Best Forex Brokers in Kenya 2022: Top KE Forex Brokers List!

A forex broker is a financial services firm that gives traders access to a licensed trading website for trading foreign currencies. Forex is an abbreviation for foreign exchange. In the market, transactions are always made between two distinct currencies. A forex broker Kenya is sometimes known as a currency trading broker or a retail forex broker.

Trading FX (currency) is popular among Kenyans. While it is encouraged, regulated forex brokers in Kenya do not need authorization from the CMA to accept Kenyan people as users unless they are headquartered in Kenya. Those retail currency CMA licensed forex brokers who use these platforms to speculate on currency direction are among the clients of a CMA licensed forex broker. Their clientele also includes significant financial services businesses that trade on behalf of investment banks and other consumers.

About Forex Brokers in Kenya

The Capital Markets Authority (CMA) licenses Kenyan forex brokers regulated to operate in Australia. CMA licensed forex brokers can operate in Kenya. The CMA’s authorized website is We recommend that investors and traders follow the CMA on Twitter and support @CMAKenya to stay up to speed with the latest news and developments.

CMA-licensed brokers are safe to trade with since the CMA is a well-respected regulator with stringent laws to safeguard stakeholders and traders in Kenya. Given that Kenya’s capital markets are the third-largest on the continent, the regulators are well recognized throughout Africa. The CMA oversaw the launch of complex financial products such as derivatives on the Nairobi Stock Exchange (NSE).

The CMA does not have a maximum leverage cap for licensed forex brokers in Kenya, with some brokers offering up to 400:1 leverage on Forex trading. The disadvantage is that there is no deposit protection plan in place if a best forex broker in Kenya goes bankrupt.

Licensed Forex Brokers in Kenya

  1. Pepperstone:- Best for Trading Forex & CFDs
  2. FXPesa:- Best for Kenyan Consumers
  3. Scope Markets:- Best for Beginner Traders
  4. XM:- Best For Minimal Spreads & Leverage Options
  5. HotForex:- Best for Extra Tools & Knowledge to Assist
  6. IC Markets:- Best for User Experience
  7. Best For Trading Options
  8. easyMarkets:- Best for Innovative Trading Tools
  9. ThinkMarkets:- Best for Users Safety & Security
  10. FXTM:- Best for All-round Offerings

Best Forex Brokers in Kenya List

Below are the list of top & regulated forex brokers in kenya with their brief information, so that the users can opt the most preferable one for them:-


Pepperstone is a forex broker based in Australia that also offers CFDs. The forex brokerage was founded in 2010 and in 2015, it launched a London branch to better serve its European clients. Following Brexit, new EU clients will be handled by their German and Cyprus businesses.

Pepperstone is regarded as safe since it is regulated by three top-tier financial authorities and other forex brokerage regulatory authorities, namely, the Financial Conduct Authority (FCA) of the United Kingdom, the BaFin of Germany, and the Australian Securities and Investments Commission (ASIC). This is one of the best CMA-regulated FX brokerages in Kenya. The overall ratings amongst the Kenya forex brokers are top class. You can go through the complete list of ratings to understand if you should invest your funds in this platform or not.

Pepperstone Features
Regulated By FCA, ASIC, DFSA
Best For Best for Trading Forex & CFDs
Year Founded 2010
Minimum Deposit $200
Maximum Leverage 30:1
Tradable Assets Forex, CFDs, Commodities, Gold, Platinum, Palladium, Silver

Pepperstone, founded in 2010, it is regulated in two tier-1 jurisdictions, making it a safe (low-risk) broker for trading forex and CFDs. Pepperstone provides both the platforms MetaTrader 4 and cTrader platform suites to algorithmic best forex brokers and copy forex brokers.

Pepperstone - Best Forex Broker in Kenya

Pepperstone, which was founded in 2010, is regulated in two tier-1 jurisdictions, which makes it a safe (low-risk) broker for trading forex and CFDs. Pepperstone provides both the platforms MetaTrader 4 and cTrader platform suites to algorithmic forex brokers and copy forex brokers. Owen Kerr and Joe Davenport established Pepperstone in 2010.

The minimum deposit amount at Pepperstone is 200 dollars for any account type. Pepperstone provides 30:1 leverage for trading, which is considered to be the highest degree of leverage offered by any ASIC-regulated best broker for forex. It also provides a high level of leverage on other CFDs such as stocks, indices, commodities, and cryptocurrencies. Pepperstone provides 30:1 leverage along with minimal competitive spreads and sophisticated tools.

