Forex trading is becoming more popular in Kenya but a lot of traders (around 90%) still lose money.
Beginners should learn which forex brokers are safe/regulated, study their pricing, join free trading webinars, interact with genuine traders on Kenyan forex trading communities like MyTradingLand.com, watch YouTube videos on trading, etc.
We have reviewed forex brokers operating in Kenya and have compiled a list of the best based on several metrics beginning from their regulation & trustworthiness.
List of Best Forex Brokers in Kenya
Comparison of Best Forex Brokers in Kenya
| 💼 Broker | 💰Min deposit | ⚖️ CMA Regulated | 🎯 EUR/USD spread | 💳 MPESA | ☎️Toll-free telephone | 💬 Live Chat |
| Exness
|
10 USD | Yes | 1pip | Yes | No | Yes |
| HFM Kenya
|
700 KES | Yes | 1.6 pips | Yes | No | Yes |
| Pepperstone
|
None | Yes | 1.1 pips | Yes | No | Yes |
| FxPro
|
$100 | No | 1.26 pips | Yes | No | Yes |
| FxPesa
|
5 USD | Yes | 1.4 pips | Yes | Yes | Yes |
| Scope Markets
|
100 USD | Yes | 1.1 pips | Yes, | No | Yes |
| FXTM
|
500 USD | Yes | 1.8 pips | Yes | No | Yes |
#1. Exness – Overall Best Forex Broker in Kenya
Exness is registered with the Capital Markets Authority In kenya as Tadenex LTD (license no. 162) so their actions are closely supervised and audited by the Kenyan government. About 78.33% of retail traders lose money when trading CFDs with Exness.
Read on to see why Exness is on our list of best forex brokers in kenya.
Exness Accounts for Beginners
| 🏘️ Beginner account types | Cent Account & Standard Account |
| 💵Minimum deposit | $10 (1,270 KES) |
| 💸EUR/USD Spread | 1.0 pips |
| 💰Commissions | $0 |
| 🛒CFD Markets (Cent Account) | Forex & Metals |
| 🛒CFD Markets (Standard Account) | Forex, Stocks, Indices, Metals, Energies |
| 🚀Leverage | 1:400 |
| 📈Platforms | MT4, MT5, Exness Web, Exnes Mobile |
Cent Account: is ideal for beginners because it has a $10 minimum deposit, & trading on high risk instruments is diabled to protect beginner traders. Only Forex & Metal CFDs can be traded here & spreads start from 1.0 pips most of the time& commission is zero.
Standard Account: is still beginner/retail oriented with a $10 minimum deposit & trading all Exness instruments have been enabled. Spreads also start from 1.0 pips & no commissions are charged.
There are no commissions on the Standard Account making it suitable for beginners.
Exness Accounts for Professionals
| 🏘️ Professional account types | Pro, Raw Spread, & Zero Spread |
| 💵Minimum deposit | $500 (63, 600 KES) |
| 💸EUR/USD Spread | 0.0 pips |
| 💰Commissions | $3.5 per side & above |
| 🛒CFD Markets | Forex, Stocks, Indices, Metals, Energies |
| 🚀Leverage | 1:400 |
| 📈Platforms | MT4, MT5, Exness Web, Exnes Mobile |
PRO, Raw Spread, & Zero Spread Accounts: are targetted at professional traders who aim to trade larger volumes.
They require a $500 minimum deposit, & offer lower trading costs. Profesional Accounts have spreads from as low as 0.0 pips and also charge additional commissions from $3.5 per side(except the Pro Account whichis commission-free, Instant trade execution, & spreads from 0.1 pips).
Exness KenyaBroker Summary
- Exness is regulated in Kenya by the CMA as a non-dealing forex broker meaning they cannot trade against you & this prevents conflict of interest. They only act as intermediaries (middlemen) to your trade.
- The minimum deposit in Exness is $10 for their Standard Account & $500 for their Professional Account.
- Exness is a trusted broker established in 2008 (about 16 years ago) & has a global presence but does not accept forex traders from Europe & USA. Exness accepts clients from several African countries including Kenya, Uganda, Tanzania, & South Africa etc.
