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10 Best Crypto Brokers for Beginners in Kenya

10 Best Crypto Brokers for Beginners in Kenya

The 10 Best Crypto Brokers for Beginners in Kenya revealed. We tested and verified the best crypto brokers for beginners for Kenyan Traders.

This is a complete list of the best crypto brookers in Kenya.

In this in-depth guide you’ll learn:

  • What is a crypto broker?
  • What is cryptocurrency?
  • Our recommended crypto broker is Kenyan traders starting out.
  • How to compare crypto brokers against each other?
  • Which broker offers apps on IOS and Android?
  • How and can I trade forex with $5 (589 KES)?
  • Which brokers offer a signup bonus for first-time traders?


And lots more…

So if you’re ready to go “all in” with the best crypto forex brokers for beginner Kenyans

Let’s dive right in…

10 Best Forex Brokers in Kenya

#1

$100

Minimum Deposit

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#2

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

#3

CySEC, FSA, FCA, FSC, FSCA, CMA

$10

#4

FSA, CySEC, FSCA, FSC

$1

#5

FSC, DFSA, CySEC, ASIC, CMA

$5

#6

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

$0

#7

FSCA, FSC, FSA

$10

#8

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$10

#2

$100

Minimum Deposit

#3

$10

Minimum Deposit

#4

$1

Minimum Deposit

#5

$5

Minimum Deposit

#6

$0

Minimum Deposit

#7

$10

Minimum Deposit

#8

$10

Minimum Deposit

#9

$5

Minimum Deposit

#10

$5

Minimum Deposit

Updated : March 3, 2023

10 Best Crypto Brokers for Beginners in Kenya

🥇 Broker✔️ Cryptocurrency Broker?💰 Minimum Deposit?💸 Kenyan Shilling (KES) Deposits Allowed?👉 Open Account
1. HF MarketsYes$5 (2,000 KES)Yes👉 Open Account
2. ExnessYes$5 (583 KES)Yes👉 Open Account
3. FBSYes$1 (116 KES)No👉 Open Account
4. AvaTradeYes$100 (11 671 KES)No👉 Open Account
5. FP MarketsYes$80 (8700 KES)Yes👉 Open Account
6. TickmillYes$100 (11635 KES)No👉 Open Account
7. IGYes$250 (28,700 KES)No👉 Open Account
8. XMYes$5 (2,000 KES)No👉 Open Account
9. eToroYes$200 (23,000 KES)No👉 Open Account
10. AxiYes$100 (11 780 KES)No👉 Open Account

10 Best Crypto Brokers for Beginners in Kenya (Updated 2024)

  1. HF Markets – Overall, Best Crypto Broker for Beginner Traders
  2. Exness – Best Kenyan Shilling Account Broker
  3. FBS – Best Crypto Trading App in Kenya
  4. AvaTrade – Best Islamic/Swap-Free Account in Kenya
  5. FP Markets – Best MT5/MetaTrader5 Crypto Broker
  6. Tickmill – Best ECN Broker in Kenya
  7. IG – Best Crypto Broker with a Low Minimum Deposit
  8. XM – Best Lowest Spread Crypto Broker
  9. eToro – Best MetaTrader4/MT5 Broker
  10. Axi – Best NDD Broker in Kenya

What is the role of a Crypto Broker in Kenya??

👉 A cryptocurrency broker is an organization or someone that acts as a go-between for the exchange of cryptocurrency either for fiat currency, precious metals, or other coins.

 

👉 Kenyans can buy and sell cryptocurrencies on the market, with the transaction facilitated by crypto brokers who either make a market for the exchange or who use market makers and liquidity providers.

1. HF Markets

Overall Rating

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

👉 HFM (HF Markets) offers a fair range of over 1,000 CFDs and 47 forex pairs, in addition to an improved MetaTrader offering and superior research.

