CMA okays Ingot Africa to operate as non-dealing Forex broker in Kenya

The Capital Markets Authority (CMA) granted an operational license to Ingot Africa Limited to offer, among other services, access to global markets to interested Kenyans.

In a statement Thursday, CMA said the firm will operate as a non-dealing Online Foreign Exchange Trading broker under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.

On-boarding of Ingo brings total number of online Forex trading brokers in Kenya to eight.

Just like other seven brokers, Ingot will provide access to global markets and an opportunity for clients to educate themselves on the global financial markets.

It will, however, be limited to a number of services including offering clients advice or trade on behalf of their clients.

“We continue to grow the pool of licenced entities due to the growing interest in online Forex trading,” said CMA Chief Executive Officer, Wycliffe Shamiah.

CMA regulation also limit non-dealing forex brokers from engaging in market-making activities which include buying and selling of foreign currencies.

They are tasked with providing clients with access to trading platforms to enable them  trade from anywhere and at any time using electronic devices.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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