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6 Best Forex Brokers in Kenya

Last Update: March 14th, 2024

Best Forex Brokers in Kenya

 

The 6 best Forex brokers in Kenya revealed. We have explored and tested several prominent brokers to identify the 6 best. 

In this in-depth guide you’ll learn: 

  • Who is the Best Suited Kenyan Broker for Beginners?
  • Kenyan Shilling-based Accounts and their low minimum deposit.
  • KES Costs of Trading Forex with Mpesa.
  • Pros and cons of each broker 
  • Popular FAQs about the best Forex brokers in Kenya 

And lots more… 

Let’s dive right in… 

 

 🏆 10 Best Forex Brokers

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewSFSA, FSCA, CySec*USD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewNot Regulated0.001 BTCVisit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewSVGFSAUSD 5Visit Broker >>

 

What is a Forex broker in Kenya? 

Forex brokers in Kenya cater to traders by offering access to global currency markets. They provide platforms for trading various currency pairs, educational resources, and local payment options. With regulatory oversight from bodies like the Capital Markets Authority, these brokers ensure transparency, security, and support for Kenyan traders’ financial goals. 

 

6 Best Forex Brokers in Kenya (2024*)

  1. ☑️ Exness – Best Forex Broker in Kenya.
  2. ☑️ Pepperstone – High Kenyan Trust Score.
  3. ☑️ FXTM – Best Global Regulated Broker.
  4. ☑️FXPesa – Lowest KES Cost in East Africa.
  5. ☑️FxPro – Best Mobile Trading Experience.
  6. ☑️AvaTrade – Award-Winning Broker in West Africa.

 

6 Best Forex Brokers in Kenya

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulators📈 Minimum Spread
1. Exness👉 Open AccountBased on chosen regional deposit methodFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCAFrom 0.0 pips
2. Pepperstone👉 Open AccountEquivalent to AU$200ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB0.0 pips
3. FXTM👉 Open Account$5CySEC, FSCA, FCA, FSC Mauritius, CMA Kenya0.0 pips
4. FXPesa👉 Open AccountKES 727.50 or $5FCA, CMA0.0 pips EUR/USD
5. FxPro👉 Open Account

KES 14,550.00 or $100FCA, CySEC, SCB, FSCA, FSCN/A
6. AvaTrade👉 Open AccountKES 14,550.00 or $100Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISAFrom 0.0 pips

 

The 6 Best Forex Brokers in Kenya 

Below is our list of the 6 best Forex brokers in Kenya which offer traders excellent trading conditions. 

 

Exness 

Overview 

Exness offers Kenyan traders a reliable platform with significant advantages. Regulated by the Capital Markets Authority (CMA), it assures adherence to local regulations, ensuring traders’ security and trustworthiness.  

With local offices in Kenya, Exness provides personalized support, addressing traders’ concerns efficiently.

 

Exness

 

Exness boasts competitive spreads, low transaction costs, and diverse trading instruments, including major currency pairs and cryptocurrencies, catering to varied trading preferences. 

Exness offers robust educational resources, empowering traders with market insights and strategies to make informed decisions.  

Through its innovative technologies and commitment to transparency, Exness remains a preferred choice for Kenyan traders seeking a reliable and rewarding Forex trading experience. 

 

Unique Features 

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
💻 Account TypesStandard Account

Standard Cent Account

Raw Spread Account

Zero Account

Pro Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositBased on chosen regional deposit method
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

Exness Terminal

Exness Trade app
📈 Range of MarketsForex

Metals

Crypto

Energies

Indices

Stocks
📊 Demo AccountYes
✴️ Social Trading OfferedInstagram

Facebook

Twitter

YouTube

LinkedIn
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
Leverage can be adjusted by any trader to correspond with their risk tolerance and trading manner.Each region in which Exness operates has its own set of restrictions.
Before placing real funds into trade, prospective investors may establish a trial account to gain experience with virtual funds.Certain analysts contend that although the platform offers a wide range of trading items and functionalities, it is inferior in comparison to other specialized platforms. Nonetheless, this proportion represents only a minor subset of speculators.
Exness has garnered acclaim for its transparent disclosure of all trading terms, expenses, and spreads.Customers may not always have access to customer service representatives, despite their sincere efforts. This may lead to discrepancies in both the quantity and calibre of their responses.
No fees are assessed for deposits or withdrawals at Exness.In contrast to their rivals, certain traders might be dissuaded from employing the user interface due to its potential intricacies and advanced nature.
Local options are available for both deposits and withdrawals.Potential investors pursuing a wider array of investment opportunities might be deterred by Exness's exclusive emphasis on FX and CFDs.
Exness offers MetaTrader clients trading automation features that are customized for clients, including Expert Advisors (EAs).Leverage that is excessive increases the likelihood of incurring significant losses.

