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AuthorBy Chris Cammack
Updated: May 5, 2022

We tested 160+ Forex brokers accepting Kenyan traders, including all the CMA regulated brokers with offices in Kenya. To test a broker, we check their regulation and make sure they are safe. We also judge the quality of their trading platform, and education and market analysis so new traders will be able to learn how to trade well.

The Kenyan government has created a legal framework for locally based Forex brokers and the local regulator, the Capital Markets Authority (CMA), has established an accompanying licencing regime. The regime is still in its infancy and only three brokers are currently licenced by the CMA, but the steady growth of a regulated Forex market bodes well for the future.

But until there are more Forex brokers with Kenyan licences, we recommend trading with well-regulated international brokers. Trading with international, or offshore, brokers are legal in Kenya and has the added benefit of avoiding any scam brokers operating domestically.  These are the best Forex brokers in Kenya for 2022.

  • Pepperstone - Best Kenya CMA Regulated broker
  • AvaTrade - Best Mobile Trading Experience
  • XM - Lowest Trading Fees in Kenya
  • HotForex - Highest Leverage for Market Execution
  • Exness - Best Trading Account Conditions for Beginners
  • Axi - Best ECN broker on MT4
  • easyMarkets - Best Trading Tools
  • FXTM - Best Forex Broker for Beginners in Kenya

Best Forex Brokers in Kenya 2022

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Platforms
Beginner Friendly
Beginner Course
Regulators
Compare
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
400:1
USD 7.70
Excellent
Capital Markets Authority
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
400:1
USD 9
Avatrade Social
AvaOptions
Excellent
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
500:1
USD 16
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
International Financial Services Commission
HotForex
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
1000:1
USD 10
Excellent
Capital Markets Authority
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
USD 3
2000:1
USD 7
Standard
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital Markets Authority
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
500:1
USD 10
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
easyMarkets
3.98 /5
Read Review
Visit Broker >
Your capital is at risk
USD 25
400:1
USD 18
Standard
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
FXTM
4.33 /5
Read Review
Visit Broker >
Your capital is at risk
USD 10
2000:1
USD 15
Excellent
Capital Markets Authority
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission

How To Choose a Kenyan Forex Broker

Although international brokers accept clients from most countries, trading conditions and regulatory supervision may be different for Kenyan traders. To find the best Forex broker for Kenyan residents, we need to understand account conditions for Kenyan clients in detail.

To test each broker’s trading platform, we opened an account, set up the trading software, read through the educational material, and deposited and traded R4000 of our money. We also created all kinds of trouble for the customer service teams, read through the fine print in the client agreements, and tested how long it took to withdraw our money. In our test, we investigated:

Broker Regulation: Regulators keep an eye on Forex brokers to make sure they’re behaving legally and ethically. Some regulators, such as ASIC, the FCA, and CySEC, are better at keeping brokers honest than others. The CMA in Kenya is getting better at regulating brokers all the time and Kenyans should feel safe trading with a CMA regulated broker.

Account Supervision: Most brokers are supervised by multiple international regulators. As a Kenyan resident, it is important to know which regulatory authority will supervise your trading account. It is common for internationally-regulated brokers to open trading accounts for Kenyan residents under their offshore licenses (Mauritius, Seychelles, Vanuatu, etc.) to offer higher leverage or to bypass powerful client protections put in place by the CMA. Traders with accounts registered under offshore licenses are not protected by the CMA and are open to the additional risks of broker bankruptcy, fraudulent activity, or unfavourable trading conditions like a lack of negative balance protection.

Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, and a list of all CFDs available to Kenyan traders. We often see that trading conditions and negative balance protection availability change depending on a trader’s country of residence.  

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analyses to highlight trading opportunities and provide a complete learning experience. While all material is available in English very few Kenyan brokers will offer the same material in Swahili.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.  Platform availability may vary between countries of residence, so our research notes which platforms are available for Kenyan residents.


Pepperstone – Best Kenya CMA Regulated broker

  • Lowest-Cost ECN Broker
  • No Minimum Deposit
  • All Popular Trading Platforms

Pepperstone is the best Forex broker in Kenya. With low trading fees, no required minimum deposit, and a wide selection of popular trading platforms, Pepperstone is suited to beginners, with one of the better entry-level courses offered by any Forex broker, and experienced traders with a low trading cost account with fast trade execution. 

Low Trading Fees: Pepperstone has two low-cost account options. The Razor Account, intended for scalpers and algorithmic traders, has spreads starting at 0 pips on the EUR/USD, plus a 7 USD volume-based commission per lot traded. The Standard Account is one of the lowest-cost beginner accounts available with no volume-based commission and spreads average 0.69 pips on the EUR/USD. 

No Minimum Deposit: Pepperstone doesn’t have a required minimum deposit for either trading account. Pepperstone does suggest that you open a trading account with at least 200 USD, but this is not a requirement. 

