Kenyans have an official regulator within Kenya that oversees forex brokers and other financial institutions. The CMA (Capital Markets Authority) of Kenya assists traders with any capital markets operations within Kenyan borders.
The CMA protects Kenyan traders from unregulated brokers and illegal operations (forex related scams) within the finance and forex trading industry.
The best forex brokers in Kenya that are regulated will be indicated with a Broker Verified badge, indicating that they are regulated (global regulatory entities) and fully reviewed.
Don’t fall victim to scams and lose your Kenyan shilling (KES) that you worked so hard for due to the LACK OF DUE DILIGENCE from your side!
The term “broker hopping” (traders’ lingo for changing brokers on a frequent basis) is widely seen and used by forex traders seeking a reliable forex broker in Kenya.
Trading success (making a profit) depends just as much on your skills as it does on the broker you use. All traders seek long term consistency and success. This is easier said than done!
Local Kenyan brokers are not always the best forex brokers in Kenya.
There is so much more out there, and yes, they are trustworthy and regulated by some of the best regulatory bodies in the world.
Among the strictest and most respected regulatory bodies worldwide are (in no particular order):
PRO TIP 1: If you are a Kenyan looking for a broker, you should read reviews of forex brokers before making a choice.
“You are better off reading a broker review (10min of your time) than being dissatisfied with your broker of choice.”
PRO TIP 2: Our top 3 brokers are showcased and featured, a great place to see what the market has to offer!
Explore our in-depth reviews on Kenya’s top forex brokers.
Kenyans must always use the best forex brokers available to them!
OUR GUARANTEE: Most of the verified brokers in our list are licensed by more than one regulatory authority!
PRO TIP 3: Use our site search to pull real-time broker reviews as you search!
As a Kenyan trader, we strive to help you to trade Forex, Indices, Equities, and Commodities safely and successfully with our broker list.
Let’s go through our Top Forex Brokers List. These trading companies are all regulated and verified by us.
Blackstone Futures is a South African broker that operates in Kenya as well. Since the broker is based in South Africa, all client funds are kept in South African banks, and FSCA regulations enable clients’ funds to be retrieved if the broker becomes insolvent. All client funds are separated from the company’s operating capital, and the company is also licensed to collect negative balances.
Account currencies offered by the broker include USD, ZAR, and GBP with trading platforms MetaTrader 4 and CloudTrade. The platform is safe and secure with strict regulatory oversight, the broker of choice for Kenyan enthusiasts. Every client receives the same benefits, like bonuses and leverage.
Traders can open positions on two different accounts with 0.01 lots and deposit 1000 ZAR to open one. At Blackstone Futures, traders have access to an ECN-like spread because of Straight Through Processing (STP). There are no commissions charged by Blackstone, though overnight swaps are subject to a fee. At Blackstone, traders cannot open a demo account or an Islamic Swap-free account.
While Blackstone Futures offers more trading tools than other brokers, such as Autochartist and Trading Central, it lacks the technical analysis tools like those offered by these other brokers.
The broker offers maximum leverage of 1:400. Micro-lot sizes (0.01) are available in USD, ZAR, and GBP accounts, but spreads are tight across all account types and platforms. In MetaTrader 4, floating spreads are available, but in CloudTrade, they are fixed. They offer 24/5 support, covering all trading hours. The company offers multiple ways for customers to contact them.
M-Pesa withdrawals are not possible with this broker, which is a disadvantage for Kenyan traders. However, OZOW is planning to open operations in Kenya, which will increase the credibility of this broker in the country.
Blackstone Futures is therefore not regulated by the CMA, does not accept M-Pesa deposits, and does not even support Kenyan Shilling as a currency. Therefore, Kenyan traders must weigh all the pros and cons carefully before opening an account. Read Full Review Here
up to 30% Bonus Promotion
Markets.com is a top broker that accepts PayPal deposits in Kenya. Transparency in its business model and compliance with global regulators make it an accredited broker.
MT4 and MT5 are its proprietary trading platforms, while Marketsx handles CFD trading and Marketsi handles share trading. In addition, several instruments are available for trading on markets.com, such as stocks, commodities, indices, cryptocurrencies, ETFs, and bonds. Kenyan traders need a minimum deposit of $100 or a currency equivalent to begin trading at Markets.com.