 

👉 With HF Markets, you may trade in a low-cost, high-quality, electronic communication network setting. The extensive education department is among the finest in the business.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
💻 Trading AccountsMicro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account
📊 Trading PlatformMetaTrader 4 and MetaTrader 5
💰 Minimum Deposit5 USD or 580 KES
💵 Trading AssetsForex, 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 spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tight, competitive spreads from 0.0 pips on EUR/USD are offeredHF 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

2. Exness

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Platform

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Overview

👉 With over 200,000 customers in over 100 countries, Exness is a leading CFD broker that provides access to over 100 different currency pairs, a handful of cryptocurrencies, 70+ stock CFDs, indices, and commodities.

 

👉 Trading with Exness, a broker that has won several honours, is risk-free for Kenyan investors. The Exness Academy is the main resource for novice traders seeking instruction from Exness.

 

👉 If you are just getting started in the Forex market, you will appreciate the fact that our trading courses are broken down into three distinct levels of expertise.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💰 Minimum Deposit1 USD (116 KES)
✅ Tradable AssetsForex, Metals, Crypto, Energies, Indices, Stocks
📉 Minimum spreadFrom 0.0 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutionsExness offers a limited number of payment methods for deposits and withdrawals
Traders can choose between several retail investor accountsExness only offers a limited portfolio of financial instruments to traders
Exness offers an Islamic account conversion with no additional fees charged
Instant deposits and withdrawals are offered
Exness has customer support available 24 hours a day, 7 days a week

3. FBS

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Welcome Bonus

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

Overview

👉 FBS is a low-risk international broker registered by several entities and that offers many accounts, including a zero-deposit starter account and a crypto-specific account, as well as a respectable selection of trading platforms.

 

👉 FBS offers a friendly atmosphere for new traders, with an outstanding collection of instructional and market research resources, and 24/7 customer assistance.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, IFSC
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
💻 Trading AccountsFBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💰 Minimum Deposit5 USD or 580 KES
✅ Trading AssetsForex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies
✔️ Kenyan Shilling-based Account?No
💸 KES Deposits Allowed?No
📉 Minimum spreadFrom 0.1 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FBS is well-regulated and offers competitive trading conditionsThe demo account is only available for 40 days
Traders can choose between a range of FBS trading accountsFBS only supports a few methods for deposits and withdrawals
Both a demo and an Islamic account are offered to tradersThere are withdrawal and deposit fees applied
FBS offers customer support 24/7Inactivity fees apply
FBS offers a range of bonuses and promotions to new and existing clients

4. AvaTrade

Overall Rating

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 a well-recognized and respected worldwide brand that provides FX and CFD traders with access to a comprehensive range of trading platforms. It is an excellent choice for copy trading, and it allows users to trade cryptocurrencies through CFDs.

 

Unique features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC
📱 Social Media Platforms• Twitter
• Instagram
• Facebook
• YouTube
💻 Trading AccountsStandard and Options accounts
📊 Trading Platform• AvaTradeGO
• AvaOptions
• AvaSocial
• MetaTrader 4
• MetaTrader 5
• DupliTrade
• ZuluTrade
💰 Minimum DepositEquivalent to $100 – 11635,00 KES
✅ Tradable Assets• Forex
• Metals
• Crypto
• Energies
• Indices
• Stocks
💵 Trading AssetsEquivalent to $100 – 11635,00 KES
📉 Minimum spreadFrom 0.9 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ 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.

5. FP Markets

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, CySEC, FSCA, CMA

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

70+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 With a minimum investment of just 8,100 KES and an unlimited trial account, FP Markets is a suitable place for new traders to get their feet wet. FP Markets offers a wide variety of learning resources, including eBooks, tutorials, video tutorials, webinars, and a glossary.