3 Popular Trading Platforms: Traders need to use a trading platform to access the Forex market, and Pepperstone supports all three of the most popular trading platforms. MetaTrader 4 (MT4) is the most popular and is used by most traders, MetaTrader 5 (MT5) is a newer version and has more tools, like an embedded economic calendar and chat system. Finally, Pepperstone also lets traders use cTrader, which is easier for many beginners to learn but has all the sophisticated automation tools found in MT4 and MT5.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.77 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

AvaTrade – Best Mobile Trading Experience

Who AvaTrade is for: Traders who want a good all-round broker with low costs, free withdrawals, and a well-designed mobile trading app.

Why we like AvaTrade: AvaTrade’s biggest selling points are free deposits and withdrawals to Kenyan bank accounts and low trading fees, with Forex spreads starting at 0.9 pips on the EUR/USD. While AvaTrade’s minimum deposit of 100 USD isn’t the lowest you can find, it’s still low enough for most beginners. Traders on the move will like AvaTrade’s well-designed mobile app, AvaTradeGO, with its smart risk management tools and direct connection to AvaSocial, AvaTrade’s popular social trading system. Another highlight is the 13 cryptocurrency pairs available to trade at AvaTrade, more than most other brokers in Kenya. Cryptocurrency traders will also appreciate the dedicated 24/7 crypto trading customer support. It’s no secret that share CFDs are also very popular right now and AvaTrade has that sector covered too with 625 share CFDs to trade, including famous tech stocks like Google, Apple, and Amazon.

AvaTrade’s drawbacks: As we noted above AvaTrade has low trading fees, but they are not the lowest available in Kenya – some brokers have spreads down to 0.6 or 0.7 pips on the EUR/USD. And it’s possible to find much lower minimum deposits, all the way down to 3 USD in some cases. But most serious beginners will want a deposit of 100 USD or more and AvaTrade’s strength lies in its all-around excellence.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

XM – Lowest Trading Fees in Kenya

  • XM Ultra-Low Account
  • 1200+ shares to trade

XM has a few different accounts, two of which have very low minimum deposits of 5 USD. But the lowest fees are found on its Ultra-Low Account, though the minimum deposit is much higher. Beginners will also benefit from XM’s great education section and the demo account that never expires.

Low Fees on the XM Ultra-Low Account

With a minimum deposit of 50 USD, traders can open the XM Ultra-Low Account, which is one of the lowest-cost trading accounts in the world. Spreads start at 0.6 pips on the EUR/USD with no commission. Traders can also open a Micro Ultra Account, which has the same costs as the Ultra-Low Account but allows smaller trade sizes. Small trade sizes are good for beginners looking to lower their risk.

1200+ Shares to Trade

While XM does not offer cryptocurrency trading, it does have over 1200 shares to trade. Other trading assets include commodities, precious metals, indices and 57 Forex pairs. XM has two of the most popular trading platforms in the world with MetaTrader 4 (MT4) and MetaTrader 5 (MT5), but share trading is only available on MT5.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

HotForex – Highest Leverage for Market Execution

Founded in 2009 and headquartered in Cyprus, HotForex is the global brand name of HF Markets Group. Regulated by the FCA, CySEC and the FSCA, HotForex provides trading on Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering crypto CFDs. With No-Dealing Desk STP execution for all trades, client’s trades are posted directly to the market, and leverage is available up to 1000:1 on the Micro Account where the minimum deposit is 5 USD.

HOTFOREX FEATURES

  • FCA regulation in the UK
  • Tight spreads, starting at 1.00 pip on the Micro Account.
  • Detailed market analysis for beginners and professionals, including daily market news, trade analysis, and outlooks.
  • Customer support available 24/5 from a toll-free local phone number to assist.
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Exness – Best Trading Account Conditions for Beginners

Founded in Russia in 2008, Exness Group has over 200,000 clients worldwide and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms – many more than most brokers.  The Standard Cent Account is aimed at beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals and MT5 is not supported. 

EXNESS FEATURES

  • Nine accounts on the MT4 and MT5 trading platforms
  • ECN Accounts for experienced traders with raw spreads and 7 USD commission
  • Automated instant withdrawal system, with free withdrawals to e-wallets.
  • 24/7 customer service
Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
AlertAccepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

Axi – Best ECN broker on MT4

Founded in Australia in 2007, Axi is an ECN broker offering trading on Forex, metals, commodities, cryptocurrencies, and indices – a smaller group of assets than most brokers but with a good selection of 70+ Forex pairs. Axi only provides support for the MT4 trading platform, but with the MT4 NexGen plugin it has the best ECN MT4 trading experience. The MT4 NexGen plugin includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal.

AXI FEATURES

  • ECN trading conditions, 20 liquidity providers so less slippage and requotes
  • Pro Account with spreads starting at 0 pips and 7 USD per lot commission
  • Max Leverage of 1:500
  • Trading tools include Autochartist, Pysquation (an AI trade diagnostic) and VPS hosting
Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.

