Xm broker in kenya

There are several things that we don’t particularly like about XM trading that we believe the company can improve upon.

Actual forex bonuses

XM Forex Broker Review, xm broker in kenya.

If you’re in kenya, you will most likely sign up for XM trading services using the XM global franchise. This particular franchise is regulated by the international financial services commission (IFSC).

XM forex broker review

So many questions about XM trading aka XM global in my inbox. Some of the most common include:

Is XM trading a reliable broker?

Is XM trading a safe broker?

How long does it take to withdraw from XM?

What is the minimum deposit at XM?

Is XM broker a marker maker?

After all the pestering questions, I decided to do this XM broker review piece to share my experiences with this broker. So, here we go.

Who is XM trading?

XM trading is one of the most popular online forex brokers in kenya. There are a few things that endear this particular broker to kenyans. Some of its strong points include:

This is one of the forex brokers that accept mpesa, making deposits and withdrawals for kenyan forex traders a breeze

Minimum deposit is as low as $5 on some account types

50% deposit bonus (read on to find out how to claim the XM deposit bonus)

Relatively low cost of trading compared to other popular forex brokers in kenya such as fxpesa, liteforex, and templerfx

Leverage as high as 1:888

Additionally, it is much easier to open an account at XM and get verified by just using your ID. To begin with, make sure the address you provide is as closely resemblance to what is at the back part of your ID.

You’ll then provide the front part of your ID as the proof of identity while the back part of the ID acts as the proof of residence.

XM trading is a financial forex brokerage group that was founded in 2009. The group and its franchises are regulated by several financial regulatory authorities.

On its trading platforms, you have the choice of trading hundreds of instruments including forex pairs, CFDS, equity indices, energies, and precious metals. The broker supports more than 25 payment methods to fund and withdraw money from your account, and luckily for kenyan traders, mpesa is one of those payment gateways available at XM.

Is XM trading safe? Can you trust them with your money?

Having been in the industry since 2009 (10+ years), XM trading is one of the safest online financial brokers in the world today. As you will ultimately learn, most scam forex brokers do not last more than a few months. The 10+ years that XM trading has been operational is proof enough of their legitimacy.

But there are more trust factors for XM trading

What we don’t like about XM trading?

There are several things that we don’t particularly like about XM trading that we believe the company can improve upon.

No ‘real’ cent account

For starters, XM trading does not offer a true cent account. What they have instead is a micro account. This means that your actual deposit is always visible as the real amount. For instance, if you deposit $100 into your trading account, your balance on the trading platform will show up as $100. This is different from other popular cent accounts where if you deposit $100, your balance on the trading platform shows up as $10,000.

XM trading is not a true ECN broker

I have tried to hunt everywhere for information that XM forex is an ECN/STP broker, but unfortunately, it seems like this particular forex broker is a market maker.

While there is nothing particularly fishy about trading with a market maker.

Best forex brokers in kenya 2021

We researched 20+ popular forex brokers that accept kenyan traders to select the best brokers overall in terms of fees, regulations, support & 8 other factors.

Last updated: december 23, 2020

Retail forex trading & cfds on forex are legal & popular trading instruments in kenya, which are regulated by kenya’s CMA (capital markets authority). There are estimated to be around 90,000 active forex traders in kenya and this number is growing.

As the kenya’s forex trading is getting popular so are the challenges – like security of the traders, oversight on trading conditions is becoming a concern.

As a trader making an investment in forex market, you must look for a broker that gives you secure environment & proper trading conditions without any conflict of interest. For this, it is very important to choose a broker that is regulated with local kenyan regulator (CMA) or reputed international regulators (like FCA, FSCA, cysec or ASIC).

We have compared and listed brokers that matched our criteria for regulation, reputation, security, fees for kenyan traders.

Comparison table of best forex brokers in kenya

7 best forex brokers in kenya

Here’s our list of best forex brokers for kenyan traders:

Now we will explore the detailed features of each broker in our list, one by one, starting from hotforex.

#1 fxpesa – best forex broker in kenya

Regulations: capital markets authority (CMA) of kenya

Minimum deposit: $5

Available platforms: metatrader 4 for desktop, web & mobile and fxpesa mobile app

Fxpesa is the brand of EGM securities which is the kenya’s first non-dealing online forex broker, based in nairobi. They are authorized by CMA of kenya (which is the local regulator body), so we consider them as a safe broker for traders in kenya.

Fxpesa is a non-dealing desk (NDD) broker, which means that there is no conflict of interest. They provide market execution of trades with all their trading account. They offer 2 trading accounts: ‘executive’ that required $5 deposit, it is a standard account without any commission & spread from 1.4 pips. The other account is premiere ($100 deposit), but has lower spread from 0 pips + $7 commission per standard lot for FX.

They offer 66 currency pairs, but their other CFD offerings are bit limited though.

Fxpesa are a metatrader 4 offering broker, so latest MT5 or ctrader is not available with them. But they have their own platform available on all devices.

They have an office in nairobi & local phone number for support. Their live chat is also very friendly & knowledgable.

They offer funding in USD as well as in kenyan shilling (ksh.) via local bank transfer. But the account curreny will be in USD. They also accept deposits & offer withdrawals via mpesa & airtel money.

#2 exness – low spread forex broker

Regulations: cysec, FCA & FSA.

Minimum deposit: $1

Available platforms: metatrader 4 and metatrader 5 for desktop, webtrader & mobile app.

