Forex Trading in Kenya

Forex trading in Kenya is a hot spot for currency enthusiasts and becoming popular! Kenyans are seeking trustworthy Forex brokers.

Are you one of them?

ke.tradefx.co.za Specialises in guiding Kenyans to finding the ideal Forex & CFD broker that suits the needs of Forex traders in Kenya.

We made it our company mission to provide fair and transparent broker reviews, focusing on fair trading conditions, safety and security of funds, and regulation. We only review and then verify (Broker Verified ) the top leading brokers for Kenyan traders!

Don’t get scammed out of your hard-earned (KES) Kenyan shillings due to the LACK OF DUE DILIGENCE!

Experience the journey with us!

Forex-Trading-in-Kenya

Successful traders are not born overnight. Nor does it come down to luck. Our review process for brokers accepting Kenyan traders is done to help beginners make the right choice when it comes to selecting their first forex broker.

“broker hopping” – Traders’ lingo for changing brokers on a frequent basis, is something we strive to avoid, and you should too!

More than just a review site

In addition to the 100s of articles on TradeFX Kenya, we add over 80,000 words of fresh content to the site on a monthly basis.

We are all about educating traders just like you, from beginners getting their feet wet, to profitable traders looking to up their knowledge. We have beginner guides, forex courses, general information, strategies, and of course, broker reviews.

Interested in reading more or maybe looking to signup with your first broker? Learn to become a profitable trader and maximise your returns!

WARNING: Forex scams are common. Don’t become a victim. Read our reviews before opening a trading account!

TIP 1: As a Kenyan looking to choose a broker, it is important to read the forex broker reviews before making your decision.

TIP 2: We showcase and feature our top 3 brokers, a good starting point to see what the marketplace has to offer!

1.
4.7 stars from 389 ratings

Broker Verified

Markets.com is among the best forex brokers that offer PayPal deposits in Kenya. The Markets.com review discusses the broker in detail.
CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.
2.
4.6 stars from 156 ratings

Broker Verified

Exness is among the best forex brokers that offer M-Pesa deposits in Kenya. We've provided a review to check how good this forex broker is.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
4.6 stars from 156 ratings

Broker Verified

Many locals ask if CMTrading opens trading accounts for Kenyan residents. Yes, CMTrading allows trading accounts for Kenyan residents.Fspreaa
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

List of Forex Brokers in Kenya

Explore our in-depth reviews before you start trading forex in Kenya.

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
Markets.com Broker Review
4.7 stars from 389 ratings

Broker Verified

FCA, ASIC, CySEC, FSCA, BVIFSC

up to 50%

USD 100

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.
2.
Exness Broker Review
4.6 stars from 156 ratings

Broker Verified

SFSA, FSC (BVI), CBCS, FSCA, FSC (Mauritius)

up to 10%

USD 10

1:2000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
CM Trading Broker Review
4.6 stars from 156 ratings

Broker Verified

FSCA

up to 100%

USD 250

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
4.
XM Broker Review
4.2 stars from 235 ratings

Broker Verified

ASIC, FCA, CySEC, IFSC

up to 100%

USD 10

1:888

Review Visit Site Visit Site
CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.

Forex traders in Kenya should always trade with a regulated entity.

OUR GUARANTEE: All of our listed verified brokers are regulated, some by multiple regulatory entities globally!

I don’t see the broker I am looking for

TIP 3: Use our site search to pull real-time broker reviews as you search!

Whether you trade Indices, Equities, Commodities or Forex, we are committed to providing all Kenyan traders with a broker where you can have a profitable and safe trading experience.

Top Forex Brokers List 2021

Forex Trading Kenya – Kenyan Shillings (KES)

A regulated broker with a local presence can make forex trading in Kenya both profitable and an exciting opportunity.

By successful traders, TradeFX Kenya is designed for traders. We have considered all the factors and emotions that new traders face.

Our goal is to answer these questions so you can make an informed decision when choosing your forex broker of choice.

Forex-Trading-Kenya

Forex Trading KE

Kenyans have shown immense interest in trading forex in the last decade with search volumes for related searches soaring. The trend is showing no signs of slowing down. Forex trading in Kenya is growing by the day and at a fast pace.

Trading enthusiasts are on the rampage, looking for a broker that can deliver the service they are seeking to demand.

Although not many brokers offer trading accounts in their home currency, KSh, the second alternative is the United States Dollar (USD).

With inflation at 5.1%, the Kenyan currency is depreciating rapidly against first world countries. This seems to be a good call to avoid their fiat currency.

Kenyan Shillings (KES) – History

Kenya’s official currency since KSh replaced the Easy African shilling in 1966.