Coffee, orange juice, cotton, cocoa, and sugar are examples of trade commodities. Gold, platinum, palladium, and silver can also be traded at inexpensive prices without any commission. The asset classes are quite favorable to many traders in Kenya. Buyers can also use the mobile app to buy tradable assets as per CMA regulations. Although, know more about the platform in detail to explore all the services.

Pros and Cons of Pepperstone

Pros Cons
Opening an account is quick and entirely digital. CFDs are mostly available.
Excellent client service. The MetaTrader 4 platform is basic.
Deposit and withdrawal are simple as well as free. You might lose money on fees.

Fee Structure

Pepperstone’s trading costs are reasonable. Trading-related fees are levied in the form of commissions and spreads. The fees vary according to the trading platform. The known round turn commissions per lot, i.e. the fee for starting and closing a $100,000 trade, are as follows:-

  • $7.53 for MetaTrader 4
  • $7.00 for MetaTrader 5
  • $7.00 for cTrader

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FXPesa – EGM Securities

FXPesa is a prominent forex and CFD trading website for Kenyan retail forex brokers that was founded in 2019. FXPesa is a trading name of Kenya EGM Securities Limited (local forex company registration number PVT-AAAAFF7), a Non-Dealing Desk (NDD) broker that offers Electronic Communications Network (ECN) execution of Forex and CFD trades and is authorized by Kenya’s Capital Market Authority (CMA).

Since the CMA regulates their parent broker’s firm and is a well-known FX trading platform in Kenya, FX Pesa is safe for Kenyan forex brokers. The Kenyan market execution on this platform is also quite interesting to observe.

FXPesa Features
Regulated By CMA
Best For Best for Kenyan Consumers
Year Founded 2019
Minimum Deposit $5 (Executive Account)
$100 (Premiere Account)
Maximum Leverage 400:1 (Major & Minor FX Pairs)
200:1 (Indices)
Tradable Assets Currencies, Indices, Commodities, US Shares, UK Shares, EU Shares

FXPesa is a trading name of EGM Securities Limited (Company Registered No. PVT -AAAAFF7), which is recognized and regulated by the CMA and has its registered CMA office on the 12th floor of Delta Corner Towers, Waiyaki Way, Westlands, Nairobi.

One of the essential factors is that FXPesa’s parent firm, EGM Futures DMCC, EGM Securities, is regulated by the CMA, ensuring certainty and security for Kenyan consumers. They also feature several platforms with web access and a mobile app, and an easy-to-use account management page.

FXPesa - Top Forex Broker Kenya

It was launched in 2019 under the parent company of EGM Securities. FXPesa Kenya’s Executive Account requires the lowest minimum deposit of $5 or KES equivalent. The minimum deposit for the Premiere Account with a smaller spread is $100. You can deposit through bank transfer, or e-wallets without incurring any additional costs. The platforms also accept mpesa that you can use to add money into your account. This is an important factor to consider as very few platforms accept m pesa.

The maximum leverage available at FXPesa for major and minor forex currency pairs is 400:1. It is lower than exotic currency pairings, and for other assets such as indices, the maximum is 200:1. The precise leverage for each instrument changes, and you may verify it on FXPesa’s licensed website.

Starting from currencies to indices, commodities, US Shares, UK Shares, EU Shares, Fixed Leverages, Holiday Hours, Expiry Dates, Swaps & Rollover, and NSE Derivatives, you can access multiple assets and create your own portfolio.

Pros and Cons of FXPesa

Pros Cons
They accept payment in local currency. A large minimum deposit is required.
It is now simpler to open and verify an account. Variable Spreads for Forex pairs are wider.
FxPesa provides commission-free trading instruction to Kenyan forex brokers. You might lose money on fees.

Fee Structure

FXPesa’s general cost structure is simple, albeit the spread levied on transactions is slightly larger than some other brokers. FXPesa charges no commission and no extra charges/fees, making the expenses simple for new forex brokers to grasp. Compared to other brokers, the more excellent spreads are not a detriment; instead, FXPesa can be chosen for the simplicity of trading at the precise cost they give.

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Scope Markets

Scope Markets is a CMA (Capital Markets Authority) registered first broker in Kenya. Since 2019, they have been governed by the local license number 123 as SCFM Limited. Scope Markets Kenya is one of four CMA-regulated brokers in Kenya for non-dealing derivatives and most serious trading activity.

Given that they are locally controlled, we believe they are pretty safe. In terms of features, Scope Markets offers a solid offering. Furthermore, it is an STP broker, which indicates that it has no conflict of interest with the best forex brokers.