CMA Kenya is not regulated by the Financial Sector Conduct Authority (FSCA). However, Markets.com operates a Kenyan subsidiary and is supervised by the FSCA. Security and privacy are of utmost importance to Markets.com. Encryption, firewalls, and Secure Socket Layer (SSL) software are all used to ensure data security during transmission.
The brokerage company is currently offering free trading credits of up to 35% on a $100 deposit in Kenya. However, a minimum investment of $10,000 is required to receive the maximum bonus available from the offer.
With many positive aspects, there are some cons to trading with Markets.com.
It does not accept Kenyan Shilling. This is because CMA Kenya doesn’t regulate it, and Customer service does not provide a Kenyan contact number.
Also, there is not much educational content available at Markets.com, which is somewhat disappointing for traders seeking in-house training.
Further, Markets.com is offering competitive spreads. For example, EUR/USD’s average spread is 0.7 pips, while the GBP/USD is 1.2 pips. However, several factors can lead to variable spreads.
Markets.com offers demo accounts to Kenyan traders to test their trading skills and platform functionality on a virtual platform. You can receive over $10,000 as virtual funds to trade in a demo account. Read Full Review Here
up to 50% Bonus Promotion
Exness is one of the best brokers in Kenya as it accepts M-Pesa making deposits and withdrawals feasible for Kenyans. It is the most reputable broker in Kenya. It got its license from the Financial Service Authority (FSA) of the United Kingdom and the Financial Sector Conduct Authority of South Africa.
It provides a wide range of tradable products with 107 currency pairs, making Exness a competitive broker in Kenya. The experienced traders will find this broker section appealing, specifically its seven cryptocurrencies and 12 commodities.
To open an account with Exness, Kenyan traders must complete their KYC process at the website. It requires formal identification (passport/national identity number) and evidence of their residency, which could be a bank statement or utility bill.
With this broker, deposits and withdrawals are easier than with many other brokers due to the availability of M-Pesa. But Exness does not accept Kenyan Shillings, so the traders of Kenya need to convert their currency to major currency pairs like USD, GBP, EUR.
The minimum deposit requirement of the broker to open a standard account is extremely low, i.e., $10. However, to open a pro account and its premium strategies, Exness requires a minimum deposit of $200.
The broker provides floating spreads, which could be wider or lower than 1.5 pips on the major currency pairs. The experienced traders can get a leverage of 1:2000, which is suitable for huge profit trades. It provides excellent MetaTrader 4 and MetaTrader 5 platforms for Windows, Macintosh, Linux, and the web.
The Kenyans can also get customer service in several languages, including Chinese, English, and Thai, while it is available 24/7. Read Full Review Here
up to 10% Bonus Promotion
CMTrading is one of Kenya’s leading forex and CFD brokerage firms. Besides the MT4 platform downloads and the Sirix WebTrader system, the broker provides daily forex signals and an extensive education centre.
It is regulated by the Financial Sector Conduct Authority. CMTrading undergoes periodic review and audit by regulatory bodies as part of maintaining its regulatory status. CMA in Kenya does not regulate CMTrader, but it is a reputable broker in Kenya.
CMTrading has a good reputation. Every account funded into CMTrading’s account receives money into tier 1 bank accounts. Therefore, your money does not reside with the broker directly but rather with a tier-one bank.
Since the broker does not have direct access to your funds, it cannot misappropriate them. In addition to being a member of the FSCA, CMTrading also belongs to The Blue Sky Network.
With CMTrading, you can open four types of live accounts, including Bronze, Silver, Gold, and Premium. However, Kenyan residents have to pay CMTrading $250 to begin trading, about 277000 KES.
CMTrading is the best financial broker award winner of 2019. One of the best features of CMTrading is the CopyKat Social trading software that is available in Kenya. Also, it allows deposits and withdrawals with M-Pesa M-Pesa, which is the preferred payment method for Kenyans.
It also has some cons with many positive specifications, including limited geo-availability, limited trading platforms, and no ECN account option.
The company offers leverage of 1:200. The leverage on different instruments varies. Cryptocurrency trading, for example, has a leverage rate of 1:5.
CMTrading makes some of its income from floating spreads. For example, spreads on major pairs such as EUR/USD and GBP/USD are 1.5 pips and 2.6 pips on similar pairs like USD/CAD.
