Top 8 Locally Based Brokers
AvaTrade Account Types
Overall, AvaTrade is considered low risk, with an overall Trust Score of 93 out of 100. AvaTrade is licensed by five Tier-1 Regulators (high trust), five Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). AvaTrade offers a single live trading account with the option between Retail and Professional.
- Louis Schoeman
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Account Types Overview
Account Types
Account Features
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.9/5
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
AvaTrade Account Types – 9 key points quick overview:
AvaTrade Kenya Overview
👉 AvaTrade is a forex broker located in Dublin that was established in 2006 and has won several awards. Although they provide their trading services in more than 150 countries across the globe, they do not accept customers from the United States.
👉 They are a multinational corporation with offices and sales centres located in Dublin, Paris, Milan, Sydney, and Tokyo, respectively.
👉 AvaTrade has over 200,000 customers across the globe, and the total value of their monthly transactions exceeds $80 billion. Their website is accessible in 29 different languages, and they also provide multilingual support for their customers.
👉 AvaTrade is the most well-known forex broker in the region, even though it operates on a global scale and is supervised by several national financial agencies, including ASIC, JFSA, and IIROC.
👉 The clientele that the firm serves in the United Kingdom constitutes the primary focus of the organization’s attention currently.
👉 AvaTrade has clients from around the world and these areas have the largest distributions:
➡️ United Kingdom – 9.8%
➡️ Italy – 7.9%
➡️ India – 6.6%
➡️ Ireland – 5.6%
➡️ South Africa – 5.5%
AvaTrade At a Glance
| 🏛️ Headquartered | Dublin, Ireland |
| 🏛️ Kenyan Based Office | No |
| 👍 Accepts Kenyan Traders? | Yes |
| 📅 Year Founded | 2006 |
| 📱 Kenyan Office Contact Number | None |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 🔎License Number | Ireland (C53877) Australia (406684) South Africa (45984) Japan (JFSA 1662, FFAJ 1574) Abu Dhabi (190018) Cyprus (247/17) Israel (514666577) |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | Iran, Belgium, and the United States |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 1 (Retail and Professional Option) |
| 📊 PAMM Accounts | None |
| 🚀 Offers a Kenyan Account? | No |
| 💻 Dedicated Kenyan Account Manager? | No |
| 📈 Maximum Leverage | 1:400 |
| 📈 Leverage Restrictions for Kenya? | No |
| 💳 Minimum Deposit (₦) | 41,500 Kenyan Naira |
| 💳 Kenyan Naira Deposits Allowed? | No |
| 💰 Active Kenyan Trader Stats | 1.3 million |
| Active Kenyan-based AvaTrade customers | Unknown |
| 💰 Kenya Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | Wire Transfer, Electronic Payment Gateways, Credit Cards, Debit Cards |
| 💰 Segregated Accounts with Kenyan Banks? | No |
| 💻 Trading Platforms | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💰 Tradable Assets | Forex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Kenyan Stocks and CFDs | Yes |
| 👨💼 Languages supported on Website | English, Chinese (Simplified), Chinese (Traditional), Turkish, Thai, Slovakian, Russian, Portuguese, Polish, German, Hungarian, French, and several others |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Kenyan-based customer support? | No |
| 💰 Bonuses and Promotions for Kenyans | Yes |
| ✴️Education for Kenyan beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Kenyan Trader | Uche Paragon ($20 million net worth) |
| ✔️Is AvaTrade a safe broker for Kenyans? | Yes |
| ✔️Rating for AvaTrade Kenya | 9/10 |
| ✔️Trust score for AvaTrade Kenya | 96% |
AvaTrade Account Types
👉 The trading accounts provided by AvaTrade are kept simple, and there are retail account and professional account options. The minimum initial deposit required to start an account is $100 / 11,900 KES. AvaTrade does not charge a fee for trading, but a set spread beginning at 0.9 pips.
👉 There is a nightly cost and an inactivity fee charged, which is something that Kenyans must consider in terms of their budgetary needs and restrictions.
