Only a handful of forex and CFD brokers feature in the Kenyan market. INGOT enters the list after receiving regulatory approval from the Capital Market Authority on November 1, 2022. The approval grants INGOT the right to function as a non-dealing broker for online foreign exchange services in the region.
While it has already been making its presence felt through FX trading services and CFDs of different products, the approval allows it to strengthen its plan to expand in the Kenyan market.
The update follows earlier developments in which it received approval from the Financial Sector Conduct Authority of South Africa and the Financial Service Authority of Seychelles. INGOT’s offices are already established in South Africa and Seychelles. The question now is how successfully it serves its list of premium investors.
In addition to South Africa, Seychelles, the trading brand is also regulated in Jordan and Australia.
INGOT has issued a press release to inform the trade community of the development. The regulatory license from the Capital Markets Authority of Kenya will provide superior trading services to all investors as the brand seeks to extend its footprint in Africa, according to a statement in the press release.
A limited number of brokers have been able to enter the Kenyan market. Pepperstone is one of them. Founded in 2010, Pepperstone is headquartered in Australia and offers a wide range of products, including, but not limited to, CFDs, cryptocurrency, and foreign exchange.
INGOT joins the list, which also features HotForex, a platform that provides its clients with investment opportunities in forex and CFDs for indices, metals, and shares, to name a few.
The African market is an expansion hotspot for brokers. Due to the saturation of the majority of reasons, only a few locations have the potential to be exploited by a platform. Internet connectivity and mobile devices are prevalent on the African market, which continues to be a significant priority.
The CMA can control aggressive marketing by granting a license. Diverse unregulated businesses have been operating with offshore licenses and aggressive marketing campaigns. The CMA is concerned about unlicensed platforms; consequently, it has issued stern warnings to those sites.
The goal is to protect the interests of traders and investors through a regulatory framework. All the CMA licensed forex brokers in Kenya have experienced higher customer confidence and better support from the regulatory authorities. There have been talks about Pepperstone and HotForex, but there are many others, including:-
- Scope Markets
The regulatory approval will assist the INGOT platform in expanding its footprint and trading services. Prior to approval, services included Forex and CFDs for commodities, indices, equities, and ETFs.
The inclusion on the list is a tremendous honor for INGOT and its customers.