For the past decade, the Kenyan currency has been under immense pressure.

We are yet to see a dip below 110 KES per $1 – US Dollar. Last seen between ranging below the 110 mark throughout 2011 – 2015.

How to Trade Forex for Beginners Guide

Every trader can do with a push in the right direction, as this can be quite daunting for beginners.

The number of brokers, mentors, signal providers, EAs (trading robots), and charting software has drastically increased, but how do you know where to start?

Here’s the simple answer! Quality education from reliable sources is the key.

Our trading guide is meant just for traders like you.

Broker Regulation in Kenya

Brokers are often chosen on the basis of the regulatory agencies they belong to.

The 4 most common and trustworthy regulatory bodies to consider are the FSCA (South Africa), FCA (United Kingdom), ASIC (Australia) and CySEC (Cyprus).

For Kenyans, Kenya’s CMA (Capital Markets Authority of Kenya) will always be the first choice when it comes to regulation. Taking action when necessary against fraudulent companies is part of their ethical business practices.

Broker Types – How do they operate?

The method of operation is a big deciding factor for most traders, though it may be placed more importance on this than necessary. Most brokers can be divided into three categories based on how they handle liquidity, and ultimately client funds when (if) they “go to market.”

Abbreviations for each are as follow:

  • ECN (Electronic Communication Network)
  • STP (Straight Through Processing)
  • MM (Market Maker)

A broker has either a dealing desk or a non-dealing desk. These are called A-book and B-book brokers, respectively. How do they differ?

Despite their pros and cons, all three can still provide fair trading conditions.

Because they are stigmatized as market makers, brokers will not openly admit to being such.

ECN – Electronic Communication Network

The ECN stands for Electronic Communication Network. Using electronic channels, brokers connect clients with market participants. They are also called foreign exchange market participants or ECN brokers.

Brokers using ECNs can offer tighter bids and offers by consolidating quotes from multiple participants. The most common clients of an ECN broker are either investors, banks, or market traders.

STP – Straight Through Processing

With Straight Through Processing, clients send orders directly to the market and do not have to go through a deal desk. Market makers (dealing desks) and exchanges typically use STP accounts as a hybrid model.

MM – Market Makers

Quote screens are public screens that display both bid and ask prices set on the markets by market makers. Banks and retail forex traders both accept these rates for their transactions. Thus, they contribute to market liquidity.

Trading Platform

Platforms for trading are available from brokers. It is rare to find a broker who does not offer MetaTrader 4 (MT4). Some of the other popular platforms are MetaTrader 5 (MT5), cTrader, and proprietary platforms designed by brokers.

MT4 – MetaTrader 4

The majority of trading platforms are designed for Forex trading, such as MT4 (MetaTrader 4). Automated trading systems, robots, and custom indicators can all take advantage of this system’s flexibility.

A few things have gone wrong with the adoption of MetaQuotes’ MT5, and it hasn’t been as well-received as everyone expected.

MT5  – MetaTrader 5

Trading Forex, commodities, and futures are possible on the MetaTrader 5 (MT5) platform by MetaQuotes.

Like most other online trading platforms, MT5 lets traders view charts, stream live markets, and place orders with their broker.

MT5’s most popular feature is the Expert Advisor or EA.

cTrader

cTrader offers easy trading features, quick entry and execution, and coding customization.

Both novices and experienced traders can use Spotware’s cTrader.

On this platform, you can directly access the interbank market and navigate pre-sets, algorithms, and portable charts.

With improved charting capabilities and order management systems, you are able to manage your positions more efficiently in volatile markets.

Trader Trading Conditions

Within this category, leverage, spreads, accounts, and assets are discussed. These factors directly affect profit and loss. For any trader, these factors are of the utmost importance.

What is leverage?

One of the most powerful and alluring aspects of trading forex over other asset classes is leverage. How can leverage be used in forex trading? What exactly is it?

For Forex traders, leverage is essentially borrowing money from their broker in order to control a larger position than they could otherwise hold.

As a result of leverage, which is essentially a loan from your broker, you are able to trade much bigger volumes while using a fraction of your own money.

What is spread?

Spreads, also called bids and asks for a currency pair, are the difference between their prices.

A trader’s trading platform will show two prices; a buy price (bid price) and a selling price (ask price). A trader can never sell for less than their bid price.

How do account types impact trading costs?

Different account types come with different leverages, lot sizes (standard, mini, micro and even nano) and spread. Minimum deposits are also tied to the account type a trader can access st their selected broker.

Zero spreads with commissions, low spreads without commission or even swap-free accounts can save you money and increase overall profits.

Your ideal account size is highly dependent on your trading style and strategy.

Best Overall Spreads Award South Africa 2021