List of forex brokers in kenya

If you intend to trade much larger volumes and have over 10 thousand dollars you can try to apply for a standard account and trade volumes that exceed 100k.

Actual forex bonuses

Best Forex Brokers in Kenya 2021, list of forex brokers in kenya.

Remember, the bigger the amount you trade with, the bigger the risks are. Despite the fact kenya is among the poorest countries in the world, there are still possibilities to invest in the markets there. Unfortunately, forex trading is absolutely new and most companies that provide their services there are often regarded as some financial pyramid schemes. We may hope that the central bank of kenya introduces a regulation for currency trading soon and that the situation for potential traders will improve. In the meantime we have laid out the best brokers serving the region.

Best forex brokers in kenya 2021

Despite the fact kenya is among the poorest countries in the world, there are still possibilities to invest in the markets there. Unfortunately, forex trading is absolutely new and most companies that provide their services there are often regarded as some financial pyramid schemes. We may hope that the central bank of kenya introduces a regulation for currency trading soon and that the situation for potential traders will improve. In the meantime we have laid out the best brokers serving the region.

The brokers below represent the best forex brokers for trading in kenya

Note: not all forex brokers accept US clients. For your convenience we specified those that accept US forex traders as clients.

FP markets

FP markets was founded in 2005 and is regulated by the australian securities and investments commission (ASIC), offering segregation of client funds and top tier liquidity. FP markets is a group of companies that includes first prudential markets ltd which is authorised and regulated by the cyprus securities and exchange commission.

FP markets also offers a range of education and market analysis resources through the traders hub which includes technical analysis and fundamental analysis articles and videos, as well as, trading ebooks and video tutorials. Users can access live support via telephone, email and live chat 24 hours a day, 5 days a week.

How to choose a forex broker as a kenyan trader

Forex trading is currently unregulated in the country and choosing a broker in kenya can be a problem. There are companies that offer services there and you can do online trading, but you need to be very careful as the company could be a complete fraud or government officials can charge you with doing something illegal.

If you do decide to start trading you will need to look for a broker that is recognized by an authorized governmental institution as a legal entity. You would also want to check what trading platform the company has, if any at all. The lower the commissions the company offers the better. You should also expect possibility to open the type of account that fits your capital size best. A broker should care about you as a trader and offer good customer service. Extra services would act as a bonus for you too.

General regulation & kenya regulation

There are very few places in the world where forex is unregulated. Most countries have gone through various stages in regulation, most from being very loose to being rather strict. Very few regulators allow unregulated brokers to operate in their countries and those who do operate have to follow strict rules and regulation.

Kenya is an exception. It still does not have proper forex regulation and so brokers offering their services in the country operate without any law to govern them. Because of that, they are often targeted and racketeered by corrupt police officers and public officials. Companies are charged with illegal status or some pyramid schemes and the officials extort money from both the brokers and their customers. Brokers now often approach the government and ask them to introduce proper forex regulation, so that brokers can legally operate and traders trade there. Let‘s hope the regulation is introduced soon and everybody can continue working with piece of mind.

Trading platform & software

Your main tool as a kenyan trader will surely be your computer. It means you will also need a good trading platform. It is not that difficult for brokers to get one nowadays as metatrader 4 is available with most brokers across the world. The platform has a lot of useful features inside of it, such as: chart station where you can upload as many symbols as you want and change their timeframes from 1 minute to 1 month. You can also do backtesting of your strategy there. All most popular technical indicators there and you can create one of your own if you know how to do some programming on the station. Somebody else can do that for you too. You can use a robot that will do trading for you, so you will not have to sit glued to your pc screen all day. A broker may have an online version platform, which you should check out. Test out the trading platforms before you deposit.

Commissions & spreads

Brokers charge fees from their customers for transactions. In forex, a fee is a spread, which is the difference between buy and sell price. Spreads are either fixed or variable. Fixed spreads are often between 1-5 pips for major pairs and 5-20 for crosses. Variable spreads are lower. They can be 0.2-0.8 pips for major pairs and 2-6 for crosses. However, when markets are affected by fundamental news such as interest rate decisions spreads tend to widen 10 or even 20 times for a few minutes. Then everything comes back to normal and spreads are the same as under normal market conditions. It‘s up to you what kind of spreads are better for your trading style.

Account types

A great advantage that a trader can have trading forex is an account type based on the size of his capital.