Scope Markets Features
Regulated By IFSC, CMA
Best For Best for Beginner Traders
Year Founded 2014
Minimum Deposit $20 or Ksh. 2000
Maximum Leverage 400:1
Tradable Assets Forex, Indices, Energies, Metals, Shares

The International Financial Services Commission of Belize (IFSC) regulates Scope Markets Ltd under license numbers 000274/222 and 000274/221.

On the plus side, it is regulated by CMA in Kenya. Therefore, you can put your faith in it. In terms of fees, it is not excessive. The account categories are pretty straightforward, and the deposit requirements are not overly stringent. Furthermore, it accepts m pesa, and many other local payment options like bank transfers for deposits and withdrawals. The time taken to disburse the winnings withdrawal is quite short.

Scope Markets - One of the Registered Forex Brokers in Kenya

It was launched first in 2014. Scope Markets has a minimum deposit for both their 2 Live Silver & Gold Account types for the best forex brokers in Kenya of $20 or Ksh. 2000. There are more than three account types that you can opt for before you make a deposit.

The maximum leverage available with this account is 400:1. Negative balance protection is provided upon request if your balance falls below zero. Beginners can buy all the majors, minors, exotics, spreads, and other major tradable assets using this platform. The licensed website supports forex, indices, energies, metals, and shares that users can buy and create a strong portfolio.

Pros and Cons of Scope Markets

Pros Cons
Low costs. Lack of Transparency.
High liquidity. High Risk, Extreme Leverage.
No Central Exchange or Regulator.

Fee Structure

Their distribution varies. For example, its typical spread for a significant pair like EUR/USD with a ‘Silver Account’ runs from 1.1 to more than 2 pips. When it was tested, it was roughly 1.7 pips on average. It charges $7 fees for every standard lot with a Gold account, including $3.5 for initiating the trade and $3.5 for canceling it.

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XM is a forex and CFD broker that has been in business since 2009. Trading Point Holding, the parent firm of XM, comprises two divisions: XM and It is one of the most well-known regulated brokers in the world, with a vast range of more than 1000 trading CFD instruments, low spreads trading USD accounts, a bonus of up to $500 as well as favorable trading conditions.

Overall, XM provides decent service among the best forex trading platforms and is licensed by Tier 1 authorities. It offers an extensive range of trading CFD instruments, including 356 CFD options and 57 account currency pairings in Forex for both retail and institutional clients, as well as five cryptocurrency CFDs but no ETFs.

XM Features
Regulated By CySEC, ASIC, IFSC
Best For Best For Minimal Spreads & Leverage Options
Year Founded 2009
Minimum Deposit $5
Maximum Leverage 888:1
Tradable Assets Forex, Future CFDs, Commodities

XM Group, which was founded in 2009, is regulated in two tier-1 countries and one tier-2 country, making it a safe broker (average risk) for binary options trading forex and CFDs. However, compared to price leaders like CMC Markets and IG, the broker does not stand out for low-cost trading.

XM - Best Forex Trading Brokers in Kenya

XM has been in the market since 2009 and continues to enjoy a significant portion of the worldwide retail forex trading market in terms of daily volume. Several sources recommend them since the leading authorities ASIC and CySEC regulate the broker-regulated platform.

It provides demo standard accounts, no commissions, minimal spreads, uncomplicated deposit and withdrawal methods, and a range of leverage options to all beginner traders. The withdrawals are also quite fast, Trading Point Holding, a multinational CFD and FX broker created in 2009, is the parent business of XM.

XM requires a minimum deposit of $5 for both their Micro Account and Standard Account. Forex Traders may also create an XM ‘Ultra Low Account’ with low spreads for $50.

The highest leverage available for deposits ranging from $5 to $20,000 is 888:1. Similarly, the highest leverages available for deposits ranging from US$20,000 to US$100,000 are 200:1 and 100:1, respectively. For EUR/USD, the spread is as little as 1.6 pips per standard lot. In this account, no commission is charged.

Commodity trading is also possible on XM by trading Future CFDs. Cocoa, coffee, copper, maize, soybean, sugar, cotton, and wheat are commodities accessible for business. However, read our honest XM broker review and learn more about the platform.s in cocoa, coffee, cotton, copper, and sugar. Hotforex does not charge a fee on commodities, and the minimum

Pros and Cons of XM

Pros Cons
Low spread. There is no support Kenyan phone number.
Easy withdrawal and deposit. They charge inactivity fees.
No commission. Withdrawal fees are also quite high.

Fee Structure

When compared to other regulated brokers, XM charges the lowest average/typical spread. For example, the usual spread/fees charged on a Premium account for an account like Ultra Low Standard Account for a central currency pair like EURUSD is 0.8 pips per standard lot. When we examine the same currency pair, EURUSD, with Hotforex, we see that they charge 1.2 pips per typical lot with their comparable “Premium account.”