Exness, a cyprus based broker, that is one of the largest broker in the world. They are well regulated under multiple top-tier regulators, so we consider them a safe broker.

Exness offers features like excellent support, low spreads, education through tutorials, strategies and free analysis tools.

Exness provides services for two types of accounts – standard and professional. While standard account has a minimum deposit of $1 with minimum spread starting from 0.3 pips on EUR/USD currency pair, and professional account requires a minimum account balance of $500. The maximum leverage offered for both accounts is 1:2000.

One of the major benefits with exness is they have very low spread compared to most other competing brokers. Account types available help both newbies and pro traders. Other benefits include readily available support, fast executions, daily market reports, support from expert advisors and meta trader plugin supports.

#3 XM forex – low fees, good support

Regulations: ASIC of australia, IFSC of belize and cysec of cyprus

Minimum deposit: $5

Available platforms: MT4, MT5, XM web trader and mobile device platforms

XM trading is another broker that offers low cost forex & CFD trading. There are more than 1000 instruments to choose from including forex, cfds on precious metals, energy and indices.

XM are regulated with 2 top-tier regulators including cysec & ASIC. XM’s trading fees is quite competitive, and they offer straight standard spread only trading accounts without any extra commissions. Their fees is lowest with their ultra low account.

Their trading accounts are quite straightforward. XM provides four account options. For standard and micro account, the required minimum deposit amount is 5 USD and gives a maximum leverage of 1:888. For XM ultra low account, the required minimum deposit amount is 50 USD with similar leverage. XM also provides a share account for equity trading, with minimum deposit of $10,000 and no leverage.

Their support is also very good, and available 24/5 during the market trading hours. Plus they have free access to forex market education including their research, forex webinars, video tutorials and free daily technical analysis that is available to all their customers. Plus, they accept M-pesa for account funding.

#4 hotforex – low spread & FCA regulated forex broker

Regulations: FCA (UK), FSCA, FSA

Minimum deposit: $5

Available platforms: MT4 & MT5 platforms, webtrader and mobile trading

Hotforex is our recommend forex broker for kenyan traders. Although hotforex is not regulated by CMA, but they are regulated by other tier-1 regulators such as FSCA of south africa, DFSA of UAE, FCA of UK & FSA of seychelles.

In terms of fees, they charge a low spread i.E. 1.2 pips on average for EURUSD with their premium account, and no deposit and withdrawal charges. The minimum deposit required to open a micro account is $5, while the maximum leverage offered on this account is upto 1:1000 (1:500 with premium account but depends on the trading instrument).

Hotforex have a 100% deposit bonus for new customers in kenya and great loyalty programs for existing clients. They have a very supportive live chat system for the clients as well.

#5 FXTM – good ECN broker with low minimum deposit

Regulations: CMA (exinity group), FSCA, FCA, cysec.

Minimum deposit: $10 with cent account

Available platforms: metatrader 4 and metatrader 5 for desktop and mobile and webtrader.

The parent company of FXTM, exinity group (exinity capital east africa) is regulated by CMA, so it is considered a safe broker to trade with for kenyan traders.

FXTM is a mauritius based broker which is trusted with features as superfast execution, regulated and licensed, quick client approval and education and tutorials.

FXTM offers two broad account options – standard and ECN, both accounts having further sub-account types. The minimum deposit needed for a standard account is $100 and spread starts from 1.5 pips for EUR/USD but there are no commissions on the standard account. While the ECN zero MT4 & MT5 requires a deposit of $200 which has commissions of $4 per lot on ECN MT4 and ECN MT5 accounts. Both accounts come with a maximum leverage of upto 1:2000.

They have real time access data from world’s two largest stock exchanges NYSE & NASDAQ. Additional benefits include in-depth market analysis, tutorials through webinars and seminars. Additionally, FXTM also supports trading in cryptocurrency.

Frequently asked questions

Which are the CMA licensed forex brokers in kenya?

There are 3 CMA licensed brokers in kenya currently. First is EGM securities (operating as fxpesa kenya) and the others are pepperstone kenya & scope markets kenya.

EGM securities (fxpesa) is #3 in our list of recommended forex broker for kenya. Scope markets is a new kenyan broker which stated its operations since may 2019.

There are not a lot of brokers regulated with CMA, but traders in kenya should only choose brokers regulated locally with CMA. Or reputed foreign brokers like hotforex, XM forex which are regulated with top-tier regulators like FCA, ASIC, cysec.

What are the best forex trading platforms in kenya?

The most popular trading platforms in kenya are the MT4 & MT5. Most popular brokers like hotforex, forextime provide trading on these two platforms with additional support for webtrader and mobile devices.

MT4 & MT5 are popular and widely used not only in kenya but around the globe as well. Both these platforms have features of fundamental and technical analysis tools, copy trading and other additional features.

Is online forex trading legal in kenya?

Online forex trading is legal in kenya, and is regulated by kenyan financial regulator CMA i.E. Capital markets authority (CMA) of kenya. It was founded under capital markets act 1989. CMA’s goal is to regulate and improve the safety of kenya’s capital market for local investors.

As per law, the brokers offering their services in kenya are required to be regulated under CMA, which was done in order to safeguard the investors from fraudulent schemes and misconducts. In 2017, stricter regulations were passed in which CMA had to strictly oversee online forex business in kenya. Capital markets (online foreign exchange trading) regulation 2017 required organizations to register under CMA.

