The development of the Internet has enabled 24/7 online trading. Coupled with significant returns from forex earnings, Forex trading has gained increasing popularity in Kenya. The availability of Forex learning resources, online trading platforms, and the risk management efforts of Kenyan regulatory authorities have all contributed to boosting people's confidence in trading. Next, we will take you through the analysis of the most popular Forex brokers in Kenya.
Best Forex Brokers in Kenya
A distinguished financial firm, renowned for its innovative investment strategies and client-centric approach in the global market.
A leading player in financial services, recognized for its commitment to excellence, strategic insights, and client-focused financial solutions.
Varied trade products, intuitive platform, tight spreads, responsive customer service.
Comprehensive trading solutions, versatile platform, competitive spreads, customer-friendly commissions, attentive support.
Competitive spreads starting from 0.2 pips, substantial leverage up to 1:500, and a user-friendly trading experience through cutting-edge MetaTrader 4 and 5 platforms.
Diverse trading products, including forex, commodities, and indices, coupled with low commissions, responsive customer service, and an intuitive trading environment for optimal market engagement.
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Comparison of Best Forex Brokers in Kenya
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Best Forex Brokers in Kenya Overall
HFM, a trading name of HF Markets Group, founded in 2010, is a financial broker that provides both individual and institutional clients with online trading services. HFM has been headquartered in Cyprus but serves several global offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines, all under respective regulatory authorities.
| HFM Snapshot⭐⭐⭐⭐⭐ | |
| Regulated by | CYSEC, FCA, DFSA, FSA (Offshore), CNMV |
| Trading Instruments | 3500+, Forex, commodities, metals, bonds, energies, ETFs, indices, cryptos, stocks |
| Account Types | Premium, Pro, Zero, Cent |
| Maximum Leverage | 1:2000 |
| Spread | 0.0 pips onwards |
| Trading Platform | MetaTrader4, MetaTrader5, HFM mobile app |
| Minimum Deposit | $0 |
| ????Pros | ????Cons |
| • Well-regulated by famous authorities | • Maximum leverage up to 1:2000 |
| • Wide range of trading instruments | • Regional restrictions |
| • Multiple account types | |
| • Rich educational resources | |
| • Multiple trading platforms | |
| • Various customer channels |
Exness, founded in 2008, is an online forex and CFD broker. Registered in Cyprus, the company has grown into a prominent brokerage firm, offering trading services to a global clientele. Renowned for its user-friendly trading platforms and diverse range of financial instruments, Exness has become a preferred choice for traders in the foreign exchange and financial markets.
| Exness Snapshot ⭐⭐⭐⭐⭐ | |
| Regulated by | FCA, CYSEC, FSCA, FSA |
| Market Instruments | Forex, Precious Metals, Energy, Indices, Stocks |
| Minimum Initial Deposit | $10 |
| Minimum Spread | From 0.0 pips |
| Trading Platform | MT5, MT4, Own Platform |
| ????Pros | ????Cons |
| Wide selection of trading instruments | Limited payment methods |
| Easy-to-use and customizable trading platforms | No trading bonuses or promotions |
| Detailed table of trading conditions | Exness proprietary platform may not be suitable for all traders |
| Commission-free quick deposits and withdrawals | Telephone support is not available in some countries |
cope Markets is a regulated forex trading service provider based in Kenya, offering individuals the ability to trade a variety of financial instruments including forex, commodities, indices, and cryptocurrencies. Known for its transparent pricing and competitive spreads, Scope Markets utilizes MetaTrader 4 - a popular and widely-used forex trading platform. They also offer an array of educational resources for traders, beneficial for those just starting out in forex trading. Further catering to their users, Scope Markets accepts payments via MPESA and provides different trading account types to suit various trading needs.
| Scope Markets Snapshot⭐⭐⭐⭐ | |
| Regulated by | CMA |
| Minimum Deposit | $200 |
| Maximum Leverage | Up to 1:200 |
| Spreads | From 0.6 pips |
| Trading Platforms | MT5 Desktop, MT5 Web Trader, MT5 Mobile, Scope Trader (Web and App) |
| ????Pros | ????Cons |
| Regulated by CMA | Limited operating history |
| Multiple trading assets available | Limited account types |
| Access to over 40 forex currency pairs | Commission applies to CFD shares |
| Demo account available | |
| Wide trading platforms |
Founded in 2006, FxPro is a reputable UK-based forex broker that provides online trading services to a global audience. With over 70 financial instruments available for trading, FxPro offers its clients a diverse range of products, including forex, shares, indices, futures, and spot metals. The broker provides clients with access to multiple trading platforms, including the popular MT4 and MT5 platforms, as well as its proprietary platform, FxPro trading platform, FxPro trading App, and cTrader.