Micro account

You can start trading currencies with as little as a few hundred bucks. If that‘s how much you have you would probably need a micro account and trade micro lots (the size of a micro lot is $1000).

Mini account

If you have over one thousand dollars you may try a mini account and trade mini lots which are 10k. Your risks and rewards increase exponentially if you trade this type of account.

Standard account

If you intend to trade much larger volumes and have over 10 thousand dollars you can try to apply for a standard account and trade volumes that exceed 100k. Remember, the bigger the amount you trade with, the bigger the risks are.

Customer service

As brokers make money charging fees (spreads) on your transactions it is absolutely normal to expect good customer service on their behalf. It does not matter whether a broker is native or foreign, they should service you in your native language or dialect. They should also resolve trading connected problems and issues in a fast and effective way. If a broker ignores you, you should not open an account with him or close it if you have actually opened it.

Additional services

Brokers compete with each other trying to gain as many customers as possible and they often do it by offering extra services. Those may include free educational materials in video, audio and text formats, various market analysis on a weekly and daily time frames, financial news feed (reuters, bloomberg and etc.). You may expect some annual, quarterly or even monthly contests for traders. So, the more extra services they offer, the better it is for you to see whether the broker cares about their traders or not.

Conclusion

Despite the fact, there is no legal framework for forex regulation in kenya, brokers there are quite active and you may cautiously proceed to open an account with the most reliable broker. We have laid out the best of these brokers below. We hope that the information provided in the article will help you to choose one of the best brokers operating in your country.

Forex brokers in kenya

broker	country	regulation	platforms	min.Deposit	review
	cyprus, UK, mauritius	cysec, FCA, FSC, FSCA	MT4, MT5, web	$10	review website
	australia, cyprus	ASIC, cysec	MT4, MT5, iress	$100	review website
	cyprus,belize, australia	cysec, IFSC, ASIC	MT4, MT5	$5	review website
	UK, australia, south africa	FCA, ASIC, FSCA, cysec	MT4, trading station, ninjatrader	$50	review website
	UK, cyprus, UAE, south africa	FCA, cysec, DFSA, FSB	MT4, MT5, fxpro markets, ctrader	$100	review website
	cyprus	cysec	MT4, MT5, web	$1	review website
	belize	IFSC	MT4, MT5	$100	review website
	cyprus, UK, south africa, UAE	cysec, FCA, FSCA, DFSA	MT4, MT5, web	$5	review website

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Best CMA regulated forex brokers in kenya

There are currently only 4 forex brokers regulated by CMA in kenya. We have ranked them based on comparison of their trading fees, ease of account opening, withdrawal process & 7 other factors.

Last updated: january 20, 2021

Forex trading is legalized in kenya & and regulated by the CMA – capital markets authority. The national treasury authorized the CMA through the 2016 finance act. This was to supervise and regulate the online forex trading market in kenya. In 2017, CMA subsequently enacted the capital markets online foreign exchange trading regulations.

Traders from kenya are accepted by several offshore and foreign regulated brokers. However, if you are looking for forex trading in kenya, you should trade preferably with a locally regulated in kenya.

CMA is responsible for monitoring, licensing, and supervising the activities of market intermediaries in kenya. It is an autonomous financial regulatory agency of the government.

You can be ensured of the safety of your funds by trading with brokers regulated with CMA. Protection is assured in case of a dispute with regulated broker. You also get local supervision for fair trading practices/conditions by the brokers.

Recently, CMA cautioned the kenyans regarding online forex trading through unregulated platforms. The regulatory authority stressed to nationals of kenya that they are at risk of loss of their investments. This is if they invest with unauthorized entities. Traders trading with foreign brokers may also not get legal protection.

We are created this list of 3 CMA regulated forex brokers in kenya.

Comparison table of best forex brokers regulated by CMA in kenya

4 best forex brokers regulated by CMA in kenya

Here’s our list of best CMA regulated forex for traders in kenya:

Currently, there are just 4 brokers in kenya regulated by the CMA. These are fxpesa (EGM securities), scope markets (SCFM limited), pepperstone markets & FXTM (exinity limited).

#1 fxpesa – best CMA regulated broker overall

Regulations: CMA

Minimum deposit: $5

Available platforms: MT4, webtrader and mobile trading

Fxpesa is the brand of EGM securities, which was the first broker to be regulated by CMA in kenya for online forex trading. For retail traders, they operate through the brand name fxpesa.