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Hotforex is a broker that we suggest for Forex trading in Kenya. Hotforex is a global forex and CFD broker that has been in business for over 10 years. Apart from Forex, Hotforex offers trading activity opportunities in various CFD products and has both retail and institutional clients. In terms of daily FX trading volume, Hotforex is one of the world’s largest CMA licensed forex brokers regulated. It claims to have over 2,000,000 active account customers.

HotForex Features
Regulated By FCA, FSCA, CySEC, CMA
Best For Best for Extra Tools & Knowledge to Assist
Year Founded 2010
Minimum Deposit $5 (Micro Account)
$100 (Premium Account)
$200 (Zero Spread Account)
Maximum Leverage 1000:1
Tradable Assets Spot Contracts, Futures Contracts, Commodities

Hotforex is regulated by various top-tier regulators, including the FCA, FSCA, and CySEC. Thus we see them as reliable forex and CFD brokers. However, it is not regulated by the CMA for forex trading activities In Kenya.

HotForex - One of the Best Forex Trading Platforms in Kenya

Hotforex also offers extra tools and knowledge to assist forex traders in improving their trading experience. Trading Calculator, VPS Hosting opportunities, Auto Trading, Premium Trader Tools, Economic Calendar, and other exclusive offers or tools help forex traders in various ways. The e-courses, video tutorials, webinars, and events make the forex education component highly personalized.

Founded in 2010, HotForex is regulated in one tier-1 country and three tier-2 jurisdictions, making it a safe (average-risk) broker for forex and CFDs trading. For forex traders in Kenya, the minimum deposit at Hotforex is $5 if you sign up for their Micro account. It costs $100 for the Premium Account and $200 for the Zero Spread Account. You can go through the expert strategies to understand how much to invest your money for the first time. Also, you must carefully inspect all the factors because you invest in the platform.

Since account types depend on several factors, the max leverage offered for HotForex trading accounts is up to 1000:1. Hotforex offers commodity trading for Spot contracts in palladium and platinum, as well as futures contracts in cocoa, coffee, cotton, copper, and sugar. Hotforex does not charge a fee on commodities, and the minimum deposit is relatively inexpensive. Although, get more information about the platform from our best HotForex reviews and explore all the services.

Pros and Cons of HotForex

Pros Cons
Highly regulated. There are no deposit bonuses for dealers based in the EU.
First-hand customer service. Only USD or EUR are accepted as base currencies.
Low and transparent trading fee.

Fee Structure

HotForex has five account options in total, all of which are spread-only (commission-free) except the commission-based Zero account. However, the Premium and Premium Pro accounts are spread-only, with minimum deposits ranging from $50 to $600, while the HFcopy account is for copy trading. According to HotForex research, the Zero account is the most economical since it has the lowest spreads and a modest per trade cost.

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IC Markets

IC Markets is a multinational forex broker situated in Australia that was established in 2007. The Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA), and the Australian Securities and Investments Commission all supervise the corporation, which has multiple branches (ASIC). IC Markets is regarded as safe because the top-tier ASIC governs it.

IC Markets Features
Regulated By ASIC
Best For Best for User Experience
Year Founded 2007
Minimum Deposit $200
Maximum Leverage 500:1
Tradable Assets Forex, Commodities, Indices, Bonds, Digital Currencies, Stocks, Futures

The Australian Securities and Investments Commission has authorized and regulated IC Markets (ASIC), one of the world’s harshest financial regulatory agencies and most trusted regulatory agencies oversees IC Markets.

IC Markets - Comes in Top Online Forex Brokers in Kenya

MetaTrader 4 provides IC Markets’ web trading platform. The platform is highly customizable, available in various languages, and includes a detailed charge report. Andrew Budzinski, an entrepreneur, launched IC Markets in 2007 in Sydney, Australia. ASIC granted the firm an Australian Financial Services License in 2009.

At IC Markets Kenya, the minimum deposit is $200. The most popular trading platform, particularly Forex trading, includes numerous distinguishing characteristics: Forex leverage of up to 500:1 is available. The platform provides trading opportunities in forex, commodities, indices, bonds, digital currencies, stocks, and futures. Customers can create their portfolio in any of these trading instruments and trade in other currencies too. However, check our IC Markets reviews and learn everything about the platform in detail.

Pros and Cons of IC Markets

Pros Cons
Low forex fees. Product selection is limited.
Account creation is simple and quick. Support for live chat is slow.
Deposits and withdrawals are both free. There are no deposit fees offered by the platform. Also, there are no withdrawal fees imposed on the platform.

