Best Forex Brokers in Kenya

Forex trading has become increasingly popular in Kenya. With its potential for substantial returns, many Kenyans are turning to forex trading as an investment opportunity. However, a crucial step to beginning the forex trading journey is selecting a reputable broker to trade with. Traders must pick a broker that best aligns with their trading needs and goals. 

Above all, they must consider the regulatory status of a broker. Fortunately, the Kenyan forex market is under the watchful eye of the Capital Markets Authority. It provides the regulatory framework for safeguarding the interests of market participants. This article will provide a comprehensive overview of some of the best forex brokers in Kenya to see what they have to offer to Kenyan investors. 

Understanding Forex trading in Kenya

Forex trading in Kenya is fully legal and is under the regulation of the Capital Markets Authority (CMA). The CMA is a government body that oversees financial markets in the country. It provides guidelines for investor protection and ensures market integrity. Its aim is to ensure a transparent, fair, and stable financial system. As such, it makes sense for traders in Kenya to prioritise brokers regulated by the CMA before considering other features. For this review, we will consider the CMA’s regulation alongside other features. Below is a summary of the criteria we will use to make our selections for some of the best forex brokers in Kenya.

Our Criteria for choosing the best brokers in Kenya

• Regulations - As mentioned, we will prioritise brokers with regulations from the CMA in Kenya. However, brokers with other regulations from other top-tier organisations will feature much higher.
• Trading Platforms - We will consider the trading platform that a broker provides as it is the entry point to the currency market. It should be user-friendly and efficient, with all the tools and capabilities traders require.
• Trading Costs and Fees – It’s important to compare the trading costs of various brokers to pick the one with the cheapest and most transparent fee structure. Generally, lower trading fees result in higher profits.
• Selection of Market Products - A broker with a wide range of trading products enables its clients to diversify their portfolios as they see fit.

Exness

Exness is a recognised forex broker with regulations from a variety of organisations around the world. In Kenya, this broker is under the regulation of the CMA with license number 162. The broker is also regulated by the CySEC in Cyprus, the FCA in the UK, and the FSCA in South Africa, among others. This regulatory background is impressive, to say the least.

Furthermore, it offers a wide range of products in the market with over 250 trading products available. These include CFDs on forex, indices, stocks and commodities. The trading platforms available to use include MetaTrader 4, MetaTrader 5, Exness Trader App, and Exness Terminal. These are robust trading platforms with a wide range of trading tools to support investors.

On another note, this broker offers some of the lowest spreads on the market today. The standard account offers a spread starting at 0.2 pips for major currencies and no commissions. The broker offers its traders a cent account for investors who wish to trade with lesser currency values. The cent account offers commission-free trading on this account with spreads starting at 0.3 pips for major currencies. However, three professional accounts on Exness allow investors to trade with spreads starting at 0.0 pips, with two of the accounts charging a commission. 

The minimum deposit required to start trading with this broker is $10. Positively, this broker supports the Kenyan Shilling (KES) as a base account currency and also supports the popular local payment system, M-Pesa. Further, traders can access both the website and customer support in Kiswahili.

Risk warning: Trading margined products carries a high level of risk.

Pepperstone

Pepperstone is another popular broker with a strong presence in Kenya. It is duly regulated by the CMA with license number 128. Additionally, this broker is under the regulation of the CySEC in Cyprus, the FCA in the UK, the ASIC in Australia, the BaFin in Germany, and the DFSA in Dubai.

Pepperstone has a wide variety of products to trade. In perspective, more than 90 currency pairs and more than 1200 CFDs are available across different assets. This includes CFDs across Forex, Indices, Commodities and Shares. Some of the most popular trading platforms are available to use including MetaTrader 4, MetaTrader 5, TradingView, Pepperstone Trading Platform, and cTrader.

There are two accounts on Pepperstone including the Standard and the Razor accounts. The Standard account offers spreads as low as 1.0 pips without commissions. In contrast, the Razor account has spreads as low as 0.0 pips with a commission depending on the platform a trader uses. When using MetaTrader 4, MetaTrader 5, Pepperstone Trading Platform, and TradingView, the commission sits at $3.5 per side per lot. When using cTrader, the commission is $3 per side per lot. 

There are low deposit requirements on this broker site and traders can use a variety of payment options. These include M-Pesa, Credit/Debit cards, Neteller, Skrill, and more. 

Risk warning: Trading margined products carries a high level of risk.

FP Markets

FP Markets is a well-known broker that was established in 2005. It has regulations in Kenya by the CMA with the license number, 193. The broker is also under the regulation of the ASIC, the CySEC, and the FSCA, among others.

Positively, this broker has more than 10,000 trading instruments. This includes Forex alongside CFDs on Indices, Shares, Commodities, Metals, Digital Currencies, Bonds, and ETFs. These market products can be using platforms such as MetaTrader 4 (MT4) & MetaTrader 5 (MT5), IRESS, TradingView, and cTrader. 