- Exness is a legit forex broker and has not had any major scandals in the past. They comply with regulations where they operate for example in Kenya they comply with CMA regulations, in South Africa they have an ODP license from the FSCA etc.
For more info, please read our complete Exness Review
| 👍 Pros | 👎 Cons |
| Demo account for practicing how to trade without using your money | A limited product portfolio which is heavy on forex instruments and less on other instruments |
| KES account currency | No bonus on deposits |
| CMA Kenya regulation | |
| No overnight fees & No Inactivity fees | |
| Lower spread than what most brokers offer | |
| 24/7 customer support availability | |
| MPesa deposit & withdrawals allowed | |
| No withdrawal fees |
Read more information about Exness Kenya on their website
#2. HFM Kenya – Best MPESA Deposit & Withdrawal Conditions
Formerly known as Hotforex, HF Markets was established in 2010 and operates under the HFM brand name.HF Markets is licensed by the Kenyan Capital Markets Authority (CMA) as a non-dealing forex broker with license number 155.About 73.30%of retail traders lose money while trading CFDs with HF Markets.
HFM Accounts for Beginners:
| 🏘️ Beginner account types | Cent Account , Premium Account |
| 💵Minimum deposit | 700 KES |
| 💸EUR/USD Spread | 1.4 pips |
| 💰Commissions | $0 on forex, $0.1 on Stocks/ETFs |
| 🛒CFD Markets (Cent Account) | Forex & Metals |
| 🛒CFD Markets (Standard Account) | Forex, Metals, Indices, Energies, Stocks, Bonds, ETFs, Agriculture |
| 🚀Leverage | 1:400 |
| 📈Platforms | MT4, MT5, HFM App |
Cent Account: is designed for beginners who don’t want to risk much capital. It has a $5 (around 700 KES) minimum deposit, zero commissions on Forex (but you pay commissions on other instruments), and comes with a 1:400 leverage
Premium Account:which has KES &USD base currencies, 700 KESminimum deposit, zero commissions on forex (but you pay commissions on other asset classes) and leverage of 1:400.
HFM Accounts for Professionals
| 🏘️ Professional account types | Zero Spread, PRO, PRO Plus |
| 💵Minimum deposit | 700 KES, 13,000 KES, 40,400 KES |
| 💸EUR/USD Spread | 1.4 pips, 0.6 pips, 0.2 pips |
| 💰Commissions | $0 on forex, $0.1 on Stocks/ETFs |
| 🛒CFD Markets | Forex, Metals, Indices, Energies, Stocks, Bonds, ETFs, Agriculture |
| 🚀Leverage | 1:400 |
| 📈Platforms | MT4, MT5, HFM App |
Zero Spread Account: has KES & USD base currencies, up to $3 per side commissions on all instruments traded, 700 KES minimum deposit, and a 1:400 leverage.
PRO Account: has KES, & USD base currencies, 100 USD or 13,000 KES minimum deposit, zero commissions on forex (but you pay commissions on other asset classes) and leverage of 1:400
PRO PLUS Account: has a 40,400 KES minimum deposit. Although forex trading is commission-free, you pay commissions on other asset classes.
HFM accepts Mpesa, & the minimum withdrawal on all HFM Accounts is 700 KES via local payment methods such as MPesa.
Read our latest HF Markets Reviewfor more understanding of various HFM Account types in Kenya.
HFM Kenya Broker Summary
- HFM means HF Markets and the company was formerly known as Hotforex
- HFM is legit in Kenya & is authorized to operate by the CMA
- HFM is a good broker & they allow you to trade with local KES currency. Their minimum deposit is 700 KES.
