Top 10 Forex Brokers in Kenya


Forex trading in Kenya is an excellent source of earning money especially when you trade with brokers regulated by Capital market Authority Kenya.

March 3, 2021 | AtoZ Markets – Forex market is the 5 trillion dollar market, which is three to four times bigger than the New York Stock Exchange. In the early ’90s, people used to trade at the institutional level only. Furthermore, after the financial crisis of 2008, retail people and corporations started to feel that they needed to hedge their funds to avoid business risk. 

Forex trading is legal in Kenya. Therefore, you can operate hassle-free trading from this country. Moreover, based on the performance and regulation, we have chronologically set up and reviewed some reputable brokers that are available for Kenya traders.

Before proceeding further, you can find the entire table of contents of this guide about Forex trading in Kenya.

(Table of contents section)

  • Is Forex Trading Legal in Kenya?
  • How to Choose a Forex Broker in Kenya?
  • Top 10 Best Forex Brokers in Kenya
  • How to Open a Forex Trading Account in Kenya
  • How to Deposit or Withdraw Funds from Kenya Forex Brokers

Is Forex Trading Legal in Kenya?

The Capital Markets Regulations, 2017, regulate online forex trading in Kenya. According to this regulation, forex brokers in Kenya have to keep minimum paid-up capital of Sh30 million to Sh50 million. Moreover, money managers have to keep a minimum of Sh10 million as their paid-up capital.

Capital market Authority (Kenyan capital market regulator) estimated that there are almost 50,000 people, including forex brokers, money managers are in the forex trading-related business while they are mostly using offshore platforms that are not overseen by Kenyan regulators.

Under the Capital Markets Online Forex Trading regulation, there are three types of regulations under the CMA:

  • The Dealing Foreign Exchange Broker
  • The Non-Dealing Foreign Exchange Broker
  • The Money Manager

The dealing and non-dealing brokers offer to trade on the forex market but do not offer clients fund management. The fund management service is allowed to the Money Manager only.

According to CMA, forex brokers should get the relevant license from CMA. Therefore, as a trader, you can trade through any dealing and non-dealing brokers. In that case, the broker will take some commissions from the spread.

How to Choose a Forex Broker in Kenya?

As a trader from Kenya, you should trade in a broker that has CMA regulation. CMA will provide the safety of funds in case of any fraudulent activity and allow a risk-free trading environment. CMA also regulates brokers if they cannot use clients’ funds in their trading account. Moreover, If you face any dispute, you can go to the judiciary to get the damage. 

Forex brokers regularly provide financial reports to CMA. Therefore, traders can have a safe and secure trading environment.

However, there are only three forex brokers that are regulated in Kenya under the CMA:

  • EGM Securities (FXPesa)
  • SCFM Limited
  • Pepperstone Kenya

In case you are not satisfied with the CMA regulated brokers, you can choose any offshore brokers. CMA does not provide any embargo to trade in a foreign broker. However, it does not provide any safety of funds for any offshore brokers.

In case you are looking for an offshore broker from Kenya, you should choose a broker regulated by any reputable regulated authority such as FCA, CySEC, or ASIC. Furthermore, if you can find any broker that provides local customer support and deposit and withdrawal assistant, it would be great to make easier transactions.

Whether you are an experienced or novice trader, you should open a demo account in the forex broker when you choose any new platform. Although most of the forex brokers provide the same trading opportunity, it is better to check the spread and cost.

When you complete the demo testing, you are ready to open a live account by the instructions required by the broker.

Read More: How to trade cryptocurrency through your forex broker? 

Top 10 Best Forex Brokers in Kenya

There is no restriction for Kenyan traders in choosing forex brokers. There are many regulated and international brokers that provide service in Kenya. In the following section, we will see the top best Forex brokers for Kenyan traders and some features of these are:

1# Pepperstone

Pepperstone is a forex broker from Melbourne, Australia that was established in 2010. The Company started its business in Australia and expanded its business by opening a London office in 2015. 

The Company focuses on superior technology, genuine commitment & low-cost spreads to traders all around the world. Moreover, Pepperstone offers multiple currencies, shares, metals, CFDs, metals, cryptocurrencies, etc.

  • What type of Forex broker is Pepperstone?

 Pepperstone is a Forex and CFD broker.

  • Is Pepperstone regulated in Kenya? 

Pepperstone has licenses and regulations from the two continents that work with financial regulators across various jurisdictions to provide investor protection.