 

👉 Tutorials on trading equities, indices, and commodities are included along with information on the broader CFD market.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, CySEC
📱 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
💻 Trading AccountsRetail Account, Professional Account
📊 Trading PlatformMT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account
💰 Minimum Deposit8700 KES or 80 USD
✅ Trading Assets• Forex
• Shares
• Metals
• Commodities
• Indices
• Cryptocurrencies
• Bonds
✔️ Kenyan Shilling-Based AccountNo
💵 KES Deposits Allowed?No
💳 Bonuses for Kenyan traders?No
📉 Minimum spread0.1 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FP Markets is a well-regulated brokerAdministration fees charged on the Islamic Account
A dedicated Islamic account option are offered to Muslim tradersNo fixed spread accounts offered
A wide range of markets can be traded across asset classesWithdrawal fees charged
Powerful trading platforms for several devices are provided
Kenyan traders receive an ECN pricing model with raw and tight spreads
Fast trade execution through Equinix servers is guaranteed
Copy-trading and automatic trading is offered
Commission-free trading is possible
No inactivity fees charged on dormant accounts

6. Tickmill

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 The educational resources available on Tickmill are second to none. Although the bulk of the book is aimed at noobs, seasoned traders will find useful information in other chapters.

 

👉 As a bonus, there is a no-cost demo account available for prospective traders to try out the various trading tools. Tickmill provides a wide variety of learning tools, such as a Forex dictionary, infographics, video courses, and e-books that can be downloaded for free.

 

Unique Features

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
💻 Trading AccountsPro Account, Classic Account, VIP Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit100 USD or 11635 KES
✅ Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
✔️ Deposits AllowedUSD, GBP, EUR, IDR, CNY, VND, or RUB
📉 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill offers robust trading platforms and innovative mobile tradingTickmill spreads are not the tightest
Tickmill has a very high trust score and is known for its competitive trading conditionsCurrency conversion fees will apply for foreign deposits
Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and othersNo fixed spread accounts are offered
There are several convenient funding options available including Skrill, Neteller, and more

7. IG

Overall Rating

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

👉 The educational and market analytical resources available at IG are second to none. Anyone who joins up receives daily reports and analysis through email, and there is always someone accessible to answer questions.

 

👉 Traders new to the market may benefit from IG’s extensive library of instructional resources. The IG Academy, Managing Your Risk, Trading Strategies, Webinars, Seminars, and a Glossary are all part of this.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA
📱 Social Media Platforms• LinkedIn
• Twitter
• Facebook
• 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 Deposit28,700 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 spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes (Dubai customers only)

 

✔️ Pros❌ Cons
IG is a multi-regulated and multi-asset online broker with one of the highest trust scores in KenyaThe minimum deposit is very high
IG offers a choice between several account types and trading platformsDeposit fees are charged
Kenyan traders can use different trading strategies when they join IGThe Islamic account is only offered to Dubai traders
There are Islamic accounts offered to Dubai tradersThere is a limited selection of payment options for deposits and withdrawals
Beginners are given access to the IG AcademyThere are currency conversions if Kenyan traders deposit in Kenyan shilling
Advanced traders can expect several advanced and sophisticated trading tools

8. XM

Overall Rating

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

👉 XM is a popular option for Kenyan traders, attributable to its reputation as a major worldwide broker with a significant client base and a solid reputation. Comparable to the greatest brokers in the world, XM’s instructional resources are second to none.

 

👉 XM’s educational offerings include Forex webinars, platform tutorials, and educational seminars. These resources are comprehensive and well-organized.

 

👉 In addition, while most XM website users have access to instructional information without prior registration, some areas require a verified trading account.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• LinkedIn
💻 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💰 Minimum Deposit5 USD
✅ Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
✔️ Kenyan Naira-Based AccountNo
💳 Bonuses for Kenyan traders?Yes
📉 Minimum spreadfrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
XM is a low-cost forex broker with a high trust scoreNo fixed spreads offered on accounts
XM has more than 5 million active clients from around the worldInactivity 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

9. eToro

Overall Rating

Min Deposit

USD 50 / 5780 KES

Regulators

CySec, FCA 

Trading Desk

None

Crypto

Yes

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.

Overview

👉 eToro, another global, fully regulated CFD trading platform, is a household brand in the cryptocurrency broker industry and a wonderful place to start for newcomers.