? easyMarkets – Best Trading Tools

Regulated by ASIC since 2003, CySEC since 2007 and the FSA since 2020, easyMarkets states their values as simple, honest, and transparent. easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss back in 2001 – these tools are now industry standards: easyMarket offers:

  • Innovative tools
  • Tight, fixed spreads
  • MT4 support

✔️Always Innovating to Save Traders Money

easyMarkets offers the unique Freeze Rate, dealCancellation and EasyTrade tools, all intended to help new traders manage their risk. Freeze Rate allows traders to freeze a price for a few seconds to make a trade, crucial in a volatile market. dealCancellation lets traders cancel a trade either one, three or even six hours after it was made. EasyTrade is a simple trading tool that allows traders to set their risk level and hold a trade for a one, three, or six-hour period. A simple binary choice between up and down is all the trader needs to manage.

EasyMarkets DealCancellation

 

✔️Accounts with Fixed Spreads and MT4 Support

Spreads at easyMarkets are fixed but tight, with the EUR/USD at 0.9 pips on the MT4 platform and 1 pip on the easyMarkets web platform. Minimum deposit is only 25 USD and the easyMarkets MT4 platform comes with a range of features, including pre-installed indicators.

easymarkets MT4

 

?Summary – Why Should Traders Use easyMarkets?

easyMarkets is a great broker for new traders who want to manage their risk. The innovative tools and simple account options, when combined with tight spreads and MT4 support, makes for an uncomplicated and low-risk trading experience. With a low minimum deposit and great regulation, easyMarkets are an easy choice for those looking for a good market-maker.

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.

FXTM – Best Forex Broker for Beginners in Kenya

Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker offering trading on Forex, commodities, metals, stocks, and indices. While FXTM’s Advantage Account has a minimum deposit of 500 USD with spreads starting at 0.0 pips and a 4 USD commission, FXTM also offers a Micro Account with a 10 USD minimum deposit but with wider spreads (starting at 1.5 pips) that may be more appealing to beginners.

FXTM FEATURES

  • FXTM Invest CopyTrading scheme: Clients can copy the trades of Strategy Managers whose risk profile matches their own.
  • FXTM has a large volume of training material, including videos, webinars, and a searchable glossary of new vocabulary to help new traders get started.
  • FXTM also offer videos covering analysis topics and advanced chart reading techniques for experienced traders.
  • FXTM are one of the few brokers with weekend support, allowing new traders to get set up outside of the working week.
Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Kenyan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

What is the Foreign Exchange Market?

The foreign exchange market, also known as the forex (or even more simply, the FX market), is the largest financial market in the world. Every day, trillions of dollars of global currencies are traded in what are called “pairs”, i.e. the exchange of one currency for another, such as rand for dollars, euros for Japanese yen, etc. These transactions are carried out five days a week, 24 hours a day around the globe and determine the value of every currency on the planet second by second, based on supply and demand. So, if the pound is in demand, its value against, for example, the dollar will rise and vice versa.

Given its scale and breadth, forex trading is easily accessible by individual investors, who can open an account with a few hundred pounds and begin trading immediately. But it is easy to lose money, especially if you are a beginner. Trading successfully requires effort, discipline and a determination to learn as much as you can about the market before you start. You also need to understand the regulations governing the market, the costs of trading and which brokers to use. Most importantly, you should understand the risks and disadvantages before deciding whether forex trading is for you.

Why does the Forex Market Exist?

There are many reasons why people trade currencies. Kenyan companies may need to buy dollars to pay for American imports, or they may need euros to pay for the acquisition of a company based in Europe. Central banks, such as the Central Bank of Kenya (CBK), can intervene in FX markets, buying and selling currency to manipulate its value for reasons of economic policy. Speculators also drive a very large part of the market, trading with the aim of generating a profit.

Large financial institutions, multinational corporations and hedge funds dominate the forex market, which reached a value of US$6.6 trillion per day in April 2019, according to the latest statistics. That size means it is a hugely liquid market, i.e. it is very easy to buy and sell currencies because there are so many buyers and sellers in the market for most currencies.

What Drives the Forex Market?

The rand is a free-floating currency. In other words, the value of the rand in the FX markets is determined by supply and demand. This is the case for the currencies of most advanced economies. By contrast, some currencies, such as the Chinese renminbi (RMB), have a fixed exchange rate. The Chinese authorities determine the value of the RMB against the dollar and keep the link until they decide to alter the exchange rate. Clearly, there is no potential for individual traders to profit from trading currencies with a fixed exchange rate.

The value of a floating currency such as the Kenyan Shilling, however, is constantly moving up and down against other currencies. Often these movements are relatively small, so the rand may begin the trading day at 115 KSH to the dollar and end a little higher or lower, or even back at its opening level. But dramatic economic or political news can spark much greater volatility. For example, the KSH fell by around 5% at the start of the Covid pandemic, back in March 2020. Traders, fearing a prolonged period of economic uncertainty, sold the KSH as quickly as they could.

Economic developments are also a key influence. New data suggesting the Kenyan economy is growing slower than anticipated might spark concerns that CBK could lower interest rates to stimulate growth. Lower interest rates reduce the appeal of holding a currency since you are getting less return on your money. That outlook consequently dampens demand for the rand and its value falls. Similarly, if Kenya’s economic outlook brightens and traders anticipate CBK will raise interest rates, they will buy the rand, increasing its value against other currencies.