Although it is required for brokers offering FX trading & cfds, to be registered under CMA and have a local office in kenya for the local citizens to be able to trade in a secure & regulated environment. But currently the market is limited to only 4 local providers i.E. EGM securities (which operates fxpesa) & scope markets, pepperstone kenya, FXTM (exinity group) and foreign brokers like exness, hotforex, XM are still very popular among kenyan traders.

Which forex broker in kenya has the lowest minimum deposit?

All brokers have different minimum deposit, but generally the some forex brokers have as low as $1 minimum deposit to open account. But it is advised to trade with a well funded account of atleast $500 or more & avoid the use of leverage (restrict it to 1:10 max.).

Fxpesa has a minimum deposit of $5. Exness has $1 lowest deposit, and most other brokers accept minimum deposit in that range.

Which forex brokers accept mpesa?

The brokers XM, exness, FXTM & EGM securities (fxpesa) accept mpesa for funding. M-pesa is a popular mobile money in kenya. Most forex brokers that accept mpesa offer instant funding or deposit within few hours, so you should check with the broker first on their deposit time.

Xm broker in kenya

How do I open a demo forex account?

Open forex a demo account.

Get account number and password.

Download metatrader 4 and log in to it using the received data.

Start forex trading on demo account.

How do I log into my demo forex account ?

Now you will be prompted to select between login with existing account open a demo account.

On clicking either login with existing account/open a demo account, a new window opens.

Enter ( broker name ) in the search field.

Click the server-demo icon if you have a demo account, or server-real if you have a real account.

How do I put money in my demo forex account?

Step 1: click the “deposit” button from my account.

My account demo forex account, click “deposit” button on the menu on the left side of the screen.

Step 2: select deposit option.

Step 3: enter the amount you want to deposit.

Step 4: enter credit card information.

Step 5: successful deposit.

How do I play forex demo on mt5/mt4 ? How to access the MT5 android trader

Open google play on your android, or download the app here. Locate metatrader 5 in google play by entering the term metatrader 5 in the search field.

Now you will be prompted to select between login with existing account open a demo account.

Enter your login and password.

Please leave a comment about : awards , safe or a scam? , leverage
accounts , fees . Deposits and withdrawals
market instruments . Trading platforms , regulation , EUR/USD spread , minimum deposit . Financial instruments, currency pairs, cfds ,cryptocurrencies, spot metal, shares, commodities and indices.

Open a forex account. Create a forex trading account access to over 120 currency pairs , all our recommended brokers are regulated

Top forex brokers that accept mpesa deposits in kenya

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

Regulated

:available on all devices

:101 trading tools

:demo account available

:trading signals available

:24/7 support

:trading community

12 trading platforms

:6 account types

:150+ trading platforms

:15+ funding methods

As a writer of forex content; one of the questions that I’m constantly asked is to recommend a good forex broker that accepts mpesa deposits in kenya.

Of course, they aren’t so many.

And just until recently, the few brokers who provided mobile payment solutions were either unreliable or new.

In this post, we list forex brokers that accept mpesa deposits and withdrawals in kenya.

Some of these brokers are strict to forex trading. Others are diverse and also provide options trading on the side.

1. XM forex.

How to fund your XM broker account with safaricom – mpesa.

To deposit money to your XM account with mpesa,

Click on the quick deposit button on top of your trading chart.

You can fund XM with VISA, mastercard, skrill, neteller, astropay, bitcoin, webmoney, and dusupay. But for the purpose of this blog, click on dusupay.

Scroll down to the mobile payment method and click on safaricom mpesa.

Enter your phone number and the amount you wish to deposit.

Confirm that you want to fund XM forex via dusupay.

You will see this message after clicking continue –

Payment pending.

If you have followed the steps correctly, your account will be credited soon.

8. Check your phone for push notification from dusupay and enter your mpesa pin to complete the transaction.

2. Iron trade.

Updated on 8/13/2019 – before opening an account with iron trade or investing your money with the platform, know you can lose all your investments. Another thing, people who have invested in iron trade in kenya have reported trouble in withdrawing their money.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

It is owned and operated by bartoli management S.A of address 306 premier building, albert street, victoria, mahe, republic of seychelles .

Iron trade offers forex and options trading with the lowest trading time in the market.

You can open a trade that runs for 30 seconds and get 80% returns (or more) when you win.

The best thing about iron trade is, it operates 24 hours – 7 days a week.

Take note that deals made during the weekend are over the counter deals (OTC).

What’s the meaning of OTC?

Over the counter, trade means a transaction made between two parties without publishing it anywhere. These types of deals are unique to iron trade and can be a source of income when forex is off.

Is the iron trade platform user friendly?

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

It is easy to open an iron trade account, navigate, and to actually trade on the platform.

To confirm that it is, in fact, easy to use and that the OTC option works just fine; I opened an iron trade account over the weekend;

Traded on the demo account, lost, recovered, and made some profits.

Forex Brokers that accept Mpesa deposits

Does iron trade accept mpesa deposits?

Yes, in fact; the system is so easy to use and very convenient.

You will be redirected to the dusu pay page with an option to choose your preferred payment choice.

Payments are localized such that if you are in kenya you can use mpesa; cameroonians can use MTN money to deposit to iron trade; ghanaians can use mobile money; nigerians to use mastercard, verve, and visa; rwandan traders can use MTN mobile money to deposit; tanzanians can use mobile money and the people of uganda can make a deposit to iron trade with either airtel money or MTN mobile money.