 

👉 eToro’s user interface is designed with new traders in mind, with everything clearly labelled and laid out for them. However, eToro’s helpful customer support is just a click away if consumers ever get stuck.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
⚖️ CBN Regulation?No
📊 Trading AccountsRetail, Professional
📊 Trading PlatformeToro trading app and web-based platform
💰 Minimum Deposit (₦)83,000 NGN equivalent to $200
💰 Trading AssetsForex pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks
🔎 Kenyan Naira-based Account?No
💳 NGN Deposits Allowed?No
💰 Bonuses for Kenyan traders?Yes
📈 Minimum spread1 pip EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedYes

 

✔️ Pros❌ Cons
eToro has a strict and solid regulatory frameworkThere are limitations on leverage for retail traders
Client fund safety is guaranteed and there is consumer protection offeredThere is a limited selection of retail investor accounts
eToro offers commission-free tradingFixed spreads are not offered
There are over 2,000 complex instruments that can be tradedThe spreads are not the tightest
The broker offers several trading opportunities and a social trading featureThere is a high minimum deposit on the Islamic Account
There is an award-winning proprietary platform offeredThere is an inactivity fee charged on dormant accounts
eToro offers 24/6 dedicated customer services
eToro offers a demo account and an Islamic Account
Algorithmic trading and margin trading supported
Real time quotes are offered alongside a wide range of benefits
The mobile app is secure and features robust security such as two-factor authentication
The app can be used as a wallet app for digital currencies
Offers several resources that help traders make improved financial decisions with confidence
Offers several helpful tools and services as a solid basis for investment decision along with investment advice
Provides access to several popular cryptocurrencies that can be traded and crypto staking services
There is a comprehensive portfolio management service and popular investor program offered

10. Axi

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 AxiCorp Financial Services Pty Ltd is the parent company of the Axi broker. The company’s ability to meet the demands of its clientele, implement innovative solutions, and provide exceptional service is founded on its staff’s extensive industry expertise.

 

👉 To help new traders feel at ease, Axi Broker has developed a special platform. Beginners may get off to a solid start with the help of the comprehensive instruction offered by the Knightsbridge Trading Academy.

 

👉 The trial account’s short 30-day duration is sufficient for novice traders to hone their abilities before committing to a genuine account.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, SVG, FCA, FMA, DFSA
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• LinkedIn
💻 Trading Accounts• Standard Account
• Pro Account
• Elite Account
• Demo Account
• Islamic Account
📊 Trading Platform• MetaTrader 4
💰 Minimum Deposit0 KES
✅ Trading Assets• Forex
• Share CFDs
• Indices
• Commodities
• Oil
• Precious Metals
• Cryptocurrency CFDs
• CFDs
✔️ Kenyan Shilling-based Account?No
💵 KES Deposits Allowed?Yes
📉 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Axi is multi-regulated with three Tier-1, one Tier-2, and one Tier-3 regulationAn inactivity fee is applied to dormant accounts
MetaTrader 4 is provided across devices alongside useful plugins such as AutoChartist, MyFXBook, and more.Deposit and withdrawal fees are charged
Kenyan traders are given access to local payment providers and can deposit/withdraw in KESThere is only one trading platform supported
There are no account fees charged when Kenyans register an accountThe demo account is only available for 30 daya
Axi offers beginner traders access to a comprehensive trading academy where they can learn how to trade and refine their tradingThere is no KES-denominated trading account
There are social trading opportunities

How to choose the right Crypto Broker in Kenya

How to choose the right Crypto Broker in Kenya

👉 Kenyan traders must evaluate the following components of a cryptocurrency broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Credibility and Reliability

👉 The cryptocurrency market is noticeably young in comparison to other markets, however just because it is new does not imply that every broker you come across is unskilled. There are reputable and knowledgeable crypto brokers available for you to work with.

 

👉 They have the appropriate credentials, such as licenses issued by well-known and respectable regulatory authorities, and they have experts working on their team.

 

👉 Additionally, they have the appropriate qualifications. It is possible to read reviews written about the broker and get insight into the services they provide to choose whether you should work with them.