That is why FX traders follow economic, financial and political news so closely, looking for any hint of information that could sway the value of currencies. They are hoping to react before other traders spot the development. Or they may take bets on a likely development, believing they have some insight that other traders lack. 

Why is Forex Trading Popular?

Forex trading is the largest and most easily accessible market in the world. The costs involved are relatively low compared with other markets, there are lots of brokers to choose from in Kenya, and it is relatively easy to understand the ways in which you can trade the market. There are many freely floating currencies and since they can all be traded against each other there are a huge number of currency pairs to trade in. A vast amount of information is available to would-be traders, ranging from how to get started to outlining potentially profitable trading strategies.

You can trade from your living room using a fairly basic computer if you download the appropriate trading software, and it is relatively easy to set up an account with a broker. Unlike other financial markets, you can also exploit the concept of “leverage”, where you make use of borrowed money to increase your potential profits (and your losses). To explain what this means, currency pairs are traded in specific amounts called lots. They tend to be in 100,000 units of a currency, so, for example, if you are trading in the pound sterling against the US dollar, you would buy or sell £100,000 at a time. Since most people don’t have £100,000 available to trade, the broker effectively offers to lend you money. So, they may allow you to trade in a lot of £100,000 by opening an account with £1,000 and lend you the remainder. The initial £1,000 is known as the margin and your leverage, in this case, would amount to 100 to one (100:1).

As we mentioned, as well as increasing potential profits, leverage can dramatically increase risk. There are methods you can use to contain risk, but that is a topic for another article.

The Disadvantages of Forex Trading

Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade you may have to spend many hours per day on your computer screen following and researching what is happening in the market – and why – in preparation for your trading day. When that day is finished, you will need to analyse what happened and why your trading activities succeeded or failed, so that you can apply the lessons learnt to the next day’s trading. There could be days when you lose money and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky and you can lose money or you may find that it is simply not something you like or have the temperament for. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful.

Is Forex Trading Legal in Kenya?

Yes, Forex trading is legal in Kenya and Kenyan brokers are regulated by the Capital Markets Authority (CMA). Kenyan residents can legally trade with any Forex broker in the world, though many brokers based overseas are not licenced by the CMA.

Overview of Forex Trading in Kenya

Over the last ten years, mobile phone use in Kenya has exploded. Most Kenyans are now connected to the internet everywhere they go and whenever they want. At the same time, employment opportunities for young people have dried up as the economy slowed. Young Kenyans looking for new ways to make money are at the forefront of a boom in Forex trading, made all the easier because:

  • All Forex brokers now have mobile apps that allow traders to deposit and withdraw funds, check market news and make trades from their phones. 
  • Many brokers in Kenya have very low deposit requirements, some as low as 1 US dollar. 
  • Many brokers offer rand trading accounts, so Kenyans do not have to convert their money into dollars first

Because it is so easy to get started Forex trading, the number of Forex scams and bad brokers has also increased as criminals attempt to profit from the boom. Recent media scrutiny and better enforcement by the authorities has led to a healthier local trading environment, but Forex scams are still frequent. Most Forex scams in Kenya start on social media and are conducted by unlicensed individuals.

Forex Regulation in Kenya

Despite its emerging market status, Kenya has a relatively strong regulatory regime when it comes to online retail Forex CFD trading. Unlike many of its peers, Kenya laid out a legal framework for local regulation in 2017 – and placed the traditional financial regulator, the Capital Markets Authority (CMA), in charge of enforcement.

As a result, Forex brokers with a physical presence in Kenya are required to hold a licence from the CMA and adhere to strict regulations, similar to those seen in Europe and the United Kingdom.

These regulations are important because they protect traders – operating and reserve capital requirements ensure that in the case of the broker bankruptcy traders can still claim their funds back, and leverage restrictions ensure that beginners traders don’t lose all their money while they are still learning.

The regulatory functions of the CMA as provided by the Capital Markets Act include; licensing and supervising all the capital market intermediaries; ensuring compliance with the legal and regulatory framework by all market participants; regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; promoting market development through research on new products and services; reviewing the legal framework to respond to market dynamics; promoting investor education and public awareness; and protecting investors’ interest.

Unfortunately, there are only three brokers currently regulated by the CMA and none of them has the trading conditions to match the international brokers offering their services in the country. But, by having a regime in place and brokers already licenced, Kenya is far ahead of many of its neighbours and we are optimistic that the Kenyan Forex industry is well-placed for secure and stable growth over the next few years.

It’s important to note that since 2017 a number of disreputable brokers and companies posing as Forex brokers have been operating in Kenya, so if you are going to work with a local broker it is essential that you investigate their regulatory status before opening an account.

According to the Capital Markets Act, section 23 (1),“No person shall carry on business as an online forex broker or hold himself out as carrying on such a business unless he holds a valid license issued under this Act or under the authority of this Act.”

