Kenyan best Forex brokers and the ways to find them

Best Forex Brokers in KenyaThere are many available options for trading all over the world. Especially now, when forex trading has become extremely popular among every nation all over the world, it takes much more time to concentrate on choosing the right broker to trade with. With the popularity increasing the forex market becomes more and more competitive and thus, traders have to have an eye on the brokers and specifications, in order to avoid scams and whistleblowing.

Kenya is one of the Eastern countries, which has recently though very actively involved in FX trading and has quite a few successful traders already. While all countries have their own regulations and terms for the operation of brokers, there are some of the key points you have to take into consideration while choosing forex brokers in Kenya to trade with.

Choosing a broker is none of the easy jobs, but it is very much possible. You have to be careful with your choice and pay attention to licenses as well as the regulators and the offers the broker has for the specific country. Also, don’t forget to double-check the broker and try to work for your profit all the time. Beforehand, we will try to give you a clear idea and outlook on the factors which should be an essential part of your guidance of choosing the right place to invest your money in.

What are the best Forex brokers in Kenya?

Kenya is still very new to the Forex trading market, but it does not mean that you should trade with brokers that can not keep you safe. To help you out, we have come up with a list of the best Forex brokers in Kenya, you can see the list below and start trading with one of the best Forex brokers on the market today.


XM review – One of the best Forex brokers on the market

Minimum deposit




Maximum leverage



MT4, MT5


AvaTrade Review – Choose among 1250 financial instruments

Minimum deposit

100 USD



Maximum leverage



MT4, MT5


HotForex Review – The Most Generous Broker

Minimum deposit




Maximum leverage



MT5, MT4, WebTrader


Plus500 CFD broker review and everything to know

Minimum deposit




Maximum leverage




IQ Option

IQ Option FX broker review – should you use it?

Minimum deposit




Maximum leverage




Forex Market Regulations In Kenya

Some of the best forex brokers in Kenya are the most regulated agencies in the country. In order to assure the safety and security fo the clients’ money and investments, they have to comply with several very important points. Though, there are some of the highest regulatory authorities, which are responsible for regulating and securing the broker as well as clients.

Safety should be your top priority. This is due to several factors. First, you are investing your finances and the second, you are investing your precious time. Both of them are equally important and you have to make sure that you are not sparing any of them. If you consider those two factors from the very beginning, your Forex Trading journey should be successful. In order to have a more clear idea regarding the regulations and licensed forex brokers in Kenya, we will provide you with some information regarding the main regulatory authorities and the whole licensing process.

Regulated Forex brokersThe financial authority which is responsible for the forex trading industry and market in Kenya is the Capital Markets Authority, also known ad CMA. The Capital Markets Authority was established back in 1989. The main goal of the agency has always been to support and overlook the financial market intermediaries and financial activities. Despite their initial goal, which was then to license the companies fairly and to control their further working process, for a long period they did not have any common framework for the regulatory and licensing purposes.

Due to the lack of the framework and the nonexistence fo the proper guidelines, the market was not as regulated as you would have considered being the safest. None it was an option to find the regulated forex broker in Kenya for quite some time. This caused the existence of many frauds and scams in the market, which was definitely harmful to the whole country and the local market. Many traders got scammed. The local authorities always urge the traders to be extremely curious while using Mpesa for trading purposes.

According to the reports in 2015, the total number of active brokers in the country was around 90. Moreover, the number of agencies that offered different financial services to Kenyan citizens was way bigger. These companies targeted people especially vulnerable to scams and fraud. This fact contributed to raising awareness regarding the whole forex trading process, and thus people were interested in learning more about investments and trading generally.

In 2016, the reports showed that 50,000 Kenyan traders choose to trade with the top forex brokers in

Kenya, which was regulated and recognized internationally. This meant that Kenyans did understand that trading with licensed brokers would have been a totally safe path for their time and money. Not only there was a drastic escalation of awareness in Kenyan citizens, but among the regulatory authorities as well. At this point, it was very clear that certain frameworks and certain guidelines were necessary in order to support the healthy FX market in the country.

Since 12016, the CMA has been working on the new regulations and laws in order to safeguard the funds and investments of its own citizens. The number of registered forex brokers in Kenya is relatively high and the process is not very long and overwhelming either. There are certain criteria that have to be met in order to receive the brokerage license in Kenya.

