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International Brokers - Available in Kenya for Kenyans
Nifiche
#1 Posted : Monday, April 05, 2021 1:33:30 PM
Rank: New-farer


Joined: 4/8/2019
Posts: 27
Dear Wazuans,

I am looking into accessing stock market products not available locally. So far the only option I can think of is to work with an international broker like Interactive Brokers/eToro/Trading212.

Does anyone have experience accessing international markets from Kenya? How do you do it?

If working with an international broker is the way to go, what is your experience? Any recommendations/things to watch out for?

Asanteni!
If you think you can you're right; if you think you can't you're right.
Sufficiently Philanga....thropic
#2 Posted : Tuesday, April 06, 2021 12:49:07 PM
Rank: Elder


Joined: 9/23/2010
Posts: 2,130
Location: Sundowner,Amboseli
Great question Nifiche, have you tried EGM Securities Ltd? They are CMA licensed and regulated an are based in KE......trading as FXPesa. Very easy to make payments as they accept Mpesa and your live account is credited in seconds. Same thing with withdrawals, done in seconds and you can withdraw a max of KES.300k a day in 2 instalments of 150k. No charges. Before FXPesa came to KE, i tried my hands on Dukascopy, ETx Capital in uK and another one which escapes me....which folded around 10 years ago.

you can familiarize yourself with FXPesa by using the link below....
https://www.fxpesa.com/h...=3828&affid=0014187

For me, since i'm a stocks guy, i trade mainly US30....which i have followed daily for the last 2 decades. Once in a while i trade Tesla and UKoil.
KE stocks(NSE) used to be my favorite in the Kibaki years but the opportunities in NSE with the current administration are few....if any.

Happy Investing.
Markets
Sufficiently Philanga....thropic
#3 Posted : Tuesday, April 06, 2021 1:01:21 PM
Rank: Elder


Joined: 9/23/2010
Posts: 2,130
Location: Sundowner,Amboseli
To put things into perspective, during the GFC, DJIA (US30) hit a low of 6469 on March 6th 2009 while our very own NSE20 hit a low of 2360. Fast forward to 2021 and the Dow is currently at 33,400 (up 5 fold) while our NSE20 is at 1864(much lower than the GFC low.
This is the trajedy of the 3rd world....no Govt stimulus to SMEs, zero focus on the NSE by CBK as opposed to FED in the US which intervenes every now and then....to protect wanjiku's pension, no tax incentives, GoK crowding you out through an insatiable appetite for loans through T/Bonds(currently there is an IFB which is very attractive. The last IFB issued in Jan(w/tax free has a coupon of 12.257%) etc etc..
Markets
Nifiche
#4 Posted : Tuesday, April 06, 2021 3:59:29 PM
Rank: New-farer


Joined: 4/8/2019
Posts: 27
Sufficiently Philanga....thropic wrote:
Great question Nifiche, have you tried EGM Securities Ltd? They are CMA licensed and regulated an are based in KE......trading as FXPesa. Very easy to make payments as they accept Mpesa and your live account is credited in seconds. Same thing with withdrawals, done in seconds and you can withdraw a max of KES.300k a day in 2 instalments of 150k. No charges. Before FXPesa came to KE, i tried my hands on Dukascopy, ETx Capital in uK and another one which escapes me....which folded around 10 years ago.

you can familiarize yourself with FXPesa by using the link below....
https://www.fxpesa.com/h...=3828&affid=0014187

For me, since i'm a stocks guy, i trade mainly US30....which i have followed daily for the last 2 decades. Once in a while i trade Tesla and UKoil.
KE stocks(NSE) used to be my favorite in the Kibaki years but the opportunities in NSE with the current administration are few....if any.

Happy Investing.