| FxPro Snapshot⭐⭐⭐⭐⭐ | |
| Regulated by | FCA, CySEC |
| Tradable Assets | Forex, Stocks, Futures, Indices, Metals, Energies, Cryptocurrencies |
| Account Types | Demo Account, Live Account |
| Minimum Deposit | $100 |
| Maximum Leverage | 1:200 |
| ????Pros | ????Cons |
| Regulated by FCA and CYSEC | Limited account types and trading instruments |
| Multiple choices of trading platforms | Inactivity fee charged after 6 months of inactivity |
| Multiple account funding and withdrawal options | Inavailability in certain countries |
| Negative balance protection for retail clients | No fixed spread accounts |
FXTM, or Forex Time, is a global forex and CFD broker founded in 2011. The company is headquartered in Cyprus and is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and other regulatory bodies in various countries. FXTM offers a variety of trading instruments with famous trading platforms.
| FXTM Snapshot⭐⭐⭐⭐⭐ | |
| Regulated By | FCA, CySEC, FSCA (exceed) |
| Trading Instruments | Forex, Commodities, Indices, Shares, Cryptocurrencies |
| Minimum Deposit | $10 |
| Leverage | Up to 1:2000 |
| Account Types | Demo Account, Micro, Advantage, Advantage Plus |
| Trading Platforms | MetaTrader 4, MetaTrader 5, FXTM Trader |
| ????Pros | ????Cons |
| Regulated by top-tier financial authorities, FCA and CYSEC | Limited product offerings compared to some competitors |
| Wide range of account types | High inactivity fee |
| Low minimum deposit requirements | Limited payment methods |
| Demo Accounts Available | Limited research tools and resources |
| Access to MT4 and MT5 | |
| Multiple funding and withdrawal options |
Avatrade is an online forex and CFD broker that was established in 2006. The company is headquartered in Dublin, Ireland, and is regulated by several financial authorities around the world, including ASIC, CBI, FSA, FSCA, FSC, CBI, FFAJ.
| AvaTrade Snapshot⭐⭐⭐⭐⭐ | |
| Regulation | ASIC, CBI, FSA, FSCA, FSC, CBI, FFAJ |
| Minimum Deposit | $100 |
| Leverage | 1:30 (for retail clients), 1:400 (for professional accounts) |
| Min. Spreads | 0.9 pips on the EUR/USD pair |
| Trading Platforms | AvaTradeGO, MT4, MT5, WebTrader, AvaOptions, DupliTrade |
| ????Pros | ????Cons |
| Regulated by reputable financial authorities | Relatively high minimum deposit requirements |
| Competitive spreads and fees | Limited bonus and promotional offers |
| Multiple trading platforms | No online chat supported |
| Wide range of deposit and withdrawal options | Limited trading instruments |
| Acceptable minimum deposit | Limited customer support options |
| Rich and Free educational resources |
Pepperstone is a Forex and CFD broker founded in 2010 in Melbourne, Australia. The company has quickly grown to become one of the largest Forex and CFD brokers in the world with over 150,000 clients across the globe. Pepperstone is regulated by top-tier financial authorities, including ASIC and FCA etc. It offers a wide range of trading instruments including Forex, indices, commodities, and cryptocurrencies.
| Pepperstone Snapshot⭐⭐⭐⭐⭐ | |
| Regulation | ASIC, CYSEC, FCA, DFSA, SCB |
| Market Instruments | Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities |
| Leverage | 1:500 |
| EUR/USD Spread (average) | 0.12 pips |
| Trading Platforms | Trading View, MetaTrader5, MetaTrader4, cTrader |
| Minimum Deposit | $200 |
| ????Pros | ????Cons |
| Regulated by reputable financial authorities | Limited product offerings without stock trading |
| Multiple account options and funding methods | Inactivity fee of $15 per month after 6 months of inactivity |
| Low spreads and commissions | No fixed spread account options |
| Multiple advanced trading platforms | Limited social trading |
| Excellent customer support with 24/5 availability |
Forex Trading Knowledge Questions and Answers
Is online forex trading legal in Kenya?
Yes, online forex trading is legal in Kenya. According to the law, brokers providing services in Kenya must be regulated by the Capital Markets Authority (CMA). This regulation is in place to protect investors from fraudulent activities and misconduct. In 2017, more stringent regulations were introduced, requiring the CMA to closely monitor online forex business in Kenya. The Capital Markets (Online Foreign Exchange Trading) Regulation 2017 mandates organizations to register under the CMA.
While it is mandatory for brokers offering FX trading and CFDs to be registered with the CMA and maintain a local office in Kenya, only four local providers currently operate in the market. These include EGM Securities (operating FXPesa), Scope Markets, PepperStone Kenya, and FXTM (Exinity Group). However, foreign brokers such as Exness, HFM, and XM remain popular choices among Kenyan traders.
How to Choose a Forex Broker for Beginners in Kenya?
As a beginner in Kenya, choosing the right trader is crucial. Here are 7 aspects of picking suitable brokers for your reference.
1. Regulatory Compliance:Opt for a broker regulated by reputable authorities like the FCA, ASIC, or FSCA for security and adherence to standards.
2. User-Friendly Platforms:Select a broker with an easy-to-navigate trading platform, offering essential features for seamless execution and real-time updates.
3. Demo Accounts:Ensure the availability of accessible demo accounts for risk-free practice and familiarization with the trading platform.
