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Best CMA Regulated Forex Brokers in Kenya

There are currently only 4 Forex Brokers regulated by CMA in Kenya. We have ranked them based on comparison of their trading fees, ease of account opening, withdrawal process & 7 other factors.

TradeForexKenya Editor

Forex Trading is legalized in Kenya & and regulated by the CMA – Capital Markets Authority. The National Treasury authorized the CMA through the 2016 Finance Act. This was to supervise and regulate the online Forex trading market in Kenya. In 2017, CMA subsequently enacted the Capital Markets Online Foreign Exchange Trading Regulations.

Traders from Kenya are accepted by several offshore and foreign regulated brokers. However, if you are looking for Forex trading in Kenya, you should trade preferably with a locally regulated in Kenya.

CMA is responsible for monitoring, licensing, and supervising the activities of market intermediaries in Kenya. It is an autonomous financial regulatory agency of the Government.

You can be ensured of the safety of your funds by trading with brokers regulated with CMA. Protection is assured in case of a dispute with regulated broker. You also get local supervision for fair trading practices/conditions by the Brokers.

Recently, CMA cautioned the Kenyans regarding online Forex trading through unregulated platforms. The regulatory authority stressed to nationals of Kenya that they are at risk of loss of their investments. This is if they invest with unauthorized entities. Traders trading with foreign brokers may also not get legal protection.

We are created this list of 3 CMA Regulated Forex brokers in Kenya.

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Comparison Table of Best Forex Brokers regulated by CMA in Kenya

CMA Forex Broker Minimum Deposit Lowest EUR/USD Spread Regulation(s) Max. Leverage Available Instruments Visit
Minimum Deposit: KSh. 500 ($5)
Lowest EUR/USD spread*: 0 pips
Regulation(s): CMA License No. 107
Max. Leverage:
1:400 (for forex)
Available instruments: 65 currency pairs, and 20+ CFDs
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Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): CMA License No. 155
Max. Leverage:
Available instruments: 50+ currency pairs, 100+ CFDs on other instruments
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Minimum Deposit: $10
Lowest EUR/USD spread*: 0.5 pips
Regulation(s): CMA License No. 162
Max. Leverage:
Available instruments: 100+ currency pairs, 400+ CFDs on metals, indices, energies & stocks
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Minimum Deposit: KSh. 2000 ($20)
Lowest EUR/USD spread*: 1.1 pips
Regulation(s): CMA License No. 123
Max. Leverage:
Available instruments: 44 currency pairs, 19 CFDs
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Minimum Deposit: $10
Lowest EUR/USD spread*: 1.6 pips
Regulation(s): CMA, FCA, FSCA, CySEC
Max. Leverage:
Available instruments: 59 currency pairs, 200+ CFDs
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Minimum Deposit: $100
Lowest EUR/USD spread*: 0.13 pips
Regulation(s): CMA License No. 128
Max. Leverage:
Available instruments: 61 currency pairs, 100+ CFDs
Visit Broker

Currently, there are just 7 Non-Dealing brokers in Kenya regulated by the CMA. These are FXPesa (EGM Securities), HF Markets, Exness Kenya, Scope Markets (SCFM Limited), Pepperstone Markets & FXTM (Exinity Limited).

#1 FXPesa – Best CMA Regulated broker Overall

FXPesa Kenya

Rating: 9.0/10

Regulations: CMA

Minimum Deposit: $5

Available Platforms: MT4, WebTrader and Mobile trading

FXPesa is the brand of EGM Securities, which was the first broker to be regulated by CMA in Kenya for online Forex trading. For retail traders, they operate through the brand name FXPesa.

Fees: The fee charged by FXPesa is higher in comparison with other CMA regulated broker Pepperstone. The typical spread for major currency pairs such as EUR/USD is 1.6 pips for every Standard lot. Thus, EGM Securities charges a higher spread on standard pairs of currency comparatively.

Trading Conditions: The Executive Account is a spread only account with no commissions. Traders can trade around 65 pairs of currency pairs. They also provides CFD trading on 20+ Indices, Commodities, and Metals.