Fees: the fee charged by fxpesa is higher in comparison with other CMA regulated broker pepperstone. The typical spread for major currency pairs such as EUR/USD is 1.6 pips for every standard lot. Thus, EGM securities charges a higher spread on standard pairs of currency comparatively.

Trading conditions: the executive account is a spread only account with no commissions. Traders can trade around 65 pairs of currency pairs. They also provides CFD trading on 20+ indices, commodities, and metals.

The minimum deposit required is $ 5. The maximum leverage offered to traders is 1:400 for FX. Fxpesa does offer local funding and withdrawal methods. There are no fees charged on funding. However, fees on withdrawals may be applicable based on the method. This includes overseas withdrawal fees for withdrawal through bank transfer or wire.

You will be charged an inactivity fee by fxpesa. This is if your account is inactive for 180 calendar days or higher.

Support: customer support is offered through live chat, E-mail, and phone. Live chat responses during our chat with their staff were helpful. However, we experienced hold times of few minutes. E-mail support to your queries are normally responded to in 1 or 2 hours.

EGM securities does have a local phone number in kenya. But the support is offered only during business hours. They have a local office too, but do not function on weekends.

Phone support in kenya available.

Offers cross-platforms and multi-device trading.

No deposit fees & accepts mpesa.

For EUR/USD & other pairs, the spreads are higher with 1.6 pips and above.

Limited CFD instruments for trading other than forex.

#2 scope markets – CMA regulated broker with metatrader platform

Regulations: CMA

Minimum deposit: $20

Available platforms: MT5

Scope markets kenya was regulated by CMA in 2019. The company name is SCFM limited under license number 123.

Scope markets kenya has a minimum deposit of $20. There are no charges on any deposits or withdrawals, and you can deposit via bank transfer or mpesa as well.

They also have local phone number for support. We also found scope markets’s live chat to be be helpful.

What is capital markets authority (CMA) of kenya?

The CMA – capital markets authority is the financial regulatory agency in kenya. It is charged with the crucial responsibility of monitoring, licensing, and supervising the activities of market intermediaries. This includes the stock exchange as well. CMA derives its regulatory powers from the capital markets act and its regulations.

Its regulatory functions include:

Supervising and licensing all intermediaries in the capital markets

Ensuring correct conduct of all licensed individuals and market institutions

Regulating the products offered in the capital markets

Promoting investor awareness and education

Protecting the interest of investors

CMA has regulatory supervision over all entities offering online forex brokerage services in kenya. It plays a very vital role in ensuring safe trading for traders in kenya and fair practices by the forex brokers.

Why trade with CMA regulated brokers?

The major factor of trading with forex brokers licensed by the CMA is that only such trades and market transactions are lawful in kenya. The chief risk of trading with unlicensed brokers for individual forex traders is outright fraud or illegal activity.

Licensed brokers are required to adhere by regulations of the CMA for the forex industry in kenya. It implies much more than just having laws in place. The authority constantly supervises the brokers for enforcement of the rules and regulations.

The CMA is also mandated with the protection of investors in kenya. This is to safeguard them from fraud and undisclosed financial risks.

The forex market is decentralized and global. It is thus highly prone to fraud being comparatively less regulated than other fiscal markets.

The standards for compliance for all forex brokers offering services for kenyans have been defined by the CMA. It includes being licensed and registered with the authority. They are also required to undergo regular audits and communicate specific changes of service to the clients.

Licensed forex brokers in kenya are also subject to evaluations and review by CMA. This is to ensure compliance with industry norms. It helps in ensuring that currency trading is fair and ethical for all parties involved. Thus, trading with CMA regulated brokers protects you from scams and illegal brokers.

How to verify if the forex broker is licensed by CMA?

CMA have a “list of licensees” on their website, and the list is updated after ever few weeks. You can download that list & search for the broker name in that list.

For example: fxpesa’s license number can be verified in the list of “non-dealing online foreign exchange broker“.

Verify the of License of your CMA regulated Forex Broker

Also, whenever CMA approves a new broker, they issue a press release on their website. The above list was last updated on “july 31 2020”, so brokers approved after that date are not in the pdf list. Like “exinity capital east africa ltd.” which operates the brand FXTM was issued the license on nov 11, 2020 as per press release on CMA’s website.

