Novice Kenyan Forex traders should choose a good regulated broker. Our team of experts suggested our best forex brokers in Kenya, brokers covered include best beginner broker and best forex trading platforms to help you choose a top broker.
See our top brokers for Kenya Traders and their best features below:
We recommend the forex brokers below for Kenyan traders
Our top pick for the best forex brokers in Kenya and the most trusted online forex trading provider is Pepperstone. Our team at Compare Forex Brokers conducted a rating process based on four elements:
Headquartered in Melbourne, Australia, Pepperstone is a multi-regulated broker licensed to provide Kenyan traders access to the forex market. Pepperstone is one of only 3 brokers and the only international forex broker to hold a non-dealing Foreign Exchange Broker licence with the Capital Markets Authority of Kenya (CMA). This makes Pepperstone the best choice for Kenyan traders, as they can offer global standard trading conditions legally to Kenyan traders.
As an international forex brokerage firm, Pepperstone complies with the rules imposed by the world’s top-tier regulatory bodies, including:
At Pepperstone, Kenyan residents can start trading forex with 61+ currency pairs with currency spreads that can go as low as 0 pips on EUR/USD, AUD/USD or GBP/USD. Pepperstone can offer competitive spreads because of its price engine, which connects to various liquidity providers using STP style execution to achieve ECN pricing.
However, the average spread across Pepperstone’s standard account (with zero commission trading) is 1.09 pips on EUR/USD and 1.17 pips on AUD/USD. By comparison, average spreads on the Razor account is 0.09 pips on EUR/USD respectively 0.17 pips on AUD/USD. For a full forex spread comparison (using ECN accounts) of the reviewed forex brokers, have a look at the table below:
Data taken from broker website. Accurate as at 02/04/2021
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Kenyan traders have to pay a commission on every CFD trade. The commission charged by Pepperstone are competitive and when compared to other CFD brokers, the Australian-based broker comes on the top of the list. The minimum commission starts from:
Note* The below graph ranks Kenyan CFD brokers in terms of total commission costs.
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Note* low spread forex brokers are the perfect fit for day traders and scalpers.
Pepperstone is one of the leading forex brokers with high leverage. The leverage for currency trading is up to 500:1. However, at Pepperstone forex traders from Kenya can all access different financial instruments in the form of Contract for Difference (CFDs) with a maximum leverage of:
Note* Leverage in forex allows Kenyan traders to control larger sums of money with relatively low investments. Risk warning: leverage is a double-edged sword as it can magnify both your profits and your losses.
In Kenya forex traders can open a live trading account with a minimum deposit of only $200 however this minimum deposit is not enforced so a deposit might not be necessary to open your account. Traders will still need to meet margin requirements to open a position,
Pepperstone offers a wide range of funding and withdrawal options including:
Deposits and withdrawal transaction are secure because Pepperstone uses advanced encryption technology. The forex payment methods come with no additional costs and are free of charge.
Pepperstone Markets Kenya Limited holds the CMA Licence No.128, making it locally regulated but with a global reputation. It is a trustworthy forex broker along with offering competitive trading costs, fast trade execution, and other advanced trading features. Finally, Pepperstone’s customers can choose their preferred method of payment along with low minimum deposits.
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Markets.com is a globally regulated broker offering commission-free trading on over 2,000 CFD products. As a market maker broker that uses a dealing desk, all forex spreads are tight with no commission fees.
The table below shows Markets.com minimum spreads for frequently traded forex instruments. Spreads are tight across the board, with spreads as low as 0.4 pips for the EUR/USD currency pairs.
A major benefit to signing up to Markets.com is the trading conditions you gain access to. The broker offers four platforms, with two proprietary trading platforms (Marketsx and Marketsi), along with the ever-popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Regardless of the trading platform you choose, you can trade tight spreads with fast execution and minimal slippage.
If you are using Marketsx or Marketsi, you can access the broker’s full CFD product range of over 2,000 financial instruments derived from eight asset classes – forex, commodities, indices, cryptocurrencies, shares, ETFs, bonds and blends.
Markets.com offers a wide range of trading tools to enhance your trading experience and performance. As well as technical analysis tools like charts and indicators, the broker provides advanced fundamental and sentiment tools unique to Markets.com.
