Trading forex (currencies) in Kenya has as become so popular of late in Kenya among residents. While some of our recommended, forex brokers below are not Legalazied yet by the Capital Markets Authority (CMA). But they still accept residents of Kenya as customers and the best forex brokers in Kenya.
The Capital Markets Authority is the financial regulatory body in Kenya. Website: https://www.cma.or.ke/. We also recommend that residents of Kenya follow the CMA on Twitter or you can download their app from the play store.
The CMA was established in 1989 and is responsible for supervising, licensing, and monitoring the activities of market intermediaries. For a historical breakdown, here’s a link to the Capital Markets Authority webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Best Forex Brokers Kenya
To find the best forex brokers in Kenya, we created a list of all brokers that list Kenya as a country they accept new customers from. We then ranked brokers by their Overall ranking.
Here is our list of the best forex brokers in Kenya.
- XM – Best overall broker, most trusted and it accepts M-Pesa for deposit and withdrawals.
- HotForex – Best web based trading platform and regulated by Capital Markets Authority of Kenya.
- FxPesa – Great overall, best for beginners and also regulated by CMA.
- FOREX.com – Excellent all-round offering
- Deriv.com – Best binary options broker and the only broker in the world offering the popular Synthetic indices.
- eToro – Best broker for copying and crypto trading.
- AvaTrade – Great for beginners and copy trading
Kenya Forex Brokers Comparison
Compare Kenya authorized forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm’s benstride.com Overall ranking.
| Forex Broker | Accepts KE Residents | Average Spread EUR/USD – Standard | Minimum Deposit | Overall | Visit Site |
|---|---|---|---|---|---|
| XM | Yes | 0.828 | $5.00 | 5 Stars | Visit Site |
| FXPesa | Yes | 1.800 | $50.00 | 4.0 Stars | Visit Site |
| FOREX.com | Yes | 1.100 | $100.00 | 4.5 Stars | Visit Site |
| eToro | Yes | 1.00 | $10-$200 | 4.5 Stars | Visit Site |
| AvaTrade | Yes | 0.910 | $100.00 | 4.5 Stars | Visit Site |
| Capital.com | Yes | 0.800 | $20.00 | 4.5 Stars | Visit Site |
| IC Markets | Yes | 0.620 | $200 | 4.5 Stars | Visit Site |
| OANDA | Yes | 1.400 | $0.00 | 4.5 Stars | Visit Site |
| Pepperstone | Yes | 0.770 | $200.00 | 4 Stars | Visit Site |
| FP Markets | Yes | 1.200 | $100 AUD | 4 Stars | Visit Site |
| FxPro | Yes | 0.600 | $100 | 4 Stars | Visit Site |
| HotForex | Yes | 1.200 | $5 | 4 Stars | Visit Site |
| Vantage FX | Yes | 1.220 | $200 | 4 Stars | Visit Site |
| Deriv.com | Yes | 1.220 | $10.00 | 4.5 Stars | Visit Site |
| OlympTrade | Yes | 1.200 | $200 | 4 Stars | Visit Site |
| IQ Option | Yes | 1.200 | $5 | 4 Stars | Visit Site |
| FXTM | Yes | 1.200 | $50 | 4 Stars | Visit Site |
| ExpertOption | Yes | 0.60 | $0 | 4 Stars | Visit Site |
| Forex.com | Yes | 0.845 | $200 | 3.5 Stars | Visit Site |
| LegacyFx | Yes | 0.00 | $500 | 3.5 Stars | Visit Site |
How to Verify brokers that are Licensed by CMA
To find a list of authorized forex brokers, residents can download the list of licenses report from the Capital Markets Authority website to verify the authorization of a broker.
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Methodology
For our 2022 Forex Broker Review, we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation, and corporate structure. Read more about how we calculate brokers trust score.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test brokers.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.
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Vincent Nyagaka is a Professional Trader, Investor, and Author who is considered ‘The Authority” on Price Action Trading. His blog is read by over 300,000 every month and he has taught over 5,000 students from all over the world since 2016. Check out Vincent’s Professional Trading Course here.