Frequently asked questions: forex brokers regulated by CMA

Which are the best CMA regulated forex brokers?

Fxpesa – most popular for beginners

Pepperstone – best for low fees

Scope markets

If you are a beginner trader in kenya, then you should choose fxpesa. If you are an advanced trader then you can look into pepperstone.

Best forex traders in kenya

Forex trading is a prevalent way of generating income online in this internet age, not just in kenya, but worldwide. It would seem easy at a basic level; you only buy and exchange one foreign currency for another, but forex trading is deeper than that.

The most successful forex traders did not become successful overnight. They spent their time mastering trading platforms, as well as studying signals, price movements, and the forex market. If you’re looking to succeed in the FX market, it is ideal to look up to these top forex traders. By imitating their trading patterns, you not only learn, but you also make wins.

In that view, here are the best forex traders in kenya.

Best forex traders in kenya

1. Ken githaiga

Ask around for influential individuals in the kenyan forex trading space, and you must hear the name “ken githaiga.” he is a trained accountant and that you could say is related to forex. Ken began trading forex far back in 2008 when he had just finished college. Forex trading was his go-to source for getting income online.

Ken developed an interest in forex trading when he covered what it entails. According to him, he loved working with numbers, which is everything the forex market is about. He learned how to trade forex using free online sources, including youtube training videos and forexfactory articles.

As a new trader, ken githaiga made many trading mistakes, which resulted in the loss of funds. These mistakes were his biggest lessons, and it helped shape him to be the renowned forex trader he is today. Ken runs forex trading classes for new traders just to make sure the same mistakes are not repeated.

Interestingly, ken spends an average of just 30 minutes studying forex charts now. When he started off, it wasn’t so. According to ken, you should have full confidence in your trading pattern to be a successful trader. Also, traders shouldn’t expect to get rich overnight.

2. Paul mugenda

Paul mugenda is just a man in his 20’s and yet the CEO of paris group of companies – a forex trading company. From an individual trader to the CEO of a forex trading company, how much more can one be successful? His venture into forex trading was for the same reason as many people – to make money.

While hustling during his days at the technical university of kenya around 2014, paul came across an insurance broker and delved into the niche. However, he didn’t record much success and was forced to forfeit. Not long after, a friend of his introduced him to forex trading, and that was the calling for paul. Paul believes that economic and political events are the biggest drivers of currencies in the forex market. According to him, forex traders should make sure they carry out proper market analysis before venturing into trading, to avoid losses.

He doesn’t believe succeeding in forex trading depends on how hard you work. Instead, he sees forex trading as a bet where you make income by making smart moves. Paul mugenda runs mentorship programs in kenya. According to paul, this is his way of giving back.

Popular forex brokers in kenya

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

¹ variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1. * available to traders outside the european economic area

3. Silah obegi

The third on the list of best forex traders in kenya is none other than meta capital limited’s CEO, silah obeji. Currently, he is the director of nairobi school of forex. Silah obeji studied at the moi university from 2009 to 2013, where he got a bachelor’s degree in business management. He began trading forex in 2012, and 3 years later, in 2015, he launched his own forex trading company.

It wouldn’t be wrong to say that mr. Obegi has contributed the most to forex trading in kenya traditionally. Having been trading for close to a decade, he has helped develop over 500 automated trading tools. Over time, he has helped other clients in forex trading and commands a more than $25 million portfolio.

Silah equates forex trading with stocks trading, as he believes it’s easy for a trader to switch between both markets. He advises traders to follow two major trading approaches – fundamental analysis and technical analysis. He also takes a strong stance in automated trading as he is a skilled programmer with certification in python.

Bottom line on who are the top forex traders in kenya

There you go! The best forex traders in kenya!

Before these traders got to the top, they started just as any regular trader. Although making the top list of forex brokers is not easy, such status takes years to achieve. However, if you spend quality time studying and understanding how the FX market works, practising, and trading, you too might get to the top with time. You could join the forex millionaires list and compete not just with the best forex traders in kenya but the best forex traders in the world.

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 that are CMA regulated

Looking for the best CMA licensed forex brokers in kenya? You came to the very best place as in the detailed review, I’ll be discussing the pros and cons of each forex broker that is licensed by CMA in kenya.

