading account using fake money, you may find that losing $10 in a live account very unbearable.
In order to gain massive productivity, knowledge and strategies of trading on a demo account, use it as if it was your money in that account. Do not risk more of the ‘fake money’ than you would be willing to risk in real life situations. Take trade volumes similar to the ones you would place in a live account.
Take Action today, open a demo account and see if you may fall in love with forex trading.