Trade With As Low As Kshs.100 In The Forex Market

Standard Investment Bank (SIB) plans to introduce the cheapest Forex trading platform that will allow a person to trade with as low as Kshs.100 in the popular volatile market.

Photo Credits: Refinitiv.com

For the past couple of weeks, Forex trading has become a very popular topic worldwide. This comes about when companies such as Amazon, Zoom and Skype have recorded massive profits from the current global situation where almost each and every activity is being switched to fit into the "Stay-At-Home" directory.

The Standard Investment Bank owns Mansa-X, a fund that invests in global online Forex markets, where an investor needs to put in a minimum of Sh250,000 for at least six months. The same company has decided to come up with a cheaper and efficient option that will allow an investor to begin with a minimum of Sh100.

The bank has set its eyes on many Kenyans who have previously been discouraged from the idea of Forex trading citing reasons such as having an extremely high minimum investment, the presence of unprofessional Forex brokers, i.e. conmen and lack of information regarding the money minting market.

“We are going to lower the investment amount. We are already at an advanced stage with the new product that we have been planning to bring to the market. We have got all the approvals. It will allow investments of as low as Sh100. That is how low we want to go. We want to allow the boda boda guy, when he looks at his numbers at the end of the day, to be able to send Sh200 into that account and to continuously grow his investments,” says SIB Executive Director for Global Markets Nahashon Mungai.

“The emphasis on the new product is distribution. One of the reasons people do not invest is because of distribution. If you only have Sh5,000, it is too much of a hassle going to look for money managers. We are at the tail end of implementing the technology and testing some of the applications. By the third quarter of this year, we will be ready to roll out,” Mungai said.

The Executive Director of Global Markets also added that, “Forex trading has the unique infirmity of being full of guys who do not know what they are doing. For the longest time, people have assumed that forex trading is full of conmen because people have been losing money. There are some who have been outright fraudsters, but there are instances where amateurs look at the markets for two to three weeks and feel that they can trade, so they collect money from friends and family only to discover markets are not so easy when they lose. These are the categories of people that have given the industry a bad name.”

It will be highly accessible with mobile devices as investors will be able to open accounts with the company through an app and USSD codes. The launch date has been set to take place during the third quarter of the year. For as low as Sh100, bei ya kuchangia mzinga pale wines and spririts. This is the opportunity you have been waiting for.