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Best Forex Brokers in Kenya 2020

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

TradeForexKenya Editor

Retail Forex Trading & CFDs on Forex are legal & popular trading instruments in Kenya, which are regulated by Kenya’s CMA (Capital Markets Authority). There are estimated to be around 70,000 active forex traders in Kenya and this number is growing.

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

As a trader making an investment in Forex, you must look for a broker that gives you secure environment & proper trading conditions. For this, it is very important to choose a broker that is regulated with local National Regulator (CMA) or reputed international regulators (like FCA, FSCA, CySEC or ASIC).

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

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Comparison Table of Best Forex Brokers in Kenya

Forex Broker Minimum Deposit Lowest EUR/USD Spread Regulation(s) Max. Leverage Available Instruments Visit
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.6 pips
Regulation(s): FCA, FSCA, CySEC
Max. Leverage:
1:1000 (with Micro account)
Available instruments: 49 currency pairs, and 100+ CFDs
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Max. Leverage:
1:888
Available instruments: 57 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $200
Lowest EUR/USD spread*: 1.6 pips
Regulation(s): CMA (Kenya)
Max. Leverage:
1:400 for FX, 1:100 for CFDs
Available instruments: 61 currency pairs, 28 CFDs
Visit Broker
Minimum Deposit: $1
Lowest EUR/USD spread*: 0.3 pips
Regulation(s): CySEC, FCA
Max. Leverage:
1:2000 for FX
Available instruments: 104 currency pairs, 100+ CFDs
Visit Broker
Minimum Deposit: $10
Lowest EUR/USD spread*: 1.5 pips
Regulation(s): FSC of Mauritius, FCA, CySEC & FSCA
Max. Leverage:
1:2000 for FX with Standard Account
Available instruments: 59 currency pairs, 200+ CFDs
Visit Broker

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

#1 Hotforex – Best Overall with low spread & FCA regulated

Hotforex Kenya

Rating: 9.0/10

Regulations: FCA (UK), FSCA, FSA

Minimum Deposit: $5

Available Platforms: MT4 & MT5 platforms, WebTrader and Mobile trading

Hotforex is our recommend forex broker for Kenyan traders. Although Hotforex is not regulated by CMA, but they are regulated by other tier-1 regulators such as FSCA of South Africa, DFSA of UAE, FCA of UK & FSA of Seychelles.

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

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

#2 XM Forex – Low fees, good support

XM Kenya

Rating: 8.8/10

Regulations: ASIC of Australia, IFSC of Belize and CySEC of Cyprus

Minimum Deposit: $5

Available Platforms: MT4, MT5, XM Web Trader and mobile device platforms

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

They are regulated with top-tier regulators including CySEC & ASIC. XM’s trading fees, is quite competitive, and they offer straight standard accounts without any extra commissions. Their fees is lowest with their Ultra Low account.

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

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

#3 EGM Securities – CMA Regulated Forex Broker

EGM Securities

Rating: 8.5/10

Regulations: Capital Markets Authority (CMA) of Kenya

Minimum Deposit: $200

Available Platforms: Metatrader 4 for desktop, Web & mobile

EGM securities are Kenya’s first non-dealing online forex broker, based in Nairobi, and they are authorized by CMA of Kenya. They offer ECN trading accounts.

Being a non-dealing desk (NDD) broker, they provide market execution of trades with all their trading account. They offer 2 trading accounts: Executive that required $200 deposit, it is a standard account without any commission & spread from 1.6 pips. The other account is Premiere ($5,000 deposit), but has lower spread from 0.4 pips + $7 commission per standard lot for FX.

They offer 61 currency pairs, but their other CFD offerings are quite limited though. And they are a MetaTrader 4 only broker, so latest MT5 or cTrader is not available with them.

They have local phone number for support. And they offer funding in USD as well as in Kenyan Shilling. They also accept deposits via Mpesa & Airtel money.

#4 Exness – Low Spread Forex Broker

Exness Logo

Rating: 8.5/10

Regulations: CySEC, FCA & FSA.

Minimum Deposit: $1

Available Platforms: Metatrader 4 and Metatrader 5 for desktop, WebTrader & mobile app.

Exness, a Cyprus based broker, provides features like multilingual support, low spreads, education through tutorials, strategies and free analysis tools.

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

One of the major benefits with Exness is the multilingual support in 22 languages with 13 languages on chat support. Account types available help both newbies and pro traders. Other benefits include low spreads, fast executions, daily market reports, support from Expert advisors and meta trader plugin supports.

#5 FXTM – Good ECN Broker with low minimum deposit

FXTM Logo

Rating: 7.5/10

Regulations: FSCA, FCA, CySEC.

Minimum Deposit: $10 with Cent Account

Available Platforms: Metatrader 4 and Metatrader 5 for desktop and mobile and WebTrader.

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

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

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

Frequently asked questions

Which are the CMA licensed forex brokers in Kenya?

There are 3 CMA licensed brokers in Kenya currently. First is EGM securities (operating as FXPesa Kenya) and the others are Pepperstone & Scope Markets.

EGM Securities (FXPesa) is #3 in our list of recommended forex broker for Kenya. Scope Markets is a new Kenyan broker which stated its operations since May 2019.

There are not a lot of brokers regulated with CMA, so traders in Kenya should only choose brokers either regulated locally with CMA or reputed foreign brokers like Hotforex, XM Forex which are regulated with top-tier regulators like FCA, ASIC, CySEC.

What are the best forex trading platforms in Kenya?

The most popular trading platforms in Kenya are the MT4 & MT5. Most popular brokers like Hotforex, Forextime provide trading on these two platforms with additional support for WebTrader and mobile devices.

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

Is online forex trading legal in Kenya?

Online forex trading is legal in Kenya, regulated by CMA. The financial regulator of Kenya is Capital Markets Authority (CMA) of Kenya. It was founded under Capital Markets Act 1989. CMA’s goal is to regulate and improve the safety of Kenya’s capital market for local investors.

See List of Forex Brokers regulated by CMA in Kenya.

As per law, the brokers offering their services in Kenya are required to be regulated under CMA, which was done in order to safeguard the investors from fraudulent schemes and misconducts. In 2017, stricter regulations were passed in which CMA had to strictly oversee online forex business in Kenya. Capital Markets (Online Foreign Exchange Trading) Regulation 2017 required organizations to register under CMA.

Although it is required for brokers offering FX trading & CFDs, to be registered under CMA and have a local office in Kenya for the local citizens to be able to trade in a secure & regulated environment. But currently the market is limited to only 2 local providers i.e. EGM Securities & Scope Markets, and foreign brokers like Hotforex, XM are still very popular among Kenyan traders.

Which forex brokers accept MPesa?

The brokers XM, Exness, FXTM & EGM Securities accept MPesa for funding. M-Pesa is a popular mobile money in Kenya. Most forex brokers that accept MPesa offer instant funding or deposit within few hours, so you should check with the broker first on their deposit time.

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