Payments in iron trade are safe and secure and you can deposit ksh. 1,000 minimum.

3. Expert option.

How to fund your expert option account in kenya.

There are 11 easy ways to deposit money to your expert option account in kenya. You could use your visa card, mastercard, maestro, yandex money, qiwi, crypto, perfect money, fasapay, webmoney, neteller, or skrill. But perhaps the only method you’d want to learn how works is the newly introduced mpesa deposit method.

How to use mpesa to deposit money to your expert option account.

Login to your expert option account or register here if you are new to trading. Now click on the deposit button on the top right corner of your browser and choose mpesa.

Enter your mpesa number and click continue.

Enter your mpesa number again and click pay. Your number must not have a (+) sign at the beginning. In case of any difficulty in payment, just reply to the live chat pop up on your computer and you will get instant help.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

You will get a push notification (on your phone) asking if you want to pay the specified amount to flutterwave account number expertoti… enter your mpesa pin to complete the transaction.

Your account will be updated instantly.

Remember, after your first deposit you won’t be able to change your deposit and withdrawal method.

4. Templerfx.

Templerfx is one of the most popular forex brokers in kenya. And a pioneer of forex deposits via mpesa.

Like most international brokers, templerfx is licensed to the financial services authority (FSA) of saint vincent and the grenadines.

You can trade forex, metals, energies, cfds and spot indices on templerfx.

How to deposit money to templerfx.

Templer accepts deposits from different wallets from across the world.

People in russia can use alfa-bank to make a quick deposit; georgians, kazakhstanis, and ukrainians can use self-service terminals for instant deposits.

Kenyan and tanzanians can use mpesa for mobile wallet deposits. Nigerians, south africans, europeans, and people of aisa – can use: – skrill, perfect money, contact, visa, mastercard, leader, OK pay, paxum, name it..

The minimum deposit in templer is ksh. 100.

Are spreads in templer good enough for newbies?

Here’s a sneak peek of templer contract specifications.

Learn more about templerfx here.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

5. Olymp trade.

Olymp trade is so far the best option trading broker in the world.

If you don’t have an account with olymp trade already, register.

Olymp trade does not currently accept mpesa deposits but I believe it is a service that they will soon integrate.

At the moment though, you can deposit from mpesa via skrill to olymp trade.

It is also possible to deposit to olymp trade from mpesa via neteller.

6. EGM securities accepts mpesa deposits.

EGM securities is a local broker in kenya that provides a platform for trading both forex and cfds.

Hard as it is to believe, EGM is the only FX company that is regulated in kenya under the capital markets authority.

To start trading in EGM you need to deposit at least $200 or $5000 depending on if you want to start trading with an executive or a premium account.

Unlike it’s international competitors spreads in EGM are high at 1.6 with a maximum leverage of 1:400.

EGM supports MT4 trading and it also accepts mpesa deposits.

7. IQ option.

When we talk about options trading, which trading platform comes to your mind?

Expert option?

Binomo?

Avatrade?

To most of us, we think IQ option when we think trading.

And even though IQ option isn’t currently as popular to kenyans as the wildebeest migration is to the serengeti; it is still a broker to recon with.

IQ option doesn’t currently accept mpesa deposits.

However, you can still deposit from mpesa to IQ option via skrill or neteller.

8. FXTM accepts mpesa deposits


MT4	✓
MT5	✓
minimum deposit	$10
ECN (minimum deposit	$200
mpesa deposit kenya	available
start trading	register

Did you know that FXTM is now the only international and most reputable forex broker that offers almost all the local deposits solutions to almost all african countries?

Nigerians can deposit to FXTM using nigeria local bank wire transfer

Indonesians can deposit using indonesian local transfer

Algerians can deposit with algerian local transfers (local currency supported)

Kenyans can deposit to FXTM using mpesa ( join FXTM )

Pakistani can deposit to FXTM using local transfer for india and pakistan

People of malaysia can deposit using online banking malaysia services

Traders from afghanistan can deposit with afghani local transfers services

Chinese traders can deposit to FXTM using china online banking (P) services

Traders from tanzania can deposit using tanzanian local transfers (BRK)

FXTM traders from vietnam, thailand, and iraq can also deposit using local transfer services

FXTM also accepts all E-wallets including dusupay which allows rwanda and ugandan traders to deposit using MTN mobile money.

P.S mobile money deposits are instant.

9. Hot forex kenya

Hotforex is the latest forex broker to accept mpesa deposits in kenya.

If offers different account types to different traders. Accounts which include: –

A. A micro account which only needs a $5 deposit to activate

B. A premium account that needs $100 to activate and an auto account.

You can trade over 47 different currency pairs, gold, and metals, oil and energies, commodities, stocks and indices with hotforex.

And even more interesting, you can deposit and withdraw money to the broker via all these methods

Bank transfer

Credit card

Debit card

Boleto

China unionpay

Fasapay

NETELLER

Mpesa

Skrill

Webmoney

Yandex money

Best forex brokers in kenya 2021 (top 10)

Finding the best brokerage firm as a kenyan can be a difficult process. Especially getting the ones that accept kenyan traders and would allow you to invest in your currency, the kenyan shilling. Don’t worry, you’re not alone.

We’ve listed the best trading sites that would let you as a kenyan trader, trade stocks, indices, binary options, cdfs, etfs, forex, and some cryptocurrencies like bitcoin and ethereum.

