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Is forex trade illegal in kenya?
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Mundu wa Ngai
#1 Posted : Saturday, March 06, 2010 12:08:07 PM
Rank: Member

Joined: 7/9/2008
Posts: 2
This is a summary of a story that was carried on the East African on 30th Nov 2009

Some dealers have opened personal dealing bureaux where they hire university graduates to oversee the trading
Also lured by the flourishing business are bank employees not directly attached to Treasury
Central Bank of Kenya Governor Prof Njuguna Ndung’u terms the private dealing a criminal activity
Neither the Central Bank nor the Kenya Revenue Authority seem to be aware of the flourishing private forex dealing
Trading accounts are opened with no minimum balance requirement.

worried Mundu wa Ngai
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mnandii
#2 Posted : Saturday, March 06, 2010 6:23:53 PM
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Joined: 10/11/2006
Posts: 2,304
Actually the article's writer didn't attempt to differentiate btw forex dealing(by established forex bureaus) and private FOREX TRADING. You can trade in foreign currencies simply by opening an account using a few dollars at websites e.eg oanda.com, fxcm.com etc. It is legit and quite lucrative.

Some journalists never attempt to get to the bottom of what they write about at all leading to lots of confusion. That's why press reports are considered hearsay in court.
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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kizee
#3 Posted : Sunday, March 07, 2010 1:05:52 PM
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Joined: 1/9/2008
Posts: 537
it cannot be illegal...you are trading otc markets on the internet...the cbk has no jurisdication in either two...ndungus comments boarder on idiotic
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Much Know
#4 Posted : Sunday, March 07, 2010 7:54:57 PM
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Joined: 12/6/2008
Posts: 3,579
There is no 'lucrative' business in this world. Non at all
Ras Kienyeji Man
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mkonomtupu
#5 Posted : Monday, March 08, 2010 6:35:45 AM
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Joined: 2/10/2010
Posts: 1,001
Location: River Road
I always thought that buying and selling of foreign currency is prohibited unless one of the parties is an authorised dealer i.e a bank or forex bureau. Ndungu had a point there but i doubt if CBK ever thought of online OTC markets when it came up with the rules. Each country needs to regulate forex trading within its territory so that it can monitor forex inflow and outflow from the economy.
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kizee
#6 Posted : Monday, March 08, 2010 1:01:01 PM
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Joined: 1/9/2008
Posts: 537
ndungu still beleives that the fx market is only in cash???? if u are trading the cable(gp/usd) say..where does cbk come in? add to that the fact that ur trading on an internet platform...its liek saying an exporter cant receive fx inflows because he/she isnt an authorised dealer...
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qw25041985
#7 Posted : Tuesday, October 19, 2010 4:17:53 PM
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Joined: 5/9/2010
Posts: 1,418
Location: Nai
Forex trading is the most lucrative trading business known around.Ndungu's comments are non informed to say the least.there's no law prohibiting PRIVATE forex trading.The CBK laws didnt see online forex trading coming.
With over 3 trillion dollars exchanged everyday this is the best market to make money.
If you are intrested in forex MAKE SURE your online forexbroker is regulated by a respectable financial body in the country its registered.Do a thourough check before depositing your hard earned money.With just 2,000.00 in your visa/mastercard you can start trading forex with online forex brokers like Oanda.com , instaforex.com , FXPro , ibfx (My favourite) the list continues.....

Give it a try today and you'll love it.
Your future depends on your dreams so go to sleep !
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The Merchant
#8 Posted : Tuesday, October 19, 2010 5:47:47 PM
Rank: Veteran

Joined: 5/24/2010
Posts: 846
Location: KENYA
qw25041985 wrote:
Forex trading is the most lucrative trading business known around.Ndungu's comments are non informed to say the least.there's no law prohibiting PRIVATE forex trading.The CBK laws didnt see online forex trading coming.
With over 3 trillion dollars exchanged everyday this is the best market to make money.
If you are intrested in forex MAKE SURE your online forexbroker is regulated by a respectable financial body in the country its registered.Do a thourough check before depositing your hard earned money.With just 2,000.00 in your visa/mastercard you can start trading forex with online forex brokers like Oanda.com , instaforex.com , FXPro , ibfx (My favourite) the list continues.....

Give it a try today and you'll love it.

WOW! You sound like a marketer for a forex firm. BUT I agree, forex is legit and it is a very sound market. Ndungu was briefed wrong (I doubt he did the research himself)
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hisah
#9 Posted : Tuesday, October 19, 2010 10:36:13 PM
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Joined: 8/4/2010
Posts: 8,977
Unless KE comes up with an explicit fx law prohibiting it (I wonder how) or they shutdown the internet (?), there's no way to curtail it. And i wonder why they'd want to do so and for what benefit.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Elder
#10 Posted : Wednesday, October 20, 2010 12:21:51 AM
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Joined: 9/7/2010
Posts: 2,148
Location: elderville
Has any of you bothered to read the relevant Statutes before coming out and stating categorically that xyz is legal? I have no idea but I would imagine that before you dismiss Ndungu's position you should first read the relevant Statutes. What am sure of is that most of the Kenyan forex traders would easily be dealt with by one body - KRA.
He who can express in words the ardour of his love, has but little love to express. - Petrach, Son. (That men by various ways arrive at the same end. - Montaigne, The Essays of.)
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