7 Best Forex Brokers in Kenya
The 7 Best Forex Brokers for Kenyans revealed. We tested the best forex brokers for Kenyan Traders.
This is a complete guide to forex brokers in Kenya.
In this in-depth guide you’ll learn:
- What is a Forex Broker?
- Which forex brokers offer the best trading platforms for Kenyan traders?
- Which trading platforms can you use with M-PESA?
- How to compare the best trading platforms against each other.
- Which Forex Brokers are best for beginner Kenayn Traders?
- Which brokers offer a sign-up bonus for first-time traders in Kenya?
- Which brokers offer a low minimum deposit of $5 (583 KES) to start trading?
- Which brokers offer a mobile app on IOS and Android for Kenyan Traders?
- Which brokers offer online trading platforms to Kenyan traders?
And lots more…
So if you’re ready to go “all in” with the best-tested forex brokers…
Let’s dive right in…
10 Best Forex Brokers in Kenya
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best Forex Brokers in Kenya (Updated 2024)
🥇 Broker | ✔️ Kenyan-Shilling Account? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
1. Exness | Yes | $10 (1635 KES) | Yes | 👉 Open Account |
2. AvaTrade | Yes | $100 (11 635 KES) | Yes | 👉 Open Account |
3. HF Markets | Yes | $5 (580 KES) | Yes | 👉 Open Account |
4. XM | Yes | $5 (580 KES) | Yes | 👉 Open Account |
5. FXTM | Yes | $10 (1,100 KES) | Yes | 👉 Open Account |
6. Capital.com | Yes | $20 (2,300 KES) | Yes | 👉 Open Account |
7. OANDA | Yes | $1 (116 KES) | Yes | 👉 Open Account |
7 Best Forex Brokers in Kenya (Updated 2024)
- Exness – Overall, Best Forex Broker in Kenya
- AvaTrade – Best MetaTrader5/MT5 Forex Broker in Kenya
- HF Markets – Best Nasdaq100 Forex Broker
- XM – Best Forex Broker for Beginner Traders
- FXTM – Best Forex Trading App in Kenya
- Capital.com – Best KES Trading Account Forex Brokers in Kenya
- Oanda – Best STP Forex Broker in Kenya
What is a forex broker in Kenya?
👉 A forex broker in Kenya is a broker who has specific and targeted knowledge about Kenyan markets. Such knowledge includes insights into tradable assets and different Kenyan trading styles. The best brokers in Kenya also offer packages that are advantageous to Kenyan traders.
Best Forex Brokers in Kenya
👉 In this list of the 7 best forex brokers in Kenya we will enumerate important features to assist you in your choice of broker. The forex brokers dealt with here offer trading platforms and tradable assets that will make your trading experience smoother and more successful.
1. IG
Min Deposit
USD 0 / 0 KES
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 IG is a great choice for both beginners and professional traders. IG has the most secure trading environment in the industry and offers a wide range of account types and competitive spreads, with more than 17 000 trading instruments.
👉 IG offers a resource to those wishing to trade in CFDs. AS one of the most popular brokers in the world, it offers the best and most comprehensive trading environments.
👉 Its user-friendly interfaces, excellent educational tools, and actionable research place IG in a competitive position among brokers in Kenya. Though not regulated by the Capital Markets Authority (CMA), IG enjoys regulation by a number of reputable entities.
👉 IG has a strong focus on ethical practice, social responsibility, and environmental awareness.