These brokers also support payment options that will allow you as a kenyan trader to make your deposit and quick withdrawal of your profit. They provide the lowest fees and support MT4, MT5, and ctrader trading platforms.

They also provide the best signup bonuses for new traders from kenya, and are trusted, safe, and have a long term record in the forex world.

Here’s a breakdown of the top 10 best forex brokers in kenya:

XM – best overall forex broker in kenya.

Hotforex – most trusted online forex broker.

IC markets – best forex broker with the lowest spreads.

IQ option – best online broker for forex trading.

Etoro – best forex broker for copy trading.

Alpari – great for dedicated forex day traders.

Octafx – award winning international forex broker.

Olymp trade – best broker for forex investors.

FXTM – best FX broker for online trading.

Expertoption – best reliable forex trading platform.

Best forex brokers in kenya video

Here’s how we choose the best broker for you!

Regulated – before any kenyan trader signs up to a new broker, the trader needs to check if the broker is regulated. A regulated broker is one that follows the strict rules of the forex regulators to prevent scamming small investors like you and i.

Major regulators in the industry include cysec, FCA, FSB, DFSA, SCB, IFSC, mifid, ASIC, bafin, and many others. Before creating our list of the best brokers for kenyans, we had to make sure they were all regulated and trusted brokers.

Offers demo account – A demo trading account is a virtual account made by a broker for new traders who want to test the brokers’ platform before depositing real money. This feature is essential for beginners who are still new to forex trading and won’t like to lose their investment while learning how to trade.

Asset coverage – asset are financial instruments available for us to trade on. They range from commodities like gold and silver to cryptocurrencies, stocks, cfds, etfs, indices and currency pairs. Most brokers offer all asset types, while some offer a selected range asset type.

Offers mobile trading – every kenyan forex trader needs to have access to the inter-bank market irrespective of which device they own. This is why brokers make available mobile apps for android and ios, desktop, and web apps for traders. This makes trading seamless and less stressful.

Easy deposit/withdrawal – as a kenyan forex trader, you need to choose a broker that supports the payment option that works in kenya. Also, the payment option needs to provide the lowest fees and fast in processing payments. For kenyans, master card, visa card, skrill, neteller, and webmoney are the best payment options.

Effective customer service – before signing up to a broker, you need to first visit the brokers’ website and ask as many questions as possible. This helps you gain confidence in the platform and helps you resolve any issues that might come up during trading.

Below is the list of all the best brokers that accept kenyan traders. We’ve also included the pros & cons of each broker with links to the brokers official website.

The best forex brokers in africa

Forex market is very competitive and of course, choosing the right FX broker can be overwhelming. There are certain qualities everyone has to look for.

In this case, we talk about security – which means verifying your broker’s credibility through global agencies is a must. Also, look at how easy your broker allows you to deposit your profits. Everything that you can mark with green will give you more confidence and trust in your broker.

By analyzing the trading platform of your broker and the way he responds to you, it’s what will help you decide if your choice was right.

TOP forex brokers in south africa

In south africa foreign exchange trading is very popular. It is also known that the country has an excellent system that protects from fraud. But as a fact, the practices of foreign exchange trading in south africa are quite small. Which of course, means that the forex business in this side of the world is continually in the phase of growth. Generally, the field of finances in south africa seems to be very forthcoming for FX trade because of the very loose, legal and economic regulations.

Many worldwide known brokers offer their financial services in south africa. Have a look at this TOP 5 list:

The norm to select a convenient forex broker may include options such as the existence of small and mini accounts for new people that are interested in forex, a component of social trading and the trading platforms that are offered. It may be a good option as well to verify if the broker asks for commissions for the trade and if there are appealing rewards and the chance of growing more for the new people interested in forex trading.

Financial services board

The financial services board – also known as FSB represents the organization whose service is to protect south africans in the finance field, other than the banks. Whenever you choose a broker, a good thing to do is to check the FSB financial service providers list to see if your broker is in that list. Regulators make sure that the brokers are following the law, and they also provide insurance for the trader’s funds.

Other licensing authorities

Most south african traders choose trading platforms certified by other licensing authorities, the most outstanding being the european regulatory agencies. The most trusted, and most popular, agencies are the cysec (the cyprus securities and exchange commission), FCA (UK’s financial conduct authority) and ASIC (the australian securities and investments commission).

History of forex in africa

Although some of the traders might know about forex’s existence since the first beginning of the internet, it was around for a much longer time. However, the presence of forex’s can be slightly seen back to the time when the gold was, and it was the standard in the money system of the world, which started in the years of 1875.

However, at that time, not every country has joined this type of trade. It has not passed more than 16 years ago since south africa started it’s the trading activities of currency. This is near the same time when their local organizations began to give away the money exchange to the offshore brokers through the ways of the self-directed traders.

Moreover, it also happened during the same period that there didn’t exist any regulations that impeded organizations or individuals from starting up their online businesses. Unfortunately, the starting of these activities were not successful since it led to a lot of millions of rands being lost due to fraud. As a result, the appropriate regulations have been established since then to prevent scams and other unfair things related to money to happen again.

Why is forex training necessary? In this field, people need time to become professionals. Everyone has to do some exercise, by it as little as it can be. Some of the benefits of undergoing these training include acquiring basic skills where the people can be able to make the right decisions based on the fluctuations in the market and the end, minimizing the possibility of losing money. Understanding the terminologies that are difficult for the average person and getting the knowledge to make proper judgments is another thing the training offer to people.