👉 Notably, AvaTrade does not provide accounts with $0 spreads since the complete trading cost is already included in spreads. Numerous day traders prefer trading with zero spreads but incurring commission fees when starting and closing positions.
👉 Comparing the typical spreads of AvaTrade with those of other brokers reveals that there are no extra trading fees.
| 💻 Live Account | 💰 Minimum Dep. | 📊 Average Spread | 💵 Commissions | 📈 Average Trading Cost |
| Standard Account | 11,900 KES/$100 | 0.9 pips | None | 9 USD |
| Professional Account | 11,900 KES/$100 | 1.2 pips | None | 12 USD |
| Islamic Account | 11,900 KES/$100 | 0.9 pips | None | 9 USD |
AvaTrade Account Features
👉 AvaTrade provides Kenyan retail traders with just one basic account, in addition to other variations and the option to register for a professional account if they qualify as professionals. A trader’s ability to establish a certain kind of account is limited by their jurisdiction and the regulatory constraints in their region.
👉 Depending on where AvaTrade operates, the following retail investor account options are available to Kenyan traders:
➡️ Europe (Ava Trade EU Ltd) – Retail, Professional, Options, and Spread Betting account.
➡️ Europe (DT Direct Investment Hub Ltd) – Retail, Professional, and Options account.
➡️ British Virgin Islands – Standard, Options
➡️ Australia – Standard, Options
➡️ South Africa and Kenya – Standard, Options
➡️ Japan – Retail, Options
➡️ Abu Dhabi – Retail, Professional, Options
➡️ Israel – Standard, Options
Standard Account
👉 AvaTrade’s Standard Retail Account is suitable for most beginner and intermediate traders since it offers the following features.
| Account Features | Value |
| 💰 Minimum Deposit Requirement | 11,900 KES or equivalent to 100 units in ZAR, USD, GBP, or AUD |
| ℹ️ Base Account Currency Options | ZAR, USD, GBP, or AUD |
| 📈 Maximum Leverage | • 1:30 (Retail) • 1:400 (Professional) |
| 📱 The range of Markets offered | More than 1,260 tradable instruments |
| 💻 Trading Platforms | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💵 Commissions on trades | None |
| 📊 Average spreads | From 0.9 pips EUR/USD |
| 💰 Margin Requirements | From 0.25% when using leverage of 1:400 |
| 🗣 Customer Support Channels | Social Platforms, Email Request, Telephone, WhatsApp, Live Chat |
| 📚 Educational Materials offered | Trading Videos, Trading for Beginners, Trading Rules, Technical Analysis Indicators and Strategies, Economic Indicators, Market Terms, Order Types, Blog, Online Trading Strategies |
| ✅ Trading tools offered | AvaProtect, Trading Central, CFD Rollover, Economic Calendar, Trading Calculator, Earnings Releases, Analysis |
| ✔️ Trading Strategies Allowed | All – scalping, swing trading, momentum trading, expert advisors, algorithmic trading, auto trading, etc. |
Professional Account
👉 To utilize the Professional Account, traders must first establish a retail account with AvaTrade. The first stages to become a professional trader are account registration and subsequent approval.
👉 Kenyan traders may only open a professional account if at least two of the following conditions are met:
➡️ A minimum of twelve months of continuous trading activity on a relevant financial market, with proof of substantial transactions. Included are CFD, FX, and spread betting wagers with an average frequency of 10 each quarter during the prior four quarters.
➡️ Traders must have a minimum of one year of experience in financial services.
➡️ The entire value of the investor’s assets, including cash and financial instruments, must exceed €500,000 (or an equal amount in any other currency).
Options Trading
👉 AvaTrade permits the trading of a specific quantity of a financial item at a preset price and within a predetermined period. Options trading gives retail traders more control over the instrument and the number of transactions. Traders may then choose their own price and trading window.
👉 Options could be traded daily, weekly, monthly, and even annually. On AvaTrade, both Call options and Put options are accessible.