In 2017, the capital markets authority of kenya (CMA) came up with regulations to regulate the forex industry in kenya. Among its regulations is the requirement that forex brokers operating in the country need to get a license from the regulatory authority. The regulations made it an offence for a forex broker to accept kenyan retail traders if the broker does not hold a valid license from the body.

However, it is not until recently that the body has started enforcing the regulations. The enforcement has seen good and reputable foreign brokers exit the kenyan market. Among the two that have already exited the kenyan market are templerfx and tickmill.

Templerfx stopped accepting new kenyan clients by the end of june while tickmill has announced that it will no longer accept kenyan clients as from july 17th 2020.

The anticipated mass exodus of CMA-unregulated forex brokers in kenya has led most traders to search for forex brokers regulated by CMA. I decided to do this article to serve as a reference point for people looking for CMA regulated forex brokers. I intend to keep the post up to date as more forex brokers comply with the CMA regulations and get licensed.

List of CMA regulated brokers in kenya

Currently, there are only 3 forex brokers regulated by CMA. They are:

EGM securities that trades under the brand fxpesa.

Pepperstone markets

SCFM limited that trades under the brand name scope markets

3 best forex brokers regulated by CMA

list of cma regulated forex brokers in Kenya

1. Fxpesa

Trading under the brand name fxpesa, EGM securities was the first broker to comply with CMA regulations and get licensed.

The broker obtained their trading license in 2019 and began offering forex brokerage services to kenyans on 4th may 2019.

A question that a lot of kenyans often ask is whether fxpesa is legit, and I can confidently vouch for this broker.

To start with, EGM securities is a subsidiary of a large group of companies called the equiti group. Other subsidiaries in this group include equiti capital UK LTD, a forex and cfds brokerage firm that is licensed and regulated by the financial conduct authority (FCA), equiti US, and EGM futures DMCC that is licensed and regulated in UAE.

Fx pesa trading fees: fxpesa has relatively higher trading fees compared to other CMA licensed brokers. Spreads range from 1.5 to 1.7 pips for every standard lot such as EUR/USD. For high volume forex traders or scalpers, the trading fee can quickly eat into their profits. For the lowest trading fees, none other broker beats hotforex.

Deposits and withdrawals at fxpesa: being a locally licensed broker, fxpesa supports all major local deposit options including mpesa, airtel money, bonga points pay, and eazzy pay. You can also make deposits using skrill or neteller in addition to bank cards and direct bank transfer. Deposits and withdrawals using mobile payment options are free at fxpesa.

2. SCFM limited / scope markets

In may 2019, SCFM limited, trading under the brand name scope markets followed FX pesa in the list of forex brokers regulated by CMA. The company started its operations in the country in november 2019, and has so far gone ahead to become the biggest competitor to EGM securities.

However, unlike EGM securities that has root abroad, SCFM limited is a purely kenyan company.

3. Pepperstone markets

The 3rd and last CMA regulated forex broker in our list is yet to start operations in the country by the time of this writing. However, you can still sign up with pepperstone markets, which has its roots in australia. The broker has been offering its services globally for the last 10 years, and its my number one recommended forex broker regulated by CMA in kenya.

The main difference between pepperstone and the other two brokers is that this is an straight through processing (STP) forex broker. What this means is that the broker is able to offer tighter spreads than what you’d normally get with either EGM securities or SCFM limited.

What does CMA regulation mean to you as a retail trader

There’s a lot of speculation on what the CMA really wishes to achieve with their new regulation directives. Some traders anticipate that this will pave way for the taxman to begin taxing retail forex traders in kenya. But whether this is true remains to be seen.

If it comes to pass that there will be taxes imposed on kenyan forex traders, it will be as easy as the taxman demanding that all registered forex traders provide their KRA pin certificates at the time of registration with the CMA regulated brokers.

Here are some things that will definitely change while all enforcement by CMA come into effect

Lowered leverage: according to the CMA regulations, all forex brokers are capped at offering a 1:400 leverage only. This is in plain contrast with some of the favorite foreign regulated brokers that can offer leverage as high as 1:2000

Binary options trading made illegal in kenya: according to the CMA regulations, brokers registered in kenya cannot offer binary options trading to kenyans. This comes as no surprise as many nations around the world banned binary options trading.

On the brighter, suing a forex broker for malpractices will be easy as the CMA has these provisions in its regulations.