Fee Structure

Trading fees at IC Markets are cheap. Various account types have different pricing structures. It cost a fee but gave narrow spreads while testing the ‘True ECN with MetaTrader’ account. A typical transaction involves purchasing a leveraged product and holding it for one week before selling it. We picked a $20,000 position for FX and a $2,000 position for stock index and CFD transactions in terms of volume. For forex, we utilized max leverage of 30:1, and for stock index CFDs, we used the max leverage of 20:1.

Spreads, commissions, and financing expenses are all included in these all-inclusive benchmark prices for all CFDs brokers. Ideally, the platform is known for low fees by all Kenyan clients. The buy price provided by the platform is also well-known among clients. Its superfast order execution is also the talk of the town.

Sign Up Now is amongst the best registered big brands of Finalto (Australia) Pty Ltd, a subsidiary of Playtech Ltd, a publicly listed corporation on the London Stock Exchange, and a component of the FTSE 250 Index. provides traders with rapid, low-cost trading on over 2,200 financial leveraged products, far more than other brokers. Stocks, commodities, Forex, indices, ETFs, cryptocurrencies, and bonds are examples of tradable instruments. Features
Regulated By FCA, CySEC, ASIC, FSCA, FSC
Best For Best For Trading Options
Year Founded 2008
Minimum Deposit $100
Maximum Leverage 50:1
Tradable Assets Commodities, Metals, Energy, Stocks, Currency Pairs, ETF, Crypto, Bonds, the public-traded platform, is regulated in two tier-1 jurisdictions, giving it a risk-free FX and CFD trading broker.’s MarketsX platform, a public-traded platform, is well-designed and simple to use, with a good set of services such as integrated research, market analysis, webinars, and instructive videos. However, there is a lack of depth in trading tools to compete with platforms like IG and Saxo Bank. - Legit Forex Brokers in Kenya, the public-traded founded in 2008, is a subsidiary of a publicly-traded corporation in the United Kingdom (LSE: PTEC).’s account has a fair minimum deposit requirement of USD 100, making it accessible to new market intermediaries, traders, and it provides trading on its platform, which is easier to use than third-party trading platforms like MT4 MT5.

Leverage is limited to 50:1, and products such as CFDs are prohibited. With those qualifications out of the way. provides trading on 28 commodities, which is an extensive selection compared to most other brokers regulated by cma. Metals, energy, and softs such as cotton, wheat, coffee, and soybeans are examples of these.

Pros and Cons of

Pros Cons
Well regulated. High minimum deposit.
Tight spreads.
Wide and a good range of assets.
Fast and free withdrawals.

Fee Structure’s account was evaluated to compare its expenses to those of other brokers. The expenses were calculated using the trading fees for one lot (100,000 USD) on the EUR USD, including the spread and commission. The average price of trading one lot of EUR/USD on the Marketsx platform is USD 8 and USD 6 on the MT4 MT5 platforms, which is cheaper than trading with other similar market maker brokers. The minimum deposit is similarly affordable, at USD 2500/EUR/GBP, placing it within most traders’ grasp.

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easyMarkets is a registered online licensed forex broker that offers Forex and CFD trading using its trading platform. Investors can also trade indices, stocks, commodities, precious metals, and cryptocurrency, among other asset types. Furthermore, its revolutionary business concept offers traders in Kenya a secure trading environment in the case of high-risk market volatility and worldwide economic crises.

easyMarkets Features
Regulated By CySEC, ASIC
Best For Best for Innovative Trading Tools
Year Founded 2001
Minimum Deposit $25
Maximum Leverage 200:1 (Web/App)
400:1 (MT4)
Tradable Assets CFDs, Forex, Cryptos, Metals, Commodities, Indices, Shares

The Cyprus Securities and Exchange Commission (CySEC) regulates it in Europe, while the Australian Securities and Exchange Commission (ASIC) regulates it in the Asia Pacific Region. It is a fantastic platform for online trading due to its innovative trading tools, valuable research and instructional resources, and friendly customer service. However, one must be able to take advantage of these advantages.

easyMarkets - Top Forex Brokers in Kenya

The broker was formed in 2001 to make trading simple, accessible, and transparent for everyone. A modest minimum deposit of USD 25, a simplified proprietary trading platform, and free SMS notifications make it easy for inexperienced Kenyan traders to get started in trading.