 

Trust Score 

Exness has a trust score of 97% 

 

Pepperstone 

Overview 

Pepperstone stands out as a premier Forex broker for Kenyan traders, with global offices including a presence in Kenya, facilitating localized support and accessibility. Renowned for its competitive spreads, Pepperstone offers tight spreads on major currency pairs, ensuring cost-effective trading.  

With a diverse range of assets, including forex, commodities, indices, and cryptocurrencies, traders enjoy ample opportunities for portfolio diversification.  

 

Pepperstone

 

Pepperstone provides multiple account types to accommodate varying trading styles and preferences, ranging from standard accounts to specialized offerings like the Razor account with ultra-low spreads and commissions.  

Traders benefit from a selection of cutting-edge trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, renowned for their intuitive interfaces and advanced trading tools.  

With its commitment to transparency, reliability, and innovation, Pepperstone emerges as a top choice for Kenyan traders seeking a comprehensive and rewarding trading experience in the global Forex market. 

 

Unique Features 

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
💻 Account TypesStandard Account

Razor Account

Professional Account

Demo Account

Islamic Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositEquivalent to AU$200
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

cTrader

TradingView

Myfxbook

Duplitrade
📈 Range of MarketsForex

Metals

Crypto

Energies

Indices

Stocks
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
Pepperstone provides numerous opportunities for portfolio diversification through its extensive selection of trading products, including CFDs, indices, cryptocurrencies, commodities, and FX.Due to the absence of guaranteed stop loss orders from Pepperstone, traders relying on this risk management instrument may be exposed to potential hazards, particularly during periods of market volatility.
Pepperstone provides its clients with competitive spreads and reasonable trading fees, which potentially lead to increased profitability by allowing them to decrease their expenditures.Even though Pepperstone provides an extensive selection of deposit and withdrawal methods, a subset of traders may discover the selection to be comparatively limited in nature, potentially resulting in inconvenience.
The fast execution speeds of Pepperstone ensure timely completion of transactions, even amidst highly volatile market conditions.A potential disadvantage for traders who place importance on the stability of fixed spreads, especially during periods of market volatility, is the absence of fixed spread accounts at Pepperstone.
Pepperstone supports state-of-the-art trading platforms, including cTrader and MetaTrader 4 (MT4), which provide a comprehensive suite of tools for automated trading, charting, and technical analysis.Due to its prioritization of trading platforms and execution services over exhaustive research and analysis resources, Pepperstone may cause a perception among certain traders that its research capabilities are inadequate.
Traders can have confidence in the safety and security of the Pepperstone platform due to its governance by reputable financial agencies such as the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA).

 

Trust Score  

Pepperstone has a high trust score of 92%  

  

FXTM 

Overview 

FXTM presents an enticing prospect for CFD traders in Kenya, offering a diverse array of trading opportunities.  

Notably, FXTM provides access to Kenyan stocks, allowing traders to tap into the local market’s potential alongside global assets. This feature enhances portfolio diversification and enables traders to capitalize on Kenya’s economic growth.  

 

FXTM

 

With a user-friendly interface and a range of trading tools, FXTM caters to traders of all experience levels, facilitating the seamless execution of CFD trades.  

FXTM offers competitive spreads, ensuring cost-effective trading conditions. Traders can also benefit from educational resources and market analysis provided by FXTM, empowering them to make informed trading decisions.  

With its commitment to transparency, security, and innovation, FXTM stands as a reliable choice for CFD traders in Kenya seeking exposure to both local and international markets. 

