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3 Best Forex Brokers with a Minimum $1 Deposit in Kenya

The 3 Best Forex Brokers with a Minimum $1 Deposit for Kenyans revealed. We tested the best forex trading platforms for Kenyan Traders.

This is a complete guide to the $1 Minimum Deposit Forex Brokers in Kenya.

In this in-depth guide you’ll learn:

  • What is a $1 (116 KES) Minimum Deposit Broker?
  • Which forex traders offer the best trading platforms for trading with a 1 USD (116 KES) Minimum Deposit?
  • Which NASDAQ Brokers offer a low minimum deposit?
  • How to compare the best brokers against each other?
  • Which forex brokers are best for beginner Kenayn Traders? 
  • Which brokers offer a sign-up bonus on a 1-dollar minimum deposit for first-time traders in Kenya? 
  • Which brokers offer a low minimum deposit of $1 (116 Kenyan Shilling) to start trading? 
  • Which $1 minimum deposit brokers offer MetaTrader4/MT4 and MetaTrader5/MT5 trading platforms?
  • Which forex brokers offer a mobile app on IOS and Android for Kenyan Traders? 

And lots more…

So if you’re ready to go “all in” with the best $1 minimum deposit forex brokers

Let’s dive right in…

Updated : September 23, 2022

Best Forex Brokers with a Minimum $1 Deposit in Kenya (Updated 2022)

🥇 Broker💰 Minimum Deposit💸 KES Deposits Allowed?✔️ Offers Kenyan Shilling Account?👉 Open Account
1. FBS1 USD (116 KES)YesYes👉 Open Account
2. Exness1 USD (116 KES)YesYes👉 Open Account
3. OANDA1 USD (116 KES)YesYes👉 Open Account

3 Best Forex Brokers with a Minimum $1 Deposit in Kenya (Updated 2022)

  1. FBS – Overall, Best Minimum $1 Deposit Broker in Kenya
  2. Exness – Best MetaTrader4/MT4 and MetraTrader5/MT5 Platform Broker
  3. Oanda – Best $1 Minimum Deposit ECN Broker for Kenyan Traders

What is a minimum deposit?

👉 A minimum deposit or initial deposit is the minimum amount of money required to open an account with a financial institution, such as a bank or brokerage firm.

1. 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

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

 

Overview

👉 FBS was founded in 2009, and since then, the company has expanded to become a sizable and well-respected international forex and CFD broker. Kenyan traders have access to FBS’s competitive trading conditions, diverse account options, cutting-edge trading tools, and a host of additional perks, including low required minimum deposits.

 

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 Deposit1 USD or 116 KES
✅ Trading AssetsForex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies
📉 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

 

Trust Score

🥇 FBS has a trust score of 75%.

2. Exness

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on Exness’s website

Overview

👉 Overall, Exness is a low-risk CFD and Forex broker regulated and authorized by multiple authorities. Exness not only provides dynamic and flexible account types but also some of the industry’s best trading conditions.

 

👉 Exness was founded in 2008 and traders now have access to more than 200 financial products, a variety of retail account types, and a wealth of resources.

 

👉 Exness is one of Kenya’s most popular brokers, despite the fact that it is not yet regulated by the Capital Markets Authority (CMA).

 

👉 Traders have access to leverage, which can significantly reduce margin requirements and allow for more flexible trading method management. Another advantage of Exness is that traders can withdraw money instantly through a variety of electronic payment channels, giving them complete control over their funds.

 

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

 

Trust Score

🥇 Exness has a trust score of 97%.

3. Oanda

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

Overview

👉 With a trust score of 91 percent, OANDA is regarded as a low-risk forex and CFD broker for Kenyans. Because of its competitive trading conditions, award-winning proprietary platform, and high-quality trading solutions, OANDA is an appealing option.

 

👉 OANDA is regulated and authorised by several reputable entities, and despite the fact that the Capital Markets Authority (CMA) does not regulate the broker, it is a viable option for Kenyan traders.

 

👉 OANDA was founded in 1996. OANDA is a well-known broker and trading platform that claims to handle “all things currency,” such as currency conversions, FX data services, and an online brokerage service for retail FX and CFD traders worldwide.