Advantages of Trading with a CMA-regulated Broker

The main advantage of trading with a CMA-regulated broker in Kenya is the local protection of your trading account. While the CMA does not require brokers to sign up to a compensation scheme, local protection from the CMA means:

  • Operating Capital Requirements: CMA licenced Forex brokers must maintain an operating balance of at least 50 million KSH, plus 5% of liabilities owed to clients.
  • Capital Reserve: In addition, they must also retain a reserve of 40 million KSH (or 80% of their operating capital, whichever is higher) in cash or cash equivalent.
  • Leverage Restriction: The CMA requires all Kenyan brokers to restrict leverage, in this case to a maximum of 1:400 for non-finance professionals.

Other common advantages of trading with a CMA-regulated broker are:

  • Shilling (KSH) Trading Accounts: Most, but not all, CMA-regulated brokers will offer KSH trading accounts. This means no conversion fees when depositing or withdrawing to/from Kenyan bank accounts.
  • Fast and Free Deposits and Withdrawals: Most, but not all, CMA-regulated brokers will offer free same-day deposits and withdrawals to/from Kenyan bank accounts. Most will also offer support for eWallets such as Ozow or PayFast, allowing instant deposits and withdrawals from Kenyan banks.

Disadvantages of Trading with a CMA-regulated Broker

Yes, there are disadvantages when trading with a CMA-regulated broker. The CMA is a good regulator but does not protect traders as well as regulators in the UK, Europe or Australia. The main disadvantages of trading with CMA-regulated brokers are:

  • No negative balance protection: CMA-regulated brokers are not required to prevent traders from losing more money than they have in their trading accounts. It’s rare, but this does mean that traders in Kenya may end up owing their broker money.
  • No financial compensation scheme: CMA-regulated brokers are not required to provide compensation to traders in the event of bankruptcy or closure.
  • Leverage limits: Leverage is an essential part of Forex trading, but high leverage levels are risky. In Kenya, there is a limit to the leverage a broker can offer.

How do I Know that a Broker is Regulated by the CMA?

Some Kenyan traders may want to trade with CMA-regulated brokers, but how do you verify that a broker has a licence? Fortunately, checking if a Kenyan Forex broker is regulated by the CMA is easy. The CMA offers a search tool for all authorised brokers here: https://www.cma.or.ke/

This is what the results window looks like:

Forex Scams and Bad Brokers in Kenya and How to Avoid Them

As part of our work at FxScouts, we ask traders who have been scammed or defrauded by Forex brokers – or people claiming to be Forex “experts” – to let us know about their experience (you can find the details here). 

Forex Scams

According to our latest research, we found that Facebook and Instagram were the sources of more than 50% of Forex scams in South Africa. Both companies have a poor record of stopping criminals, even after official complaints have been made. We also found that many victims paid the people who scammed them in Bitcoin or other cryptocurrencies and that almost half of the complaints people made were against individual scammers, not brokers.

Both social media and cryptocurrency are great tools for criminals who want to disguise themselves. People can use whatever name they want on social media, and cryptocurrency is almost untraceable. Once someone pays a scammer they met on social media with cryptocurrency, it’s impossible to get their money back. 

Other telltale signs of a Forex scam are promises of guaranteed returns and the use of complex jargon. Forex trading is high-risk speculation and even professional traders cannot guarantee returns. And while there is Forex-specific jargon, trading can be explained in simple terms.

Any individual who offers to perform a financial service without a licence in Kenya is breaking the law. So always ask for a licence number and verify it with the CMA before handing over money.

Bad Brokers

Avoiding individual scammers is relatively easy compared to avoiding bad brokers.  So what can Kenyan traders do to avoid bad brokers? There are a few telltale signs that a broker is not treating its clients fairly:

  • Unpublished spreads: The spread is the broker’s fee for connecting traders to the Forex market. If a broker doesn’t want to say how much this fee is, it’s probably charging too much.
  • High deposit and withdrawal fees: Deposits should always be free of charge and withdrawals should be low-cost. Be wary of high fees or unexplained charges
  • Delayed withdrawals: Withdrawals should take a few days at the most. If a broker ignores withdrawal requests or delays for more than a week it is cheating its customers.
  • Missing Deposits: Bad brokers will sometimes claim to have not received a deposit after it has been made. Always request proof of payment when depositing. 
  • Unresponsive Customer Service: In many cases, the customer service team at bad brokers will ignore complaints or requests for assistance – especially when dealing with any of the problems listed above. 
  • Paywalled/Limited Demo Accounts: Demo accounts are the best educational tool beginner Forex traders have. Brokers that require new traders to open a live account before they can open a demo account, or close demo accounts after a short time period, are trying to force beginners to start trading before they are ready.

If you have experienced any of the issues listed above and the broker has a licence from the CMA, you can always submit a complaint via the CMA’s complaints form here.

How to Compare Forex Brokers in Kenya

Though Forex brokers might appear to be similar, they are quite different once you dig a little deeper, and account conditions will vary for Kenyan residents. These are some of the most common questions traders will have when comparing Forex brokers.

Forex Brokers for Beginners

Forex Broker Fees and Trading Costs: 

Other Trading Options

Forex Broker Regulation

Forex Broker Customer Support:

Forex Trading Platforms:

Do I Need a Broker to Trade Forex?

Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. It’s important to choose a regulated Forex broker with low costs and a history of treating its clients fairly. 