There is no maximum leverage offered in this platform as it allows you to deposit and conduct trading in multiple currencies at the same time. Corn, wheat, cotton, soybeans, sugar, coffee, and natural gas are among the commodities offered for easy FX trading with easyMarkets. However, get more information about the platform from our genuine easyMarkets review, which is fully honest & well-researched.

Pros and Cons of easyMarkets

Pros Cons
No commission fees. Cryptocurrency selection is limited.
An easy-to-use trading platform.
CySEC, FSA, and ASIC all have strict cma regulations in place.

Fee Structure

easyMarkets fees start from 0.9 pips. The platform doesn’t charge any fees on the accounts. Also, new customers don’t have to pay any commissions or fees while depositing or withdrawing cash. However, if the account is unused, then specific fees are imposed on the account when withdrawals take place.

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ThinkMarkets is a multi-asset broker located in Australia and the United Kingdom that was launched in 2010. It has two headquarters: one in Melbourne and another in London and regional offices across Asia-Pacific, the Middle East, North Africa, Europe, and South America. It keeps its trading environment safe and guarantees that outstanding technology powers its core trading environment.

ThinkMarkets Features
Regulated By ASIC, FCA, FSCA
Best For Best for Users Safety & Security
Year Founded 2010
Minimum Deposit $500 (ThinkZero Account)
Maximum Leverage 200:1 (Indices and Commodities )
500:1 (Forex)
Tradable Assets Forex, CFD, Cryptocurrencies, Currency Pairs, Commodities, Gold, Silver

ThinkMarkets is a fully licensed and regulated broker in three jurisdictions. TF Global Markets (Australia) is governed by the ASIC, whereas TF Global Markets (UK) is authorized by the UK Financial Conduct Authority (FCA) (UK).

ThinkMarkets - Licenced Forex Brokers in Kenya

The platform is known for the safety and security that it provides to its users. Founded in 2010, ThinkMarkets today trades in over 35 currencies and ID. Its headquarters are in London and Australia.

ThinkMarkets allows you to begin trading in the exciting currency markets with no minimum investment for a Standard account and a $500 minimum deposit for a ThinkZero account.

The leverage policy of the ThinkMarkets Company may differ depending on the account type of trading and the geographical area. The cryptocurrency can reach 1.5, the indices can reach 200:1, commodities can reach 200:1, and FX can reach 500:1. Kenyan Traders in Europe have till 30:1 p.m. to use their leverage.

ThinkMarkets is a forex and CFD broker. It deals in gold, silver, cryptocurrencies, 35 currency pairings, and other account commodities. The lowest trading size is 0.01, and the minimum live trading amount is $1.

Pros and Cons of ThinkMarkets

Pros Cons
Narrow market spreads. Trading platforms frequently freeze.
A minimum deposit of $0 is required on the Standard account.

Fee Structure

ThinkMarkets generates the majority of its revenue from spreads and commissions, where it competes. The commission-free mark-up starts at 0.4 pips, one of the most incredible deals accessible among all online brokers, while the industry average is 1.2 pips. Raw spreads as low as 0.0 pips with an average of 0.1 pips for a fee of $3.50 per lot or $7.00 per round lot will benefit active Kenyan traders.

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ForexTime, often known as FXTM, has been a global CFD and Forex broker providing online trading since 2011. The Kenya CMA, the Financial Conduct Authority (FCA) in the United Kingdom, CySEC, and the FSCA regulate the broker (South Africa). We believe it is safe since various top-tier regulators control it. FXTM trading platforms are MetaTrader-based, with MetaTrader 4 and MetaTrader 5 available. It provides 57 currency pairs, CFDs on 173 single stock shares, 11 Indices, six metals, three energy futures, and three cryptocurrencies through seven different types of accounts.

FXTM Features
Regulated By CMA, FCA, FSCA
Best For Best for All-round Offerings
Year Founded 2011
Minimum Deposit $10 (Cent MetaTrader 4 Account)
$20 (ECN Account)
Maximum Leverage 1000:1
Tradable Assets Metals, CFD Stocks, Indices, FX Indices, Currency Pairs, Commodities

FXTM is regulated by CMA in Kenya as well as two additional top-tier regular regulators, the FCA and the FSCA, apart from several other financial authorities. FXTM is regulated and approved by the following authorities: Exinity Group, FXTM’s parent firm, is one of four Kenya CMA licensed forex brokers.

Looking at the positives, It has strong user support that is friendly and efficient, a free sample account, and a solid education area on its licensed website. It also offers a website that is available on a variety of devices.

FXTM - CMA Licensed Forex Brokers in Kenya

Established in 2011, the FXTM brand is a global pioneer in online trading, delivering financial market possibilities to a global audience. With the Cent MetaTrader 4 account type, FXTM requires a minimum deposit of $10. Their minimum deposit for an ECN account is $20.

