Dealer unveils platform for offshore products trading
Exinity Capital East Africa’s CEO Duncan Kinuthia (left), Board Chair Suzanne Kilolo and Executive Director Abiola Akinyele (right) during the official launch of Exinity Trader, a a new trading service for retail clients in Kenya.
The dealer says it will also launch a mobile-based platform next year as part of its expansion into the Kenyan market.
New dealers are gaining traction in the market with the demand for offshore investment options at a time when traditional asset classes like property and listed stocks are offering limited returns.
Kenyans are increasingly gaining knowledge of investment opportunities abroad, with some returns on offer surpassing those of local assets.
Newly licensed offshore trading broker Exinity East Africa has launched its first product, a web-based online platform for equities, forex and commodities.
The dealer says it will also launch a mobile-based platform next year as part of its expansion into the Kenyan market.
Exinity is part of the six non-dealing online foreign exchange brokers licensed by the Capital Markets Authority (CMA). The others are EGM Securities (trading as FXPesa), SCFM (trading as Scope Markets), Pepperstone Markets Kenya, HFM Investments and Windsor Markets.
The new dealers are gaining traction in the market with the demand for offshore investment options at a time when traditional asset classes like property and listed stocks are offering limited returns.
“Exinity Trader brings access to opportunities in equity, forex, and commodity markets with the promise of low trading costs and great customer support. It is the first of Exinity’s products to launch in Kenya and will be followed in early 2022 by its flagship mobile app Exinity World,” said the firm’s co-chief executive Lex Webster.
Mr Webster said users of Exinity Trader would have access to global markets and local equities, forex, indices and commodities from a single account at a Sh220 ($2) commission per lot on trades.
The platform is also M-Pesa enabled, allowing users to easily deposit and withdraw funds at any time.
Kenyans are increasingly gaining knowledge of investment opportunities abroad, with some returns on offer surpassing those of local assets.
Gaining access to foreign markets has been a complex process, but the recent surge by foreign players setting up subsidiaries in Nairobi is opening a new frontier for investors and local brokers.
However, while online forex trading offers high returns, it is usually a risky business with the potential for huge losses and fraud. The CMA has, therefore, moved to weed out fake dealing websites and license the six companies, allowing inventors an opportunity to tap into offshore markets safely.