All forex brokers regulated by CMA will be required to submit any trader grievances to the CMA by the 15th of this month. This is a win for traders and will keep the brokers on their toes, unless they collude with the CMA to become corrupt.

Most of the CMA licensed forex brokers will accept mpesa as a means to deposit and withdraw money from your trading account. Although there are a few forex brokers that accept mpesa, we will be hoping that brokers operating locally will make the process much more seamless.

Best forex brokers in kenya

Kenya is the third-largest economy in sub-saharan africa, behind nigeria and south africa, and one of the most-productive economies across africa. Kenya is considered a frontier market and has recorded continuous growth since 2005. The local currency is the kenyan shilling, and kenya is the east african business, finance, and technology hub, with telecommunication and tourism also expanding. Online forex trading in kenya remains regulated by the capital markets authority (CMA). International brokers do not require a CMA license, unless they are headquartered in kenya, to accept kenyan forex traders.

The young and tech-savvy population is eager to drive its economy forward, many international companies locate regional headquarters to kenya, and forex trading in kenya is swiftly increasing in popularity, amid low capital requirements. The payment processor M-pesa, launched in 2007 by UK-based vodafone and kenyan safaricom, is a mobile phone-based money transfer, payments, and micro-financing service, targeting the unbanked, further enables access to the financial system. It became the most successful mobile-phone-based financial service in the developing world by 2010.

Best all-around: high floating leverage + fast execution

Highly regulated, choice of fixed or floating spreads

Mifid, central bank of ireland, FSA, ASIC, BVI, FFAJ, FSCA, ADMG - FRSA

Highly regulated, choice of fixed or floating spreads

600+ instruments, 0% deposits, free autochartist signals

Great ECN execution on MT4 platform

Top not automated trading + market insights

Understanding the forex market in kenya

Forex trading is growing in popularity across kenya, especially trading on mobile phones. The trend accelerated since the successful launch of M-pesa, which connected millions of unbanked in kenya to the formal financial system. There are not many licensed forex brokers in kenya, with EGM securities, the first non-dealing online forex broker operating out of nairobi, and SCFM limited, the second one. While financial pyramid schemes and other scams exist, as with most frontier markets, the central bank of kenya, and the capital markets authority (CMA) are equipped to ensure a trustworthy environment. It positions kenya as an excellent growth market.

Is forex legal in kenya?

Yes, forex is legal in kenya. There are no restrictions on kenyan traders to open accounts with international brokers, which do not require a CMA license to operate in the country.

Forex trading regulations in kenya

The forex market in kenya is primarily regulated by the capital markets authority (CMA), while the central bank of kenya may introduce regulation for the CMA to enforce. The CMA drafted new rules to tighten regulation, including requiring all international brokers to apply for a license, confirm minimum capital requirements, and file quarterly and annual reports with the regulator. It is a further sign of the growth of forex trading across kenya.

The CMA (capital market authority)

The CMA has regulated forex brokers in kenya since 1989. It grants three licenses, dealing foreign exchange broker, non-dealing foreign exchange broker, and money manager. In 2019, the CMA received the most innovative capital markets regulator in africa award. To date, only two kenyan brokers hold a CMA license.

How to verify your broker is regulated?

Traders can check the broker's company registered number against the CMA database to confirm of a CMA license was granted.

How to choose a forex broker as a kenyan trader

You need to determine what type of forex trader you are or want to be, and then find the broker offering the right services to you. New retail traders should seek the best educational courses, low-frequency traders commission-free accounts, and high-frequency traders require tight spreads. There are initiatives focused on forex exchange kenya to meet the expanding interest in kenya. Brokers with M-pesa accounts are preferable, but skrill and webmoney are alternative options that connect with M-pesa. An upgraded MT4 trading platform, superior proprietary alternative, and mobile-focused app are beneficial.

Trading fees & commissions

A broker’s cost structure will have a significant impact on your profitability and requires careful consideration.

Spreads are the difference between the bid and ask prices. They are the most basic cost in forex trading. Commission-free spreads can be as low as 0.4 pips, while commission-based commence from 0.0 pips. Anything above 1.0 pips, on liquid currency pairs, represents an excessive mark-up.

Swaps are costs related to leveraged overnight positions, and transparent brokers list their swap rates on their website and the order ticket. MT4/MT5 traders can obtain them directly from the trading platform. They differ across assets and can change frequently.

