Top 8 Locally Based Brokers
7 Best ASIC Regulated Forex Brokers in Kenya
The 7 Best ASIC Regulated Forex Brokers in Kenya. We tested and verified the best ASIC-regulated forex brokers for Kenyan Traders.
This is a complete list of forex brokers with a level playing field in Kenya.
In this in-depth guide you’ll learn:
- What are Australian Securities and Investments Commission (ASIC)-regulated brokers?
- What are the benefits of trading with ASIC-regulated forex brokers?
- Who are the best ASIC-Regulated Forex Brokers in Kenya?
- How to choose a forex broker – Compare them against each other.
- Which broker offers a sign-up bonus for first-time traders?
- What is the difference between ASIC- and CySEC-regulated brokers?
- Which ASIC-regulated brokers are best for beginner traders?
- Why traders should trade with ASIC-Regulated Brokers?
- Which ASIC-Regulated Brokers accept M-PESA?
- Which brokers offer a minimum deposit of $5 (583 KES)?
And lots more…
So if you’re ready to go “all in” with the best-tested ASIC-Regulated forex brokers for Kenyans…
Let’s dive right in…
- Louis Schoeman
Best ASIC Regulated Forex Brokers in Kenya
| 🥇 Broker | ✔️ ASIC Regulated Broker? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. AvaTrade | Yes | $100 (11635,00 KES) | Yes | 👉 Open Account |
| 2. FBS | Yes | $5 (580 KES) | Yes | 👉 Open Account |
| 3. Pepperstone | Yes | $150 (17 506 KES) | No | 👉 Open Account |
| 4. OANDA | Yes | $1 (116 KES) | No | 👉 Open Account |
| 5. Trade Nation | Yes | $10 (1 167 KES) | Yes | 👉 Open Account |
| 6. FP Markets | Yes | $200 (23,000 KES) | No | 👉 Open Account |
| 7. XM | Yes | $5 (580 KES) | Yes | 👉 Open Account |
7 Best ASIC Regulated Forex Brokers in Kenya (Updated 2023)
- AvaTrade – Overall, Best ASIC Regulated Forex Broker in Kenya
- FBS – Verified Lowest Spread Forex Broker
- Pepperstone – User-Friendly ASIC Regulated ECN Broker in Kenya
- Oanda – Top Sign Up Bonus Forex Broker
- Trade Nation – Best Forex Trading App
- FP Markets – Verified ASIC Regulated NDD Forex Broker
- XM – Best Nasdaq100 Forex Broker in Kenya
What are ASIC-regulated forex brokers?
👉 ASIC regulated forex brokers are regulated by the Australian Securities and Investments Commission. ASIC is a popular regulatory body among retail Forex brokers since it combines reasonable policies for traders’ protection with the relative ease of getting registered for the brokerage companies.
1. AvaTrade
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
Overview
👉 AvaTrade was started in 2006 as a global broker for CFDs and FX. The company’s administrative headquarters are in Dublin, but it also has sales centers in Paris, Milan, Sydney, Tokyo, Madrid, Mongolia, Beijing, Kenya, Santiago, and Johannesburg.
👉 AvaTrade is regulated by financial watchdogs from Australia, Europe, the British Virgin Islands, Japan, and South Africa. The AvaTradeGO app can be used anytime, anywhere, and has an easy-to-use interface and new tools for traders to use.
👉 AvaTrade has grown a lot over the years it has been in business. It now has more than 200,000 registered customers around the world who make more than two million trades every month.
👉 AvaTrade’s focus on the customer and strong financial backing make it a unique service in the dangerous world of online trading. The company’s wide range of platforms and services, as well as its 24-hour, multilingual support desks, make it possible for every level of the trader to work in the best way possible. AvaTrade has a wide range of trading options, including Forex, stocks, commodities, indices, and more.
👉 Even though the Capital Markets Authority (CMA) in Kenya has not licensed or regulated AvaTrade and the broker does not have a local office in Nairobi, AvaTrade is a trusted and highly recommended broker for Kenyan traders due to its ASIC regulation.
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%.
2. FBS
Overall Rating
- 4.7/5
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 top forex and CFD broker for Kenyans. They provide a wide range of trading accounts as well as an innovative and powerful proprietary trading app. FBS charges low, competitive fees, and traders can be confident that their clients’ funds are secure.
👉 While FBS is not regulated by Kenya’s Capital Markets Authority (CMA), the broker is still an excellent choice for Kenyan traders due to the fact that it is regulated by the Australian Securities and Investments Commission (ASIC).
👉 FBS is regulated in over 150 countries by CySEC, ASIC, FSCA, and IFSC, giving traders confidence that the broker is legitimate. FBS processes data using a combination of Straight Through Processing and an Electronic Communications Network.