Pepperstone is regulated by the CMA, ASIC and FCA regulators.

  • How much does it cost to trade with Pepperstone in Kenya?

The minimum cost of Pepperstone starts from 3.50 on most of the major currencies. In the CFD position, the commission would be 0.02. 

  • Which trading platforms do Pepperstone offer to Kenyan traders?

 Pepperstone offers MT5. MT4 and cTrader platform

  • What is the minimum deposit for Kenyan traders with Pepperstone? 

Traders can start trading with a minimum deposit of $ 200. 

  • How is Pepperstone Customer support in Kenya?

The customer service of Pepperstone is available on 24/5 using telephone, email & direct live chat. Moreover, everyone can contact them by their official phone no: 1300 033 375, and email them at support@pepperstone.com.

2# XM

XM Is a global foreign exchange broker that has More than 3,500,000 clients from 196 countries. It was founded in 2009 and has grown as an established international investment firm and a true industry leader.

The Company has more than 450 trading professionals with long experience in the industry. XM provides its service in 30 languages that help it to access many countries.

Overall, XM has a license from the following countries:

  • The UK (FCA)
  • Eurozone  (CySEC)
  • Australia (ASIC)
  • What type of Forex broker is XM?

XM is a Forex and CFD broker.

  • Is XM regulated in Kenya? 

XM is authorized and regulated by IFSC (International Financial Services Commission), ASIC (Australian Securities and Investments Commission), CySec (Cyprus Securities and Exchange Commission), 

  • How much does it cost to trade with XM in Kenya?

XM offers a standard spread for Major currencies as low as 0.6 pips with 888:1 leverage. Details of the spread and leverage are mentioned on the XM website.

  • Which trading platforms does XM offer to Kenyan traders?

XM offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.

  • What is the minimum deposit for Kenyan traders with Oanda? 

Traders can trade as low as $5 with XM. However, the minimum deposit varies from trading account types. 

  • How is XM’s Customer support in Kenya?

XM has a dedicated customer support team for Kenya. Besides life support, they make regular contact with clients regarding their trading account and trading help.

3# HotForex

HotForex is a forex and commodities broker that provides trading services to retail and institutional clients established in 2010. 

If you’re interested in more facts about HotForex, you can always check our HotForex review.

  • What type of Forex broker is HotForex?

HotForex is an ECN/STP broker that offers its clients several account types across two trading platforms. Therefore, you can enjoy ECN trading opportunities by registering for a Zero Spread account besides the standard STP account.

  • Is HotForex regulated in Kenya? 

HotForex holds licenses for different entities from different regulators, including the FCA, CySEC FSCA, DIFC, and the SFSA.

  • How much does it cost to trade with HotForex in Kenya?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does HotForex offer to Kenyan traders?

HotForex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Kenyan traders with HotForex? 

The minimum deposit for an account at HotForex depends on the account type and region. For Kenyan traders, Micro accounts start at $5 deposits.

  • How is HotForex’s Customer support in Kenya?

HotForex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.

4# Plus500

Plus500 is owned by a holding company called Plus500 Ltd. It operates through 3 different subsidiaries covering three major regulations:

  1. Plus500UK Ltd,
  2. Plus500CY Ltd
  3. Plus500AU Pty Ltd.

Additionally, Plus500 is also an active sponsor of professional Soccer and Rugby teams and it has been the official sponsor of Club Atletico de Madrid since 2016.

  • What type of Forex broker is Plus500?

Plus500 is considered a leading broker in CFD trading. It delivers trading facilities on shares, Forex, commodities, ETFs, options, and indices. 

  • Is Plus500 regulated in Kenya? 

Plus500 is regulated by the UK’s FCA, the Monetary Authority of Singapore (MAS), and Australia’s ASIC.

  • How much does it cost to trade with Plus500 in Kenya?

For EUR/USD, the spread is fixed at 0.6 pips. However, it’s worth noting that financing rates are quite high. 

  • Which trading platforms does Plus500 offer to Kenyan traders?

Plus500 has a trading platform on iPhone, Android, and Windows and multilingual besides the Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors. 

  • What is the minimum deposit for Kenyan traders with Plus500? 

When opening an account, you have to deposit a USD100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.

  • How is Plus500’s Customer support in Kenya?

Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.