With the right skills, a person will tell whether a broker is legitimate or not. The knowledge will also allow a person to work by not having problems with the law.

Why forex trading is so popular in south africa?

There are several reasons why the number of people in south africa that are participating or are interested to join in the foreign exchange trade business got higher:

Due to south africa’s financial place in the world – it may not be as high as euro and dollar, but the south african rand is not a weak currency. The rand is one of the more prominent coins in africa, and its position in the global charts of forex trading is quite high. This results that during the foreign exchange trade, the chances of being at a loss because of weaker currencies are meager.

Most accounts of trade favor south africans – in case an investor in south africa chooses to open a trading account with USD, EUR or GBP, the exchange rates will often be just right. This is mostly seen when withdrawing profits to their accounts. This way, people engage in forex trading without the fear of having their earnings cut by a high amount due to loses in trading.

Foreign exchange in south africa has much freedom – compared to working a 9 to 5 job or at the office, forex trade in the country gives a lot of freedom to those that want to invest. The work can be done in your own’s comfort zone and no need to limit daily life activities. Also, there is no reason to take the time to go every day to work on the busy streets of the morning, meeting deadlines that test your limits and there is also no one to report all the things you do too. In this way, forex trading in the country allows you to be your boss. You have the opportunity to manage your time, and you can also be with your family and friends as well.

You can get well paid by the trade – A lot of people in south africa are engaging in forex trade, and later they make it to be their part-time job or just for fun. They can earn enough money from trading that allows them to even pay their bills such as water, rent, electricity and so on. Many people can use it as a platform where it’s possible to become wealthier and make their lives a bit better.

You have the opportunities to measure the risks and profits -those who choose to participate in forex trading and happen to live in the country have a lot of varieties to choose from. Nowadays, not only the importers but also the exporters have different choices that allow them to check and balance the risks and the potential earnings before engaging in any of them. By following this approach, they can take the right decisions that in no way will damage their private life and the budget.

Risks

The determination process of the price

It is very complicated because trading forex means that the currencies have to be exchanged and there must be a method that determines the rates. However, the prices keep on changing, depending on the region and how the south african rand is doing at the moment compared to the other dominant currencies such as euros and the dollars.

The potential risk is also huge

Compared to any other job that gives a high paying and it has to invest in it, the forex trading also has its potential risks. For example, a trader has a lot of uncertainty that a currency will give or not a big profit. Moreover, most people that invest and work remotely in the country don’t have enough knowledge about how the foreign exchange market is acting, a higher risk building this way. This risk factor makes many people want to invest less money because the thought of losing too much scares the people of south africa away. And as easy as you can earn them, as easy you miss them too.

Rules of forex trading

Engaging in forex trade also has some rules. Those who want to join in forex have to follow the given set of rules made by the government side. Some of these rules include the following:

The law demands the citizen to get a reliable & licensed forex broker who will help in the deal.

There are limitations of the forex that may be taken seriously such as transporting real foreign currencies inside the country, which is different from forex trading online.

Also, for someone to stock their account with more than R1 million, the tax clearance certificate must be first acquired.

In cases where must be transferred more than R10 million, the person has to first apply to the financial surveillance department.

Forex regulations overview in kenya

Kenya canceled all exchange control laws in 1993 and changed to a fully market-determined exchange rate system. There aren’t any controls on foreign exchange, and this policy has attracted short-term capital influx.

But nowadays, the kenyan authorities now will be able to not only license the brokers but also obtain information on all the financial activities to protect kenyan investors. At the moment, kenyan authorities are not aware of how much money is in circulation in forex online business in kenya. A fact is that forex trading in kenya is growing at high speed, hence boosting concerns for regulators in the country.

Forex regulation overview in nigeria

While in nigeria, currently there aren’t local reliable brokers. The easiest option for nigerian traders to enjoy potential profits from forex is to use the services of a broker based in a foreign country. The good news is that many international brokers will let you conveniently deposit and withdraw funds.

How to choose the right forex broker?

When selecting a FX broker or binary options platform, one of the primary and essential things to think about is to check if the broker is regulated by FSB (local market regulator) or not. In case the broker is not restricted, don’t let it be even a passing thought to open an account with the broker, as you might have to face many inconveniences, mostly because there are many scam brokers out there that come from other countries with the thought of getting your money which you didn’t earn easily.

The main task of the FSB is to regulate all companies that provide financial services in south africa. The institution has significant and reliable power, enough to punish those brokers that fail to adapt to other rules. The brokers can even get their license taken away. One of the main objectives of the regulator is to make sure that only certified brokers will offer investors fair and transparent services. So, if you choose one of the FSB approved brokers, you will be able to trade way more safely and assured, than if you bought with some shady, unregulated broker.

Other things to think about would be to find a broker that gives a nice, easy to use, user- friendly platform. A commission and spreads are as well very significant as you might not want to be charged hidden fees by the time all trustworthy brokers will give you a small, fixed amount or variable spreads. There must be a lot of different types of accounts you have at your own choice, because the more, the better. If the broker is not there to help you, you should also not be there with him, sending currencies in his company. Customer service is essential, and as a final note, extra useful services are a big thing in deciding which broker to choose.

In the end, forex trading is one of the ways through which people can make income from the side. In south africa, people continue to like the idea and get more interested in online investments. Many advantages come with engaging in this activity, as told above. Working from home and not having to report to any boss is a big advantage, isn’t it? Also, it is a well-paid job if you know how to play your cards well and there are no time limitations.