It is illegal for the broker to manipulate market prices. CMTrading will honour your withdrawal request when you submit it. If CMTrading violates any regulations, their government-regulated status could be revoked. Therefore, CMTrading is a reputable broker that Kenyan traders can trust. Read Full Review Here
up to 100% Bonus Promotion
FBS is an online broker that allows Kenyans to trade forex and CFDs. Located in Cyprus, FBS, owned by Tradestone, is regulated by the Cyprus Securities and Exchange Commission (CySEC). In addition, the International Financial Services Commission of Belize (IFSC) regulates FBS Markets Inc.
Traders at FBS have access to negative balances. Funds are kept in segregated accounts to prevent traders from accessing other companies, and the broker strengthens its capabilities by protecting negative balances. In addition, the company is a Cyprus Investment Firm, which means that clients’ investment is protected even in a broker’s bankruptcy.
FBS offers 75 CFD instruments to traders, including currency pairs, indices, energy, metals, and stocks. Further, FBS offers five types of trading accounts: Cent, Micro, Standard, and Zero Spread.
Each account has its terms and benefits. A micro, cent, or standard account, for instance, does not have a commission. These accounts require deposits between $1 and $100 to open, and they offer fixed or floating spread options.
FBS offers a wide range of payment options, but Kenyans prefer to deposit their funds into the broker’s account through PayPal.
Trading across a wide range of asset classes is enabled through various platforms catering to novice and experienced traders. Two of its platforms are MT4 and MT5.
Clients can receive professional customer service 24 hours a day, 5 days a week, over the phone, live chat, Facebook Messenger, Telegram, and Viber.
Therefore, it is one of the best brokers for beginner traders because of its great Cent Account conditions and the overall approach to dealing with new traders. In addition to providing comprehensive and well-structured education, they also provide consistent and clear market analysis.
Traders of all experience levels and investment sizes will find trading opportunities at FBS. All of this is possible due to options such as different account types, platforms, and advanced tools, along with easy customer service. Read Full Review Here
up to 100% Bonus Promotion
HotForex is one of the most recommended brokers in Kenya because it is one of the largest international forex and CFD trading brokers with over ten years of experience.
Several regulatory bodies supervise this broker, including the FSCA (South Africa), Cysec (Cyprus), DFSA (Dubai), and FSA (Seychelles). Moreover, it is also widely regarded as a rather safe brokerage firm to do business with, as it has invested in an insurance program to protect its assets from damage to the tune of €5,000,000. This insurance covers financial loss due to errors, omissions, negligence, fraud, and other things that can cause financial loss.
In total, HotForex offers five different account types, each with features and benefits that cater to the specific needs of traders. Further, it requires a $5 minimum deposit to open an account. Depending on your choice of account and location, your minimum account deposit may vary.
Average Standard Account Spreads on Majors
HotForex’s MT4 platform is the legendary trading platform that can be downloaded, accessed via mobile devices, and accessed via the web. The same providers and access methods are also offered for MT5, including download, mobile, and web. HotForex offers leverage of 1:100 to 1:1000. It may not be in the best interest of the client’s accounts to have a leverage ratio of 1:1000.
Zero Spread accounts are available, but they are commission-based accounts, so they are better suited to less volatile markets with similar spreads. The best part of trading with the broker is that it accepts M-Pesa to ease the deposit for Kenyan traders. There is a loyalty program with four levels, including Red, Silver, Gold, and Platinum. Your level will increase as you gain bars, which can be exchanged for trading services or cash. For example, when you fund your HotForex account, you will receive 100 bars for free.
Also, HotForex provides specific contact details for Kenyan traders, but Kenyan Shilling is not acceptable. Further, it doesn’t provide a wide range of assets.
Taking into account the factors mentioned earlier, HotForex is highly recommended for Kenyan traders. Read Full Review Here
up to 100% Bonus Promotion
XM is among Kenya’s most renowned and highly reputable investment companies, with more than fifty million clients worldwide. It was founded in 2009, and since then, it has been known as one of the world’s highly prestigious and recognised organisations.
XM is regulated by the Australian Securities and Investment Commission (ASIC) and CYSEC (Cyprus), making it reliable for Kenyan traders. However, the CMA entity of Kenya doesn’t regulate it. Still, it has a unique identity by having regulations from multiple regulatory bodies.