👉 FBS has been operating as an international CFD broker since 2009. Over the last 12 years, FBS has earned a reputation as a reliable and secure broker. FBS is consistently adding 10,000 new clients every day as an online forex broker that has quickly gained popularity and is well-regarded by its clients.
👉 Aside from the low minimum deposit requirements, FBS traders have access to a vast library of educational videos, webinars, and articles. FBS can accommodate any type of trader because it offers a wide range of account options.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, IFSC |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| ✅ Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💸 KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FBS is well-regulated and offers competitive trading conditions | The demo account is only available for 40 days |
| Traders can choose between a range of FBS trading accounts | FBS only supports a few methods for deposits and withdrawals |
| Both a demo and an Islamic account are offered to traders | There are withdrawal and deposit fees applied |
| FBS offers customer support 24/7 | Inactivity fees apply |
| FBS offers a range of bonuses and promotions to new and existing clients |
Trust Score
🥇 FBS has a trust score of 75%.
3. Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 1156 KES
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 Founded in 2010, Pepperstone Markets is a prominent CFD, and forex broker based in Kenya while the Pepperstone group is based in Australia and it is regulated by the Australian Securities and Investments Commission (ASIC).
👉 Pepperstone is known for its exceptional client service and extensive selection of third-party platforms. The research offerings are superior to the industry norm, but the number of tradeable items is a small drawback.
👉 Pepperstone Markets is a multi-location broker that adheres to tight rules with offices based around the world, including in Nairobi, Kenya. In Kenya, the Capital Markets Authority (CMA). has granted Pepperstone Markets Kenya Limited a license to operate
👉 Daily, Pepperstone Markets processes an average of US $8.3 billion in deals and provides online trading to more than 170 nations across the world. Pepperstone Markets makes use of technologies designed to facilitate large-ticket trading by institutions.
👉 Pepperstone Markets is capable of handling multiple order fills, allowing them to feed bigger orders into a liquidity aggregator on numerous levels. Orders placed by clients are filled on a “market execution” basis without requotes, with the possibility of positive or negative slippage, and without broker interference.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💰 Minimum Deposit | 150 USD |
| ✅ Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | No |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone caters for traders of all trading experience or style | Leverage restrictions apply |
| Pepperstone is a multi-regulated and multi-award-winning broker | Additional fees applied to the Islamic account |
| Pepperstone ensures client fund security by keeping it in segregated accounts | |
| Pepperstone accepts Kenyan traders and provides enough educational material for beginners | |
| Demo account and Islamic account offered | |
| Several funding options offered | |
| No deposit fees and withdrawal fees charged |
Trust Score and Kenyan Market Share
🥇 Pepperstone has a very high trust score of 92% and a market share of <5% in Kenya.
4. Oanda
Overall Rating
- 4.9/5
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 regarded as a low-risk forex and CFD broker for Kenyans.
👉 OANDA is regulated and authorized 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 due to its regulation by the Australian Securities and Investments Commission (ASIC).
👉 Dr. Stumm and Dr. Olsen founded OANDA in 1996. OANDA is a well-known broker and trading platform that handles 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.
👉 OANDA provides clients with exposure to a wide range of financial products, but it is particularly well suited for experienced traders seeking a superior desktop trading experience.
👉 Product availability varies from one region to another. A few of the broker’s strengths include fast and dependable transaction execution, research resources that are above industry standards, intuitive user interfaces, and a track record of regulatory oversight that can be verified.
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%.
5. Trade Nation
Overall Rating
- 4.7/5
Min Deposit
USD 0 / 0 KES
Regulators
FSCA
Trading Desk
–
Crypto
Yes
Total Pairs
33
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 OctaFX is a broker that operates as both a STP and an ECN, and it has its headquarters in Saint Vincent and the Grenadines. OctaFX provides services to traders from all over the world, including those located in Kenya and other African nations.
👉 OctaFX’s award-winning services are available to traders in Kenya, allowing them to trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, FSCA, SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | • Low Leverage Account (1:30) • High Leverage Account (1:200) |
| 📊 Trading Platform | • MetaTrader 4 • Trade Nation app |
| 💰 Minimum Deposit | 10 USD (1 167 KES) |
| ✅ Trading Assets | • Indices • Stocks • Precious Metals • Forex • Commodities • Energies • CFDs |
| 💵 Kenyan Shilling-based Account? | No |
| ✔️ KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.4 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Trade Nation does not charge a minimum deposit, offering Kenyan traders with flexibility | There is a limited selection of funding options |
| The broker offers transparent fixed financial spread trading across several asset classes | The spread costs are not the lowest in the industry |
| There is a powerful desktop platform, innovative mobile trading app, and web-based trading platform | There are leverage restrictions on the UK and Australian clients |
| There is commission-free trading offered | United States clients are not accepted |
| There is a wide selection of educational content and beginner guides as part of an all-inclusive education material package | Inactivity account fees may apply |
| There is a dedicated customer service team offered | |
| There is an active business community offered along with a dedicated affiliate program | |
| Trade Nation offers international stability through a well-established regulatory framework | |
| There is no deposit fee or withdrawal fee charged on deposit or withdrawal methods | |
| There are several base currencies to choose from when registering a retail investor account |
Trust Score
🥇 Trade Nation has a trust score of 79%.
6. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FP Markets is not regulated by the Capital Markets Authority (CMA) in Kenya, but is well-regulated by ASIC and CySEC, allowing the broker to provide cross-border services around the globe.
👉 There are more than 8,000 products that are available for trading on the trading platform suite and with MetaTrader, FP Markets is one of the most cost-effective brokers accessible to traders throughout the world.
👉 FP Markets provides a variety of value-added services, including VPS hosting for automated trading solutions, copy trading through the MT4 Myfxbook service, and retail account management using the MT4 MAM/PAMM module.
👉 The most recent expansion of FP Markets’ in-house social trading service exposed it to the rise in demand for this sub-sector of trading from retail traders. Investing in social trading demonstrates astute management and demonstrates a broker that is always looking to provide the finest services to customers.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📊 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💰 Minimum Deposit | 8700 KES or 80 USD |
| ✅ Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| ✔️ Kenyan Shilling-Based Account | No |
| 💵 KES Deposits Allowed? | No |
| 💳 Bonuses for Kenyan traders? | No |
| 📉 Minimum spread | 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker | Administration fees charged on the Islamic Account |
| A dedicated Islamic account option are offered to Muslim traders | No fixed spread accounts offered |
| A wide range of markets can be traded across asset classes | Withdrawal 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 |
Trust Score and Kenyan Market Share
🥇 FP Markets has a high trust score of 81% and a market share of <5% in Kenya.
7. XM
Overall Rating
- 4.5/5
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
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Overview
👉 XM is a medium-risk broker with an 84 percent trust score for Kenyan traders. Some of the most important features that consumers look for in an online trading platform are security, customer service, account financing, and low fees, which XM provides in spades.
👉 Because of this winning combination, XM is an excellent choice for beginning a trading career or advancing in an existing one. XM was founded in 2009 and has been in operation for more than 12 years. It operates in over 196 countries, has a service team that speaks 30 languages, and is one of the most trusted and well-regulated brokers.
👉 XM is regulated by the Australian Securities and Investments Commission (ASIC) and other authorities.
👉 This beneficial mix makes XM an excellent venue to begin a trading profession or to advance one’s existing trading career.
👉 A high level of reliability is provided by XM, a trading platform that eliminates the uncertainty associated with order execution while maintaining a high level of compatibility with MetaTrader 4 and 5.
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.
How to choose an ASIC regulated forex broker
👉 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
👉 In this article we have listed the best Forex brokers which offer ASIC-regulated forex brokers to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 Forex Broker in Kenya
👉 Overall, Exness is the best MT4 forex broker in Kenya. Exness provides dynamic and adaptable account types and some of the most advantageous trading conditions in the industry. Exness gives access to over 200 financial products, a variety of retail account types, and a wealth of resources.
Best MetaTrader 5 / MT5 Forex Broker in Kenya
👉 Overall, Axiory is the best MT5 forex broker in Kenya. Trades with Axiory are executed in less than 200 milliseconds, and Kenyan traders are provided with the best trading software that is linked to Equinix data centers. Forex and CFD trading can be done with Axiory’s cTrader, MetaTrader, and the FIX API.
Best Forex Broker for beginners in Kenya
👉 Overall, Tickmill is the best forex broker for beginners in Kenya. Tickmill’s VIP and Pro accounts also provide highly attractive commission-based pricing. In addition to low spreads, huge leverage, and fast execution speeds, Tickmill offers a wide range of CFD currency, stock, commodity, and index CFDs.
Best Minimum Deposit Forex Broker in Kenya
👉 Overall, HF Markets is the best minimum deposit forex broker in Kenya. HF Markets, formerly known as HotForex, also is a low-risk CFD and forex broker that offers fair trading conditions, retail investor accounts, client fund security, and customer support.
Best ASIC regulated ECN Forex Broker in Kenya
👉 Overall, Pepperstone is the best ASIC regulated ECN forex broker in Kenya. Pepperstone is also known for exceptional client service, research offerings, and an extensive selection of platforms.
Best ASIC regulated forex brokers Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, CM Trading is the best Islamic/swap-free forex broker in Kenya. CM Trading is also a trading services broker that accepts Kenyan traders even though the Capital Markets Authority (CMA) does not regulate the broker.
Best ASIC regulated Forex Trading App in Kenya
👉 Overall, Trade Nation has the best forex trading app broker in Kenya. Trade Nation is also a platform with minimal risk and an effective trading app. Trade Nation further has competitive costs, a secure trading environment, and cutting-edge solutions.
