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Best Forex Trading platforms in Kenya

We selected the best platforms for Kenyan traders after comparing the fees, trading conditions & more of 20+ most popular platforms.

TradeForexKenya Editor

Trading platform is the interface offered by brokers to facilitate trading. It is arguably one of the most important features to consider before signing up with the broker.

A great trading platform makes it easy for traders to analyse the charts, access the market news feed to understand the emotions at play and lock-in profits by rapidly reacting to the trader’s trade open/close requests without any glitches.

It should have a downloadable desktop app, mobile app or a web-based trading platform with live uninterrupted data feed, an ability to customise the chart views with a clean and aesthetic User Interface (UI).

Ease of setup and grievance handling abilities are nice add-ons to a broker with a good trading platform and should have a significant weight in your decision to go with one.

Here, we discuss brokers that offer the best trading platforms and outline their platform’s pros and cons to help you with the final decision.

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Comparison Table of Best Forex Trading platforms in Kenya

Broker Name Minimum Deposit Lowest EUR/USD Spread Regulation(s) Trading platforms Available Instruments Visit
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.6 pips
Regulation(s): FCA, FSCA, CySEC
Trading platforms
MT4, MT5 for mobile, desktop & web
Available instruments: 49 currency pairs, and 100+ CFDs
Visit Broker
Minimum Deposit: $100
Lowest EUR/USD spread*: 0.6 pips
Regulation(s): FCA, ASIC
Trading Platforms
Proprietary for web, mobile
Available instruments: 60+ currency pairs, 1000+ CFDs of cryptos, indices, commodities, shares
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 1.5 pips
Regulation(s): FCA, FSCA
Trading Platforms
MT4, MT5 for web, mobile & desktop. And FXTM trader app.
Available instruments: 59 currency pairs, 200+ CFDs on commodities, shares, cryptos
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Trading Platforms:
MT4 & MT5
Available instruments: 57 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $50
Lowest EUR/USD spread*: 3.0 pips
Regulation(s): FCA, CySEC
Trading platforms:
For web & mobile
Available instruments: 47 currency pairs, 100+ CFDs on Cryptos, Commodities, stocks
Visit Broker

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

#1 Hotforex – Overall Best Forex Trading platform with low fees

Hotforex Kenya

Rating: 9.0/10

Regulation(s): FCA (UK), FSCA, CySEC

Minimum Deposit: $5

Trading Platforms: MT4, MT5 platforms, WebTrader and Mobile platforms for iOS & Android

HotForex is a global award-winning broker regulated under FSCA since 2016. They offer very low spreads on their trading platforms. The benchmark EUR/USD spread for a Zero Account is 0.3 Pips and for a Premium account is 1.3 Pips. Commission is charged on a Zero Account to the tune of $6
per standard lot roundtable.

HotForex does not charge any on deposits or withdrawals. And withdrawals placed before 10 AM are processed on the same day.

They offer user-friendly and powerful platforms MT4 and MT5 for desktop that are available for Windows, Mac as well as Linux, Mobile (available for iOS & Android) and a web-trader.

MT4 and MT5 are popular trading & charting platforms developed by MetaQuotes software company and are offered by Hotforex and numerous other brokers to access the broker’s available trading assets.

Designed for trading numerous types of instruments, Metatrader versions are the most used trading platforms among the trading community for their convenience and rich functionality.

On Hotforex’s Metatrader, the traders can analyse financial charts, trade on the go using the mobile apps and even run Expert Advisors (EAs) as well as copy trades of other traders.

Their MT5 offers fundamental analysis in addition to technical charts that MT4 comes equipped with and offers additional financial instruments like CFDs on stocks and commodities. With more charting on multiple timeframes in MT5, the traders can easily implement their strategies, chalk out entry and exit points and finally help themselves to profit.

#2 Plus500 – Best platform for Mobile trading

Plus500 Kenya

Rating: 8.8/10

Regulations: FCA (UK), ASIC of Australia

Minimum Deposit: $100

Trading Platforms: Proprietary, available on web & all mobile device

Plus500 is a CFD broker that offers CFDs on a variety of instruments like stocks, Forex, Indices, commodities, Cryptocurrencies, ETFs as well as Options. It is regulated by multiple Top tier regulators i.e. FCA, ASIC etc. and Kenyan traders will be registered under the jurisdiction of CySEC of Cyprus.

Plus500 has a proprietary trading platform that is easy to use, and beginners can benefit from its look and feel. One can trade multiple markets from the same screen, with real-time quotes available. Its mobile platform is well-developed with multi-asset trading capabilities.

The platform is available for desktop (Windows only), Mobile (available for iOS, Android) and a web trader also. You can check the platform by the demo trade capability offered by the broker.

With an attractive leverage and multilingual 24×7 support, it features among the best brokers. It is one of the top CFD brokers by number of Active traders in 2018 with more than 300,000 active traders.

Plus500 is compensated through “market spread” which means there are no additional commission-based charges. The typical mark-up to EUR/USD benchmark spread 0.6 Pips per lot for Forex CFDs. The minimum deposit is $100 and withdrawal charge is $6. The charges for inactivity is $10 for 3 months time frame.

#3 FXTM: Good Metatrader platforms


Rating: 8.5/10

Regulation(s): FCA, FSCA

Minimum Deposit: $5

Trading Platforms: MT4 & MT5 for all devices. And FXTM trader app.