To increase the safety of clients’ funds, XM follows strict protocols. For example, the deposited money of the clients is kept separate from the brokerage account, and similarly, the payments are transferred into the customer’s account separately. Thus, if the company suffers any bankruptcy, the client’s money will remain intact.
XM offers several types of live accounts according to the feasibility of the traders. The minimum deposit to open a live trading account for Kenyans is $5, almost 553.80 Kenyan Shillings. However, the broker does not accept KES currency, so Kenyans have to convert their funds into other major currency pairs, and USD is preferable.
The broker requires several validations to open and verify the account, which could be acceptable in two forms. The traders have to put their bank statement, including residential address, on the official website of XM or upload utility bills (water and electric) on the same website. The Kenyans usually do not upload utility bills, but they prefer to verify their accounts using bank statements of KRA receipts in its alternative
With XM, you can get the lowest average spreads of usually 0.8 pips. Also, the broker does not charge any commission for deposit and withdrawal, but it charges an inactivity fee of $5 in case of longer inactivity.
It offers the best trading platforms, including MT4 and MT5, and Kenyans can access both through desktop terminals, web terminals, androids, and iOS smartphones.
The main con of XM broker for Kenyan traders is that it doesn’t offer any contact details for Kenyans and doesn’t accept Kenyan shillings. Further, it doesn’t provide ECN accounts.
But XM is highly user-friendly and faster than many other brokers, and Kenyans can find a lot of research material on their website. Further, the broker accepts M-Pesa as a deposit method so Kenyans can actively trade with it. Read Full Review Here
up to 100% Bonus Promotion
IC Markets is an Australian CFD broker operating throughout Kenya. It has been in business since 2007. It is one of the best options for Kenyan traders and those seeking automated trading solutions.
The broker will keep funds in separate accounts at top institutions to protect your funds from bankruptcy and insolvency. Therefore, your money remains intact if you invest with this broker.
The IC Markets offer a wide range of seven different asset classes and the most liquid assets. Traders are generally satisfied with the results. The broker offers 60 forex pairs, 120 stocks, 19 commodities, 17 indices, 10 cryptocurrencies, eight bonds, and four futures markets in addition to 60 forex pairs.
Account types available here include demos, live accounts, raw spreads, and cTrader accounts. The standard account requires a minimum deposit of $200. In Kenya, most people prefer PayPal over other methods because they are quicker and easier to use.
On IC Markets, all major and minor currency pairs have low spreads. Leverage of 1:1 to 1:500 is available at IC Markets. You can adjust your trading account’s leverage in your client area.
MetaTrader 4 and 5 platforms at IC Markets offer accounts leverage of 1:500. It also provides a variety of customer service options to make life easier for its customers. On the website, you can access them in multiple languages and ask your questions through live chat.
IC Markets offers Zulu Trade and MyFXbook. In addition, when you enrol in the IC market, you can use Zulutrade’s copying and social trading services.
The popularity of the broker as an ECN broker is well-established, which makes it a unique broker. Further, its trading conditions there are excellent, especially for scalping. In addition, they allow you to practice trading techniques.
There is no doubt that the accounts provided by the broker are trust worthy. Moreover, even though CMA does not regulate the broker, IC Markets’ excellent trading conditions and its services by numerous regulatory bodies enable Kenyan traders to trade with it. Read Full Review Here
up to N/A Bonus Promotion
Before choosing an option, it is critical to carefully examine each category of our Kenyan Forex brokers reviews. Each category is equally important for traders.
Some matter more than others, but all of them are important.
Brokers are reviewed and given a score out of 5 as an overall rating. Additional information is also provided to help you make an informed decision.
In spite of the fact that there are some local brokers in Kenya, they might not be regulated. This should be taken seriously. In Kenya, more and more people are looking for a home for their Kenyan shilling, ready to deposit and trade on the forex (financial) markets.
A broker that offers the services traders need is on the traders’ radar.
Due to the number of scammers out there, it can be a daunting but frightening experience to try and trade on the open market. (the Kenyan economy has one of the highest scam rates in the world)
The main reason for this is an ever-declining economy.
DON’T fall victim to forex related scams!