 

Unique Features 

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius, CMA Kenya
💻 Account TypesMicro Account, Advantage Account, Advantage Plus Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit$5
📱 Platforms SupportedMetaTrader 4, MetaTrader 5, FXTM Trader
📈 Range of MarketsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

LinkedIn

Instagram

YouTube

Telegram
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
FXTM is subject to rigorous regulatory oversight by esteemed regulatory bodies such as the FCA and CySEC, which guarantees compliance with rigorous standards and instils confidence and security among Egyptian traders.In comparison to certain other brokers, FXTM's educational resources might be deemed restricted, thereby presenting a potential obstacle for inexperienced traders in Egypt who are in search of comprehensive learning materials and assistance.
By providing Egyptian traders with access to numerous global markets and a diverse selection of tradable assets (forex, commodities, indices, and cryptocurrencies), FXTM enables them to diversify their investment portfolios.The complex fee structure of FXTM, which includes various account types and fee schedules, may cause some traders to become perplexed or misinformed about the expenses associated with trading.
FXTM offers minimal commissions, tight spreads, and competitive pricing.

 

Trust Score  

FXTM has a trust score of 93%  

 

FXPesa 

Overview 

FXPesa is a Forex broker that caters to traders in Kenya, offering a platform for individuals to engage in currency trading. The broker provides access to various currency pairs, allowing Kenyan traders to participate in the global Forex market.  

FXPesa offers competitive spreads, leverage, and trading tools to assist traders in making informed decisions.  

 

FXPesa

 

FXPesa provides educational resources and customer support tailored to the needs of Kenyan traders, helping them navigate the complexities of the Forex market. Traders in Kenya should consider factors such as regulation, security measures, and the broker’s reputation before choosing to trade with FXPesa. 

Conducting thorough research and considering personal trading preferences are essential steps for Kenyan traders to determine if FXPesa aligns with their trading objectives and risk tolerance. 

 

Unique Features 

FeatureInformation
⚖️ RegulationFCA, CMA
💻 Account TypesExecutive Account, Premier Account
💵 Minimum Spread0.0 pips EUR/USD
💸 Minimum DepositKES 727.50 or $5
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

Equiti Trader App
📈 Range of MarketsForex

Indices

Commodities

Shares

ETFs
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

LinkedIn

Instagram

YouTube

Telegram
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
CMA-regulated in Kenya and FCA-regulated in Great Britain.The fact that USD and KES are the only available account currencies may be inconvenient for some traders.
Account categories are classified as commission-based or spread-based.Comparatively elevated trading expenses in contrast to alternative brokers.
The selection of trading instruments exceeds 300.There are no available tools for investigation and analysis.
Withdrawals and deposits at local banks are possible.A relative absence of trading instruments beyond Forex in comparison to other brokers.
Options for mobile money transfers are available.
A minimal initial investment is required to open an Executive account.
Bonus on initial deposit of 30% up to $150.

 

Trust Score  

FXTM has a trust score of 93%

 

FxPro 

Overview 

FxPro is a reputable Forex broker that offers Kenyan traders a comprehensive suite of trading tools, a wide selection of assets, and diverse trading platforms. With FxPro, Kenyan traders gain access to advanced charting tools, technical analysis indicators, and risk management features, facilitating informed trading decisions.  

FxPro also provides a diverse range of assets, including major and minor currency pairs, commodities, indices, and cryptocurrencies, allowing traders to diversify their portfolios and explore various market opportunities.  

 

FxPro

 

FxPro offers a selection of trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader, catering to the preferences and trading styles of different individuals.  

Kenyan traders can benefit from FxPro’s robust technology infrastructure, competitive pricing, and reliable execution, making it a suitable choice for those seeking a trustworthy broker with comprehensive trading solutions. However, traders should always conduct due diligence and consider their specific needs before choosing a broker. 

 

Unique Features 

FeatureInformation
⚖️ RegulationFCA, CySEC, SCB, FSCA, FSC
💻 Account TypesStandard Account, Pro Account, Raw+ Account, and ECN Account
💵 Minimum SpreadN/A
💸 Minimum DepositKES 14,550.00 or $100
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

cTrader

FxPro App
📈 Range of MarketsForex

Futures

Indices

Shares

Metals

Energies

Cryptocurrency CFDs
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
FxPro provides traders with a diverse selection of robust trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, to accommodate their specific requirements.The selection of cryptocurrencies offered by FxPro is comparatively restricted when compared to other brokers available in the market.
By offering low prices and narrow spreads, FxPro facilitates trading at an affordable cost for its clients.Inactive accounts incur an inactivity fee from FxPro, which may be applicable to traders who engage in trading activities infrequently.
Negative balance protection is a feature offered by FxPro to safeguard customers against losses exceeding their initial deposit.Although FxPro does provide some instructional materials, their accessibility and comprehensiveness might be comparatively restricted in contrast to alternative brokers.
Having obtained licenses from reputable regulatory bodies including the FCA, CySEC, and DFSA, FxPro ensures a secure trading environment for its clients.Potentially lacking in compensation programs compared to other brokers, FxPro may present a disadvantage for traders in search of additional incentives.
FxPro benefits from its extensive liquidity from reputable liquidity sources, enabling expeditious order execution and minimal slippage.Certain competitors may offer more comprehensive research tools than FxPro, which could potentially restrict the analytical capabilities of traders.