Unique Features
Feature | Information |
⚖️ Regulation | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA |
📱 Social Media Platforms | • LinkedIn • YouTube |
💻 Trading Accounts | • IG Trading Account • Limited Risk Account • Islamic Account (Dubai traders only) • Demo Account |
📊 Trading Platform | • MetaTrader 4 • IG Platform • ProRealTime (PRT) • L2 Dealer • FIX API |
💰 Minimum Deposit | 28,700 KES or an equivalent to $250 |
✅ Trading Assets | • Forex • Indices • Shares • Commodities • Cryptocurrencies • Futures • Options |
✔️ Kenyan Shilling-based Account? | No |
💵 KES Deposits Allowed? | No |
📉 Minimum spread | From 0.0 pips |
✔️ Demo Account | Yes |
☪️ Islamic Account | Yes (Dubai customers only) |
✔️ Pros | ❌ Cons |
IG is a multi-regulated and multi-asset online broker with one of the highest trust scores in Kenya | The minimum deposit is very high |
IG offers a choice between several account types and trading platforms | Deposit fees are charged |
Kenyan traders can use different trading strategies when they join IG | The Islamic account is only offered to Dubai traders |
There are Islamic accounts offered to Dubai traders | There is a limited selection of payment options for deposits and withdrawals |
Beginners are given access to the IG Academy | There are currency conversions if Kenyan traders deposit in Kenyan shilling |
Advanced traders can expect several advanced and sophisticated trading tools |
Trust Score
🥇 IG has a very high trust score of 99% and a Kenyan market share of < 5%.
2. AvaTrade
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 AvaTrade is accommodating to Kenyan traders with their specific trading styles and objectives. Launched in 2006 as a global CFD and FX broker, AvaTrade enjoys oversight by numerous financial institutions, including the Irish Central Bank.
👉 Though it is extensively regulated internationally, AvaTrade is not regulated by the Kenyan Capital Markets Authority (CMA). It is a highly reputable company that segregates Kenyan money in top-tier banks globally.
👉 The fact that AvaTrade is a member of the Investor Compensation Company Limited in Europe means that a high level of financial protection is offered to European investors. In general, this broker provides a safe, fair, and transparent trading environment.
Unique features
Feature | Information |
⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
📱 Social Media Platforms | • Twitter • YouTube |
💻 Trading Accounts | Standard and Options accounts |
📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
📉 Minimum spread | From 0.9 pips |
✔️ Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions. | The demo account is only available for a period of thirty days. |
The broker enables customers to choose from a variety of trading strategies, providing Kenyan investors with flexibility. | The spreads are not at their most competitive levels. |
A demo account is available for both inexperienced and seasoned traders to use. | On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid. |
AvaTrade provides Muslim traders with trading circumstances based on Islamic law. | Retail traders have access to a relatively low ratio of leverage. |
Both social trading and trading in cryptocurrencies are supported. | |
The services provided by AvaTrade will meet the needs of Kenyan merchants of all experience levels, to their complete satisfaction. | |
Different trading platforms accessible, accessed from a variety of devices. | |
Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge. |
Trust score
🥇 The trust score for AvaTrade is 93%.
3. HF Markets
Min Deposit
USD 0 / 0 KES
Regulators
CMA, CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HF Markets is heavily regulated, including by the Kenyan Capital Markets Authority (CMA). It is a low-risk CFD and forex broker with an 83 percent trust rating. It receives a 9/10 rating for a variety of client services.
👉 Its retail accounts cater to both inexperienced and experienced traders, with tools that provide professional investors an advantage. A variety of features and trading conditions appeal to different trading styles, capabilities, and aims.
👉 HF Markets is one of the top 20 forex and CFD brokers for Kenyan traders.
Unique Features
Feature | Information |
⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
📱 Social Media Platforms | • Facebook • Telegram • YouTube |
💻 Trading Accounts | Micro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account |
📊 Trading Platform | MetaTrader 4 and MetaTrader 5 |
💰 Minimum Deposit | 5 USD or 580 KES |
💵 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
✔️ Kenyan Shilling-based Account? | No |
💵 KES Deposits Allowed? | Yes |
💸 Bonuses for Kenyan traders? | Yes |
📉 Minimum spread | From 0.0 pips |
✔️ Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
Tight, competitive spreads from 0.0 pips on EUR/USD are offered | HF Markets only offers a few deposit and withdrawal methods to Kenyans |
Kenyan traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms | |
A demo account is available for beginners who are learning to trade and professional traders who are testing strategies | |
Kenyan traders can register a trading account in either USD, ZAR, or NGN | |
Several asset classes can be traded through HF Markets |
Trust Score and Kenyan Market Share
🥇 HotForex has a trust score of 83% and a Kenyan market share of 2.5%.
