The ravaging Covid-19 crisis has had a huge negative impact on the global financial markets and anyone watching the news over the last few weeks can’t have failed to notice the price swings as Shares, Oil, Gold and the Forex markets react. This has not only been evident in the markets, but also with jobs everywhere.
We are having organisations lay off people, others are asking employees to take pay cuts as they are unable to sustain their payrolls. If you have not been affected, chances are you know at least one person whose job has been affected. This turbulent scenario is likely to continue in the coming months and experts predict it could take up a year for life to go back to normal.
However, even with the dark times we are facing, some people are choosing to look at the glass as half full instead of half empty by looking out for different ways to make money, online. Some of the jobs people are doing online include transcribing, professional academic writing, setting up a shop on an e-commerce website, but what I found interesting is online forex trade. This is where anyone, anywhere can trade on the global markets, buy and sell shares of global companies, currencies, and commodities like gold.
Over the last couple of weeks, there has been a global swing in prices but as negative as it may seem to a casual eye, the global price swings present unique opportunities for one to participate in the global markets. So how can you as individual take advantage of this opportunity?
I came across EGM Securities Limited, the first online non-dealing foreign exchange broker to be licensed and regulated by the Capital Markets Authority (CMA) in Kenya and is a leading broker by market share driven by FXPesa, their flagship product. Here are a couple of things I noticed about the platform.
Stay at home and join our free online webinars to learn everything you need to know to become successful in forex trading
Given no school will teach you how to do forex trade, EGM securities has invested in educating people by holding training sessions from beginner level all the way through to advanced trader skills, by their team of professional trainers. Some of the concepts included in training are basics of trading, placing trades, how to look at market trends and most importantly setting up risk management strategies to protect your investments.
You can now sign up for a free online live webinar to start learning this April.
Now, with social distancing to help “flatten the curve” of COVID19, some people may not be able to physically attend the workshops, hence they have the option to attend via webinars.
“We strive to ensure that after our training you will be capable to confidently start trading on your own on our online platform. Our clients have daily access to world market reports to support their trade moves, up to the minute top market news and insights, weekly podcasts and out of town workshops in different regions of the country. We recently invited a world-class presenter to present an educational workshop via webinar for our current and potential clients in Kenya with almost 500 people attending and learning about trading,” says Samwel Kiraka the CEO of EGM securities.
A point to note it that FXPesa allows different mobile payment options like MPESA, Airtel Money, Equitel and bank transfers thus making deposits and withdrawals instant and convenient through your phone.
I talked to a couple of friends in the finance sector just to get their opinion on online trading, and what came out from these conversations is that I should avoid unlicensed online brokers because they are not held accountable by a local regulator and client funds, therefore, do not carry the mandatory protections of the Kenyan law.
This made absolute sense because it would be a big risk that is not worth indulging in by any serious online investor. As the Capital Markets Authority said in their Cautionary Statement this week, those trading with unlicensed entities “risk losing their investments and may not be protected by the Kenyan law.”
One of the biggest advantages of dealing and trading with a registered and licensed local online broker like EGM Securities is that they have segregated client accounts - meaning that your money is safe.
Mr Kiraka highlights that the team at EGM securities have accrued years of experience on the online trader and are experts in this. “Our senior management team comprises of competent professionals with a combined experience of over 20 years in the financial markets backed up by our global presence as part of Equity Group.
We have been active and in operation since 2018 and recently won an award from the Digital Excellence Awards; Best Online Non-Dealing Foreign Exchange Broker in 2019. It is our sincere hope that Kenyan online traders adhere to the multiple warnings issued by CMA about the inherent risks in trading with unregulated and unlicensed online entities.”
As part of their expansion, EGM securities opened an office in Nakuru, Tower One building. This expansion strategy goes to show the growing demand of our products and services in the regions and the environs.
“We believe in winning together with our clients and with the growing interest in online trading and the support we continue to offer our clients. Since January 2019 to date, we have registered an impressive 390 per cent growth in a number of active trading clients. We are very appreciative of the support from our clientele who cut across the population and who are taking control of their financial destiny through the use of our innovative products and services.
We are very passionate about helping our clients grow their investments using our platforms for a better tomorrow within the regulatory framework established by the Capital Markets Authority in Kenya. We empower you to grow your investments.”
Only trade with a reliable licensed broker of repute so that your funds are secure!