Commissions apply to forex accounts with access to raw spreads, charged per lot, and to equity traders in the percentage of the order value.

Other fees can consist of deposit/withdrawal fees, currency conversion costs, and inactivity charges.

Trading platforms

The MT4 trading platform, once upgraded with add-ons, remains the best trading platform for most traders. It fully supports automated trading and has over 20,000 upgrades to improve the trading environment. Some brokers offer excellent proprietary alternatives, while online forex trading in kenya is also heavily conducted on mobile phones, for which traders should consider customized mobile apps.

Account types

Trading from the right account type is essential and will have a significant impact on your trading results.

The micro account is best suited for deposits below $500, where 1.0 lot equals 1,000 currency units. It is excellent to learn trading and test strategies in a live account.

The mini account is ideal for portfolios below $10,000, and 1.0 lot is equal to 10,000 currency units. Most retail traders should manage portfolios from this account.

The standard account is for professional traders and retail traders with deposits above $10,000, with 1.0 lots totaling 100,000 currency units. It usually offers the best trading conditions, a fact to consider.

The islamic account does not charge swap rates but can demand higher minimum deposits and wider spreads to cover the shortfall. Make sure to read the terms and conditions.

Forex brokers accepting M-pesa

Pesa launched in kenya in 2007 and has over 20 million users in kenya. It allows swift transactions from mobile devices, access to the financial system from the unbanked, and ensures vast availability of the forex market with easy access. While the availability of M-pesa is not widespread with many international forex brokers, a growing number offer it. Skrill and webmoney allow money transfers to M-pesa in kenya, offering an alternative to consider. The best forex brokers in kenya will ensure that M-pesa is available, as it represents the most convenient option for kenyans.

Customer service

Most forex brokers explain all products and services on their website, while an FAQ section attempts to answer the most common questions. For other matters, live customer support resolves issues. Most support is in english, but many brokers deploy multi-lingual staff, per their client-base. Most traders will never require additional assistance at well-managed brokers but having swift access to customer service is essential.

Methodology

We reviewed over 100 brokers based on eleven criteria for more than 200,000 words of dedicated research compiled over 1,000 hours to find the best forex brokers in kenya.

No, forex trading is completely legal in kenya. There have not been any newsworthy reports of brokers operating illegally in kenya or of non-kenyan brokers scamming kenyan traders.

How to start forex trading in kenya?

You can start trading forex in kenya by finding the broker that suits your trading needs, opening an account, and making a deposit. You should also make sure to educate yourself before managing a live trading account.

How to trade forex in kenya?

Review our listing here of the top offshore international forex brokers for residents of kenya and decide which broker best suits your needs. Open a demo account and check them out and teach yourself to trade profitably, then switch to a live account once you are consistently profitable.

How much do I need to start forex trading in kenya?

If you are opening an account with a forex broker offering trading in micro-lots you should start with at least $120, while if your broker (like FXTM) offers nano-lots you can start safely with as little as $12.

What are the best brokers for forex for kenyan traders?

According to our in-depth research, the best forex brokers in kenya are FXTM, AVA trade, IFC markets, pepperstone, and europefx.

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

10 best rated forex brokers in kenya

Here is a list of the best forex brokers for kenyan traders reviewed.

Interactive brokers

Interactive brokers is an award-winning broker based in the united states, which offers its services to countries around the world.

Clients of interactive brokers are granted access to six cutting-edge trading platforms, on which some of the most popular asset classes can be traded, including stocks, options, futures, currencies, bonds and funds.

The broker offers six tailored accounts, including the individual, joint trust, IRA and UGMA/UTMA accounts, which can be opened with a minimum deposit of $100 or equivalent, and provide tight spreads which start as low as 0.5 pips for major currency pairs.

XTB

XTB is a UK based broker which offers competitive trading conditions, with spreads that start as low as 0.35 pips and a high maximum leverage of 1:200.

Headquartered in london, XTB is well-regulated across a number of jurisdictions by reputable organisations such as the KNF, FCA, cysec and IFSC.

Clients of XTB can open a live trading account with a minimum deposit of $250 or equivalent, and receive access to an impressive range of over 1500 global markets.

Added to this, clients receive negative balance protection, and can execute profitable trades on the award-winning metatrader 4 platform.