The fees on FP Markets differ from account to account. The standard account doesn't charge commission and has a spread that can be as low as 1.0 pips for major currency pairs. However, the Raw account charges a commission of $3.0, and the spread can be as low as 0.0 pips for major currency pairs. 

The minimum deposit to start trading with this broker is a fairly high $100. There are a variety of payment options that traders can use to fund their accounts. These include credit/debit cards, local bank transfers, wire transfers, Neteller, Skrill, PayTrust, Perfect Money, Dragonpay, Apple Pay, Google Pay, and many more.

Risk warning: Trading margined products carries a high level of risk.

HFM

HFM offers traders a wide range of market products to trade. This broker allows investors to trade over 1,000 CFDs on forex, energy, stocks, metals, commodities, cryptocurrencies, indices, bonds, and ETFs. The platforms available to use include MetaTrader 4, MetaTrader 5, and the HFM Platform.

Investors can trade these markets using one of five major accounts. These are the Premium, Cent, Zero, Top-up Bonus, Pro, and Pro Plus accounts. The spreads a trader pays depends on the account they use. The Premium and Cent accounts have spreads starting at 1.2 pips on major currency pairs, while the Top-up Bonus account has spreads starting at 1.4 pips. The Pro account, on the other hand, offers spreads as low as 0.5 pips. Meanwhile, the Pro Plus account offers spreads as low as 0.2 pips on popular currency pairings. Notably, none of these five accounts charges commissions for forex trading. Finally, the Zero account stands out with spreads as low as 0.0 pips, but it requires a small cost of $3 per side for every lot.

Positively, this broker's regulatory status is in good standing. This broker is fully regulated by the CMA with license number 155. It also has licenses from the FCA in the UK, the FSCA in South Africa, the CySEC in Cyprus, and the DFSA in the DIFC.

Positively, this broker does not have a minimum deposit requirement on most of its trading accounts. However, the various payment options on this broker site have a minimum deposit requirement. It supports a variety of payment options including M-Pesa and Airtel Money. These two payment options require a minimum deposit of KES 700. 

Admiral markets

Admiral Markets is a well-known forex broker regulated by the CMA with a solid presence in Kenya. It operates in full compliance with regulatory standards and holds CMA license number 183. In addition to being regulated by the CMA, the broker is also overseen by the FCA in the UK, ASIC in Australia, FSCA in South Africa, and CySEC in Cyprus.

With this broker, investors can trade over 8,000 financial instruments across multiple asset classes. These include CFDs on Forex pairs, indices, commodities, shares, ETFs, bonds, and ETFs. Traders have access to advanced trading platforms such as the popular MetaTrader 4, MetaTrader 5 and the Admirals Platform.

Admiral Markets offers a range of trading accounts with varying fees and spreads. Both the Trade.MT4 and Trade.MT5 accounts offer spreads starting as low as 0.5 pips on major currency pairs. On the other hand, the other three accounts feature spreads starting from 0.0 pips and charge commissions ranging from $1.8 to $3 per lot, depending on the account. 

The minimum deposit accepted by Admiral Markets is $1 for the Invest.MT5 account and $25 for the other two accounts. Some of the payment options include credit/debit cards, wire transfers, and Perfect Money.

IC Markets

IC Markets is a globally renowned forex broker known for its competitive pricing and advanced technology. This broker has several regulations including from the Kenyan local regulator, the CMA with license number 199. It is also under the regulation of the CySEC in Cyprus, the FSCA in South Africa, and the ASIC in Australia. 

IC Markets offers a diverse range of trading instruments, spanning forex, commodities, indices, futures, stocks, and metals. In total, there are over 2,000 different market products available to investors. Traders can access these markets through their choice of MetaTrader 4, MetaTrader 5, or cTrader platforms. 

IC Markets offers competitive pricing across its accounts. The standard account provides spreads starting from 0.6 pips with no commission fees. For traders using the raw accounts, spreads can go as low as 0.0 pips. However, raw accounts charge a commission of $3.00 per 100k traded for cTrader users and $3.50 for MetaTrader users.

The minimum deposit to start trading with this broker is $200. IC Markets supports various funding methods, including bank transfers, credit/debit cards, and e-wallets like Skrill, Neteller, and PayPal.

Final thoughts

Forex trading in Kenya has seen an increase in the number of traders. However, choosing the right broker to trade with is a crucial step for Kenyan traders before starting to invest. It requires careful consideration of factors such as regulatory status, trading platforms, fees, and available assets. 

The brokers featured in this list are among the top options in Kenya, providing a reliable trading environment. However, we recommend that all traders conduct their own research to identify the broker that best aligns with their specific needs and goals. As the forex market continues to evolve, it's essential for traders to stay informed about regulatory updates, market trends, and risk management strategies.