You know you have all the time in the world to trade forex, so there is no need to rush it. Firstly, you need to eliminate one problem, which is to find a good and reliable broker. Now, you have an idea of how to do that: by checking whether the broker is regulated and what kind of services can be offered to you. Of course, trading is always a risk, and you should be ready to lose, but if you have done your research well, success will come in your trading sooner or later.

Best forex brokers in kenya 2021 (TOP 10 list) CMA licensed

Read the comparison of TOP 10 list containing the best forex brokers in kenya for year of 2020.

CM TRADING

One of the best and most trusted forex trading brokers on african continent. Fully regulated. They are 100% secure and with a robust and stable trading platform that comes with metatrader 4.

Welcome BONUS up to $150 for new forex traders from kenya

You can deposit to trading account directly in local currency

Local kenya deposit methods

First minimum deposit required $250

Maximum leverage is 1:200

24/5 support

Quality education for traders

Metatrader 4

Scalping and hedging is allowed

Who regulates forex brokers in kenya ?

More and more middle class kenyans invest in forex trading. Therefore the local finance market cleanup from unscrupulous companies was inevitable.

Capital market authority (CMA) is the state finance markets watchdog located in the capital nairobi established in 1989 by ministry of finance. If anyone opens up a new local forex company, they must get the local license from CMA office. In order to obtain a CMA license a company must have a minimum capital of sh50 million. Maybe due to this, or given the fact that kenyan market is relatively small, there are hardly any CMA regulated fx brokerages, but the situation is quite different when we compare to other african countries where market is more mature like south africa or nigeria where local people have much wider choice.

Perhaps due to fact that the final regulatory framework existing in kenya is not yet finalised (for example capital markets act signed in 80’s) like in other african countries, there are many shady brokerages fishing for newbie kenyan traders who can easily fall victims to a ponzi scam scheme. Recently in 2017 the CMA has cracked down on thousands of illegal forex companies in kenya which is a good sign indeed. We strongly advise you to trade with regulated forex brokers , just as an example all companies which you can find in our comparison review table on this page are 100% secure and trusted by thousands of kenyan forex traders.

The most trusted regulatory agencies are british FCA, cyprus cysec and australian ASIC. These government agencies force forex companies to implement strict security standards such as segregated accounts (where your money is safe in a first class bank account like barclays, completely separated from the funds that broker’s own money that they use to fund the operations) some even force to offer negative balance protection (meaning you will never owe more money than you deposit) to protect even those clients who are from outside of the E.U. That being said, if you open a forex trading account with forex brokerage regulated by any of these agencies, there is a high chance that your money will be safe.

CMA licensed forex brokers

Pepperstone is one of recommended CMA licensed forex brokers. With offices around the world, tight spreads on currency pairs starting at 0.0 pips, pepperstone is one of the most popular brands across the world and now also regulated in kenya.

How to choose a forex brokerage as a kenyan trader

First of all, you need to asses your current knowledge and trading style. If you are a beginner and know nothing about currency trading, we encourage you to stay away of metatrader4 and just start out with some webtrader that doesnt need to be downloaded.

Kenyan forex traders have to decide, whether they choose CMA regulated fx company or go with some of the world’s most trusted currency brokerage. Unfortunately as stated in the section about regulation there are currently no big brands phycically located in kenya. If you go with CMA licensed, you will have to deposit only through broker’s ledger (not via skrill), which allows the kenyan government to track capital flows in and out of country, and kenya revenue authority (KRA) would be able to tax trader based on their income from currency trading.

Trading fees & commisions

Whether you are an intermediate trader or just a newbie you need to carefully inspect the fees structure, because that will make you or break you. The lower the fees, the better.

Spreads – the difference between SELL and BUY price in points (pips) anything over 3 pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.

Swaps – the fee you pay in order to keep the contract open over night.

Commisions per LOT – you don’t see this very often, usually only with the top class.

Other fees:

Deposit fees, withdrawal fees, fees for inactivity.

Account types

Depending on your budget and your own trading style, you can choose between micro (trading micro lots), mini and standard accounts for the most serious trading activity. We encourage you to start small with micro or mini if possible.

Members area access

Use your MT4/MT5 real account number and password to log in to the members area.

New to XM?

Legal: this website is operated by trading point of financial instruments limited with registered address at 12 richard & verengaria street, araouzos castle court, 3rd floor, 3042 limassol, cyprus.

Trading point holdings ltd is the holding company of trading point of financial instruments limited, XM global limited, trading point of financial instruments UK limited, trading point of financial instruments pty ltd, trading point MENA limited.

Trading point of financial instruments limited is authorised and regulated by the cyprus securities and exchange commission (licence number: 120/10).
XM global limited is authorised and regulated by the international financial services commission (IFSC) (000261/106).
Trading point of financial instruments UK limited is authorised and regulated by the financial conduct authority (FRN: 705428).
Trading point of financial instruments pty ltd is authorised and regulated by the australian securities and investment commission (AFSL 443670).
Trading point MENA limited is authorised and regulated by the dubai financial services authority (DFSA) (reference no. F003484).

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.04% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money. Please consider our risk disclosure.

Trading point of financial instruments limited provides investment and ancillary services to residents of the european economic area (EEA) and the united kingdom.