- HFM Kenya offers bonus on deposits.
| 👍 Pros | 👎 Cons |
| CMA regulation | Inactivity fee of $5 |
| KES base currency | High spreads on beginner accounts |
| Range of CFD products is extensive | |
| Low 700 KES minimum deposit | |
| Demo account | |
| No overnight fees charged on Forex, Gold, & Oil | |
| Deposit bonus& Accepts MPesa | |
| No withdrawal fees |
Read more information about HF Markets Kenya on their website
#3. Pepperstone Kenya–Best Forex Broker for Beginners
Pepperstone is available in Kenya &was established in 2010. Pepperstone Markets Ltd is registered with the Capital Markets Authority (CMA) Kenya and holds CMA license number 128.
About 85.3% of retail traders lose money trading CFDs with Pepperstone. Read on to see why Pepperstone is one of our best forex brokers in Kenya.
Pepperstone Account for Beginners
| 🏘️ Beginner account types | Standard Account |
| 💵Minimum deposit | $0 |
| 💸EUR/USD Spread | 1.1 pips |
| 💰Commissions | $0 |
| 🛒CFD Markets | Forex, Commodities, Indices,Shares, ETFs |
| 🚀Leverage | 1:400 |
| 📈Platforms | cTrader, MT4, MT5 |
Standard Account: beginners at Pepperstone can open the Standard Account which has no minimum deposit, & zero commissions on forex trades.
Average spread on major currency pairs like the EUR/USD is 1.1 pips so you pay $1.1 when you trade 10,000 units of EUR/USD.
There are no commissions on the Standard Account making it suitable for beginners.
Pepperstone Account for Professionals
| 🏘️ Professional account types | Razor Account |
| 💵Minimum deposit | $0 |
| 💸EUR/USD Spread | 0.1 pips |
| 💰Commissions | $3.5 per side (currency trades only) |
| 🛒CFD Markets | Forex, Commodities, Indices,Shares, ETFs |
| 🚀Leverage | 1:400 |
| 📈Platforms | TradingView, cTrader, MT4, MT5 |
Razor Account:is for trading high volumes &it offers transparent & low ECN spread.
EUR/USD average spread is 0.1 pips, GBP/USD & USD/CAD spreads are 0.4 pips. In return you pay commissions of up to $3.5 per side when trading currency pairs only.
The Pepperstone Razor Account also has no minimum deposit so you can pay in any amount of money you have to start trading.
Pepperstone Kenya Broker Summary
- Pepperstone is regulated in Kenya by the CMA and is authorized to operate as a non-dealing forex broker.
- Pepperstone was established in Australia in 2010, & is a legit broker. Today they have a global footprint with licenses from notable regulators in the United Kingdom, Germany, Dubai, etc.
- In Kenya, Pepperstone has no minimum deposit requirement. You must check the instrument you want to trade to see the margin requirement then deposit a little above that amount and start trading.
- Pepperstone Kenya accepts local funding methods such as MPESA & also accepts international funding method- PayPal.
| 👍 Pros | 👎 Cons |
| Regulated by the CMA Kenya. | KES base currency not available on Pepperstone |
| No minimum deposit& no inactivity fees | Overnight fees |
| Spreads are in line with industry averages. | |
| MPesa & PayPal are accepted at Pepperstone Kenya | |
| Razor Account users can trade through the TradingView platform. | |
| Demo account & MetaTrader support tools |
Read more information about Pepperstone Kenya on their website
4. FxPro–Forex Broker with Best Education
Although FxPro accepts Kenyan traders, they are unregulated by the CMA & you trade without protection from Kenyan laws.
FxPro is regulated overseas by the Securities Commission of Bahamas, & your account is also opened under Bahamas business laws.
81% of retail traders lose money trading CFDs with FxPro.
FxPro Accounts for Beginners
| 🏘️ Beginner account types | Standard Account |
| 💵Minimum deposit | $100 |
| 💸EUR/USD Spread | 1.5 pips |
| 💰Commissions | $0 |
| 🛒CFD Markets | Forex, Shares, Energies, Indices, Futures, Metals |
| 🚀Leverage | 1:200 |
| 📈Platforms | cTrader, MT4, MT5,FxPro Mobile, FxPro Web |
FxPro Standard Account:has a minimum deposit of $100 and average EUR/USD spread is 1.5 pips meaning you pay $1.5 to trade 10,000 units.