4. Low Minimum Deposit:Start with a broker requiring a low minimum deposit to ease into live trading without significant financial commitment.
5. Reliable Customer Support:Choose a broker with responsive 24/7 customer support, preferably with a local Kenyan team for effective issue resolution.
6. Transaction Costs:Consider the trading costs, including spreads and commissions; brokers like Avatrade and Pepperstone offer low-cost environments.
7. Withdrawal and Deposit Methods:Prioritize brokers with convenient and straightforward withdrawal and deposit methods, ideally with accounts denominated in local currency to avoid conversion fees for Kenyan traders.
Can I Trade With Internationally Regulated Brokers?
Yes, Kenyan traders can trade with internationally regulated brokers. Its not mandatory for forex brokers to be registered and licensed by CMA, which is why you can trade on any platform that allows Kenyan residents to create an account and trade. Many traders around the world, including those in Kenya, choose to trade with brokers that are regulated by reputable financial authorities in other countries.
When selecting an internationally regulated broker, it's essential to consider factors such as the broker's reputation, regulatory compliance, trading platform features, customer support, and the available trading instruments.Popular regulatory bodies include the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC), among others.
Trading with an internationally regulated broker can offer certain advantages, such as investor protection, transparent operations, and adherence to international financial standards.
What Forex Brokers in Kenya Accept MPESA?
MPESA, introduced by Safaricom in 2007, is a highly successful mobile money platform in Kenya. It enables users to send and receive money, make mobile payments, and access financial services through their mobile phones.
With a widespread agent network facilitating transactions, MPESA promotes financial inclusion, particularly in areas with limited traditional banking services. It has become a global model for mobile money, impacting how people manage and transfer funds, both locally and internationally. Many forex traders in the country thus prefer forex brokers who accept MPESA as a payment method.
Several Forex brokers in Kenya accept MPESA for depositing and withdrawing money. These include:
HotForex: HotForex is a globally recognized Forex broker with a local presence in Kenya. They accept MPESA payments and also offer MT4 and MT5 trading platforms.
TemplerFX: This is a Forex broker that allows Kenyans to deposit and withdraw funds via MPESA. This broker also provides its traders with the MT4 and MT5 platforms.
FXPesa: FXPesa is a locally based broker and they also accept MPESA payments. They are regulated by the Capital Markets Authority of Kenya (CMA).
Scope Markets:This is another locally based Forex broker accepting MPESA payments. Scope Markets are also regulated by the CMA.
Should I Pay Taxes as a Forex Trader in Kenya?
Kenyan forex traders must pay tax on their earnings, regardless of whether those earnings were generated in an offshore trading account or with a local broker based in Kenya. It is important for traders to understand that the taxable income from foreign exchange trading must be declared as Kenyan Shillings when filing tax returns with the Kenyan Revenue Authority (KRA).
Traders bear the responsibility of accurately reporting profits made within the 12 months preceding each financial year's January 1st. Given the complexity of tax regulations, traders are advised to seek professional advice or directly contact the KRA for clarification on their tax obligations.
What Are the Forex Trading Hours in Kenya?
The forex market operates 24 hours a day during the business week, divided into different trading sessions across major financial centers worldwide. Kenya follows the East Africa Time (EAT), which is UTC+3. Here are the main forex trading sessions in Kenya's local time:
Sydney Session:2:00 AM to 11:00 AM EAT
Tokyo Session:4:00 AM to 1:00 PM EAT
London Session:10:00 AM to 7:00 PM EAT
New York Session:3:00 PM to 12:00 AM EAT
It's important to note that the forex market is most active during the overlap of sessions. For example, there is an overlap between the London and New York sessions from 3:00 PM to 7:00 PM EAT, which tends to have higher liquidity and volatility.
Keep in mind that forex trading hours can be affected by daylight saving time changes in certain regions, so it's advisable to check for any local time changes and adjust your trading accordingly. Additionally, some brokers may offer extended trading hours or electronic trading outside these traditional sessions.
Summary
Forex trading in Kenya has become increasingly accessible, with numerous international and regional brokers catering to Kenyan residents. Although there are locally regulated forex brokers, the most reputable ones tend to be internationally recognized, holding licenses from authorities such as the FCA or CySEC.
Many of the top forex brokers in Kenya offer favorable conditions, including low minimum deposit requirements and minimal or no commissions. This allows Kenyan traders to engage in both international and regional currency pair trading, supported by various tools to enhance their trading experience. For beginners, it is advisable to commence with a demo account before committing their capital.
At WikiFX, we boast about the most professional investigative team, conducting on-site inspections of brokers' regulatory status. We provide a multidimensional analysis for your broker inquiries, covering aspects such as regulatory compliance, trading products, trading platforms, deposits and withdrawals, spreads, and commissions.
Before choosing a suitable broker for your trades, it is crucial to thoroughly assess and exercise comprehensive caution. Every trade involves a certain level of risk, and our commitment is to furnish you with comprehensive evaluative information, aiding you in easily identifying trustworthy and outstanding brokers.
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