4. XM
Min Deposit
USD 5 / 584 KES
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform, cTrader
Total Pairs
70+
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Overview
👉 As an average-score broker with a high trust score of 84%, XM offers minimum fees with good security, customer services, and account financing.
👉 Though headquartered in Belize, this broker has a network of global offices and is licensed by the IFSC. Established in 2009, it operates in almost 200 countries. It has a working team that communicates in more than 30 languages.
👉 As one of the top 50 brokers in Kenya, it disposes of a wide and versatile range of trading options. Being a member of the Investor Compensation Fund, XM complies with all criteria laid down by the Markets in Financial Instruments Directive to safeguard investors (MiFID).
Unique Features
Feature | Information |
⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
📱 Social Media Platforms | • Facebook • YouTube |
💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
💰 Minimum Deposit | 5 USD |
✅ Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
✔️ Kenyan Naira-Based Account | No |
💳 Bonuses for Kenyan traders? | Yes |
📉 Minimum spread | from 0.0 pips |
✔️ Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
XM is a low-cost forex broker with a high trust score | No fixed spreads offered on accounts |
XM has more than 5 million active clients from around the world | Inactivity fees apply for dormant accounts |
Client fund safety is guaranteed | |
XM offers investor protection to Kenyan traders | |
There are no commissions charged on deposits or withdrawals | |
XM has won several industry awards since its establishment in 2009 |
Trust Score and Kenyan Market Share
🥇 XM has a trust score of 84% and a market share of <5% in Kenya.
5. FXTM
Min Deposit
USD 10 / 1156 KES
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Founded in 2011, FXTM is one of the fastest-growing brokers globally. Focusing on Africa and Asia, the company has enjoyed large growth over a relatively short period of time.
👉 FXTM is licensed by several tier regulators and offers three retail trading accounts with solid trading conditions and an extensive educative feature.
👉 The company does not have a very large market share in Kenya but is rated among the top 20 brokers in the region. It is therefore a good fit for Kenyan traders with a variety of trading styles.
👉 It is a reputable, fair, and transparent broker, adhering strictly to principles laid down by global regulatory instances.
Unique Features
Feature | Information |
⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
📱 Social Media Platforms | • Instagram • YouTube • Telegram |
💻 Trading Accounts | • Micro Account • Advantage Account • Advantage Plus Account • Demo Account • Islamic Account |
📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • FXTM Trader |
💰 Minimum Deposit | 1,100 KES or an equivalent to $10 |
✅ Trading Assets | • Precious Metals • Stocks • CFDs on Stocks • Indices • Forex • Commodities |
✔️ Kenyan Shilling-based Account? | No |
💵 KES Deposits Allowed? | Yes |
📉 Minimum spread | From 0.0 pips |
✔️ Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
FXTM is a multi-regulated and award-winning forex broker | Inactivity fees are charged on dormant accounts |
There is a dedicated customer support team available | FXTM does not offer its services to United States clients |
There are several easy and quick funding and withdrawal methods offered | |
There are three dynamic retail investor accounts to choose from with high maximum leverage ratios | |
Low minimum deposit requirements and commission-free trading offered | |
Deposit fees are not charged on any of the payment methods offered and the processing times on withdrawals are quick | |
There is a selection of educational tools offered and research tools for experienced traders | |
There is dedicated customer support offered in multiple languages |
Trust Score and Kenyan Market Share
🥇 FXTM has a trust score of 93% and a market share of < 5% in Kenya.