Which is the Best Broker in Kenya?

The best broker in Kenya is AvaTrade. Avatrade’s fees are low, with a 100 USD minimum deposit and tight spreads. AvaTrade clients can trade Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs and have a choice of trading platforms and useful trading tools. Finally, the AvaTradeGo mobile app is one of the best-designed trading apps in the world; it’s easy for beginners to learn but with the functionality required by experienced traders.

Which is the Best Broker for Beginners?

IG Markets is the best broker for beginners in Kenya. IG Markets, with no minimum deposit requirement, has very low trading costs and negative balance protection as standard, making it an excellent low-risk option for new traders. Award-winning customer support is available 24/5 via email, live chat, and telephone.  IG Markets also has a great education section, with articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.

If you are looking for a reliable regulated broker for beginners, some other good options are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Beginner Friendly
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
IG Markets
4.69 /5
Read Review
Excellent
24/5
USD 0
Capital.com
4.68 /5
Read Review
Excellent
24/7
USD 20
HotForex
4.49 /5
Read Review
Excellent
24/5
USD 5
AvaTrade
4.48 /5
Read Review
Excellent
24/5
USD 100
Tickmill
4.48 /5
Read Review
Excellent
24/5
USD 100

Which Broker has the Best Demo Trading Account?

HotForex also has the best demo trading account in Kenya. The HotForex demo account never expires and comes with 100,000 USD preloaded on either the MT4 or MT5 trading platform. 

Some other brokers with great demo accounts and strong regulation are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Unlimited Demo
All Regulators
Beginner Friendly
Beginner Course
Experienced Course
Beginner Videos
Advanced Videos
Webinars
No. of FX Pairs
Compare
IG Markets
4.69 /5
Read Review
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
Excellent
80
Capital.com
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Excellent
137
HotForex
4.49 /5
Read Review
Capital Markets Authority
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Excellent
53
MarketsX
4.49 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Excellent
67
Tickmill
4.48 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
Excellent
62

Are Forex brokers in Kenya reliable?

Yes, most Forex brokers in Kenya are reliable and trustworthy. The most reliable brokers in Kenya are regulated by the CMA and a set of reputable international regulations. They should also have a history of treating Kenyan traders fairly. If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid.

How do I Choose a Forex Broker?

When choosing a Forex broker there are three things to consider:

  1. Regulation: Make sure you choose a broker regulated by the CMA in Kenya or one of the other major regulators like CySEC (Europe), ASIC (Australia) or the FCA (UK). Regulated brokers have better security and will treat their traders fairly
  2. Cost: Look for a broker with a low minimum deposit and low fees. Broker fees will include the spread, commission and deposit and withdrawal fees. 
  3. Education: If you’re a beginner you will want a broker with good educational content. All of the brokers on our Best Brokers for Beginners page have high-quality education for beginners.

How do Forex Brokers Make Money?

Some brokers (called market makers) only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades. 

Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of broker makes money whether a client wins or loses.

Which Broker has the Lowest Fees?

Tickmill is the broker with the lowest fees, with the total trading cost on its Pro Account equalling 0.4 pips on the EUR/USD, this includes a 0 pip minimum spread and a round turn commission of 4 USD per 100,000 traded. 

Other brokers with low trading costs are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Cost of Trading
Regulators
Min. Deposit
Max. Leverage (Forex)
EUR/USD
USD/JPY
GBP/USD
Account Types
Trading Commission
Compare
Tickmill
4.48 /5
Read Review
USD 4
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
USD 100
500:1
0.10 pips
0.10 pips
0.30 pips
STP
4 USD / lot
IG Markets
4.69 /5
Read Review
USD 6
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
USD 0
200:1
0.85 pips
0.94 pips
1.40 pips
Market Maker
Fees Included in Spread
Capital.com
4.68 /5
Read Review
USD 6
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
USD 20
200:1
0.60 pips
0.80 pips
1.30 pips
Market Maker
Fees Included in Spread
ETX Capital
4.07 /5
Read Review
USD 6
FCA Regulated Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
GBP 100
300:1
1.01 pips
1.35 pips
1.85 pips
Market Maker
Fees Included in Spread
Spreadex
3.86 /5
Read Review
USD 6
FCA Regulated Brokers
USD 0
30:1
0.60 pips
0.70 pips
0.90 pips
Market Maker
Fees Included in Spread

Broker fees are split into the trading costs, which is the total of the spread and commission, and non-trading fees such as deposit and withdrawal fees. 

The spread is the difference between the buy and sell price of a Forex pair and is measured in pips, the smaller or “tighter” the spread the less money you spend when you make a trade. A commission is charged by some brokers every time a trade is opened or closed. 

How do I make a Deposit with a Broker?

Making a deposit with a broker is a simple process. Once you have signed up and opened a  live account you will be given a few options. Most brokers in Kenya will accept local bank transfers, credit cards, online payment solutions like Ozow and Payfast, and eWallets like Neteller and Skrill. Bank transfers usually take 1-2 days to process and may have a fee attached but all other deposit methods are usually instant and free. 

How do I make a Withdrawal from a Broker?