1. Sentimental Tools (Trends In Trading, Signals, Bloggers Opinions)
Sentiment trading tools can measure and test the overall attitude of traders towards specific assets and markets. This information can help you make informed decisions to follow the trend or steer away from the hype.
2. Technical Tools (Advanced Charting Tools, Related Instruments)
Technical trading tools such as charts, indicators and drawing tools can help assess past and predict future patterns. The broker offers a proprietary charting package for their CFD trading platform that allows for advanced analysis and strategy development.
3. Fundamental Tools (Financial Commentary, Advanced Notifications And Alerts)
Fundamental analysis tools such as real-time newsfeed, alerts and an economic calendar help you stay up to date with significant events that affect financial markets and asset prices.
The Marketsi trading platform provides different tools for Marketsx. As the broker specifically designed Marketsi for share trading, the platform offers features like the Investment Strategy Builder. This tool is a unique quantitative system that allows you to develop your own investment plan according to specific filters like industries or daily volume.
MetaTrader 4 and MetaTrader 5 are two of the most popular trading platforms worldwide. The platforms are ideal if you want to develop algorithmic trading strategies using Expert Advisors (trading robots). As well as fully automated trading, MT4 and MT5 are popular for their large MQL5 Marketplace, along with the range of pre-installed tools and indicators.
Established in 2008, Markets.com is as a trusted broker thanks to oversight from tier-1 financial authorities such as FSCA (South Africa), the FCA (UK), CySEC (Europe) and ASIC (Australia). As well as global regulation, the broker’s parent company is listed on the London Stock Exchange and part of the FTSE 250 index, adding additional transparency.
Markets.com is a globally tier-1 regulated broker with the tightest spreads on commission-free accounts. Traders in Kenya can benefit from the array of unique trading tools and features that come with all the trading platforms offered by Markets.com. If you are not yet ready to open a live account with Markets.com, demo accounts are available for each platform.
View Markest.com Review >>Visit Markets.com >>
IC Markets our nomination as the Kenyan broker with the best forex trading platforms for beginner and advanced traders. Among the best brokers in Kenya we reviewed, IC Markets is highly recommended for Forex traders who prefer using powerful trading platforms, including:
IC Markets is the trading name of International Capital Markets Pty Ltd, a financial services provider licensed and regulated by the Australian Securities and Investments Commission (ASIC). In Europe, IC Markets operates as IC Markets (EU) Ltd, an entity regulated by the Cyprus Securities and Exchange Commission (CySEC).
With its unique design, exquisite user interface and advanced functionality, IC Markets’ cTrader offer high-speed performance combined with deep liquidity in 64 currency pairs and 16 major Stock Indices. The platform is available as a Desktop and a Web-based version, and an app for mobile trading.
One advantage of the cTrader software solution is that it allows for currency trading with ultra-low spreads. Kenya-based clients can trade EUR/USD with spreads of as low as 0.0 pips during the European and the US trading sessions, while the average spread on the pair is 0.1 pips.
Since the broker’s cTrader server is located in the LD5 IBX Equinix Data Centre (London) and is cross-connected to IC Markets and its liquidity providers, clients can enjoy low latency and ultra-fast order execution. The broker’s cTrader server has less than 1ms latency to VPS providers that are either collocated in the LD5 IBX data centre, or via dedicated lines to other data centres. This could favour both Scalping and High-Frequency Trading.
Another advantage of IC Markets’ cTrader includes its full depth of market (DoM), which presents all executable prices derived directly from the broker’s price aggregator. For every single currency pair, clients can view the available volumes for each price level at any time.
IC Markets place no restrictions on limit orders, with clients being able to place their Stop Loss and Take Profit orders at the closest pip distance possible from the current market price.
Other key features of IC Markets’ cTrader include:
Last but not least, we should mention the commission associated with trading on the broker’s cTrader platform – $3.00 per side for every 1 Standard lot traded.
The most popular trading platform, especially with Forex trading, has several distinctive features:
MT4 Raw Spread trading account, offered by IC Markets, charges $7.00 round-trip for each standard lot in addition to the spread.
The broker’s MetaTrader 5 software solution offers advanced charting technology and sophisticated tools for order management, allowing better control of trading positions.