 

Trading Platform

👉 A broker’s trading platform needs to be intuitive and feature-rich for crypto traders, just as it would be for FX traders. There are several reasons why these kinds of systems are essential.

 

👉 First, they make bitcoin trading very convenient for their customers. A wide variety of choices are available to users of a well-designed platform. These choices exist just to ease the way for both new and seasoned bitcoin traders.

 

👉 A broker, particularly one just getting started in the bitcoin industry, cannot function properly without these platforms. Verify the broker’s web platform is innovative.

 

Financial Background

👉 Do not get into business with a broker whose net worth is lower than the money you want to invest. To be considered a reliable cryptocurrency broker, a company must have access to substantial funds. This ensures that your cryptocurrency holdings are secure and that your broker will not go under.

 

Customer Service

👉 Since cryptocurrency trading is available around the clock, questions and issues might arise whenever they arise. Finding a broker who is accessible at all hours of the day and night is, therefore, highly recommended.

 

👉 Regardless of the time zone, you should be able to contact a knowledgeable support staff that will respond quickly and professionally to your inquiries and concerns.

 

Technical Assistance

👉 Providing excellent customer service is one thing, but providing stellar technical assistance is something quite else.

 

👉 Brokers often have technical support departments to assist clients with issues that need in-depth knowledge in a certain area. Many cryptocurrency exchanges provide no means of contacting technical support staff.

 

👉 They believe that their customer service staff is sufficient to carry out all their duties. However, things are quite different. You cannot operate a successful crypto brokering firm without a dedicated and knowledgeable technical support staff.

 

👉 Most significantly, the team should be made up of veterans in the crypto space that has worked in the field for many years. They should have an intimate familiarity with the system and be able to provide you with quick, effective answers.

 

Fees and Commissions

👉 When choosing a cryptocurrency broker, it is important to research the fees they impose. Obtain specific information from the broker about the fees they charge and any other potential dangers so that you can make an informed choice.

 

Overall Longevity

👉 Some trustworthy cryptocurrency brokers may have just lately entered the market, although these instances are exceedingly rare. If a cryptocurrency broker has been around for a long time, then it must be doing something well since customers will continue to use it.

 

Registration Process

👉 Sign-up procedures for cryptocurrency brokers provide incredibly detailed information about them. Experts in the field can tell immediately whether a broker is reliable only by observing its onboarding procedure.

 

👉 In the beginning, you could struggle with this. You will be able to tell the legitimate brokers from the scammers more easily as time goes on. The presence of a vast number of depositing fees is a glaring red flag in certain sign-up procedures.

 

👉 If a cryptocurrency broker requires a big initial payment from new customers, chances are good that they are a fraud. This is even more apparent when considering that most reputable cryptocurrency brokers charge their clients next to nothing to trade.

 

👉 Instead of dealing with crypto brokers that demand exorbitant deposits, consider working with brokers like these. The process’s safety should be verified, too. Checking for an SSL certificate is as simple as searching in the upper left corner of your browser’s search bar.

 

👉 Because of this certificate, you can rest assured that the site you are visiting is secure and will not expose any of your personal data to hackers.

 

Convenience

👉 If a cryptocurrency exchange cannot make your life easier, they are not worth your time. Instead of dealing with an uncomfortable cryptocurrency broker, you may as well trade on your own. Everything in this field is changing quickly due to the dynamic nature of the environment.

 

👉 If you want to make the best choices at the correct times, you need to keep current on a broad range of topics. That is if your broker provides you with tools that make your trading easier.

 

Practice Trading

👉 Quite a few circumstances might arise in cryptocurrency trading, making it a complex endeavour. You will not know how to make the proper choices at the right times if you are just starting in this industry. What will happen is that you will lose a lot of money because of this.

 

👉 Avoiding these errors is easy by using demo trading, which simulates real-world trading conditions without any monetary risk to the trader. Since there is no potential for profit or loss, this choice is neutral, but you will gain knowledge about the processes involved in crypto trading.

