The online Forex (FX) and Contract for Difference (CFD) trading platform, Pepperstone is now stepping into the forex trading market of Kenya with its suite of forex trading services after receiving regulatory approval. The residents of Kenya now would be able to get access to the trading platform of this brokerage firm.
Reportedly, the independent government financial regulatory agency of Kenya known as the Capital Markets Authority (CMA) has granted the Pepperstone brokerage firm “a non-dealing Foreign Exchange Broker License”. This license will allow the company to operate its trading platform as a regulated CFD broker. Its new subsidiary will be known as Pepperstone Markets Kenya Ltd.
While sharing his view on expanding services to Kenya, the Chief Executive Officer (CEO) of Pepperstone Kenya Sahil Patel officially said in a statement that they are very pleased on bringing the suite of services including “world-class trading platforms, execution, and pricing” to Kenya’s forex trading market for both retail as well as institutional traders.
“Having traded for international banks over the past decade, I am pleased to offer the same level of product sophistication, pricing, analysis, and execution to retail investors as that received by a bank trading desk,” he added.
Many brokerage firms are making attempts to enter into Africa and desire to provide access to retail customers of Kenya. The reason is that it is considered one of the fast-growing markets in the world. However, various regulatory warnings have been issued to such kinds of brokers by the authorities.
There are only three brokerage firms that have received regulatory approval from the regulatory authorities of Kenya so far. EGM Securities, a regulated Kenya-based online forex trading broker and SCFM Limited are the two brokers that have been granted license apart from Pepperstone. The Chief Executive Officer (CEO) of Pepperstone Group Tamas Szabo said that Kenya is a “renowned and well-regulated financial services hub in East Africa”. Tamas said that they will collaborate with the country’s regulator for the development of this industry.
Apart from receiving a license from the Kenyan regulator, Pepperstone has gained various other licenses so far this year. These include a license from the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority license, and a license from the Federal Financial Supervisory Authority of Germany also known as BaFin.