That's some great stuff right there @Sufficiently Philanga....thropic. All new to me. Thanks a lot for the tips. smile
If you think you can you're right; if you think you can't you're right.
Nifiche
#5 Posted : Tuesday, April 06, 2021 4:04:45 PM
Rank: New-farer


Joined: 4/8/2019
Posts: 27
Sufficiently Philanga....thropic wrote:
To put things into perspective, during the GFC, DJIA (US30) hit a low of 6469 on March 6th 2009 while our very own NSE20 hit a low of 2360. Fast forward to 2021 and the Dow is currently at 33,400 (up 5 fold) while our NSE20 is at 1864(much lower than the GFC low.
This is the trajedy of the 3rd world....no Govt stimulus to SMEs, zero focus on the NSE by CBK as opposed to FED in the US which intervenes every now and then....to protect wanjiku's pension, no tax incentives, GoK crowding you out through an insatiable appetite for loans through T/Bonds(currently there is an IFB which is very attractive. The last IFB issued in Jan(w/tax free has a coupon of 12.257%) etc etc..


Hapo umenena ni kweli.

The current IFB is looking great indeed but I'm looking to find alternatives offering inflation beating returns.

This wiping out of the purchasing power of bond returns with time has never sat well with me...
If you think you can you're right; if you think you can't you're right.
tandich
#6 Posted : Tuesday, April 06, 2021 5:50:21 PM
Rank: Member


Joined: 5/6/2008
Posts: 198
I've been with IBKR for just under a year. You get access to global markets and invest in ForEx. So far so good. My portfolio is boring, only some index funds and individual stocks (even r/WallStreetBets plays). But you can do derivatives, bonds, securities lending... I'm keen to hear other's experiences. I'm doing regular injections. Helps to diversify away from NSE and access markets with growth potential even if it's from the great money printer.

CONS:
$10/month from the 4th month less charged commissions ($20 if you have less than $2,000; FREE if you're:
* below 25
* American/have a SS number
* invest > $100,000)
You're charged commissions if you're not an American resident.

Do your own research. You might get better rates if your account is domiciled in other locations where IBKR has an establishment; I havent.
Nifiche
#7 Posted : Tuesday, April 06, 2021 6:38:36 PM
Rank: New-farer


Joined: 4/8/2019
Posts: 27
tandich wrote:
I've been with IBKR for just under a year. You get access to global markets and invest in ForEx. So far so good. My portfolio is boring, only some index funds and individual stocks (even r/WallStreetBets plays). But you can do derivatives, bonds, securities lending... I'm keen to hear other's experiences. I'm doing regular injections. Helps to diversify away from NSE and access markets with growth potential even if it's from the great money printer.

CONS:
$10/month from the 4th month less charged commissions ($20 if you have less than $2,000; FREE if you're:
* below 25
* American/have a SS number
* invest > $100,000)
You're charged commissions if you're not an American resident.

Do your own research. You might get better rates if your account is domiciled in other locations where IBKR has an establishment; I havent.


Thanks a lot @tandich.

I was really hoping for some info on Interactive Brokers because I'm keen on index funds.

-What was the account opening process like?
-And how about taxes: local KE taxes? Stock exchange taxes at source? How do they [or you] handle that?
If you think you can you're right; if you think you can't you're right.
tandich
#8 Posted : Tuesday, April 06, 2021 10:52:19 PM
Rank: Member


Joined: 5/6/2008
Posts: 198
Nifiche wrote:
tandich wrote:
I've been with IBKR for just under a year. You get access to global markets and invest in ForEx. So far so good. My portfolio is boring, only some index funds and individual stocks (even r/WallStreetBets plays). But you can do derivatives, bonds, securities lending... I'm keen to hear other's experiences. I'm doing regular injections. Helps to diversify away from NSE and access markets with growth potential even if it's from the great money printer.

CONS:
$10/month from the 4th month less charged commissions ($20 if you have less than $2,000; FREE if you're:
* below 25
* American/have a SS number
* invest > $100,000)
You're charged commissions if you're not an American resident.

Do your own research. You might get better rates if your account is domiciled in other locations where IBKR has an establishment; I havent.


Thanks a lot @tandich.

I was really hoping for some info on Interactive Brokers because I'm keen on index funds.