Kenya-based traders can take advantage of:
In our best forex broker in Kenya review, IC Markets offers the most powerful selection of trading platforms. Pepperstone came in second place in our scoring system, but IC Markets scored more points due to the fact it offers a greater diverse range of tradable CFDs that also include bonds and futures.
Among the brokers reviewed, eToro is the best FX broker for copy trading that allows Kenyan traders to earn money by following, copying and mirroring more experienced traders. Over the years, eToro has become famous for its social trading platform and, at present, the broker has an active trader base of over 3,000,000 people. As a global Forex brokerage, eToro is multi-regulated in the following jurisdictions:
eToro’s CopyTrader feature is recommended to Kenyan traders by our team of industry experts, because:
With eToro’s CopyTrader, beginners will get the chance to search through the broker’s vast customer base by using parameters such as risk score, return, location, number of copiers or preferred market segments, in order to find a trader suiting their personal trading objectives and connect with him/her. We should note that CopyTrader allows eToro clients not just to replicate the trading activity of top traders, but also to join a global community of people with a shared interest – online Forex trading.
Copying the portfolio performance of a leading trader is quite effortless. Novice traders simply need to allocate a part of their available trading account balance to the trader they have chosen to copy. To access the broker’s CopyTrader feature, Kenyan traders need to deposit at least $200 into their eToro trading account. Deposits in a different currency than USD will be converted at the current exchange rate and will incur a conversion fee.
Kenya-based retail traders can choose from several account funding options:
The minimum amount required for every copied position is $1. Copy-trading does not incur any management fees or other hidden costs.
Overall, eToro has claimed the first spot in our star scoring system due to large social investment network, small account opening and financial markets available for trading. Join the best social trading platform by clicking the button below.
The best online provider for trading CFDs and cryptocurrency trading is Plus500. Plus500 Ltd is a global CFD provider, specialised in helping you trade in a range of markets for over a decade. It is authorized and regulated in a number of jurisdictions, including:
As a globally regulated provider, Plus500 offers CFD products covering a wide range of markets, coupled with superior risk management tools. It is also among the handful of Forex brokers that have a guaranteed negative balance protection policy, under which retail investor accounts cannot lose greater amounts than the initial deposit.
With this risk management tool in place, Kenya-based retail clients feel more secure when trading with high risk, complex instruments known as Contracts for Difference (CFDs) on leverage. Plus500 offers CFDs on over 2,000 financial instruments grouped in several asset classes as follows:
Plus500 offers 12 cryptocurrencies traded with a maximum leverage of 1:30 and fixed spreads of 36.01 points on Bitcoin and 1.19 points on Ethereum. Additionally, Plus500 also offers CFDs on the popular Crypto 10 Index traded with a fixed spread of 39.7 points.
At Plus500, the retail investor account will give traders from Kenya access to the following cryptocurrencies: Bitcoin, Ethereum / Bitcoin, Ethereum, Crypto 10 Index, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Bitcoin Cash ABC, Cardano, Tron and Monero.
Trading cryptocurrency CFDs have several advantages for the Kenya-based traders, including:
Overall, Pluss500 is the world’s biggest CFD provider that enables clients from Kenya and other African countries to speculate on the price movement in the biggest financial markets in the world. Grab your free demo trading account by clicking the button below.
View Plus500 Review >>Visit Plus500 >>
*Your capital is at risk ‘76.4% of retail CFD accounts lose money’
HotForex offers multiple forex trading account types with individual characteristics. HF Markets is a global award-winning Forex and CFD broker, licensed and regulated by some of the most reputable regulatory bodies around the world. HF Markets and Hot Forex are trading names of the HF Markets Group, the parent company of:
Among the best Forex brokers we recommend to Kenyan traders, Hot Forex offers the widest range of account types. 4 main types of accounts are available, designed to suit the preferences (risk appetite, trade size, level of funding, etc.) of retail customers:
The Premium Account allows for flexibility in position sizing and is suitable for retail clients with experience. Traders can operate with up to 60 Standard lots for each position, while the minimum trade size is 0.01 lot. More account details can be seen in the table below.