 

👉 On OANDA’s platform, both professionals and novices can access a wide range of indicators and charting tools, making it ideal for both novices and experts.

 

Unique Features

FeatureInformation
⚖️ RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
💻 Trading AccountsStandard Account, Core Account, Swap-Free Account
📊 Trading PlatformMetaTrader 4, OANDA Platform, TradingView
💰 Minimum Deposit1 USD (116 KES)
✅ Trading AssetsIndex CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates
✔️ Kenyan Shilling-based Account?No
💵 KES Deposits Allowed?Yes
✔️ Kenyan Naira-Based AccountNo
💳 Bonuses for Kenyan traders?Yes
📉 Minimum spread0.1 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Oanda has an award-winning proprietary trading platformThere is an inactivity fee on dormant accounts
Negative balance protection is automatically applied to the retail accountsNo 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 with minimum deposit of $1

👉 Kenyan traders must evaluate the following components of a forex broker to decide whether a broker with minimum deposit of $1 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 $1 Minimum Deposit Forex Brokers in Kenya

👉 In this article we have listed the best Forex brokers which offer trading platforms with $1 minimum deposits to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.

Best MetaTrader 4 / MT4 trading platform with a $1 deposit in Kenya

Best MetaTrader 4 / MT4 trading platform with a $1 deposit

👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform with a 1 USD minimum deposit in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.

👉 The service that Exness provides to traders includes a number of benefits, such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.

Best MetaTrader 5 / MT5 Forex Broker/Platform in Kenya

Best MetaTrader 5 / MT5 Forex Broker/Platform

👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets (previously HotForex) offers the MT5 trading platform, a variety of pricing alternatives and account types, as well as competitive fees and spreads that average 0.1 for the EUR/USD currency pair.

Best Forex Broker/Platform for beginners in Kenya

Best Forex Broker/Platform for beginners

👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is a reputed and well-regulated forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.

👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.

Best Minimum Deposit Forex Broker/Platform in Kenya

Best Minimum Deposit Forex Broker/Platform

👉 Overall, FBS is the best trading platform for the lowest minimum deposit of 1 USD in Kenya. FBS was established in 2009 and it has grown to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.

Best ECN Forex Broker/Platform in Kenya

Best ECN Forex Broker/Platform

👉 Overall, Oanda is the best ECN platform in Kenya. Oanda allows customers from beginners to seasoned investors access to many financial products over several asset classes.

👉 Oanda offers transaction execution that is quick and reliable, research resources that are superior to industry standards, user interfaces that are easy to understand, and a track record of regulatory oversight.

Best Islamic / Swap-Free Forex Broker/Platform in Kenya

Best Islamic / Swap-Free Forex Broker/Platform

👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large clientele worldwide. BD Swiss offers a large range of market instruments for trading. BD Swiss also offers trading in a variety of cryptocurrencies.

Best trading platform Forex Trading App in Kenya

Best trading platform Forex Trading App

👉 Overall, OctaFX has the best forex trading app in Kenya. OctaFX is headquartered in Saint Vincent and the Grenadines. OctaFX serves traders from all over the globe, including those in African countries like Kenya.

👉 Kenyan traders can trade a number of forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services along with investors around the world.

Best Lowest Spread Forex Broker/Platform in Kenya

Best Lowest Spread Forex Broker/Platform

👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds by Alpari are guaranteed to be swift. More than 2 million customers are enrolled with the broker.

Best Nasdaq 100 Forex Broker/Platform in Kenya

Best Nasdaq 100 Forex Broker/Platform

👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM strives to provide the best trading conditions for traders of all levels. To safeguard the safety and security of their clients’ cash, they keep their funds in segregated accounts.

👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.

Best Volatility 75 / VIX 75 Forex Broker/Platform in Kenya

Best Volatility 75 / VIX 75 Forex Broker/Platform

👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and properly regulated by reputable authorities. A single live trading account is provided by AvaTrade, but traders have the choice to trade with either a Retail trading account or a Professional trading account.