The Standard account, like the Cent account, has a floating/variable spread, adjustable leverage of up to 1000:1, and hedging is permitted. Starting from metals to stock trading, CFD Stocks, Indices, FX Indices & Currency Pairs, Commodities, Stock Baskets, and Contract Specifications, you can create a solid portfolio in the tradable assets.

Pros and Cons of FXTM

Pros Cons
Customer service is excellent, and live chat is available. High trading fees.
Negative Trading Balance Protection is a feature that is accessible. In Kenya, there is no local phone number for assistance.
Account opening is a simple and quick process.
Provides MT4 MT5 trading platforms for mobile, desktop, and online.

Fee Structure

FXTM offers a 1.5 pip minimum spread for regular accounts and a 1.9 minimum for cent accounts. Spreads for standard and cent accounts are generally 2 pips and 2.4 pips, respectively. ECN accounts, on the other hand, have narrower spreads, with a minimum of 0.1 pip and an average of 0.4 pip. Furthermore, the spread for each lot of EUR/USD is 0.1 pips, the standard Kenya forex cost.

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Is Forex Trading Legal in Kenya?

While forex appears to be legal on the surface, “there are many potential bad actors in the space, and it is a prime environment for spoofing, ghosting, and/or front-running”. Braden Perry, a regulatory and government investigations attorney with Kennyhertz Perry LLC in Kansas City, Missouri, has confirmed the same. There has been much analysis done by the experts on the same issue. Starting from its licensing to broker’s CMA regulation, everything is a part of the discussion and analysis.

According to Perry, the development of internet-based trading platforms has further compounded the dangers by providing additional potential for fraudulent promotional schemes, overstatement of returns, and inability to pay up for victories. “Furthermore, certain actors are rigging the system using manipulative software.”

The fundamental problem with finance trading is a lack of transparency and opaque regulatory systems with inadequate control. However, certain forex items listed on exchanges are subject to regulatory control. Similarly, some genuine CMA licensed forex brokers in Kenya do business in the market.

How Do I Trade Forex in Kenya?

Nowadays, opening a finance trading account is straightforward and may be done online. The forex broker will demand a customer to put money into the different accounts as collateral before trading begins.

CMA Regulated Forex Brokers in Kenya also give consumers leverage, allowing them to trade more sums than they have on deposit. Depending on where the trader is operating, leverage might range from 30 to 400 times the amount available in the trading account.

Because of Kenya’s significant economic potential and demography, list of licensed forex brokers in Kenya saw an opportunity in the nation set up shop in Lagos and other Kenyan locations. If you’re new to trading, trading in Kenya is an excellent place to start. Stick to the six stages mentioned below:-

  1. Purchase a somewhat current internet-capable gadget, such as a smartphone, tablet, or PC.
  2. Find an online forex broker who welcomes Kenyan customers.
  3. To trade FX, open a margin account with that broker.
  4. Make a deposit using a payment method that the best forex broker accepts.
  5. Download the broker’s proprietary trading platform or another platform that works with that broker.
  6. This is how you successfully make your first trade.

Choosing The Best Forex Brokers in Kenya

Broker Regulation

The Capital Markets Authority (CMA) primarily regulates the Kenyan forex market. However, the Central Bank of Kenya may create regulations for the CMA to implement. As a result, while choosing a broker, it is critical to determine whether or not the CMA regulates it.


Trading in Kenya is risk-free as long as the CMA-regulated forex broker in Kenya follows the appropriate measures. In Kenya, the Capital Markets Authority, or CMA, is the overseer of online trading. Kenyan market participants must obtain a CMA license to safeguard the safety of Kenya forex broker in Kenya who employ the services of Kenya-based most brokers.

Support Kenyan Shilling

Kenya’s official currency is the Kenyan shilling (KES), denoted by the symbol KSh. Kenyan shillings are split into 100 smaller parts called cents. The Central Bank of Kenya issues and manages the currency (CBK). Because the CMA licensed forex brokers in Kenya, it is necessary to confirm that it supports this currency.

Trading Fees 

Your broker will quote or provide you with two prices for each currency pair available on its online forex trading website: a price to purchase (the bid price) and a price to sell (the asking price). It is essential to examine the online forex trading costs of several CMA licensed forex popular brokers to obtain the lowest charge choice. The overall rating of the platform is excellent when it comes to trading fees.