The minimum deposit required is $ 5. The maximum leverage offered to traders is 1:400 for FX. FXPesa does offer local funding and withdrawal methods. There are no fees charged on funding. However, fees on withdrawals may be applicable based on the method. This includes overseas withdrawal fees for withdrawal through bank transfer or wire.

You will be charged an inactivity fee by FXPesa. This is if your account is inactive for 180 calendar days or higher.

Support: Customer Support is offered through Live Chat, E-mail, and Phone. Live Chat responses during our chat with their staff were helpful. However, we experienced hold times of few minutes. E-mail support to your queries are normally responded to in 1 or 2 hours.

EGM Securities does have a local phone number in Kenya. But the support is offered only during business hours. They have a local office too, but do not function on weekends.

FXPesa Pros

  • Phone support in Kenya available.
  • Offers cross-platforms and multi-device trading.
  • No Deposit fees & accepts MPesa.

FXPesa Cons

  • For EUR/USD & other pairs, the spreads are higher with 1.6 pips and above.
  • Limited CFD instruments for trading other than Forex.

#2 HF Markets – CMA Regulated Forex broker with very low Spreads

HF Markets Kenya

Rating: 8.5/10

Regulations: CMA, FCA, FSCA, CySEC

Minimum Deposit: $5

Available Platforms: MT4, MT5

HF Markets was formerly known as HotForex. They are licensed as a non-dealing forex broker with CMA under the company name ‘HFM Investments Ltd’ and license no. 155

HFM have multiple account types, and the exact trading charges depend on your account type that you have opened during account opening. For example, with their Premium Account, the minimum deposit is $0, and the spreads start from 1.2 pips.

The max. leverage for FX Majors is 1:400. The leverage is lower for other instruments (varies for different CFDs).

They accept deposits & withdrawals via Bank Transfer & via MPesa. Their withdrawals are instant with Mpesa (700 KES minimum), and mostly processed within few hours max..

They also have local phone number in Kenya & a registered office in Nairobi. Their live chat support is also fast & we did not experience much hold time.

#3 Exness – CMA Regulated Forex Broker in Kenya that accepts MPesa

HF Markets Kenya

Rating: 8.5/10

Regulations: CMA, FCA, FSCA, CySEC

Minimum Deposit: $10

Available Platforms: MT4, MT5

Exness is regulated by the CMA under the company name ‘Tadenex Limited’ as a non-dealing forex broker under license no. 162.

Exness has very low spreads with most of their account types. For example, with their Standard account, the average spreads for EUR/USD is 1 pips. The spreads are lower with Pro account, and on average it is 0.6 pips for EUR/USD. There is no extra commission per lot with any of these account types.

Exness also have a Raw Spread account, which have 0 pip spreads for most majors, but there is a commission of $3.50 per lot per side. If you are trade 1 mini lot, then for EUR/USD, the commission will be $0.7 (plus 0 pips spread). This would be around 0.7 pips on comparison.

They have a max. leverage of 1:400 for FX majors. The minimum deposit depends on your account type, and it is normally $500 with Pro accounts & $10 or lower with Standard account.

Exness does accept MPesa & local bank cards for payments. The deposits via MPesa are mostly instant, but the withdrawals can take 24 hours.

They have a local registered office in Nairobi. But their support is very slow in responding to queries.

#4 Scope Markets – CMA Regulated broker with Metatrader Platform

Scope Markets Kenya

Rating: 8.0/10

Regulations: CMA

Minimum Deposit: $20

Available Platforms: MT5

Scope Markets Kenya was regulated by CMA in 2019. The company name is SCFM Limited under License number 123.

Scope Markets Kenya has a minimum deposit of $20. There are no charges on any deposits or withdrawals, and you can deposit via Bank Transfer or MPesa as well.

They also have local phone number for support. We also found Scope Markets’s Live Chat to be be helpful.

What is Capital Markets Authority (CMA) of Kenya?