The ZERO Spread Account allows for low-cost ECN-style Forex trading with a minimum deposit of $200 and is suitable for high-volume traders, scalpers and traders who use Expert Advisors. Kenya-based clients are able to trade with ultra-tight spreads, starting from 0.0 pips on EUR/USD, with no hidden markups. More account details are presented below.
The ZERO Spread Account offered by Hot Forex, features a transparent commission-based structure, with commissions starting from $0.03 per side for 1 Micro lot when trading major currency pairs (AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USDJPY).
For minor and exotic pairs (AUD/CAD, EUR/CHF, GBP/NZD, USD/SEK, USD/PLN etc), the commissions charged start from $0.04 per side for 1 Micro lot.
The HFcopy Account offers similar parameters to the Premium Account. The difference is that the HFcopy Account is suitable for Strategy Providers and Followers who have become part of HFcopy, a leading community of traders.
Strategy Providers are able to build their inventory of Followers and will be paid a performance fee of up to 35%. At the same time, Followers are able to copy the trading activity of the Strategy Providers they have chosen to follow.
More HFcopy Account details can be seen below.
The Premium Pro Account is designed to suit the financial objectives of traders categorized either as Experienced Retail Clients or as Professional Clients.
Experienced Retail Clients are considered those that meet certain criteria, including requisite experience (specific trading activities conducted over the last 24 months), deep knowledge of derivative instruments (proven work experience or training in the field as well as appropriate professional certificates) and, last but not least, their country of residence in Poland.
Professional Clients are considered to be investors with vast knowledge and experience who have the ability to assess and manage their own risk. They also meet certain criteria, including professional experience in the financial services industry of at least 1 year, financial instrument portfolio with more than €500,000 in value and trading experience (40 trades of significant size placed over the past 1 year).
The details of the Premium Pro Account, offered by Hot Forex, can be seen below.
The broker also offers an Islamic Account, which does not charge swap or rollover fees when clients hold active positions overnight. Available only to customers of Muslim faith, the Islamic Account can replicate the trading conditions either of a Premium Account or of a Zero Spread Account.
Forex trading using leverage carries a high degree of risk, which is why risk management tools to mitigate that risk can be very useful. easyMarkets offers you solutions that help you manage risk. Using the trading name of Easy Forex Trading Ltd, an entity headquartered in Limassol, Cyprus they are regulated by the CySEC. The company also fully complies with the regulatory framework of the European Securities and Markets Authority (ESMA).
When signing up with easyMarkets, Kenya-based clients will be able to access unique risk trading tools, aimed to improve their overall experience and bolster their confidence. One such tool is the dealCancellation option.
easyMarkets dealCancellation is an innovative tool which allows Forex traders to cancel a losing position for a certain fee within a particular time period (1, 3, or 6 hours). dealCancellation can be used quite efficiently during major economic or political events when some brokerages increase margins, as well as in other cases when market volatility may heighten.
When a trader opens a new position, he/she can activate dealCancellation by clicking on the shield icon (as visualized below), after which he/she can select the duration when the feature will be active – 1, 3, or 6 hours.
In the Open Trades Report section, the trader will be able to view which positions have the dealCancellation feature activated.
Note* In case the market moves against him/her, the trader can simply cancel the deal within the selected time window. He/she will be charged a certain fee.
This is another unique feature, offered by easyMarkets, which enables traders to freeze the current price quote on their screen. Then, they will be granted several seconds to perform a trade.
Such a tool can be quite useful when trading Forex, especially prior to announcements by central banks or politicians, as well as before volatility-inducing macroeconomic reports (GDP, Non-Farm Payrolls, Core PCE Inflation) are released. Freeze Rate can also be valuable when trading Cryptocurrencies, a market segment characterized by extreme volatility.
To use Freeze Rate, traders should first select a trading instrument, as visualized below.
Traders now have a 3-second time window to Sell or to Buy the instrument. The freeze duration will be visualized by a bar.