Trading Platform

As a trader investing in the Forex market, you should search for a CMA-regulated broker that provides a secure atmosphere and adequate trading circumstances without conflicts of interest. It is critical to select a CMA-regulated broker regulated by the Kenyan Regulator (CMA) or reputable foreign regulators (like FCA, FSCA, CySEC, or ASIC). When it comes to transaction fees, the overall rating of the platform is also excellent and trustworthy.

Good Customer Support

The platform provides excellent support to its beginners and users. From providing 24/7 assistance to resolving their queries and concerns, to helping them get acquainted with the platform, the customer support team is always at your service. If you have any queries or concerns, you can also contact them through live chat support or write to them through email.

Pros and Cons of Forex Trading


Volatility a Trader’s Friend

The main currencies typically experience large price movements. High volatility may help you make a lot of money if you arrange your transactions appropriately.

Variety of Pairs to Trade

There are 28 main currency pairings, each of which involves eight significant currencies. Convenient timing, volatility patterns, or economic changes can all be used to select a pair. A forex trader who likes volatility can readily flip between currency pairs.

Low Capital Requirements

One may begin trading with a modest amount of beginning cash because of the narrow pips spreads. It may be impossible to trade in other marketplaces (like equity, futures, or options). The availability of margin trading with a significant leverage factor (up to 50-to-1) is the cherry on top of FX deals. While trading on such high margins carries its hazards, it makes it simpler to achieve more profits potential with less cash.

Ease of Entry

There are dozens of technical forex indicators to rely on for short-term trades, as well as various fundamental analytical theories and tools for long-term trading, providing Kenyan traders of varying levels of expertise with a wealth of options for making a quick entry into trading.


High Risk along with High Leverage

Forex trading is possible with high leverage, which means that the profit/loss risk is multiplied by the trading capital. FX markets provide leverage of 50:1, which means that a $1 investment can result in a $50 forex position. While leverage might help a trader, it also magnifies a loss. Without a solid understanding of leverage, an effective capital allocation strategy, and significant emotional control, trading may quickly become a loss-making nightmare.

You must also take investment advice from professionals because investing in currency pairs or trades that have high leverage is risky. If you can afford an expert, you must consider their advice before you process any deposit withdrawal on the website.

Self-Directed Learning

An intermediate trader in the stock market can seek professional help from portfolio managers, trade advisers, and relationship managers. The best forex brokers in Kenya are entirely on their own, with little or no help. Throughout one’s trading career, disciplined and ongoing self-directed learning is required. Most beginners give up during the early phase, owing to losses incurred due to insufficient trading expertise and poor trading practices.

High Volatility

With little control over macroeconomic and geopolitical developments, it is all too easy to suffer massive losses in the highly unpredictable FX market. If anything goes wrong with a particular stock, shareholders can put pressure on management to make the necessary changes, or they can seek authority. Forex dealers are at a loss about where to go. For example, when Iceland declared bankruptcy, forex dealers holding Icelandic krona had no choice but to watch.

Because markets are open 24 hours a day, it is difficult to regularly keep track of pricing and volatility. The ideal strategy is to use stringent stop losses on all forex transactions and to trade methodically using a well-planned strategy.

Conclusion on Forex Broker in Kenya

Trading may be hazardous even for experienced and well-educated investors and Kenyan traders. If you are just starting, you must devote as much time as possible to learning about the basics of Forex and CFD trading, as well as the dangers and methods involved.

Once you’ve mastered the fundamentals and methods, establish a demo account with a good broker of your choosing. Trade on the demo account until you have a decent strategy and the right methods that work and have been tried for at least 3-6 months. Only once you are entirely comfortable can you begin investing real funds by implementing those right methods. Begin with a small amount of real money and just exchange trading micro lots.

Check the exchange rate, trading conditions, and other fees that are incorporated before you start trading. It also depends on how much research you have done, the risk warning, and other odds that you have taken into account, to understand how much profits you can make. Comply with all of the money management teachings.


Which Forex Broker Is Legal in Kenya?

Hotforex is one of the best forex brokers in Kenya. Beware that you don’t start your automated trading in an unregulated broker platform. Check all the forex pairs, if the platform accepts an Islamic account, accepts Kenyan traders, and if the new local forex company is a CMA regulated FX company or not. Once you are thorough with all the details, start investing in the platform.

Can I Trade Forex in Kenya?

Trading is now legal in Kenya. It is regulated by the CMA of Kenya. Over 90,000+ Kenyan forex traders are now trading in Kenya. So, yes, you can trade forex in Kenya.

Is Forex Trading Allowed in Kenya?

Yes, Forex trading is allowed in Kenya.

Do Forex Traders Pay Tax in Kenya?

Kenyan forex traders should pay taxes when they are trading in Kenya.

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