 

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 Crypto Brokers in Kenya

👉 In this article, we have listed the best crypto brokers that offer MetaTrader 4 to traders in Kenya. We have further identified the crypto brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 Crypto Broker in Kenya

Overall Rating

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

👉 Overall, OANDA is the best MT4 Crypto Broker in Kenya. Both MT4 and OANDA’s own platforms are supported, and traders have access to several different trading tools. The trading tools offered by OANDA range from AutoChartist to MT4 Premium Tools, and more.

 

Best MetaTrader 5 / MT5 Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, CySEC, FSCA, CMA

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

70+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FP Markets is the best MetaTrader 5 Crypto broker in Kenya. The advantage of FP Markets supporting third-party platforms like MT5 is the level of customizability offered by this platform.

 

👉 With FP Markets, Thousands of plugins and utilities are furthermore accessible for beginner traders and MT5.

 

Best Crypto Broker for beginners in Kenya

Overall Rating

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

👉 Overall, IG is the best Crypto Broker for beginners in Kenya. Over the last several years, IG’s income has made it the biggest CFD broker in the world, with over 320,000 customers.

 

👉 Over 18,000 different instruments are available for trade, and there is no minimum deposit required for any of the two low-cost trading accounts or the spread betting account.

 

Best Low Minimum Deposit Crypto Broker in Kenya

Overall Rating

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

👉 Overall, HF Markets is the best Low Minimum Deposit Crypto Broker in Kenya. HF Markets offers five account categories that are suitable for both novice and expert traders.

 

👉 The HF Markets Micro Account features reduced trading fees than most other brokers’ entry-level accounts, with a minimum deposit of 580 KES (5 USD) and EUR/USD spreads beginning at 1 pip.

 

Best ECN Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Tickmill is the best ECN Crypto Broker in Kenya. Tickmill’s three live accounts are about par for the course when compared to other brokers, and the trading costs for two of those accounts are below par.

 

👉 Tickmill offers both STP and ECN execution on trading accounts, with liquidity and pricing aggregated from some of the best providers.

 

Best Islamic / Swap-Free Crypto Broker in Kenya

Overall Rating

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

👉 Overall, AvaTrade is the best Islamic / Swap-Free Crypto Broker in Kenya. AvaTrade offers over 1,250 tradable instruments to Kenyan traders. Muslim traders who follow sharia law are given access to halal trading conditions on several asset classes.

 

Best Crypto Trading App in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Welcome Bonus

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

👉 Overall, FBS is the best crypto trading app in Kenya. The Crypto Account offered to Kenyans provides them access to more than 100 coins and crypto trading options. The FBS Trader can be used by Kenyans to gain access to this account and there is a 110 KES ($1) minimum deposit with 1:5 leverage.

 

Best Kenyan Shilling Trading Account Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Platform

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

👉 Overall, Exness is the best Kenyan Shilling trading account Crypto Broker in Kenya. The cost of trading with Exness is quite inexpensive compared to other brokers. When compared to other brokers, Exness provides traders with the most currency pairing options for their trading accounts.

 

👉 Exness provides a wide variety of trading accounts, each with its own set of default currency options.

 

Best Lowest Spread Crypto Broker in Kenya

Overall Rating

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

👉 Overall, XM is the best lowest spread Crypto Broker in Kenya. Spreads charged by XM are extremely competitive and the lowest spreads can be found on the Zero Account. Other trading accounts have higher spreads, but they are commission-free.

 

Best NDD Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySec, ASIC, FCA, BVI FSC, FSCA

Trading Desk

MetaTrader 4, MetaTrader 5, Markets.com propietary platform

Crypto

Yes

Total Pairs

67

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Markets.com is the best NDD Crypto Broker in Kenya. Markets.com is a non-dealing desk (NDD) broker that offers a sophisticated multi-asset trading platform with features such as advanced trading tools, professional analysis, and in-depth charting.