5# Forex.com

Forex.com’s parent company, GAIN Capital Holdings, Inc. (NYSE:), is publicly-traded and meets the highest standards of corporate governance, financial reporting, disclosure. This Company has provided trading opportunities since 2001 and allows trading in Forex, commodities, stocks, and cryptocurrencies.

  • What type of Forex broker is forex.com?

forex.com is an ECN/STP broker that offers its clients several account types across two trading platforms.

  • Is forex.com regulated in Kenya? 

Forex.com is a trading name of GAIN Global Markets Inc., which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.

  • How much does it cost to trade with forex.com in Kenya?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does forex.com offer to Kenyan traders?

forex.com offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Kenyan traders with forex.com? 

Forex.com offers a recommended deposit of $1000 in each type of trading account.

  • How is forex.com’s Customer support in Kenya?

Forex.com provides customer support through live chat, web contact form, mobile phone numbers, emails, and multilingual support.

6# Orbex

Orbex is a CySec regulated broker that offers trading opportunities in Forex, indices, and commodities.

Although this broker is famous for its tight spread in gold, it has other features that might attract Kenyan investors.

  • What type of Forex broker is Orbex?

Orbex is an ECN/STP broker that offers its clients several account types. 

  • Is Orbex regulated in Kenya? 

Orbex holds licenses from the CySEC.

  • How much does it cost to trade with Orbex in Kenya?

The spreads on all accounts are variable, which starts from as low as 0.8 pips.

  • Which trading platforms does Orbex offer to Kenyan traders?

Orbex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and mobile.

  • What is the minimum deposit for Kenyan traders with Orbex? 

The minimum deposit for an account at Orbex starts from $200.

  • How is Orbex’s Customer support in Kenya?

Orbex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.

7# OctaFX

OctaFX is a forex broker offering trading services in more than 100 countries, and Kenya is one of these. This forex broker focuses mainly on the aside retail market and has won outstanding industry awards, mostly for its services in this sector.

The main feature of this broker is that it has several rewards and social trading opportunities. You can allow other profitable traders to trade for you.

  • What type of Forex broker is OctaFX?

OctaFX is an STP/ECN broker that offers its clients several account types. 

  • Is OctaFX regulated in Kenya? 

OctaFX, registered in St Vincent and Grenades with the registration number: 19776 IBC/ 2011.

  • How much does it cost to trade with OctaFX in Kenya?

The spreads on all accounts are variable, starting from as low as 0.2 pips for the MetaTrader platform. On the other hand, for the cTrader platform, it offers 0.0 pips spread.

  • Which trading platforms does OctaFX offer to Kenyan traders?

OctaFX offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.

  • What is the minimum deposit for Kenyan traders with OctaFX? 

The minimum deposit for an account at OctaFX starts from $100.

  • How is OctaFX’s Customer support in Kenya?

OctaFX offers customer support for Kenyan traders, including live chat, emails, and multilingual support.

8# Exness

Exness is a well-established forex broker that has several features that operate through Nymstar Limited.

The main feature of this broker is unlimited leverage. It offers leverage up to 1:2000, which might help traders to utilize their investment fully. However, some restrictions might apply to Kenya based on the government’s regulation.

  • What type of Forex broker is Exness?

Exness is a Market Maker/ECN broker that offers its clients several account types. 

  • Is Exness regulated in Kenya? 

Nymstar Limited is authorized to operate under the brand and trademark of Exness.

It is registered in Seychelles with registration number 8423606-1 and licensed by the Financial Services Authority (FSA) with license number SD025.

  • How much does it cost to trade with Exness in Kenya?

The spreads on all accounts are variable, which starts from as low as 0.3 pips.

  • Which trading platforms does Exness offer to Kenyan traders?

Exness offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.

  • What is the minimum deposit for Kenyan traders with Exness? 

The minimum deposit for an account at Exness starts from $1.

  • How is Exness’s Customer support in Kenya?

Exness offers customer support for Kenyan traders, including live chat, emails, and multilingual support.

9# InstaForex

InstaForex is a leading forex broker established in 2007 and provides trading service for more than 7 million traders worldwide, and it claims to gain more than 500 new traders per day. InstaForex offers to trade in Forex and CFD markets, commodities, stocks, cryptocurrencies, and indices.

As a regulated broker, this Company offers services that are suitable for Kenyan Traders. You can read the details of the InstaForex Review by AToZmarkets.

Overall, InstaForex has a license from the following countries:

  • The UK
  • Russia
  • Eurozone
  • What type of Forex broker is InstaForex?