-What was the account opening process like?
-And how about taxes: local KE taxes? Stock exchange taxes at source? How do they [or you] handle that?


Sign-up was like opening a bank account in the digital age. You will need proof of address like a utility bill, government document... Thankfully it is all easily explained in the sign up process. It could take a while if you do not give complete information or are flagged by due diligence & KYC checks. I know it has happened to some people, especially PEPs.

Should you feel the need to sign up, please message me. I could earn some money to invest and you'll get IBKR stock.

Best source of info on Taxes is IRS' US Tax Guide for Aliens. The link may break if they publish a new one. But my experience so far as a non-resident is I have only paid 30% on dividends and nothing for capital gains. Steep but overall performance is much better than my NSE portfolio. Another good article from Investopedia on taxes for non-residents in the US: Do Non-U.S. Citizens Pay Taxes on Money Earned Through a U.S. Internet Broker?
Nifiche
#9 Posted : Wednesday, April 07, 2021 9:30:56 AM
Rank: New-farer


Joined: 4/8/2019
Posts: 27
tandich wrote:
Nifiche wrote:
tandich wrote:
I've been with IBKR for just under a year. You get access to global markets and invest in ForEx. So far so good. My portfolio is boring, only some index funds and individual stocks (even r/WallStreetBets plays). But you can do derivatives, bonds, securities lending... I'm keen to hear other's experiences. I'm doing regular injections. Helps to diversify away from NSE and access markets with growth potential even if it's from the great money printer.

CONS:
$10/month from the 4th month less charged commissions ($20 if you have less than $2,000; FREE if you're:
* below 25
* American/have a SS number
* invest > $100,000)
You're charged commissions if you're not an American resident.

Do your own research. You might get better rates if your account is domiciled in other locations where IBKR has an establishment; I havent.


Thanks a lot @tandich.

I was really hoping for some info on Interactive Brokers because I'm keen on index funds.

-What was the account opening process like?
-And how about taxes: local KE taxes? Stock exchange taxes at source? How do they [or you] handle that?


Sign-up was like opening a bank account in the digital age. You will need proof of address like a utility bill, government document... Thankfully it is all easily explained in the sign up process. It could take a while if you do not give complete information or are flagged by due diligence & KYC checks. I know it has happened to some people, especially PEPs.

Should you feel the need to sign up, please message me. I could earn some money to invest and you'll get IBKR stock.

Best source of info on Taxes is IRS' US Tax Guide for Aliens. The link may break if they publish a new one. But my experience so far as a non-resident is I have only paid 30% on dividends and nothing for capital gains. Steep but overall performance is much better than my NSE portfolio. Another good article from Investopedia on taxes for non-residents in the US: Do Non-U.S. Citizens Pay Taxes on Money Earned Through a U.S. Internet Broker?



Sawa, that's very useful, thanks!

I'm still doing the DD but if you like, you can already let me know how to reach you...

Cheers!
If you think you can you're right; if you think you can't you're right.
tandich
#10 Posted : Friday, April 09, 2021 6:37:48 PM
Rank: Member


Joined: 5/6/2008
Posts: 198
Could CMA end up doing something similar to what has been done in Nigeria? Do we have local businesses offering similar services?

Nigeria’s SEC warns investment platforms to stop trading ‘unregistered’ foreign securities
Nifiche
#11 Posted : Friday, April 09, 2021 11:51:51 PM
Rank: New-farer


Joined: 4/8/2019
Posts: 27
tandich wrote:
Could CMA end up doing something similar to what has been done in Nigeria? Do we have local businesses offering similar services?

Nigeria’s SEC warns investment platforms to stop trading ‘unregistered’ foreign securities


Hmm, very interesting...

CMA needs to get their act together and promote the development of infrastructure to allow Kenyans cheap and easy access to global markets IMHO.

There's so much potential locally! And how can this IFC project succeed if we don't shift ourselves from the margins of the global financial system...?
If you think you can you're right; if you think you can't you're right.
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