Best NDD Forex Broker/Platform in Kenya

Best NDD Forex Broker/Platform

👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that traders value the most: security, support, ease of account funding, and withdrawal. XM also charges low fees.

Best STP Forex Broker/Platform in Kenya

Best STP Forex Broker/Platform

👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone also offers modern technology, low spreads, and high-speed execution. Pepperstone gives traders across the world access to all markets backed up by very good customer care.

Best Sign Up Bonus trading platform/ broker in Kenya

Best Sign Up Bonus trading platform

👉 Overall, FP Markets is the best trading platform with a Sign-Up bonus in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types for traders to choose from.

Understanding how brokers with minimum deposits of $1 work

👉 Nobody becomes a pro trader on his or her first day of trading. Then, why take a big risk when you are not ready in the first place?

 

👉 Small accounts or starting with a minimum deposit of as little as $1, is usually the best strategy for beginners to use since it reduces their risks and possibility for losses while they get the opportunity of gaining live training experience.

 

👉 Even experienced traders use small accounts to experience some new strategies or skills to allow them to recover easily if they experience any losses.

 

👉 If you are a beginner trader and want to start out with minimal risks, it is a good idea to start with a Cent account as such an account allows traders to use the micro-lot size of 0.01. However, the trader must understand that the lower the capital, the lower the profit he can make.

 

👉 In contrast, if you are an experienced trader, you can start trading with a Standard account with a larger deposit, as brokerage services deliver better services and perks for standard account holders.

 

👉 Because of competition in the field, many forex brokers have lowered their minimum deposit requirements, offering trading accounts from as little as 1 USD.

 

👉 This can be attributable to the high levels of liquidity that significantly reduce the transaction costs and fees that traders pay when they trade forex, allowing traders from Kenya access to some of the best forex brokers while only using small amounts of capital.

 

👉 If you are considering entering the forex trading market and are looking for the best forex brokers, or if you are already dealing with an FX broker, one of the most important considerations is the minimum deposit.

 

👉 In the forex market, there are frequently a few trading conditions that you must follow, which may include a minimum deposit to begin forex trading. However, this is not always the case with brokers.

 

👉 According to reviews, some do not have a minimum deposit requirement, and in some cases, the minimum deposit is as low as $1.

Advantages of brokers with minimum deposits of $1

👉 Brokers with minimum deposits of $1 have several advantages distinct from traders in Kenya. These advantages include:

➡️ The option to test the waters with a broker’s live account without committing serious money.

➡️ Traders can use such accounts to live-test trading strategies that require real execution conditions.

➡️ With a forex mini account, mini lot sizes are 10,000 units as opposed to 100,000 units with a standard lot.

➡️ This means a one pip move in a currency pair based on USD is equal to $1, compared with $10 for a standard lot.

➡️ Smaller lot sizes also give traders greater control over position sizing.

Disadvantages of brokers with minimum deposits of $1

👉 Brokers with minimum deposits of $1 also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:

➡️ The smaller the amount with which a trader uses, the smaller his profit will be.

Conclusion

👉 Overall, Forex brokers which offer a minimum deposit of $1 present a lower barrier of entry to new traders in Kenya as it allows them to open accounts with smaller initial investments and grow their trading activities by degrees.

FAQ

 

How much money do I need for forex trading in Kenya?

You can start with as little as $1 by opening an account with a broker that only requires $1 minimum deposit.

How much money can you make with forex trading in Kenya?

It depends on how much you are willing to risk per trade. Risking $1000 can make you an average of $20 000 per year.

Can you make money with forex trading in Kenya?

Yes, it is possible to make money with forex trading in Kenya. 

Can I lose my money with forex trading?

Yes, chances are very good that you may lose your money unless you make a thorough study of forex trading before starting.

What Is the Best Minimum Deposit To Begin Forex Trading?

This depends on the type of trading you intend to do, but in terms of position size, you should never trade more than you can afford to lose.

Most brokers allow you to open an account with a minimum deposit of $100, as this is an amount that most traders can afford without exposing themselves to unnecessary risk of loss.

 

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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