There are no commissions on the Standard Account making it suitable for beginners.
When opening an MT5 Standard Account, you can configure it for either hedging or netting strategy execution which is useful if you intend to trade Stock CFDs.
Beginners at FxPro have been provided education resources on the FxPro Knowledge Hub. This includes:
- Watch & learn section: video tutorials on how to use FxPro apps/platforms
- CME Group Education: exposure to trading education offered by the Chicago Mercantile Exchange.
- Forex articles section
- Trader psychology
FxProAccounts for Professionals
| 🏘️ Professional account types | Raw+ Account, Elite Account |
| 💵Minimum deposit | $500 |
| 💸EUR/USD Spread | 0.2 pips |
| 💰Commissions | $3.5 per side |
| 🛒CFD Markets | Forex, Shares, Energies, Indices, Futures, Metals |
| 🚀Leverage | 1:200 |
| 📈Platforms | cTrader, MT4, MT5, FxPro Mobile, FxPro Web |
Raw+ Account: requires a $500 minimum deposit & EUR/USD average spread is 0.2 pips meaning you pay $0.2 to trade 10,000 units.
Commissions of $3.5 per side apply to Forex & Gold trades on the FxPro Raw+ Account. When opening an MT5 Raw+ Account, you can also configure it for either hedging or netting.
Elite Account: this is account offers rebates when you trade high volumes but the initial deposit is $30,000 in 2 months. Its commission/spread is the same as the Raw+ Account.
FxPro Broker Summary
- FxPro is not regulated in Kenya but has a solid reputation overseas.
- FxPro was established in 2006 & has an international presence with licensing from various regulators making it a legit broker.
- FxPro minimum deposit is $100
- FxPro accepts MPESA & withdrawals take 1 working day if there’s no delay from your bank.
| 👍 Pros | 👎 Cons |
| MPESA support | FxPro is not regulated by CMA Kenya. |
| Good range of platforms | No KES base currency |
| Good range of tradable instruments | $10 inactivity fee |
| No withdrawal fees | Overnight fees |
| Demo account | High spreads |
| Education content via FxPro Knowledge Hub |
Read more information about FxPro Kenya on their website
5. FxPesa–Broker with Best Customer Support
FxPesa operates under the company group EGM Securities Ltd. It is a registered company in Kenya and was established in the year 2012.
FxPesa is regulated by the Capital Markets Authority in Kenya as a non-dealing online foreign exchange broker with license number 107.
63.3% of retail traders lose money trading CFDs with FXPesa. Read on to find out why FXPesa is part of our best forex brokers in Kenya list.
FxPesa Accounts for Beginners
Standard Account:the base currency is KES & USD, there is no minimum deposit. There is zero commission on trades, and the spread starts from 1.4pips.
The maximum leverage is 1:400. The Executive account is available on MT4, MT5 and Equiti trader on all platforms.
FXPesa Accounts for Professionals
Premier Account: has a spread from 0.0pips, a minimum deposit of 100 USD and commission of $3.5 per side. Its maximum leverage is 1:400.
FxPesa accepts M-Pesa, EazzyPay, Airtel Money, Mobile money payments from Uganda (MTN & Airtel) are also accepted; as well as from Tanzania (Vodacom, Airtel TZ, HaloPesa, TigoPesa).
There is also the option of a credit card- here you can deposit or withdraw funds using MasterCard, & VISA in the local KES.
Bank transfers are also another method of making deposits. Both local and international bank transfers are allowed using KES or USD.
All deposit methods are instant, however FXPesa withdrawals take 2 working days.
Apart from international bank transfers which have a fee of 15 USD, there is no fee on all other deposit and withdrawal methods.
An inactivity fee equivalent to three basis points plus the SOFR 30-day rate published for the calendar month is charged after 180 days (about 6 months) of inactivity.
All FXPesa help lines in Kenya are toll-free so you can reach the on phone at no cost. Their live chat is also responsive and on social media they respond to enquiries on time.