FXTM offers the industry-leading trading platforms MT4 and MT5 for PC, Mac, mobile or tablet to suit beginners as well as advanced traders. A webtrader is also available for those who want to directly trade from the browser. FXTM even offers a multi-account manager (MAM) on MT4 which lets you trade with multiple accounts.

In addition to MetaTrader, FXTM has recently launched its own platform “FXTM Trader” with unique customizability options for superior trading. It is available for mobile only (Android, iOS) with access to 250+ instruments with Cross-platform trading accessibility with no additional downloads.

FXTM also has ECN accounts, and they are regulated by FCA in the UK, FSCA of South Africa and has been in the industry since 2011.

Trading instruments on offer include Currencies, Spot Metals, Share CFDs, Commodity CFDs, Stocks, Cryptos with attractive leverage and a minimum deposit of $10. ECN account has benchmark EUR/USD spreads from 0.1 Pips with $4 per lot roundtable commission. Standard account has tight floating benchmark spreads starting from 1.3 Pips with no commission.

FXTM has easy deposit and withdrawals, charges no commission on deposits and processes withdrawals usually under 24 hours with commission depending on the mode of transaction.

Pros/Cons of FXTM’s trading platforms:
All Pros/cons of MetaTrader platforms are applicable to Forextime also. We have mentioned below only the Pros/cons of FXTM Trader, their proprietary platform

#4 XM Forex: Best MT4 Trading platform

XM Forex Logo

Rating: 8.5/10

Regulations: CySEC, FCA & FSA.

Minimum Deposit: $1

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

XM Forex offers MT4 and MT5 for PC and Mac, android and iOS as well as for Ipad. It also offers MT4 Webtrader where one can trade from the web browser itself without downloading anything. XM offers over 1000 trading instruments through its MT4 and MT5 in Forex, CFDs and Futures.

They are regulated and licenced by reputed authorities, but Kenyan traders are registered under the jurisdiction of XM Global (IFSC). It is a low-cost broker and claims no slippages in the trades executed. The minimum deposit is just $5 for both Micro or Standard accounts, with spreads as low as 1 Pip and zero commission charges. In “XM Ultra Low Account”, a minimum deposit of $50 is charged and spreads typically start from 0.6 Pips with no commission charges.

Through MT4 offering, a single login access is provided by XM for all 8 MT4-enabled devices and through MT5 offering, a single login access is provided for all 7 MT5-enabled devices.

With a freedom to use Expert Advisors and a One click trading functionality where one can open or close trades with just one click allowing a quick lock-in to profits, professional traders can really benefit. XM also allows hedging to the trading portfolio.

XM Forex app can be used to track trades or even place trades,, if one registered for MT4 or MT5 platforms.

#5 Etoro: Best platform for Social Trading

Etoro Logo

Rating: 8.5/10

Regulations: FCA

Minimum Deposit: $50

Available Platforms: Proprietary for web & mobile.

Etoro is a social trading platform setup back in 2007. A unique experience where users can interact with fellow traders and copy their trades, enabling beginners and advanced traders to profit from their combined strategies.

One can check out Etoro by opening a virtual portfolio before putting real money. There is a research tab offering market depth. Other notable functionalities include One-click trading, stop loss, trailing stop loss and offline trading capabilities.

2000+ financial instruments comprising commodities, cryptoassets, currencies, indices and ETFs can be traded on their platform. Depending on the instruments, there are CFDs as well as delivery-based assets.

Depositing funds is safe and quick with a minimum amount of $50. Withdrawals can be done via wire transfer, Paypal and even to Credit cards to the same account where the funds were deposited. Estimated withdrawal process time is 1-2 days for many payment providers. There is a withdrawal processing fee of $5 for a withdrawal amount exceeding $50.

Etoro has a typical average spread for EUR/USD about 3 Pips per lot with no extra commission. It charges an inactivity fee of $10 per month of inactivity.

How to choose the best trading platform?

Here’s our checklist on what you should look for in a FX trading platform:

1. Multi-device support: Make sure the trading platform is available on multiple devices, which gives you access to the trades on the move. Being able to access it on mobile as well as tablets, you will not miss major profit-making opportunities.

Some brokers with proprietary platforms like Etoro don’t have desktop support, hence if you are looking only for the desktop version you should choose Metatrader brokers.

2. Multiple order types: It is important to place the order based on the situation hence different types of order placing capabilities can really make a difference. Stop loss orders, limit orders, market orders, buy stop or a sell stop order are different types which a trader can place depending on the circumstance, hence look for a trading platform that lets you access these.

3. No downtime: Some platforms tend to freeze during critical moments of a trade. Some platforms tend to remove stop loss orders and do not close the trade as per the given instructions which is unethical. Hence it is important to go through reviews and choose the one that performs well.

4. Technical tools & available instruments: Check for the abundance of technical indicators on the platform, ease of reporting features and intuitive layout view of trading. Available trading instruments should not limit your trading hence it is better to ensure all assets you would like to trade are available

5. News & educational content: Educational content on the platform helps you understand various variables that are driving the price moments and will make a better trader in the long run. Also, the content helps to navigate the platform and familiarize with it. Economic calendar also strategically impacts your trades, so a well-built calendar is quite useful.

6. Low Trading fees: Spread, commission and deposit/withdrawal fee significantly impact your bottom-line, make sure they are low and don’t eat up your profits. Check for reviews on the historical spread, commissions for various accounts on offer as well as minimum deposit and withdrawal fees.

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