👉 Purchasing a call option enables the buyer to purchase an asset at a fixed price. Traders that believe the market is experiencing bullish conditions adopt this options trading strategy.
👉 Put options, on the other hand, let purchasers sell an asset at a preset price. Traders of options use this method when they believe the market is in a bearish phase.
👉 The buyer must pay the seller a premium to acquire an option. Traders pay premiums when acquiring an option and get premiums when selling options.
Spread Betting
👉 AvaTrade offers spread betting on over 200 financial instruments, including currency pairs and commodities, as well as indices, stocks, bonds, and ETFs (ETFs)
👉 AvaTrade’s account currency is the British Pound Sterling (GBP), and the minimum transaction size is 0.10 lots. Despite having access to all available trading platforms, spread betting account users could only use MetaTrader 4 while trading on a retail or professional account with AvaTrade.
👉 AvaTrade offers tax-free spread betting in addition to a vast array of markets.
AvaTrade Demo Account
👉 The platforms of AvaTrade enable consumers to register a free demo account. This demo account allows traders to interact in genuine market conditions using virtual currency in a risk-free environment.
👉 Regardless of their degree of trading skill or experience, all traders may profit from utilizing a demo account.
👉 Kenyan traders can use the demo account for whatever purpose they see suitable, including trading practice, testing trading tactics, fundamental research, technical analysis, and in-depth market analysis.
AvaTrade Islamic Account
👉 Muslims adhering to Sharia law may profit from an Islamic Account since it is tailored to meet their specific requirements. The Sharia prohibits the payment of interest, including overnight fees, since its believers see it as wasteful or exploitative.
👉 This kind of account exempts traders from overnight fees or interest if they hold positions open for a long time after the trading day has finished. Using the Islamic Account option on AvaTrade, Muslim traders can trade without paying extra fees or interest charges.
👉 This account is comparable to the normal account with the exception that it does not support cryptocurrencies and Rollovers are limited to specific exotic FX pairings.
👉 The following are additional features of an AvaTrade Islamic account:
➡️ Halal Gold and Silver Trading
➡️ Halal Oil Trading
➡️ Halal Indices Trading
Overall Rating
- 4.9/5
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
AvaTrade Kenya Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade is well-regulated in several jurisdictions | There are no variable spreads |
| There are more than 1,250 trading instruments available across financial markets | There is only one retail and one professional account |
| There are several useful trading tools offered to advanced traders | There are inactivity fees charged on dormant accounts |
| There is a choice between innovative and powerful trading platforms | There are currency conversion fees that may apply |
| AvaTrade offers competitive trading conditions to Kenyan traders | There is no KES-denominated account or local deposit and withdrawal options for Kenyans |
| There is an Islamic account option and a demo account | |
| AvaTrade is trusted and has won several awards since its inception | |
| There are several trading strategies that traders can use, and they have access to social trading opportunities |
Verdict on AvaTrade
👉 Overall, AvaTrade is very competitive in terms of its trading fees and spreads.
Frequently Asked Questions
Can AvaTrade be trusted?
Yes, AvaTrade is multi-regulated and has a trust score of 93% which makes it one of the safest forex and CFD brokers for Kenyans.
Is AvaTrade good for beginners?
Yes, AvaTrade is one of the best brokers for beginners based on the wide range of educational materials offered to beginners.
How long do AvaTrade withdrawals take?
AvaTrade’s withdrawals can take between a day or two depending on when the withdrawal request was submitted. If withdrawals are submitted after hours, over a weekend, or on public holidays, they will be processed on the next business day.
What is the minimum deposit for AvaTrade?
The minimum deposit for AvaTrade is 100 USD or 11,900 KES.
Is AvaTrade profitable?
Yes, AvaTrade is profitable. AvaTrade is a private brokerage and while its balance sheet is not public, the broker has experienced robust performance from 2020 to date. This is attributable to the increased market activity caused by the Covid-19 pandemic.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