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Fxdailyreport.Com

All over the world, forex trading is now considered as a lucrative online business, and kenya has not been left behind. It’s because of this reason that the kenyan market has experienced an influx of forex brokers – both regulated and unregulated. The only downside is that lots of merchants are still unable to find the best broker to handle their trading needs. So to help you out, we’re going to give you some insightful tips on how to choose the best forex broker. Read on!

1. Regulation

Choosing a regulated broker should always be at the top of your forex trading agenda. Regulation is very important to help secure your investment against unscrupulous companies operating in this financial market. In kenya, the CMA (capital market authority) is the main financial watchdog established by the ministry of finance in 1989. But because the kenyan market is still relatively small, it can be difficult to find lots of CMA regulated brokerages.
However, the best forex brokers kenya are licensed and regulated by some of the world’s leading regulatory bodies such as the australian ASIC, cyprus cysec, and the british FCA. Therefore, if you open an account with a regulated FX broker, chances are that your investments are safe.

2. Trading fees and commission

Whether you’re a seasoned or a newbie trader, you need to keenly inspect your broker’s fee structure. After all, this is what any serious business person should do. The general rule is to always go for a broker with the lowest fees as possible. Some of the trading fees that you should look out for include:

Swaps: this is the fee you’re supposed to pay to keep your contract open overnight.

Spreads: this is the difference between buying and selling price in points (pips). You should avoid anything over 3 pips when trading liquid EUR/USD. Also, keep in mind that spreads are of 2 types – fixed or variable, depending on the account type.

Other fees such as deposit, withdrawal, and inactivity fees.

Keep in mind however that more expensive FX brokers offer higher service levels including market analysis and research, customer service and support, latest platforms, trading tools etc. Therefore, it’s safe to say that you’ll always get what you pay for in this regard.

3. Currency pairs on offer

While you might find a huge number of world currencies available for FX trading, few of them can trade with the highest liquidity. To help you out, the major currency pairs that you should look for include the EUR/USD, USD/CHF, GBP/USD, and USD/JPY. In conclusion, your preferred FX broker might offer you a wide collection of currency pairs, but the aforementioned ones are sure to receive a lot of attention in the market.

4. Trading platform

The trading platform is definitely your link to the FX market. And as a result, you should make sure that the platform is easy-to-use, visually appealing, and updated. Don’t also forget to look for a platform that offers you lots of trading tools and educational materials such as webinars, articles, videos, seminars, etc. Additionally, a good trading platform should have clearly labeled buy and sell buttons, with some even incorporating a “panic” button to help you close all open positions.

Most reputable brokers also offer free forex demo accounts to help their clients sharpen their FX trading skills before opening a live account. This way, the chances of losing most of your investments are greatly reduced.

Forex brokers that offer demo account for kenya traders

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

5. Customer service

Brokers may vary widely when it comes to the type of services they offer their clients. You’ll find some of them presenting themselves as “full-service” brokers who offer access to different markets, services, and trading platforms. On the other hand, some might come in the form of discount brokers who offer more basic service. All in all, you’ll have to consider the type of customer support you’ll get at any time with your broker. It’s also important that you can speak to a live person in case of a problem, instead of the time consuming and frustrating auto attendant.

6. Dealing desk vs. No dealing desk

This is also another crucial factor to consider. In fact, you might find some brokers offering both of these services. First forward, dealing desk brokers make their money via spreads as well as providing liquidity to their merchants.

Dealing desk brokers typically create a ready market for their clients. This means that they are often on the other side of their client’s trade. The main benefit of dealing with a dealing desk broker is that you’ll get more predictable and fixed spreads. But the discretionary nature of filling orders might restrict your opportunity for gains.

On the other side, no dealing desk brokers don’t pass their client’s orders via a dealing desk. In simple terms, they simply act as a link between two parties. With this kind of traders, you’ll actually get access to the real market prices. On the flipside, you’ll get exposed to thin liquidity and variable spreads. So you’ll have to choose wisely between these two types of brokers.

If you’re a novice trader, it’s definitely a wise idea to review the vast amount of margin offered by rival brokerage firms. A margin is a form of loan that a broker can offer to allow you to leverage your initial capital. So if you trade smart, you can multiply the profit amount you get from any given trade.

However, the amount of margin you’ll get will most likely depend on the maximum amount set by the broker’s financial regulator. Merchants may find brokerage firms offering leverage ratio up to 50:1, 400:1, with some going as high as 1000:1. Just be careful not to be tempted by the huge amount of leverage as this can multiply your losses, and eventually put you out of the game.

8. Deposits and withdrawals

It’s obvious that you’ll need to withdraw your earnings from time to time. And because of this reason, you should settle for a broker who allows you to make deposits and withdrawals in a seamless manner. Moving on, I would advise you to choose a broker who can offer 3-5 business days to make withdrawals. Also, your broker should be able to support a wide array of deposit and withdrawal platforms. I’m sure you wouldn’t want to get associated with a broker who keeps giving you excuses any time you want your money transferred, do you?

It’s obvious that you can make some extra cash via online forex trading, but you can only do this if you pick the right broker. If you keenly follow the aforementioned tips, you can be sure to get the perfect forex broker to help you succeed. Just make sure that your preferred broker is regulated before looking at the other crucial factors.

So, let's see, what we have: XM forex is one of the forex brokers with a presence in kenya, accepting mpesa, making the registration easy. But is XM a good broker for you? XM forex review at xm broker in kenya