6. Capital.com
Min Deposit
USD 20 / 2330 KES
Regulators
CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Trading Desk
Market maker
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Capital.com is a regularly licensed and reliable forex broker in Kenya. Its trader base extends from Asia, Africa, and Latin America to Europe. It does not, however, offer its services to residents of the United States and Canada.
👉 This forex broker is licensed across all tiers by six international authorities and is an average trust broker with a trust score of 77%. Capital.com belongs in the top 50 international brokers for Kenyan markets.
👉 It has offices based in the UK, Belarus, Gibraltar, Cyprus, Seychelles, and Australia, where it operates under several names. As an entity offering client protection under the Investor compensation fund, it ensures limited protection to non-professional traders.
👉 It offers comprehensive CFD and forex trade through a single live trading account type. Modern identification methods are used to combat identity fraud and validate accounts.
Unique Features
Feature | Information |
⚖️ Regulation | FCA, ASIC, CySEC, NBRB, FSA |
📱 Social Media Platforms | • Instagram • YouTube |
💻 Trading Accounts | • One Live Account with the option for Retail or Professional • Demo Account |
📊 Trading Platform | • Capital.com • MetaTrader 4 • TradingView |
💰 Minimum Deposit | 2,300 KES or an equivalent to $20 |
✅ Trading Assets | • Indices • Forex • Commodities • Cryptocurrencies • Shares |
✔️ Kenyan Shilling-based Account? | No |
💵 KES Deposits Allowed? | Yes |
📉 Minimum spread | From 0.0 pips |
✔️ Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
Capital.com offers regular live updates and price alerts for a wide range of markets | The spreads are marked-up |
There are no commissions charged on trades | There is no KES-denominated trading account offered to Kenyan traders |
Kenyan traders can expect market-leading spreads and fast trade execution speeds | |
Well-regulated and considered a safe broker | |
The demo account is available for an unlimited time | |
There are excellent training materials, and the broker offers an AI-technology driven platform |
Trust Score and Kenyan Market Share
🥇 Capital.com has an average trust score of 77% and a market share of < 5% in Kenya.
7. Oanda
Min Deposit
USD 0 / 0 KES
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Oanda is a low-risk forex and CFD broker for Kenyans. In addition to its award-winning proprietary platform, it has competitive trading conditions and high-quality trading solutions.
👉 Although not regulated locally by the Capital Markets Authority (CMA) in Kenya, Orca is regulated by several other recognized authorities. This company is a prominent broker and trading platform established in 1996.
👉 It has a large selection of indicators and charting tools suitable both for beginners and experienced traders.
👉 Placed among the top 50 forex brokers for Kenyan traders, Oanda advertises itself as a company handling ‘all things currency’.
Unique Features
Feature | Information |
⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
📱 Social Media Platforms | • Facebook • YouTube |
💻 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
📊 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
💰 Minimum Deposit | 1 USD (116 KES) |
✅ Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
✔️ Kenyan Shilling-based Account? | No |
💵 KES Deposits Allowed? | Yes |
✔️ Kenyan Naira-Based Account | No |
💳 Bonuses for Kenyan traders? | Yes |
📉 Minimum spread | 0.1 pips |
✔️ Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
Oanda has an award-winning proprietary trading platform | There is an inactivity fee on dormant accounts |
Negative balance protection is automatically applied to the retail accounts | No fixed spreads are offered on accounts. |
The broker offers a dedicated account for Muslim traders | |
No deposit fees are charged when accounts are funded | |
There is a large selection of educational materials |
Trust Score and Kenyan Market Share
🥇 OANDA has a trust score of 91% and a market share of <5%.
How to choose a forex broker in Kenya
👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Kenya
👉 The list above provides important insights into the best forex brokers in Kenya, with a special emphasis on such aspects as regulation, tradable assets, trading accounts, and trading platforms.
