Banking giant Equity Bank has become the first local bank to launch an online Forex trading platform for Kenyans.
This comes as more and more young Kenyans venture into Online Forex(Foreign Exchange)/FX trading in search of an extra coin.
It is already estimated that over 100000 Kenyans work online and that a significant percentage of this population is engaged on Forex trading.
This move could thus be deliberate as Equity seeks to tap into this unexploited market. Indeed, most of the Kenyan population trading in foreign exchange rely on international websites for market analysis and placing of orders so Equity’s action could be welcome especially for starters.
The system, dubbed EazzyFX promises real time prices, security, and convenience and is, according to the bank open to both the Bank’s SME and corporate clients.
Its hosted on Thomson Reuters Electronic Trading(Forex) together with such systens from over 100 other banks from 56 countries globally.
Interested Kenyan’s are required to register on the portal before accessing services. Registration is free.
How To register on EazzyFX
- Go to the following link
- You are then required to fill in the requested details on the form including your business/personal name, mobile number, email address, and the time you prefer to be called by the Bank’s staff.
- Click to agree to the terms then press submit.
- You will then be contacted by the bank with details and terms and conditions.
Other ways of registering:
- You can also send a registration request via the email TMU@equitybank.co.ke. The FX team typically gets back within 24 hours. The team will also help you set-up a trading account.
- Another alternative is to call the FX team 0763026944/45 for assistance.
How Do I Access Trade on EazzyFX?
First, you need a good internet connection. You then go to the trading portal via either:
- On Microsoft internet Explorer 8 (and above), go here (https://eazzy.fx.com/client.html). Ensure that your computer is installed with Java 8 for this method to work.
- From any other browser (Chrome, Mozilla, Opera etc), go to this link(https://eazzy.fx.com/client/) to access the EazzyFX application.
Logging Into EazzyFX
You enter the USER ID and a secure password (called ‘access codes’). These are emailed to you via the bank’s secure email address. You must change the password when logging in for the first time.
How Many Accounts Can I Setup?
You can create multiple trading accounts based on your needs then make one of the operative accounts the primary account.
This will be the default account for your buying and selling transactions.
Remember to specify each accounts dealing mandate from the onset.
Features Available On EazzyFX?
- Live streaming of FX currency rates.
- You can Request for quotes (RFQ).
- Placing of multiple trade orders.
- Access to full trade workflow.
- Real time Execution of deals.
- Trading history and statement.
Equity’s opening up a locally managed Forex trading platform could be the biggest news yet as far as online Forex trading by Kenyans is concerned.
And considering the massive interest in Forex trading by Kenyans, this could prove a master stroke and open up the market to more people .
Perhaps what remains is a proper forex trading training kenya system, especially for those who are unable to learn on their own through the various FX training platforms like babypips.
That said, the system is still very fresh so it’s a matter of waiting to see how things pan out.
But all indicators are so far very positive.