It is legal to trade Forex in Kenya as the Kenyan Government doesn’t have any laws governing the legality. The Central Bank of Kenya control international monetary exchange overseeing outgoing cash-flow from the country(1). Trading Forex is legal as long as you abide by financial laws that prevent money laundering(2) and you declare your income tax. While using a regulated broker is not a legal requirement, there are brokers that are regulated by our own CMA(3) and others that are regulated by other recognized organizations around the world.
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 will be allowed to make a deposit, you will need to 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, drivers 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 and confirms your home address.