 

Best STP Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, RoboForex is the best STP Crypto Broker in Kenya. Kenyan traders who are interested in cryptocurrencies and who place a premium on cheap trading fees and a variety of account options will find RoboForex to be a suitable STP broker.

 

Best Sign-up Bonus Crypto Broker in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

CySEC, FSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, InstaForex is the best sign-up bonus Crypto Broker in Kenya. InstaForex’s forex trading account signup process is quick and easy. A $1,000 no-deposit bonus is available immediately upon registration, and a further 30% bonus is available on your first deposit.

Risks of Trading Crypto

Risks of Trading Crypto

👉 Cryptocurrency’s distinctive structure and the possibility of big profits are two of the main attractions for investors.

 

👉 You should be aware of the risks associated with investing in cryptocurrency, including price fluctuations, theft, legal ramifications, accounting issues, and tax implications. Kenyans who invest in cryptocurrency may be vulnerable to the following threats:

➡️ Elevated levels of volatility in the Crypto Market

➡️ Unregulated Environment

➡️ Crypto Market Risks

➡️ Issues with Taxation

➡️ Risks relating to Cybercrime

 

Elevated levels of volatility in the Crypto Market

👉 The cryptocurrency industry is being fuelled in part by its inherent volatility. If you are unfamiliar with the term, “volatility” refers to big and quick price changes caused by unexpected fluctuations in market sentiment.

 

👉 The cryptocurrency market is not the only place where volatility is a worry. There is evidence of them in other parts of the financial system, but the crypto industry seems to be where they are most intense and widely disseminated.

 

Unregulated Environment

👉 The Central Bank of Kenya has publicly said that Crypto traders would not be protected or compensated for the monetary loss in an unregulated market, and this revelation comes at a time when the legal status of cryptocurrencies remains uncertain.

 

👉 Subsequently, Kenyan crypto traders are vulnerable to all the dangers mentioned in this section, and more.

 

Crypto Market Risks

👉 Cryptocurrency assets are vulnerable to the hazards of market volatility in the same way that traditional commodities are.

 

👉 Systematic and unsystematic hazards both exist in the cryptocurrency trading market. Inherent in the cryptocurrency markets is a systemic risk that affects every digital currency.

 

Issues with Taxation

👉 The tax treatment of virtual currency investments and gains is still up for debate. Bitcoins and other cryptocurrencies may be categorized as money in certain nations and as assets in others. Bitcoin is now recognized as legal money in El Salvador.

 

👉 While regions like the United States and Canada permit the purchase and sale of virtual currencies, others like Russia and China have banned cryptocurrencies altogether.

 

👉 Cryptocurrency trading is not prohibited in Kenya, but the country’s Central Bank has made it clear that Bitcoin and other cryptocurrencies are not recognized as legal cash. In addition, traders in Kenya must pay capital gains tax on any cryptocurrency earnings.

 

Risks relating to Cybercrime

👉 While cryptocurrencies herald a new era, cybercrime ushers in a darker side that is less well understood. Given the decentralized nature of most cryptocurrencies, protecting the assets of crypto holders is of the utmost importance.

 

👉 Because of their inexperience, newcomers to the crypto ecosystem are frequently the targets of “unusual disappearances” and ransomware assaults, two of the most complex and rapidly evolving dangers in the crypto environment.

 

👉 Thus, it is important for Kenyans to know about the risks involved in the crypto market before diving in.

 

👉 Most people in Kenya would rather use a crypto broker to buy, sell, trade, and keep cryptocurrencies than do it on their own, for several reasons including regulation and security.

How to Trade Crypto Safely in Kenya

How to Trade Crypto Safely in Kenya

👉 The infrastructure supporting cryptocurrencies is developing fast, as is to be expected with any innovative technology. You need to be motivated by more than profits and risk to become involved in this market.

