How to use Exness services in Kenya from day 1: A 6-step guide

Online multi-asset trading can seem daunting, especially for beginners. However, with the right guide and a user-friendly broker, Kenyan traders can confidently navigate the initial steps.

This comprehensive walkthrough is designed specifically for new users, demystifying the process of setting up. In this article, we’ll cover everything from how to sign up and complete your verification to funding your account with M-Pesa, selecting the right account type, and finally, placing your very first trade.

By the end of this guide, you'll have a clear understanding of how to use Exness effectively to begin your trading experience.

Step 1: Start trading in Kenya

The first step on your trading journey is to create your Exness account. This initial registration is straightforward and designed to be simple. To start, visit the official website and click on the "Register" button. You'll be prompted to enter your country of residence (Kenya), provide your email address, and create a strong password.

Use a valid email, as it will be used for verification and future communications. After entering these details, you'll typically receive an email verification link. Click on this link to confirm your email address and activate your personal area. This is the foundational step when you open an Exness account in Kenya. 

Congratulations! You've just created your Exness Personal Area, your central hub for managing all your trading activities. This is where you'll begin to discover how to use Exness features.

Step 2: Completing your verification (KYC)

Verification, commonly known as KYC (Know Your Customer), is a mandatory security and regulatory step. While it might seem like a formality, it both protects your details and ensures compliance with Kenyan financial regulations. 

There are two main parts to verification:

1. Proof of Identity (POI): For Kenyan traders, the fastest way to verify your identity is by uploading a clear photo of your valid National ID Card (Maisha card), both front and back, or your International Passport. Ensure the images are high-resolution, all details are legible, and no part of the document is cropped or obscured by glare.
2. Proof of Residence (POR): To confirm your address, you'll need to submit a recent document (usually no older than six months) showing your name and current residential address. Accepted documents typically include a utility bill (e.g., KPLC, water, internet) or a bank statement from a recognized Kenyan bank. Just like with your ID, ensure the image is clear and the full document is visible.

As part of this process, you'll also need to complete your economic profile by providing details about your employment, source of funds, and experience. This helps us assess your suitability for trading. While some initial functionalities might be available after registration, full access to deposits and withdrawals is only granted upon successful verification.

We aim for quick verification, often within minutes for clear documents, allowing you to proceed quickly. This crucial step is part of the broader process when you open your account in Kenya.

Step 3: Depositing funds using M-Pesa

For Kenyan traders, M-Pesa offers the most convenient and fastest way to fund your account. This seamless integration is a major reason why many Kenyans choose us. 

1. Navigate to the deposit section: Once you are logged into your Personal Area, you will find the "Deposit" section.
2. Select M-Pesa: Choose "M-Pesa" from the list of available payment methods.
3. Enter an amount: Specify the amount you wish to deposit in KES. Depending on current exchange rates, the minimum deposit is around 1300 KES. Exness will typically show you the equivalent in your base currency (e.g., 10 USD).
4. Confirm transaction: M-Pesa usually sends a push notification or an SMS prompt to your mobile phone to confirm the transaction. Enter your M-Pesa PIN on your device to authorize the payment.

Funds deposited via M-Pesa are typically credited to your account almost instantly, allowing you to start trading without delays. 

Step 4: Choosing the right Exness account type

Exness offers various trading accounts, each designed to suit different trading styles and experience levels. Selecting the right one is more important than you might think. 

• Standard: This is highly recommended for beginners. It features low minimum deposits, floating spreads (from 0.2 pips), and most importantly, no commission on trades. It's user-friendly and great for those starting with a smaller budget.
• Pro: This account is suited for experienced traders. It offers  the tightest and most stable spreads¹ (from 0.1 pips) and no commission, making it ideal for day traders and scalpers seeking tight pricing without additional fees.
• Raw Spread: This account offers ultra-low spreads (from 0.0 pips) but charges a small fixed commission per lot per side. It's perfect for scalpers and high-frequency traders who prioritize minimal spreads above all else, as the commission offsets the ultra-tight pricing.
• Zero: Similar to Raw Spread, this account aims for 0.0 pips spread on the top 30 instruments for 95% of the trading day, with a small commission. It's excellent for high-volume traders focusing on major pairs.

