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Top Rated Options Sites
#1 - Pocket Option: Best Overall
Editors Summary
Pocket Option offers many excellent features to new and existing traders. When you check-out the various account types, you will see that they work with traders of any level – newbie, beginner, experienced, master etc. This site is so easy to use, and while CySEC does not license them, they have good feedback online and tick all of the boxes of a trusted broker. We love the ease of use and no-frills approach which is replicated with a great user experience.
#2 - Binarium: Best Free Demo
Editors Summary
Binarium seems to offer everything that both the new and experienced trader needs. From the types of accounts and options available to the mobile offering and bonuses, they tick all of the usual boxes. While they don't have a CySEC or ASIC license, the fact that they have been operating for so long with a good name should be an indicator that they are trustworthy and reliable. If you want a broker that offers a good, all-around experience, then Binarium must make your shortlist.
#3 - IQcent: Best Mobile App
Editors Summary
It is clear to see that IQcent mean business and that their all-around offering to traders is making them a serious competitor in the digital options market place. From their easy to use trading platform to the fact that they offer such good withdrawal terms, you can't help but feel that this broker is going to capture the market, quickly. With a base in London, reputable licensing, an acceptance of US customers they tick all the boxes when it comes what traders want.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Options Sites in Kenya
Although this is likely to change as the current Kenyan Government gains more stability, at present, there are no licensed binary options brokers in Kenya and no regulatory bodies to control which offshore operators its residents can trade with. Naturally, this could easily lead to many unwitting potential traders being open to scammers. One of the reasons we have put this guide together is to prevent that from happening and to give you an idea of what you should expect from a good binary options broker.
Licensing And Regulation
Genuine binary options traders are required to hold a license to offer their products to Kenyan citizens. As there are no local brokers in your country, you will need to trade with an offshore broker. As a Kenyan citizen, you have total freedom of choice, but we do recommend that you select from those licensed under one of the more strict authorities for your protection.
Broker Bonuses
Some brokers may offer you a "welcome bonus" and it would be right to say that these do sometimes appear to be very tempting. However, bonuses will always come with terms and conditions, some of which may prove to be very restrictive. We strongly suggest you make yourself thoroughly familiar with the requirements before signing up. Always beware of any unsolicited approach by a broker offering something too good to be true; it probably is.
Mobile Trading
Some brokers have mobile-optimised websites and others rely on a downloadable App. If you intend to trade from a mobile device, always check that your phone or tablet is suitable and that you have a sufficiently reliable Internet connection to conduct your business in this way. Many binary options involve short-lived trades making it vital to connect quickly and easily with your broker site at all times. We feel this is very important to modern traders and it is a subject covered in our broker reviews.
Customer Service
Not all brokers are equal, where customer support is concerned. Although it may not seem too important to start with, if you have a query or problem, you will want to receive a knowledgeable response as quickly as possible. We recommend avoiding any broker that does not offer either a toll-free phone number or live chat facility for a reasonable amount of time, every day of the week.
Broker Fees And Tax
Any binary options broker will charge fees, but the most important thing is that these are made clear to you at the outset. A well-regulated broker will supply the information within its website and offer transparency concerning all fees applicable to your account in various situations.
At a minimum, you must expect to pay either a fixed or percentage charge for every trade and there can be further fees if you have an overnight option. Most brokers do offer a free deposit facility, but there may be a cost attached to certain types of withdrawal and for currency exchange, where applicable. Always check the T&Cs before you commence trading.
Concerning personal taxation on any profits you make, the directive issued by the Kenyan Government includes this guideline: “Individual Income Tax is charged for each year of income on all the income of a person, whether resident or non-resident, which accrued in or was derived from Kenya.” You will, therefore, be required to keep records of all binary options trading transactions for every tax year. Current income tax levels vary between 10% and 30% on a sliding scale basis.
Kenyan Licencing
The majority of financial matters in Kenya are regulated under the jurisdiction of the Capital Markets Authority (CMA). However, at the time of writing, the CMA does not operate any form of licensing or regulation that relates directly to binary options. There is an expectation that this will change in the reasonably near future and you are advised to check the facts before you commence trading.
Our advice for you currently, would be to trade with an offshore broker that operates under the regulation of one of the following authorities, which are known to be strict and therefore offer you a higher level of protection:
- EU Countries (MiFID)
- UK (FCA)
- Cyprus (CySEC)
- Australia (ASIC)
- United States (CFTC)
A broker operating under any of these authorities is obliged to display the appropriate logo and should provide you with a link to view its licence, which we recommend you do.
While there is nothing to stop you trading with offshore brokers that operate under other authorities, their reliability cannot be gauged so readily and you could potentially end up in difficulties if you have an unpleasant experience with one of them.
Our advice for you, would be to trade with an offshore broker that operates under the regulation of one of the recognised authorities.
How we Recommend Brokers
In a country that is so newly-introduced to binary options and where there are currently no local brokers or regulatory bodies, we make our selections very carefully. The priority would be to select brokers that have a good knowledge of Kenya and can provide a safe and secure environment for potential traders. We also deem essential a customer support provider that can be contacted during your usual trading hours and can communicate in a language you understand.
Our priority is to select brokers that are licensed in a jurisdiction which employs stringent regulation and can exhibit ethical conduct and adherence to the law. A secure website, data protection and encrypted payments are usually required under the best authorities, as is evidence that the broker is financially stable and able to honour payouts at all times.
In terms of usability, we select brokers which provide help guides and a free test platform that is not time-limited. Never feel pressured by a broker into investing real money until you are entirely ready to do so. Also, as an increasing number of Kenyan citizens now own modern mobile devices, we ensure that the broker provides either a mobile-optimised website or a secure App which allows access to all features of its main site. Our aim is always to supply you with recommendations that will make your first binary options trading experience a good one.
Our Review Rating System (More Info)
Frequently Asked Questions
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Is binary trading in Kenya legal and safe?
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Yes, binary options trading is legal for Kenyan citizens, but there is currently no formal licensing or regulatory policies in place. To trade, you will need to select a suitable offshore broker.
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Do I need to pay fees and taxes on my trading profits?
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Yes, all Kenyans are taxed on earned income from employment, as well as any other income that has accrued in or derived from Kenya.
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Can I test brokers before trading with real money?
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The majority of reputable brokers will provide a free platform where you can try out binary options before committing to part with any cash. A few do have a time limit on their trial platforms, so always check first.
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Is it easy to make deposits and withdrawals?
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There is no particular difficulty with financial transactions, but current options are limited to a bank transfer, card payment, Neteller, Skrill or M-Pesa. As the binary options market grows, no doubt there will be additions to the list in the future.
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Can I trade using my mobile or tablet device?
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Brokers that do not provide a full-feature mobile website or App for download are few and far between these days. If you intend to do the majority of your trading this way, then seek out the best mobile platform you can.
Top Rated Options Site
#1 - Pocket Option: Best Overall
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2015 and readers can benefit from her insider knowledge of how brokers work.