 

👉 Knowing the ins and outs of cryptocurrencies and the surrounding ecosystem is essential before putting down any money. In addition, for novice traders in Kenya, here are some safety precautions to take:

➡️ Always do your research

➡️ Use a solid trading plan and tested strategy to trade crypto

➡️ Always manage your risk

➡️ Portfolio Diversification is key

➡️ Employ longer-term strategies at first

➡️ Do not use excessive leverage

➡️ Always balance your Risk-Reward Ratio

 

Always do your research

👉 Do not blindly go into crypto trading without having carried out extensive research. You should educate yourself first and use a demo account to practice your trading. Before you enter a trade, analyse the market by using technical analysis.

 

👉 Never go into a trade without having a clear idea of your entry and exit points. Research into crypto and your trades can prevent you from entering trades at the wrong time or leaving too early/too late.

 

Use a solid trading plan and tested strategy to trade crypto

👉 There are many people out there who claim to have failproof strategies for making money consistently in the crypto market. However, beginner traders must remember that there is no guarantee that any strategy will be profitable.

 

👉 Start by drafting a solid trading plan that outlines your needs as a trader, your trading time horizon, and your overall objectives for trading crypto. Consult legitimate sources to learn crypto trading and start looking for a solid strategy that suits your trading plan.

 

👉 Practice your trading strategy by using a demo account and virtual funds. Use back-testing software such as that offered by MetaTrader 5 before you employ your strategy.

 

👉 Always keep a trading journal to document your wins and losses, providing you with a foundation to refine and improve your strategy over time.

 

Always manage your risk

👉 Not all sources of cryptocurrency trading advice have your best interests in mind. To avoid losing your money, avoid committing the same errors that others have made by ensuring that you employ effective risk management.

 

👉 Limit the amount of money you are willing to risk by investing in digital currency and never trade more than you can afford to lose. Trading cryptocurrencies have a significant level of risk, and most traders end up losing money.

 

Portfolio Diversification is key

👉 Diversifying your cryptocurrency portfolio might help you spread your risk. A diversified portfolio spreads the investment among many coins, mitigating the effects of price fluctuations.

 

Employ longer-term strategies at first

👉 Price swings may be significant from one day to the next, and inexperienced traders are often fooled into selling in a hurry when prices are low. The highest returns may be obtained by investing in the cryptocurrency market and leaving the funds there for longer periods.

 

Do not use excessive leverage

👉 Margin enables traders to raise the number of their orders and engage in directional trades like going long or short. If you use too much leverage, though, your transactions will not have time to settle, and you might end up losing everything in a forced liquidation.

 

Always balance your Risk-Reward Ratio

👉 The reward-to-risk ratio expresses the potential benefit in shilling for the shillings that are at risk. Do not put in more money than you can afford to lose by using risk-reward ratios of 1:2 or 1:3.

Conclusion

👉 When choosing a broker, it is crucial to consider your requirements. And for beginner Kenyan traders in crypto, deciding whether to buy the virtual currency directly or trade futures, which provide bigger profit, but also higher risk, is essential.

 

👉 You should also think about whether you want to expand your trading beyond majors such as Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, and others since these are the currencies most conventional brokers will allow you to trade.

FAQ

Which Bitcoin wallet is preferred by beginners in Kenya?

ZenGo Wallet is the best for beginner traders in Kenya, attributable to its simplicity and elevated level of security.

What is the minimum amount to start crypto trading in Kenya?

You can start with any given amount because you can buy crypto in fractions with most exchanges while crypto brokers offer crypto CFDs from a low initial deposit.

Which cryptocurrency is the most popular to invest in for Kenyan beginners?

Bitcoin is currently the most popular cryptocurrency because of its high liquidity and volatility.

How can I invest in cryptocurrency in Kenya?

You can start by choosing a crypto broker that meets your trading needs and objectives. You can register an account, verify your identity, and deposit funds to start trading. You can carry out technical analysis on the coins you want to trade and open a position with the broker.

How do beginners invest in Bitcoin?

Beginners must educate themselves in cryptocurrency trading before they can start trading. Once they have the necessary knowledge of the technology and overall market, they can register a demo account with a broker of their choosing. Once they have practiced trading, they can develop a trading strategy and start trading.

 

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