The CMA – Capital Markets Authority is the financial regulatory agency in Kenya. It is charged with the crucial responsibility of monitoring, licensing, and supervising the activities of market intermediaries. This includes the Stock Exchange as well. CMA derives its regulatory powers from the Capital Markets Act and its Regulations.

Its regulatory functions include:

  1. Supervising and licensing all intermediaries in the capital markets
  2. Ensuring correct conduct of all licensed individuals and market institutions
  3. Regulating the products offered in the capital markets
  4. Promoting investor awareness and education
  5. Protecting the interest of investors

CMA has regulatory supervision over all entities offering online Forex brokerage services in Kenya. It plays a very vital role in ensuring safe trading for traders in Kenya and fair practices by the Forex brokers.

Why trade with CMA Regulated brokers?

The major factor of trading with Forex brokers licensed by the CMA is that only such trades and market transactions are lawful in Kenya. The chief risk of trading with unlicensed brokers for individual Forex traders is outright fraud or illegal activity.

Licensed Brokers are required to adhere by regulations of the CMA for the Forex industry in Kenya. It implies much more than just having laws in place. The authority constantly supervises the brokers for enforcement of the rules and regulations.

The CMA is also mandated with the protection of investors in Kenya. This is to safeguard them from fraud and undisclosed financial risks.

The Forex market is decentralized and global. It is thus highly prone to fraud being comparatively less regulated than other fiscal markets.

The standards for compliance for all Forex brokers offering services for Kenyans have been defined by the CMA. It includes being licensed and registered with the Authority. They are also required to undergo regular audits and communicate specific changes of service to the clients.

Licensed Forex Brokers in Kenya are also subject to evaluations and review by CMA. This is to ensure compliance with industry norms. It helps in ensuring that currency trading is fair and ethical for all parties involved. Thus, trading with CMA regulated brokers protects you from scams and illegal brokers.

How to verify if the Forex Broker is licensed by CMA?

CMA have a “List of Licensees” on their website, and the list is updated after ever few weeks. You can download that list & search for the broker name in that list.

For example: FXPesa’s license number can be verified in the list of “Non-Dealing Online Foreign Exchange Broker“.

Verify the of License of your CMA regulated Forex Broker

Also, whenever CMA approves a new broker, they issue a press release on their website. The above list was last updated on “July 31 2020”, so brokers approved after that date are not in the pdf list. Like “Exinity Capital East Africa Ltd.” which operates the brand FXTM was issued the license on Nov 11, 2020 as per press release on CMA’s website.

Is it legal to trade forex via CMA regulated brokers?

Yes, but there are different categories of licensees. The brokers licensed under non-dealing foreign exchange brokers are legal if you want to trade forex in Kenya.

These brokers cannot act as counter party on the other side of your trades, instead they can only be the intermediary. Most of these brokers don’t act as the market maker themselves.

If you somehow signup with a foreign registered broker’s entity, then your funds would not be safe & you trade without any investor protection from CMA’s fund.

Frequently asked questions: Forex Brokers regulated by CMA

Which are the best CMA Regulated Forex Brokers?

Based on our research, only 3 brokers are currently regulated by CMA. So the choices are limited, but we have still rated the brokers in the following order based on our comparison factors:

  1. FXPesa – Most Popular for Beginners
  2. PepperStone – Best for Low Fees
  3. Scope Markets

If you are a beginner trader in Kenya, then you should choose FXPesa. If you are an advanced trader then you can look into PepperStone.

What is the minimum deposit required for trading with CMA regulated forex broker?

This depends on the choice of broker. FXPesa has the lowest deposit requirement of $5. And other brokers have around $200 or higher requirements.

Which CMA regulated forex brokers accept MPesa?

Currently only 2 CMA regulated brokers FXPesa (which is the brand of EGM Securities) & Scope Markets Kenya accept MPesa for forex trading in Kenya. The deposits via MPesa with both these brokers are free of any charges & normally funded within 1 day.

There are also other foreign regulated forex brokers that accept MPesa. The minimum deposit with most of the brokers that accept MPesa is around $5.

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