  • There is a minimum capital requirement of the company, which should be Kshs. 50 million ($500,o00)
  • The brokerage should maintain the minimum capital at all times.
  • In addition, it should have 5 % of liabilities that are owed to Forex customers
  • The brokerage should ensure that 80 % of the capital of Kshs. 40 million (whichever is greater) is in the form of cash.
  • have a chief executive who has 5 or more years of experience in the business of Forex trading, Forex futures, buying, selling, or futures contracts.
  • Have the necessary infrastructure for Forex trading Kenya including the office space and equipment.

Those requirements should be completed by every forex trading brokers in Kenya and yet, this does not mean that the broker can be considered as the best one. Though, fulfilling all of the mentioned criteria can already guarantee the safety and security of your funds.

If you would compare the requirements to apply for the license offered by regulatory bodies of other countries, even Uganda or Ghana,  you would notice that those are much more complicated and strict when compared to the Kenyan ones. Nevertheless, it is becoming obvious that it does not attract foreign investors and brokerages enough. This is evident by the fact, that you won’t find any foreign Forex brokers that have their offices in Kenya.

What are other points to consider while choosing the best broker in Kenya?

Best Kenyan Forex brokersMany top-rated international brokers have a valid background behind them. The experience is all about time, and the longer they have been present in the market, often determines the quality fo the operation of the broker. As the common framework and the regulations in Kenya have been introduced relatively recently, the local brokers do not ofter have the same experience as the international ones. Though, the judgment of the broker according to the period of operation can not be right all the time either. Legit forex brokers in Kenya are not only the international ones but the local ones as well. Especially now, that every broker tries to comply with some international standards and increase the number of services they provide their costumers with, the Kenyan forex market is becoming more and more flamboyant and reliable.

What are you trading with?

Forex Trading ToolsMany brokers offer many tools and CFDs to trade with. They all have their characteristics and thus, it is
very important to decide which is the most suitable for you and where do you feel more comfortable with. Choose something that you are familiar with and have relatively more knowledge. Otherwise, trading with something you have no idea how it works it way harder and has fewer guarantees.

While many forex brokers offer many currencies to trade with, even the top online forex trading brokers in Kenya can not offer you every currency pair. You are often left with what is the most accessible. Thus, even before choosing the broker, you have to choose what you want to trade. Afterward, you can try finding the willing currency pair with the brokers you are already familiar with. Also, one small note is that there are very few brokers that will allow you to trade with Kenyan Shilling. If local currency is not your top priority, then maybe consider choosing the common and widely spread currency pair, which is EUR/USD, which should be available on almost every single platform.

Check The Background

Trusted brokers in KenyaEvery time you are traveling or doing something related to finances, you will be required the background check. This is one of the most important processes, as it gives a clear idea of how a specific person and company is performing and is it worth or not your attention. The same happens with the Kenyan Forex brokers.

As a beginner, you might not know every tool or the whole process very well, but at least you should know the company you will be working with. This is very important in order not to lose your money and precious time. It is all about being cautious and rational at the same time. Before you start trading check several options. Check the background of the broker and how they are making their money.

Commissions and Spreads

While being focused on making your own money, you should not leave put the process of taking your money from your own account. You make money while working with the broker, but the broker earns money from your account. Thus, do not underestimate this process, and always check the information on how the broker is earning money. There are two main points you have to consider. First, is spreads and the second is commissions. Many brokers simply do not charge traders with any commission and any additional charges. In this case, you should expect that forex brokers in Kenya will earn money through the spreads.

The spreads might be fixed or variable, but they usually stand as an essence of profit for brokers. If the broker has fixed spreads, they are usually higher than the variable ones. They vary from 1-5 pips for major pairs and 5-20 for minor ones. While the variable spreads are lower, they are affected the most via the market changes.

In case you see that there is a commission on the withdrawal or the deposit you make, there should be some hidden fees, that the broker has not vividly mentioned. The best case is of course that the broker does not have any hidden fees and additional charges, this way they make money out of spreads.

Forex Trading Platforms in Kenya

Forex Trading KenyaThere are many trading platforms available in the market. The trading platforms vary from broker to broker. The majority of forex trading companies in Kenya use MetaTrader 4 or MetaTrader 5 platforms to trade with. Those are the most commonly used trading platforms worldwide. Those platforms are the most reliable as well. The MT5 is simply the upgrade version of the MT4 platform, and thus offers way more CFDs to trade with. Both MT4 and MT5 are very simple to use and come with many benefits, which other customized platforms fail to provide the costumers with.