Overall, the Fees on FxPesa are good. It doesn’t overcharge its traders on the platform.
FXPesa Broker Summary
- FXPesa has no minimum deposit for the entry-level Standard Account
- FXPesa is licensed by the CMA making thema legit broker in Kenya
- You can create an FXPesa account by visiting their website & clicking on “start trading” then fill out your contact details, phone number, &uploading your Kenyan government ID.Read more information about FxPesa on their website
| 👍 Pros | 👎 Cons |
| Great customer support with toll-free telephone lines for Kenya. | No waivers on overnight fees |
| No minimum deposit enforced on Standard Accounts | Inactivity fees |
| Demo account & education for beginners | High spreads |
| CMA regulation | 1% Withdrawal fees for Neteller & Skrill |
| KES base currency | |
| Support for local funding methods like MPesa. | |
| FXPesa accepts deposits in USD, KES, TZS & UGX currency | |
| Copy trading |
#6. Scope Markets – Good CMA Regulated Forex Broker in Kenya
- CMA regulated: Yes
- In the forex business for more than 10 years: Yes
SCFM Limited with its trading name Scope Markets is a non-dealing online forex broker. It was established in 1997. It is regulated and licensed by the Capital Markets Authority (CMA) with license number 123.
Scope Markets Account Types– the Silver Account is a commission free account with KES & USD base currencies and a 100 USD minimum deposit.
The Gold Account: Comes in KES & USD base currencies and a 100 USD minimum deposit. Demo Account: For beginners to learn how to trade using virtual money.
Scope Markets Funding methods– Cards, e-Wallets, Mobile money channels like M-Pesa, Airtel, Equitel & PesaLink.
- MPesa accepted? Yes
- eWallet payment accepted? Yes
- Card payment accepted? Yes
- Bank transfer accepted? Yes
- Cryptocurrency accepted? No
Scope Markets Fees– Scope Markets spreads are competitive. EUR/USD average spread is 1.1 pip on the Silver Account & 0.2 pip on the Raw spread Gold Account which corresponds to industry trends
Scope Markets does not charge a fee for deposits or withdrawals but after one free withdrawal per day, you will be charged 35 USD/ 35 EUR/ 35 GBP to make any additional withdrawals.
There is an inactivity fee of 10 USD after 6 months of account dormancy.Scope Markets don’t charge swap fees on major currency pairs.
- Deposit fees? No
- Withdrawal fees? Yes
- Swap fees on major currency pairs? No
- Swap fees on minor currency pairs? Yes
- Inactivity fee? Yes
General Trading Conditions– Scope Markets lets you trade CFDs on60+ Currency pairs, Shares, Indices, Commodities and Nairobi Stock Exchange (NSE) Derivatives.Scope market platforms are the MT5, Scope copy, and Scope mobile trader.
| 👍 Pros | 👎 Cons |
| CMA regulated | High minimum deposit of 100 USD |
| No swap fees on major currency pairs | Withdrawal fees |
| Competitive spreads when compared to industry averages | CFD instrument menu contains fewer asset classes than competitors have |
| Nairobi Stock Exchange Derivatives can be traded on Scope Markets Kenya | No MT4 platform |
| Demo Account | Inactivity fees |
| Scope Markets has KES base currency | Live chat support is not available 24/7 |
| Scope Markets accepts MPesa transactions |
Read more information about Scope Markets Kenya on their website
How to Spot a Good Forex Broker in Kenya?
There are several factors that traders in Kenya should consider in a forex broker. We’ve listed some important points we checked during our research below:
1. CMA Regulation – Any forex broker you decide to trade with must be properly regulated.
Most countries have financial regulatory agencies that provide licenses for brokers to operate. For forex brokers to gain this license, they’ll have to meet certain requirements that guarantee their trustworthiness.
Regulators also ensure forex brokers’ activities are in line with accepted best practices in the industry as they deal with traders.
Trading with a licensed broker protects your investment if the broker fails to meet its obligation. Your country’s regulatory agency can hold them responsible and ensure you don’t lose out.
