It is legal to trade Forex in Kenya as the Kenyan Government doesn't have any laws governing the legality. The Capital Markets Authority (CMA) control international monetary exchange overseeing outgoing cash-flow from the country. Trading Forex is legal as long as you abide by financial laws that prevent money laundering and you declare your income tax. While using a regulated broker is not a legal requirement, there are brokers that are regulated by recognized organizations around the world.
Legally Funding Forex Accounts
Funding an account is fairly straightforward in Kenya if you are using a credit card connected with a major bank.
KYC - Anti-Money-Laundering
Banks and financial institutions globally have signed up to a program called KYC. It is a law set in place to stop money laundering by anonymous actors. When you sign up for a Forex trading account, and before you can make a deposit, you must complete your KYC documentation. It is very easy. It requires you to submit:
- A colour copy of a valid ID - this can be a passport, driver's license or ID Card.
- A recent utility bill (e.g., electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) issued in the past three months that confirms your home address.