Since trading CFDs on leverage may result in a rapid loss of capital, to have a set of tools to minimize risk is essential. With easyMarkets, Kenya-based retail clients can take advantage of:
View easyMarkets Review >>Visit easyMarkets>>
Our in-depth comparison of the best MetaTrader 4 brokers in Kenya revealed that ThinkMarkets is the most trusted MT4 brokers. With more than a decade of business experience, ThinkMarkets is a global multi-regulated Forex broker, recognized for its innovative software solution for mobile trading. It complies with strict regulatory standards in several jurisdictions, including:
We recommend ThinkMarkets to Kenya-based retail traders for its unique mobile trading platform as well as to those looking for a good MetaTrader 4 solution.
What makes ThinkMarkets’ ThinkTrader Mobile unique is a set of distinctive features such as:
ThinkMarkets’ MetaTrader 4 software solution grants retail clients access to:
ThinkMarkets has established itself as the best MT4 broker in Kenya. ThinkMarkets infrastructure uses advanced technological solution with servers located in the world’s biggest financial hubs (London and Hong Kong). Additionally, the award-winning mobile trading App ThinkTrader offers a full charting solution available on iPhone and Android devices. Snag your free demo account by clicking the button below.
View ThinkMarkets Review >>Visit ThinkMarkets >>
The best Kenyan forex broker with fixed spread accounts is AvaTrade. Fixed spreads are better than variable spreads because they allow Kenyan traders to reduce the trading costs, they are more transparent and more effective for news trading. AvaTrade is a globally recognized Forex broker, regulated on five continents by reputable regulatory bodies such as:
Among the best Forex brokers in Kenya we reviewed, AvaTrade offers the lowest possible fixed Forex spreads.
Kenya-based retail clients can access the Forex market through AvaTrade’s MetaTrader 4 and MetaTrader 5 platforms. The broker offers 55 major, minor and exotic currency pairs, traded with a maximum leverage of 1:400 (for professional traders only) and with fixed spreads that start from 0.6 pips (for professional traders only) on EUR/USD.
Our team of experts conducted a full-comparison of the fixed spread forex brokers in Kenya. The second best option is Go Markets, followed by easyMarkets.
Retail customers can trade Forex with leverage of up to 1:30, fixed spreads of as low as 0.9 pips on EUR/USD and a minimum deposit of $100. The table below presents trading conditions for some of the most popular Forex pairs.
Overall, AvaTrade is the best Forex broker in Kenya with spreads that remain stable in all market conditions. You can start forex trading with fixed spreads on 55 currency pairs. AvaTrade’s referral program will award you a deposit bonus of $250 for every client you refer to them.
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If you want to choose a good forex broker, then it helps if the brokers possess these five qualities:
We are big fans of Pepperstone and IC Markets.
As a forex trader, you need a broker that is treating you as his partner and wants you to succeed. Kenyan traders need to have a stable trading platform that doesn’t crash or freeze when they trade. Additionally, day traders and scalper need to have access to competitive spreads and deep pool of liquidity providers.
Given we consider Pepperstone to be one of the best in the market, we also recommend them to Kenyan traders.
We believe the best forex broker for beginners is Pepperstone due to three factors: easy-to-use trading platforms, a low minimum deposit of $200 and educational resources that will teach you everything you need to know to start forex trading right away. easyMarkets also come highly recommended due to their range of risk management tools.
We consider MetaTrader 4 (MT4) and MetaTrader 5 (MT5) developed by MetaQuotes Software to be excellent choices. MT4 is the most popular trading platform you will find in the market for all levels of traders while MetaTrader 5 is an upgrade on MT4 as it offers a greater range of features.
In Kenya, forex brokers can offer two types of spreads: fixed and variable spreads. The best forex broker with low fixed spreads is AvaTrade. FX traders can trade the major currency pairs enjoying spreads as low as 0.6 pips. On the other hand, Pepperstone offers the most competitive variable spreads. Variable spreads will save on your costs while fixed spreads provide certainty in a volatile economic climate.
In Kenya, the regulatory body responsible for licensing and oversight of online Forex brokers is the Capital Markets Authority (CMA). To obtain a license to operate in Kenya, brokerages must meet the following requirements:
Note* Licenses can be obtained within a period of four to six months.
Still, the number of brokerages regulated by the CMA is modest, while Kenya’s regulatory framework is not finalized. In the past, there have been shady Forex companies, operating illegally in Kenya forcing regulations to be put in place so retail clients won’t end up victims to a scam.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.