CM trading

CM trading is a leading south african forex broker which has become very popular amongst traders throughout africa for its advanced selection of trading tools, complemented by a competitive trading environment that caters for both beginner and professional traders.

As such, clients of CM trading are afforded a high leverage of 1:400, which can be used to trade over 50 popular instruments including forex, indices, commodities and cfds.

In terms of its forex offering, CM trading provides access to over 28 currency pairs, which can be traded on tight spreads that start as low as 0.7 pips for EUR/USD.

Oanda

Oanda is a well-established forex broker which has been in operation since 1996, and offers services to clients across the globe.

Based in the united states, oanda is a metatrader 4 supported broker, providing clients with access to an advanced suite of trading tools, with leverage of 50:1, no minimum deposit, and exceptionally low trading fees.

OANDA’s wide selection of CFD products include stock index, bond, and commodity cfds. Leverage can also be set manually, a useful feature to lower the risk of a trade.

Oanda offers the ever popular metatrader4 trading platform, as well as proprietary trading software that features forex analysis, signals, and a number of advanced trading tools.

IG markets

IG markets is a global forex trading brand that offers tailored solutions to retail, institutional and professional traders.

Clients of IG markets have access to an impressive selection of over 17 000 markets, which can be traded using the advanced capabilities of the metatrader 4 trading platform.

While the broker’s leverage of 1:33 for forex is not the highest in the industry, clients can select from a range of live trading accounts with no minimum deposit, and trade on spreads that start as low as 0.6 pips for on EUR/USD currency pairs.

Exness

Exness is a cyprus based broker which offers clients tailored financial services and investment solutions.

Exness provides exceptionally competitive trading conditions, with a minimum deposit of just $1, a very high leverage of 1:2000, and spreads that start as low as 0.3 pips.

Clients of exness can enjoy these profitable trading conditions using the advanced trading capabilities of both the metatrader 4 and metatrader 5 trading platforms, with access to popular asset classes such as forex, metals, cryptocurrencies, energies and indices.

Regulated by both the financial conduct authority (FCA) and cyprus securities and exchange commission (cysec), exness provides a secure trading environment that caters to a variety of trading levels and strategies.

Forex.Com

Forex.Com is a well-regarded US forex broker that offers traders access to over 80 currency pairs for a low minimum deposit of $500, with spreads as low as 0.84 pips on the EUR/USD pair.

Established in 1999, the broker is regulated in six global jurisdictions, including the UK, canada, japan and australia.

The broker offers a high leverage of 1:200, with competitive pricing, fast execution and excellent customer support, with trading supported by metatrader 4 and 5, as well as the broker’s flagship proprietary advanced trading platform.

Plus500

Based in australia, plus500 is a leading forex broker in the industry today, particularly for its highly rated CFD trading apps which are available for both apple and android.

Plus500 offers clients a competitive trading environment, with spreads that start as low as at 0.6 pips for EUR/USD currency pairs, and a maximum leverage of 1:300.

For a minimum deposit of $100, clients can access the brokers single, integrated live trading account and gain access to the brokers award-winning trading platform.

Using this advanced software, traders have access to 2,000 cfds across the forex market, cryptocurrencies, commodities, equities and indices, etfs, and options markets.

Hotforex

Hotforex is an online commodities and forex broker based in cyprus, which offers tight spreads 0.1 for EUR/USD currency pairs and an exceptionally high leverage of 1:1000.

The broker offers prospective clients a wide selection of live trading accounts, which support eas, scalping, and hedging, and which can be opened with an impressively low minimum deposit of $5.

The broker’s advanced trading tools and competitive trading environment have garnered it over 35 industry awards, with its services offered to over two million clients around the world today.

Pepperstone

Pepperstone is an australian forex and multi-asset broker that offers 70 currency pairs for forex trading, as well as cfds, with a high maximum leverage of 1:500 and spreads that start at 0.13 pips for EUR/USD currency pairs.

The broker has become particularly popular for its rich selection of advanced trading platforms, including both metatrader 4 and metatrader 5, copy-trading software, and ctrader.

Prospective clients can choose from the commission-based razor account, or the standard account with commissions incorporated into the spread, both of which can be opened with a minimum deposit of AUD$200 or equivalent.

So, let's see, what we have: FX empire’s top picks for the best forex brokers in kenya. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more. At list of forex brokers in kenya