The best benefit the platform can provide a trader is the automatic trading mode. In this case, the costumers do not have to sit in front of the screen for a couple of hours, but instead can turn on the automatic mode and wait for the result. The trading platform is very important. Having accessible and simple, the time-tested platform is always a perk for the broker. Thus, before you start trading with the broker, do not forget to check the platform they offer you to trade with.

Account Types for forex trading brokers in Kenya

There is a number of accounts available in the forex market. Usually, different brokers offer different account types. They vary according to the minimum deposit, the spreads, and the withdrawal limits, as well as the number of tools. The best option is the broker which offers a demo account or the no deposit account. As far as forex trading is relatively new to Kenya and many Kenyans are still learning how to trade, it is very important that beginners have options to learn to trade properly.

One of the best ways to experience trading without losing any money is by creating a demo account or no deposit account. With the demo account, the broker simply deposits some virtual funds on your account. You can start trading with the virtual fund and not be afraid to lose any money. This way you can learn what are the essential tools and the characteristics of the forex market. In another case, some forex trading sites in Kenya offer no deposit accounts. This time, the funds are given for free, but the amount of money is real. The traders have then specific time to trade those funds and requirements as well.

Payment Methods

new forex brokers in Kenya

Payment methods vary. The most common methods of payment are via the visa or MasterCard. This way, forex trading should be accessible all over the world. On the other hand, forex brokers online accepting traders in Kenya also are keen on accepting the mobile phone-based money transfer Mpesa. This is one of the most popular and widely used payment methods in many African countries, including Kenya. If you are a Kenyan trader and want to pay with an already familiar payment method you are free to do so. But, before that, you have to find the broker, that accepts local Mpesa.

Kenyan Brokers

Many people think that there is not much difference between the brokerage companies. Yet, this is not true. Not only the broker differ with the spreads and the platforms, but they also have some major differences within the system. There are some major differences that you have to know before start trading with the broker. So, there are three major types of brokers. Those are the market makers, the no dealing desk brokers, and the electronic communication network brokers. You might be interested in what is the difference, as they all end with the broker anyways.

The Market Maker broker type is the market maker, as simple as the name suggests. If you are thinking of taking up forex trading online in Kenya, that kind of brokers should be your top priority. No, what is the main benefit? The Market Maker brokers have their own trading desk, meaning that the broker makes the market by taking the other side of open trades. If you lose your money, the market maker broker wins the money. If you win the money, the broker still gets the portion of the win. This is done through the bids and spreads value, which was already mentioned above. The main aim is to do the sufficient volume and have enough bets on both ends of the transactions that they can make money with the little risk on either side.

Kenya forex brokerNo dealing desk brokers, on the other hand, are the brokers with no desk, as the name suggests. They do not have their own desk and are looking for the best possible quotes form several different operators. The operators are the best market maker brokers available. The providers might also be the banks and financial institutions as well. Those no dealing desk brokers act as a middleman between the traders and the brokers. Those broker types charge the commission or wide the spread or even both sometimes.

Electronics communication network Kenya forex brokers are the middlemen as well. Those brokers do not have the dealing desk either. Instead, they provide the software that helps buyers and sellers to get in touch. The platform allows market makers to enter their bids and connect with others. Generally, through the software, you can get the tightest spreads and quickest execution. In addition to that, the platform suggests a certain degree of anonymity, you can enter the trades without other people knowing which side of the trade are you on.

How to Avoid Scams?

Kenya forex traders can now feel safer than they used to, as the local authorities have started to clean up the market from the scammers and the fraud brokers. Though, this still does not mean that all of the brokers are legit and are worth trading with. This means that you have to learn to protect yourself from scams and fraud. Many brokers pretend to have the best offers and suggestions to the costumers, those are usually the scams, many Kenyan people have been victims of.

Besides checking the background of the broker and going through the all above-mentioned points, make sure to go through the terms and conditions offered by the broker. Usually, this is the right place to find any wrongdoing. Read some reviews and check the ratings of the brokers. If there is the possibility of checking the reviews posted by the Kenya forex traders, it would be best to determine whether the broker is reputable or not.