When you open an Exness account in Kenya, you can choose your desired account type during the account setup process or later from your Personal Area. Consider your trading style, initial deposit budget, and whether you prefer to manage costs through spreads or commissions.

Step 5: Understanding and using trading platforms in Kenya

We provide access to industry-leading trading platforms, primarily MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are widely recognized for their robustness, charting tools, and analytical capabilities. For new traders, the Exness Terminal is perhaps a much better starting point. You’ll get all the functions needed to forecast the markets and trade, without the need to download or install software.

The mobile app is also available for Android and iOS, allowing for trading on the go. There's also Exness Terminal, a web-based platform that is accessed directly in your browser. All platforms support the risk-free demo trading account, which allows you to learn how to use Exness platforms effectively without risking your money.  

Here’s how simple it is to gain access to the global markets:

1. Download the platform from your Exness Personal Area or Platforms tab on the Exness website.
2. Log in to your account: Once installed, open the platform. You'll need to enter your trading account login details (which we provide in your PA) and select the correct server.
3. Familiarize yourself with the interface: Spend time exploring the platform.
• Market watch: Displays currency pairs and their real-time buy/sell prices.
• Charts: Visualize price movements over time. You can customize timeframes, add indicators, and draw with tools for technical analysis.
• Navigator: Access your trading accounts, indicators, Expert Advisors (EAs), and scripts.
• Terminal/Toolbox: Shows your open trades, pending orders, account history, news, and more.

Practicing on a demo account first is highly recommended. Demo accounts provide virtual funds, allowing you to explore the platform, test strategies, and understand how to use Exness features without any financial risk. This is crucial for beginners before risking real capital on any trading platform.

Step 6: Placing your first trade

With funds deposited and your platform set up, you're ready to place your first trade.

1. Select a currency pair: In the "Market watch" window, double-click on the currency pair you wish to trade (e.g., EURUSD or Euro vs US Dollar). A "New Order" window will pop up.
2. Define trade parameters:
• Volume: This is the size of your trade, measured in lots. If you're new, start small, perhaps with a micro lot (0.01).
• Stop loss (SL): This is a future order to close your trade automatically if the price moves against you to a certain point, limiting potential losses. This is a valuable risk management tool.
• Take profit (TP): An order to close your trade automatically if the price reaches a certain profit level.
• Type: Choose "Market execution" for an immediate trade or "Pending order" to set a trade that triggers at a specific future price.
3. Execute the trade: Once your parameters are set, click "Buy" (if you expect the price to rise) or "Sell" (if you expect the price to fall). Your trade will then appear in the "Trade" tab of the "Terminal" or "Toolbox" window.

Remember that trading involves risk, and it's essential to understand risk management principles before placing real trades. 

Final tips for getting started with Exness in Kenya

Successfully trading in Kenya involves not only technical steps but also a strategic approach to learning.

• Educational resources: We offer various educational materials, webinars, podcasts, and articles. Use these to deepen your understanding of trading concepts and how to trade with Exness.
• Start small: When you transition to live trading, begin with small trade sizes to manage your risk effectively as you gain experience.
• Practice risk management: Always use stoploss orders. Never risk more than a small percentage of your account on a single trade.
• Stay informed: Keep up with market news and economic events that can influence the prices of currencies, stocks, commodities, and indices.
• Reach out for support: We provide 24/7 customer support. If you have any questions about how to use Exness’ platforms or services, do not hesitate to contact us.

By following this comprehensive guide, new Kenyan users can confidently open an Exness account in Kenya, navigate its features, and take their first steps into the exciting world of multi-asset trading. We aim to provide a seamless and secure experience, from registration to placing your first trade on one of the top trading platforms in Kenya.

Note:

¹ Tightest and most stable spread claims refer to the lowest maximum spreads and the tightest average spreads on the Exness Pro account, for XAUUSD, USOIL, and BTCUSD, based on data collected from 25 August to 7 September 2024, when compared to the corresponding spreads across commission-free accounts of other brokers.

This is not investment advice. Past performance is not an indication of future results. Your capital is at risk, please trade responsibly.

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Author:

Paul Reid

Paul Reid is a financial journalist dedicated to uncovering hidden fundamental connections that can give traders an advantage. Focusing primarily on the stock market, Paul's instincts for identifying major company shifts is well established from following the financial markets for over a decade.