Best ASIC regulated Lowest Spread Forex Broker in Kenya
👉 Overall, FBS is the best ASIC regulated lowest spread forex broker in Kenya. FBS is also a top forex and CFD broker for Kenyans that provides a wide range of trading accounts as well as an innovative and powerful proprietary trading app. FBS charges low, competitive fees.
Best ASIC regulated Nasdaq 100 Forex Broker in Kenya
👉 Overall, XM is the best ASIC-regulated Nasdaq 100 forex broker in Kenya. XM also offers tight security, excellent customer service, account financing, and low fees.
Best ASIC regulated Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, AvaTrade is the best ASIC regulated Volatility 75 / VIX 75 forex broker in Kenya. AvaTrade is worldwide regulated by financial watchdog authorities and is lauded as CFD and FX broker. It offers an optimal trading environment for every level of a trader with 24-hour multilingual support desks.
Best ASIC regulated NDD Forex Broker in Kenya
👉 Overall, FP Markets is the best ASIC-regulated NDD forex broker in Kenya. FP Markets also offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
Best STP Forex Broker in Kenya
👉 Overall, OctaFX is the best STP forex broker in Kenya. OctaFX is also a dependable broker because of its low required minimum deposit, commission-free trading, and the availability of an unlimited practice account.
Best ASIC regulated sign up bonus Broker in Kenya
👉 Overall, Oanda is the best ASIC regulated sign-up bonus broker in Kenya. Oanda also offers competitive trading conditions, an award-winning proprietary platform, and high-quality trading solutions. On OANDA’s platform, both professionals and novices can access a wide range of indicators and charting tools.
Understanding how ASIC regulated forex brokers work
👉 ASIC regulated forex brokers are regulated by the Australian Securities and Investments Commission.
👉 ASIC regulates the conduct of Australian companies, financial markets, financial services organizations (including banks, life, and general insurers, and superannuation funds), and professionals who deal in and advise on investments, superannuation, insurance, deposit-taking, and credit.
👉 ASIC is an independent Australian Government body set up under and administered by the Australian Securities and Investments Commission Act 2001 (ASIC Act).
👉 Its role under the ASIC Act is to:
➡️ Maintain, facilitate and improve the performance of the financial system and entities in it
➡️ Promote confident and informed participation by investors and consumers in the financial system
➡️ Administer the law effectively and with minimal procedural requirements
➡️ Receive, process, and store information received
➡️ Convey information about companies and other bodies to the public as soon as practicable
➡️ Take necessary action to enforce and give effect to the law.
👉 ASIC is a popular regulatory body among retail Forex brokers since it combines reasonable policies for traders’ protection with the relative ease of getting registered for the brokerage companies. Not all of the regulated FX brokers have a significant presence in the country but their main motivation is to get regulated by a reputable institution rather than to cater to the Australian traders specifically.
Advantages of ASIC regulated forex brokers
👉 ASIC regulated forex brokers have several advantages. These advantages include:
➡️ ASIC-regulated brokers are required by law to ensure that all trading activities are fair, secure, and transparent.
➡️ Client funds are not used for operational purposes by the broker, but instead are used only for client-approved trading activities.
➡️ ASIC ensures that, when dealing with financial institutions, consumers receive the necessary education.
➡️ Traders are safeguarded against fraudulent or scam brokers if they use ASIC -regulated brokers and heed the market regulator’s warnings.
Disadvantages of ASIC regulated forex brokers
👉 ASIC regulated forex brokers also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:
➡️ Not all brokers are regulated by ASIC.
Conclusion
👉 Overall, the Australian Securities and Investments Commission (ASIC) governs the conduct of brokers and professionals who deal with and advise on investments, superannuation, insurance, deposit-taking, and credit. The Australian Securities and Investments Commission Act 2001 established and governs ASIC which is an independent Australian Government body.
FAQ
What does ASIC stand for?
ASIC stands for The Australian Securities and Investments Commission.
Why should brokers obtain ASIC regulation?
ASIC’s registers can help customers to confirm if the company is registered and confirm the business name and who holds the name. They can check whether a company or person is banned or disqualified from managing companies, being involved in financial services, or in the credit industry.
What does it mean if a broker is ASIC compliant?
Companies in Australia that are registered with the Australian Securities and Investments Commissions (ASIC) have to comply with the statutory and legislative requirements as set out in the Corporations Act 2001.
Are all ASIC regulated brokers headquartered in Australia?
No, not all of the regulated FX brokers have a significant presence in the country but their main motivation is to get regulated by a reputable institution.
What types of complaints does ASIC deal with?
ASIC receives reports about organizations or individuals that carry on a business under an unregistered name or under a business name while disqualified or operating unscrupulously.
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.