 

Trust Score  

FxPro has a high trust score of 90%  

 

AvaTrade 

Overview 

AvaTrade stands out as a compelling option for traders in Kenya due to several key factors. AvaTrade broker offers a user-friendly platform with intuitive tools and resources suitable for traders of all experience levels. This accessibility is crucial for Kenyan traders seeking to navigate the complexities of the financial markets effectively.  

 

AvaTrade

 

AvaTrade offers competitive spreads, transparent pricing, and reliable execution, enhancing the trading experience for Kenyan traders. 

AvaTrade is regulated by reputable authorities, providing traders in Kenya with an added layer of security and peace of mind.  

 

Unique Features 

FeatureInformation
⚖️ RegulationCentral Bank of Kenya (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
💻 Account TypesRetail Account, Professional Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum DepositKES 14,550.00 or $100
📱 Platforms SupportedAvaTradeGO

AvaOptions

AvaSocial

MetaTrader 4

MetaTrader 5

DupliTrade

ZuluTrade
📈 Range of MarketsForex

Stocks

Commodities

Cryptocurrencies

Treasuries

Bonds

Indices

Exchange-Traded Funds (ETFs)

Options

Contracts for Difference (CFDs)

Precious Metals
📊 Demo AccountYes
✴️ Social Trading OfferedInstagram

Facebook

Twitter

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
The wide array of trading instruments provided by AvaTrade—equities, commodities, FX pairings, indices, and cryptocurrencies—assists customers in constructing diversified investment portfolios.Particularly for active traders, AvaTrade's spreads may be greater than those of other brokers, resulting in increased trading expenses.
The integration of AvaTrade and ZuluTrade simplifies social trading by permitting users to analyze and imitate the strategies of successful traders.A limited selection of research and analytical instruments may also be available on the platform, preventing certain traders from conducting exhaustive market research.
AvaProtect offers enhanced charting and technical analysis, whereas AvaSocial and AvaTradeGo, respectively, expedite social and mobile trading.Novice traders might encounter challenges in comprehending and utilizing the entirety of the platform's functionalities and opportunities.
AvaTrade abides by the regulations of regulatory bodies including the Financial Services Commission of the British Virgin Islands and the Central Bank of Kenya to provide its clients with a secure and stable exchange environment.
AvaTrade offers a diverse array of educational resources to its traders, comprising seminars, webinars, and market research, with the collective intention of augmenting their comprehension of the market.

 

Trust Score  

AvaTrade has a high trust score of 96% 

 

Best Forex Brokers in Kenya

 

Conclusion

Overall, trading with international Forex brokers in Kenya offers access to diverse markets, advanced tools, and competitive pricing. However, traders should prioritize regulatory compliance, customer support, and localized services to ensure a secure and seamless trading experience tailored to their needs and preferences. 

 

Frequently Asked Questions 

What are the risks associated with Forex trading in Kenya? 

The risks associated with Forex trading in Kenya include market volatility, leverage-induced losses, geopolitical events, and regulatory changes. 

 

Do Kenyan Forex brokers offer Islamic trading accounts? 

Yes, some Kenyan Forex brokers offer Islamic trading accounts compliant with Sharia law, which does not involve paying or receiving interest (Riba). 

 

What support services do Forex brokers in Kenya offer to local traders? 

Forex brokers in Kenya offer support services such as educational resources, customer support in local languages, seminars, and webinars.

 

Can Kenyan traders use expert advisors (EAs) or automated trading systems? 

Yes, Kenyan traders can use expert advisors (EAs) or automated trading systems to execute trades automatically based on pre-defined strategies. Many Forex brokers support the use of EAs on their trading platforms. 

 

What are the minimum deposit requirements for opening a Forex trading account in Kenya? 

Minimum deposit requirements typically range from as low as $5 to $100 or more, depending on the broker and the type of trading account.

 

What broker is KES Costs of Trading Forex with Mpesa?

Forex Trading with Mpesa in Kenya is Exness, HFM, FXTM, and Pepperstone.