To make a withdrawal from a broker you must have enough money in your trading account after deducting the margin needed to keep any trades open. Once you know how much you can withdraw, you can make a withdrawal request via your account dashboard. To prevent money laundering, Kenyan brokers will only let you withdraw the same amount as your initial deposit back to your credit card or eWallet. Anything more than this will have to be withdrawn to a bank account in your name. 

Which Broker has the Lowest Minimum Deposit?

Exness is the broker with the lowest minimum deposit. Exness has three standard accounts which are advertised as having no required minimum deposit. This is not entirely true as the minimum deposit Exness accepts from Kenyan credit cards or bank accounts is 3 US dollars. Other regulated brokers in Kenya with low minimum deposits are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Min. Deposit
Regulators
Max. Leverage
Cost of Trading
Negative Balance Protection (Default)
EUR/USD
USD/JPY
GBP/USD
Compare
IG Markets
4.69 /5
Read Review
USD 0
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
200:1
USD 6
0.85 pips
0.94 pips
1.40 pips
Pepperstone
4.61 /5
Read Review
USD 0
Capital Markets Authority
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
400:1
USD 7.70
0.17 pips
0.26 pips
0.59 pips
Axi
4.34 /5
Read Review
USD 0
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
500:1
USD 10
0.00 pips
0.10 pips
0.10 pips
Oanda
4.25 /5
Read Review
USD 0
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
British Virgin Islands Financial Services Commission
200:1
USD 10
0.10 pips
0.10 pips
0.10 pips
ThinkMarkets
4.18 /5
Read Review
USD 0
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
500:1
USD 12
0.00 pips
0.00 pips
0.00 pips

With most brokers, larger deposits usually unlock lower trading costs and other perks. What level of minimum deposit you are comfortable with depends on your financial situation.  

How do I Calculate Trading Costs?

When trading Forex, the total trading cost is the spread on the currency pair you are trading plus any commission your broker may charge. If you keep a trade open overnight you will also be charged a rollover (or “swap”) fee, which will be deducted automatically from your account. Major pairs, such as the EUR/USD or USD/JPY have tighter spreads and are cheaper to trade.

Which Broker has the Highest Leverage?

FBS offers the highest leverage of any Forex broker in Kenya. On three of their five accounts, leverage of 1:3000 is available. Other brokers in Kenya with high levels are leverage are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Max. Leverage
Min. Deposit
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
FBS
4.23 /5
Read Review
3000:1
USD 1
USD 7
0.70 pips
1.30 pips
1.20 pips
FXTM
4.33 /5
Read Review
2000:1
USD 10
USD 15
0.00 pips
0.00 pips
0.20 pips
HotForex
4.49 /5
Read Review
1000:1
USD 5
USD 10
0.10 pips
0.30 pips
0.50 pips
FXPRIMUS
4.11 /5
Read Review
1000:1
USD 15
USD 15
0.30 pips
0.80 pips
1.50 pips
NAGA
3.94 /5
Read Review
1000:1
USD 250
USD 37
0.70 pips
1.60 pips
2.00 pips

Leverage is money borrowed from your Forex broker to increase the size of a Forex trade. Leverage is essential in Forex trading because the movements of the market are too small to make a decent profit unless you place thousands of dollars on each trade. Leverage can be used to make large profits with a little of your own money, but you can also quickly lose more than your original investment.

Which Broker Has the Most CFDs?

IG Markets is the broker with the most CFDs to trade. IG Markets offers trading on over 17,000 instruments, including Forex, indices, share CFDs, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates.

Other brokers with a wide range of instruments to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Total # CFDs
# FX Pairs
Regulators
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Negative Balance Protection (Default)
Trading Commission
Compare
MultiBank
3.93 /5
Read Review
20093
41
Financial Services Commission
ASIC Regulated Forex Brokers
USD 50
500:1
USD 14
3 USD / lot
IG Markets
4.69 /5
Read Review
19295
80
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
USD 0
200:1
USD 6
Fees Included in Spread
FP Markets
4.28 /5
Read Review
10099
60
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
AUD 100
500:1
USD 7
6 USD / lot - RAW Accounts
FIBO Group
3.50 /5
Read Review
8079
48
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
British Virgin Islands Financial Services Commission
Financial Services Commission
USD 0
1000:1
USD 6
6 USD / lot
ETX Capital
4.07 /5
Read Review
5135
62
FCA Regulated Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
GBP 100
300:1
USD 6
Fees Included in Spread

Which Broker has the Most Currency Pairs?

Swissquote is the Broker with the most currency pairs, with over 130 currency crosses to trade. As part of a larger banking group, Swissquote is very well regulated and is one of the most secure brokers in the world. Swissquote targets professional traders and minimum deposits are high, starting at 1000 USD on its entry-level account.