👉 We also examine some aspects that are specific to trading in Kenya, such as possibilities for KES deposits and bonuses, and special assistance for Kenyan forex traders.
👉 In the next section, we will look at some of the best forex brokers in Kenya that offer forex trading solutions across a variety of platforms and trading tools.
Best MetaTrader 4 / MT4 Forex Broker in Kenya
👉 Overall, Exness is the best MetaTrader 4 forex broker in Kenya. Its regulation record with a variety of authorities together with its high leverage ratios makes it a sought-after broker. With 24/7 customer support and special services in KES, it offers a tailored solution for Kenyans.
Best MetaTrader 5 / MT5 Forex Broker in Kenya
👉 Overall, AvaTrade is the best MetaTrader 5 forex broker in Kenya. This is a well-regulated company with over 1250 trading instruments across a range of financial markets. It offers competitive trading conditions to Kenyan traders in particular.
Best Forex Broker for Beginners in Kenya
👉 Overall, XM is the best forex broker for beginners in Kenya. While this company accepts numerous trading strategies, it is especially welcoming to beginners. To this end, it has a rich collection of educational and research tools.
Best Minimum Deposit Forex Broker in Kenya
👉 Overall, Alpari is the best minimum deposit forex broker in Kenya. Alpari offers local deposit and withdrawal options to Kenyans, with tight spreads and competitive commissions. It also provides Copytrading opportunities and has its own proprietary trading app.
Best ECN Forex Broker in Kenya
👉 Overall, IC Markets is the best ECN forex broker in Kenya. This entity is one of the only tried and tested ECN brokers in the industry. Hedging, scalping, and many other strategies are allowed, with low trading fees and demo and Islamic accounts.
Best Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, Exinity is the best Islamic/swap-free forex broker in Kenya with its Kenya-based office and special attention to Kenyan traders. It is well-regulated and reputable, and negative balance protection is offered. It also has local CMA regulations.
Best Forex Trading App in Kenya
👉 Overall, FXTM has the best forex trading app in Kenya. FXTM offers advanced trading tools and a choice between three live trading accounts. It also has good educational materials. All trading accounts can be registered as a demo.
Best KES Trading Account Forex Broker in Kenya
👉 Overall, Pepperstone is the best KES trading account forex broker in Kenya. With Pepperstone Kenyan traders are given local deposit and withdrawal options. Social trading features are also provided together with a comprehensive affiliate program.
Best Lowest Spread Forex Broker in Kenya
👉 Overall, Tickmill is the best lowest spread forex broker in Kenya. This is one of the lowest cost brokers in the industry, with supreme liquidity depth and numerous enabled strategies. It offers flexible funding options, as well as commission-free trading.
Best Nasdaq 100 Forex Broker in Kenya
👉 Overall, HF Markets is the best Nasdaq 100 forex broker in Kenya. It has an ultra-low minimum deposit on accounts and offers several educational materials to beginner traders.
Best Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, IG is the best Volatility 75/VIX 75 forex broker in Kenya. In addition, beginners are given access to the IG academy. Advanced traders have access to several sophisticated trading tools.
Best NDD Forex Broker in Kenya
👉 Overall, FP Markets is the best NDD forex broker in Kenya. FP Markets offers several deposit and withdrawal options. It is known for its ECN pricing model that includes raw and tight spreads.
Best STP Forex Broker in Kenya
👉 Overall, Oanda is the best STP forex broker in Kenya. Oanda offers advanced trading tools with no specific minimum deposit. It also has flexible and powerful trading tools.
Best Sign Up Bonus Forex Broker in Kenya
👉 Overall, RoboForex is the best sign-up bonus forex broker in Kenya. RoboForex has a wide range of tradable instruments and offers a 100% bonus for first deposits. It is an award-winning broker that has Verify My Trade.
Understanding how forex trading in Kenya works
👉 Trading in a variety of different currency pairs with a profit-earning goal is the aim of forex trading. Profit is taken from the current value of a given currency pair as it shifts with moving markets.