It also protects you from being scammed by fraudulent forex brokers as they will not be able to meet the requirements needed for licensing.
Visit the Capital Markets Authority (CMA) website and download the list of licensees.
This list is updated whenever any licensed broker changes, whether addition of new license or suspension of license.
2. Account Base Currency– In forex trading, your base currency is the currency that is allowed for use in your account. Simply put, it is the legal tender of your account, & all transactions are carried out through it.
Once you open an account and select a base currency you cannot change it. The only option is to open another trading account with a different base currency.
The base currency is very important as it determines your margin requirements and cash accounts, hence, you must ensure your forex account’s base currency is in your home country’s currency.
For example, if you’re from Kenya and the base currency of your forex account is the USD, what happens is when you make a KES deposit, it will be converted to USD, and you’ll have to paya currency conversion fees.
This scenario will also play out when you want to make withdrawals, you’ll have to convert from USD to KES before you withdraw. The deposit and withdrawal fees can eat deeply into your trading funds and contribute to your loss.
However, if your base currency is in KES, you won’t bother about conversion fees thereby saving the funds & using that amount to trade.
Base currency is determined when opening your account.
Make sure you check if the broker has base currency in your home country’s currency. Most brokers have their base currency in USD, EUR, AUD, CAD, JPY, CHF etc. Ensure they have KES if you want to save some funds.
You can find the account currency normally under the account types listed by the forex broker. For example, FxPesa lists three account types, and they mention that all these accounts can be opened in USD or KES.
If you select KES during account opening, then KES will become the base currency for your trading account.
Note that ‘trading account’ is different from your broker account. In most cases, forex brokers allow you to have multiple trading accounts under your broker account.
3. The number of Currency Pairs– A currency pair is a comparison of the value of two different national currencies compared against each other.
This is done during forex trading to speculate which will rise in value against the other. Currencies are expressed using currency codes e.g. USD for United States Dollar. Currency pairs are expressed this way: GBP/USD, EUR/USD, JPY/CHF, KES/USD etc.
There are major, minor and exotic currency pairs. When choosing a forex broker, choose the one that has a high number of currency pairs on offer.
A high number of currency pairs gives you the liberty to choose among varieties of currency pairs to trade. It can also help in diversifying your trading portfolio, as you get to trade different currencies across different countries and continents.
A broker with many currency pairs on offer also gives you the benefit of hedging against risk. Since some currencies are more volatile than others, you can trade the volatile pairs with high risk and hedge them with the more stable pairs.
The EUR/USD is the most liquid and highly traded currency pair in the world and has many people ready to trade it. However, pairs like the USD/KES (US dollar vs Kenyan shilling) are less liquid and highly volatile as not many people are on board to trade it.
Some other currencies like the New Zealand dollar (NZD), Australian dollar (AUD), and Canadian dollar (CAD) are called the commodity dollars, because their value depends on how much of commodities their countries can export. New Zealand exports milk, Canada exports oil, and Australia Gold.
Commodity currencies can be useful for hedging risk and navigating volatility in the forex market and are a must have before you sign with a broker.
4. Platforms– a good broker should have multiple trading platforms that are compatible with different devices. Trading platforms such as MT4 and MT5 should be available.
Choosing a broker without finding out if they have a good mobile app could mean you are limited to trading on desktop platforms which is inconvenient when you need to trade on the run.
Most proprietary apps developed by forex brokers are extensions of the MT5 platform, but they are modified to have a more user-friendly interface than MT5. For example,HFM broker has the HFM proprietary app which is easier to use than MT5.
Trading with a broker with multiple trading platforms will enable you to monitor your trades better, because you’ll be logged in on multiple platforms. You could also use your mobile device, web and PC to monitor trades.
Also, different trading platforms have specific tools and features unique to them, by having them all you get access to these features which provides a seamless trading process.
5. Fees– Forex brokers charge different types of fees ranging from trading commissions, deposit and withdrawal fees, spreads, overnight swap fees etc. These fees eat into your trading capital and even profits.