Other Forex brokers with a larger than usual selection of currency pairs to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Forex Pairs
Crypto Pairs
Regulators
Min. Deposit
Max. Forex Leverage
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
Capital.com
4.68 /5
Read Review
137
477
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
USD 20
200:1
USD 6
0.60 pips
0.80 pips
1.30 pips
Swissquote
3.70 /5
Read Review
130
12
FCA Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
USD 1000
100:1
USD 17
1.70 pips
1.60 pips
2.00 pips
InstaForex
3.02 /5
Read Review
110
12
CySEC Regulated Brokers
British Virgin Islands Financial Services Commission
USD 1
1000:1
USD 30
3.00 pips
3.00 pips
3.00 pips
easyMarkets
3.98 /5
Read Review
103
17
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 25
400:1
USD 18
0.70 pips
1.00 pips
1.30 pips
Exness
4.12 /5
Read Review
100
14
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital Markets Authority
USD 3
2000:1
USD 7
0 pips
0 pips
0.10 pips

Which Broker is the Best for Professional Traders?

Pepperstone is the best broker for professional traders. An ECN broker with extensive liquidity streams, Pepperstone supports all three major trading platforms (MT4, MT5 and cTrader) and has some of the tightest spreads in the industry (0.09 pips EUR/USD spread on its Razor Account). 

Commissions are low and there are no minimum deposit requirements. Commissions can be further reduced by becoming a member of Pepperstone’s Active Trader Program. The Active Trader Program has a number of other advantages for high-volume traders, including a free VPS service and priority customer support.

What are Managed Forex Accounts?

Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. The minimum deposit requirements and additional risks involved when trading CFDs is different than on retail accounts.

If you have any questions after reading through this guide, please get in touch with us in the comments at the bottom of the page.

How do I Know if a Forex Broker is Regulated?

All regulated brokers are required to display their licence number and the authority they received it from on their website. These licence numbers can be easily verified on the regulatory authority’s website. Some scam brokers will use similar names to legitimate businesses, so make sure the name of the licence holder on the regulator’s website matches the broker’s details.

How do I check if a Forex broker is licenced by the CMA?

All Forex brokers that are regulated by the CMA are required to publish their Financial Service Provider (FSP) licence number on their website. Once you have the FSP number of a broker you can go use the CMA’s search page to enter the FSP and verify that the broker is indeed licenced.

How Can I Report Scam brokers?

If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story. You can contact the CMA’s complaints department here and ask them to investigate. We also have a report a scam broker form which we use to gather information so that we get the word out.  If you have been scammed, please complete the form.

Which Broker has the Best Customer Support in Kenya?

KhweziTrade is the South Africa broker with the Best Customer Support. KhweziTrade’s client support team is knowledgeable and helpful and all requests are answered quickly and efficiently. Kenyan traders are offered a personalised experience, with all traders receiving a personal account manager. 

Which Forex Broker has the Best Platform?

Marketsx is a trading platform from Markets.com, offers trading accounts on the Marketsx platform to trade over 2,200 financial instruments. The platform also offers advanced charting, making it easier to spot trends and identify new trading opportunities. Marketsx also allows traders to use five types of indicators once, overlay multiple assets, or compare up to eight instruments side-by-side. Marketsx is available on mobile devices and via the markets.com website. 

Which is the Best Platform for Forex?

Currently, MetaTrader 4 (MT4) is the best platform for trading Forex. MT4 has been around since 2005 but is supported by most Forex brokers and used by millions of traders around the world. MT4 is resource-efficient, fast, and can run on older hardware without any issue. It’s also fully customisable and can handle multiple trading accounts from different brokers with a single installation.

MT4 is particularly valued for its automated trading facilities. Traders can create or buy algorithmic trading robots and install them on their version of MT4 to automate trading or assist in decision making. It’s also possible to copy other traders through the MT4 trading signals facility. 

Trading with Regulated Offshore Brokers in Kenya

As mentioned, there are several scam brokers currently operating in Kenya, and the few CMA licenced brokers are greatly restricted in the trading conditions they can offer. The safest and most profitable way to trade Forex CFDs in Kenya is to trade with a well-regulated offshore broker.

Most of the larger international brokers are regulated by one of three trusted government authorities, the most trusted authorities in the world are:

It is crucial to choose a broker that is regulated by at least one of these authorities, and you will find that some are regulated by more than one. The FCA is seen as the most rigorous of these authorities, as they charge a much higher licencing fee and require brokers to have more operating capital than ASIC or CySEC.

All of these regulators have much higher operating capital requirements than the Kenyan CMA and impose much stricter oversight and auditing of the brokers under their supervision, thereby ensuring a fair and secure trading environment.

Brokers with regulation from one of these authorities often have regulatory oversight from smaller, more lenient, regulators too. This allows them to offer a different range of products to overseas clients. For instance, the UK’s FCA requires that maximum leverage is set at 30:1, but an FCA-regulated broker with a subsidiary company regulated by the Mauritius Financial Services Commission (FSC) would be able to offer leverage of 400:1 to clients outside the UK and Europe.

While regulators like the Mauritian FSC are not as well regarded as the FCA, ASIC or CySEC, most of the brokers we recommend for Kenyan traders are regulated by at least one of the major regulators alongside any more lenient authorities.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Rating & Review Methodology

Our State of the Market Report and Broker Directory are the results of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and sifting through the fine print. Learn more about how we rank brokers

References

These documents were used in the inspiration, research and data collection for this article.

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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