Two Kenyan Financial Firms Approved to Trade Forex Online

Two foreign exchange service providers Tadenex Limited and Tradesense Limited have been licensed by the Capital Markets Authority (CMA), bringing the number of licensed online forex trading brokers to seven and money managers to two.

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Tadenex Limited has been licensed to operate as a non-dealing online foreign exchange trading broker while Tradesense Limited will operate as a money manager under the regulation of the CMA.

"The Authority has noted a keen interest from Kenyans to participate in online forex trading and is pleased to grow the pool of non-dealing online forex trading brokers and money managers," said Wyckliffe Shamiah, CMA chief executive.

Tradesense as a money manager is licensed to choose and manage investments for its online forex trading clients and develop appropriate investment strategies.

It will also conduct financial analysis and monitor forex portfolio investments on behalf of its clients.

As a non-dealing online foreign exchange broker, Tadenex will act as a link between the online forex market and its clients in return for a commission or mark-up in spreads.

Source: Business Daily