For example, spread- the difference between ask and bid of a currency pair, is one-way brokers make money.
The bid price is the price the general market is willing to pay for a currency pair, while the asking price is the price the broker is selling the currency pair to you for.
Whenever you open a trading order you notice your account is in a negative, and that is because the asking price you paid your broker is always lower than the bid price the market is willing to pay. By the time you close your trade at a profit, the negative balance will clear.
The spread is the broker’s profit. For example, the bid price for EURJPY is 1.4860 and the ask price is 1.4865. The spread of 5pips is the broker’s profit which he makes for every trade you execute. When choosing a broker, choose those with tight spreads or zero spreads on the currency pairs you wish to trade the most.
Some brokers charge commissions when you trade with them. The commission is a fixed rate or percentage brokers take for their services. Check the commission a broker charges for deciding to trade with them.
Swap fees or rollover rate applies when a currency CFD trading position is held overnight. It is a result of the interest rate difference between the two paired currencies.
When you ‘go long’ or buy a currency pair where the quote currency has a lower interest rate than the base currency, you are credited with the interest rate difference every night.
When you go short or ‘sell’ a currency pair where the quote currency has a lower interest rate than the base currency, you will be debited every night with the interest rate differential for as long as you hold the position open.
The brokers typically add their own markup to the interest rate differential and debit or credit you accordingly. Always look up the broker’s swap rate or if they charge or not. Some brokers offer swap free accounts. Also keep an eye on central bank announcements so you know when interest rates change or are about to change.
6. Funding Method: Any good broker should have multiple payment methods- deposits and withdrawals. Multiple deposit and withdrawal methods have their benefits.
Multiple payment options give you the freedom to choose the best and most seamless way to deposit and receive funds from your broker.
Local & indigenous payment channels like MPesa should be provided by your broker because they are usually cheaper and faster than international payment methods.
Frequently Asked Questions – Best Forex Brokers in Kenya
Who is a retail forex broker?
A forex broker is an intermediary that facilitates trade in currencies for individuals. A retail forex broker can be an individual or organization that provides a platform for forex trading.
Is Forex trading Legal in Kenya?
Yes, Forex trading is legalized in Kenya by the government who have authorized the Capital Markets Authority (CMA) to issue non-dealing forex licenses to deserving forex brokers wanting to operate in Kenya.
What is the forex Leverage in Kenya?
The Capital Markets Authority (CMA) of Kenya has directed all forex brokers in Kenya to maintain a 1:400 maximum leverage limit. Any forex broker in Kenya offering above 1:400 leverage is not regulated by the CMA.
Who is the best forex broker in Kenya?
There is no single best forex broker, but Exness, HF Markets &FxPesa are good forex brokers in Kenya.
All three brokers have been in the business for more than 10 years, accept deposits and withdrawals in Kenyan shillings, and allow payments local currencies.
Also, these brokers have commission and spread free account options to suit your needs. They also have a demo account for practice.
Which are the forex brokers with MPesa?
The forex brokers with MPesa are: FXPesa, Pepperstone, HFM, Exness, Scope Markets Kenya, and XM brokers. HFM is the best forex broker in Kenya with MPesa.
Who is the best forex broker for a small account in Kenya?
HFM (formerly Hotforex) is the best forex broker for a small account in Kenya. HFM Kenya offers a Cent Account for trading micro-lots and minimum deposit is 700 KES.
How do I know if a Forex broker is licensed or legit?
To know if a forex broker is legit or licensed, go to the website of the CMA, and download the list of licensees. Any forex broker that is not listed in their list of licensees, but still accepts clients from Kenya is a high-risk broker.
Which forex broker has the lowest minimum deposit in Kenya?
HFM Kenya has the lowest specified minimum deposit of 700 KES but Pepperstone & FXPesa have no minimum deposit requirements.
Are there forex broker scams in Kenya?
Yes, there are forex broker-related scams in Kenya. There have been many reported cases of brokers scamming through phishing.
Avoid any unlicensed broker to avoid scams.
