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Why you can now trade in foreign currency online

By Otiato Guguyu | Published Thu, February 8th 2018 at 00:00, Updated February 7th 2018 at 20:14 GMT +3

You can now trade in foreign currency online.

The Capital Markets Authority has given its first licence for the service to Execution Point Ltd under the new Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.

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The authority said yesterday it had only approved currency transactions where a trader, for instance, can take a position on the movement of the Euro against the US dollar or the dollar against the yen.

It has, however, outlawed the buying and selling of the forex.