👉 In Kenyan terms, the trader might be dealing with a currency pair consisting of the Kenyan Shilling (KES) and US Dollars (USD). Due to the relative weakness of the KES, 5000 USD might equate to 500,000 KES.
👉 Should the KES strengthen for a period due to market shifts, less KES would have to be spent for purchasing USD. In this case, selling USD would earn a profit on all the KES earned by the trader in that transaction.
👉 Profitable trading in KES, therefore, requires careful study of the relevant currency pairs and an eye for the right conditions for investing.
👉 In addition to understanding how currency pairs operate in the markets, traders will also have to become familiar with aspects of trading valuation such as pips, which are the smallest decimal value of the currency in question.
👉 Other aspects such as leveraged forex trading in Kenya require close study and the acquisition of fine trading skills.
👉 Also, study bid and ask prices, which make up the difference that equals the broker’s spread. The lower your broker’s spread, the lower the fees the trader will pay for a trade.
👉 Together with lower spreads, which make for higher profits or lower losses, traders should also take into account other fees charged by forex brokers in Kenya. These might include commissions and withdrawal/deposit fees which represent an increase in a trader’s overall costs.
👉 In terms of regulation, it is often recommended that traders register with forex brokers in Kenya who are regulated by the local Kenyan entity, the Capital Markets Authority (CMA), though there are relatively few of these.
👉 Other forex brokers operating in the Kenyan context are regulated by non-Kenyan instances such as the Financial Conduct Authority (FCA) or the Financial Sector Conduct Authority (FSCA).
👉 These, and other international regulators ensure that your forex broker of choice in Kenya is operating in a safe and transparent way.
👉 For new and inexperienced traders, it is always best to begin by setting up a demo account. A demo account is a dummy account that helps you to understand the complexities and nuances of forex trading without risking real money.
Advantages of forex trading in Kenya
➡️ Kenya is a growing market for forex trading
➡️ Many international, well-regulated forex brokers have entered the Kenyan market
➡️ The Kenyan forex market has its own regulator, the Capital Markets Authority (CMA)
➡️ Many trading instruments and educational materials are available
➡️ Demo accounts are at the trader’s disposal
➡️ Most forex brokers in Kenya also offer Islamic swap-free accounts
Disadvantages of forex trading in Kenya
➡️ As in all forex markets, the Kenyan market is very volatile
➡️ Forex trading in Kenya can be risky when dealing with unregulated entities
➡️ In forex trading in Kenya generally, about 60% of traders lose money
Conclusion
👉 Overall, the best forex brokers in Kenya are well regulated and reputable companies in their field. Kenyan forex brokers offer competitive features and platforms.
👉 Though forex trading is risky in the volatile Kenyan trading environment, good profits can be achieved through educated trading styles. Demo accounts are available to assist novice traders to learn by virtual trading experience.
FAQs
Is it safe to trade with Kenyan forex brokers?
It is safe to trade with forex brokers in Kenya if traders ensure that these brokers have the required regulation and follow transparent practices.
What are the risks of unregulated Kenyan forex brokers?
Unregulated forex brokers in Kenya may mislead traders with fraudulent schemes and divert monies for use other than forex trading.
How unpredictable are forex markets in Kenya?
Kenyan markets are known to be volatile. It is therefore good practice for traders using forex brokers in Kenya to learn risk management principles and to begin trading with a demo account.
What educational tools are available from forex brokers in Kenya?
Educational tools offered by forex brokers in Kenya include e-books, educational videos, as well as specific tools such as risk management guides.
What is the local Kenyan forex brokers’ regulator?
The local regulator for forex brokers in Kenya is the Capital Markets Authority (CMA). Very few forex brokers are registered with this authority and it is therefore necessary for traders to ensure that Kenyan forex brokers are regulated by other reputable international entities.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, all financial markets feature a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
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