InstaForex is a Forex and CFD broker.

  • Is InstaForex regulated in Kenya? 

Services are provided under the InstaForex brand, which is a registered trademark:

  • Instant Trading Ltd (BVI) is licensed by BVI FSC, License Number SIBA/L/14/1082
  • Insta Service Ltd is registered with FSC Saint Vincent, Reg. Number IBC22945
  • Insta Global Ltd. registered in Saint Vincent, IBC24321
  • How much does it cost to trade with InstaForex in Kenya?

The spread of this broker is started from 0.0 pips.

  • Which trading platforms make InstaForex offer to Kenyan traders?

InstaForex offers Mt4, Mt5, web trader, and Insta tick trader for desktop, web, ios, and android.

  • What is the minimum deposit for Kenyan traders with InstaForex? 

Traders can start trading with a minimum deposit of $1 with most of the trading accounts. 

  • How is InstaForex Customer support in Kenya?

The customer support of InstaForex is satisfactory and provides accountability Solutions as soon as possible.

10# SquaredFinancial

SquaredFinancial, as a Global Investment Gateway, provides a full range of financial products and services as a real STP Forex broker. The Company’s customer support and Forex educational academy will help you manage, grow, or diversify your investments.

Traders can access a wide range of financial instruments to create their investment portfolio, including Energies, Forex, Metals, Indices, and Cryptocurrencies. Moreover, SquaredFinancial is focussing heavily on building partnerships and boasts a multilayer IB/ Affiliate program. You can read the details of the SquaredFinancial Review by AToZmarkets.

  • What type of Forex broker is SquaredFinancial?

SquaredFinancial is a Forex and CFD broker.

  • Is SquaredFinancial regulated in Kenya? 

SquaredFinanical is licensed and regulated by the Cyprus Securities and Exchange Commission – CySEC (Licence Number: 329/17). The Company is also a Member of the Investor Compensation Fund (ICF). 

Moreover, SquaredFinancial (Seychelles) Ltd is a company registered in the Republic of Seychelles, Company Number: 8423788-1 Authorised and Regulated by the Financial Services Authority. FSA License Number: SD024.

  • How much does it cost to trade with SquaredFinancial in Kenya?

The spread of this broker is started from 0.0 pips.

  • Which trading platforms make SquaredFinancial offers to Kenyan traders?

SquaredFinancial offers Mt4, for desktop, web, ios, and android.

  • What is the minimum deposit for Kenyan traders with SquaredFinancial? 

Traders can start trading with a minimum deposit of $100 in a Gold Account. 

  • How is SquaredFinancial Customer support in Kenya?

The customer support of SquaredFinancial is satisfactory and provides accountability Solutions as soon as possible.

How to Open a Forex Trading Account in Kenya

To open a forex trading account, traders have to follow some necessary steps. Therefore, you might not have to face any trouble as you can complete all of the trust through the broker’s website:

  • First, it is better if you can find a broker that has CMA regulation. If you want to trade in an offshore broker, you recommend finding a broker with at least any one of the regulations from FCA, CySEC and ASIC.
  • Later on, move to the registration section of the website, which will be available on every visible tab.
  • Complete your registration form using your full names, addresses, phone number, email address and information regarding your trading account.
  • After completing the registration, you have to confirm the email, and often some brokers try to have a phone verification to ensure the two-step authentication.
  • After completing the account, they will ask for your identity verification. When we submit these documents, the back office will verify them.
  • After getting verified, you should download all the trading materials like MetaTrader 4 MetaTrader 5, or cTrader.
  • After downloading the trading platform and setting the trading template, you are ready to deposit your account.

How to Deposit or Withdraw Funds from Kenya Forex Brokers

Depositing a Forex broker from Kenya is straightforward. There is some broker that allows direct Mpesa deposit.

On the other hand, you can use online payment methods like Skrill, Neteller, PayPal, and other currencies. Besides making deposits with banks or credit cards using e currency, make that transaction flexible.

If you deposit using a method, you have to withdraw the same amount through the same payment method. However, you can withdraw the profit part through any withdrawal method.

Best Brokers in Kenya – Conclusion

Many brokers allow trading from Kenya. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.

However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis. 

Do you still have questions about trading Forex in Kenya? Then feel free to write a comment below or contact our team directly.

This article was written by MD Rockybul Hasan.

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