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6 Best CMA Regulated Brokers in Kenya

The 6 Best CMA Regulated Forex Brokers in Kenya revealed. We tested and verified the best CMA-regulated forex brokers for Kenyan Traders.

This is a complete guide to CMA-regulated forex brokers for Kenyans.

In this in-depth guide you’ll learn:

  • What is the Capital Market Authority (CMA)?
  • Why traders in Kenya should sign up with a Kenyan CMA-regulated broker?
  • Who are the best CMA-regulated forex brokers for Kenyans in 2022?
  • Which forex broker is best for beginner Kenyan traders?
  • How to choose a forex brokerCompare the brokers against each other. 
  • Which forex broker can you use with M-PESA
  • Which brokers offer a sign-up bonus for first-time traders? 
  • 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-verified Capital Market Authority (CMA) forex brokers for Kenyans…

Let’s dive right in…

Updated : September 19, 2022

Best CMA Regulated Brokers in Kenya

🥇 Broker✔️ CMA-Regulated Broker?💰 Minimum Deposit?💸 Kenyan Shilling (KES) Deposits Allowed?👉 Open Account
1. HF MarketsYes$5 (580 KES)Yes👉 Open Account
2. PepperstoneYes$150 (17 506 KES)Yes👉 Open Account
3. Exinity East Africa LimitedYes$20 (2 334 KES)Yes👉 Open Account
4. FXPesaYes$5 (583 KES)Yes👉 Open Account
5. Scope MarketsYes$100 (11 671 KES)Yes👉 Open Account
6. Windsor BrokersYes$100 (11 671 KES)Yes👉 Open Account

6 Best CMA Regulated Brokers in Kenya (Updated 2022)

  1. HF Markets – Overall, Best CMA-Regulated Broker in Kenya
  2. Pepperstone – Best ECN Forex Broker
  3. Exinity East Africa Limited – Best Lowest Spread Forex Broker in Kenya
  4. FXPesa – Best CMA-Regulated Broker with a Trading App
  5. Scope Markets – Best Broker with a Low Minimum Deposit Broker
  6. Windsor Brokers – Best CMA-Regulated Nasdaq100/NAS100 Forex Broker in Kenya

What are CMA Regulated forex brokers?

👉 The Capital Markets Authority (CMA) is responsible for licensing and regulating the activities of forex brokers in Kenya.

1. HF Markets

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 HF Markets, formerly known as HotForex, is a low-risk CFD and forex broker for Kenyan traders, with an overall rating of 9/10 for trading conditions, retail investor accounts, client fund security, and customer support.

 

👉 HF Markets is well-regulated by several reputable entities, and the Capital Markets Authority (CMA) in Kenya recently granted a license to HFM Investments Limited, a subsidiary of the brokerage company.

 

👉 HF Markets is a proud MetaTrader broker, providing trading platforms for MetaTrader 4 and MetaTrader 5. HF Markets’ retail investor accounts are appropriate for both novice and expert traders, as well as professional traders seeking a competitive edge in their trading.

 

👉 Each retail trading account has its own set of features and trading conditions to accommodate traders with varying trading styles, trading abilities, and investment objectives. HF Markets has won over 55 forex industry awards in the last decade and has over 2.5 million active accounts.

 

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

 

Trust Score and Kenyan Market Share

🥇 HotForex has a trust score of 83% and a Kenyan market share of 2.5%.

2. Pepperstone

Overall Rating

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

👉 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.

 

👉 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.

 

👉 Founded in 2010, Pepperstone Markets is a prominent CFD, and forex broker based in Kenya while the Pepperstone group is based in Australia.

 

👉 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

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
💻 Trading AccountsStandard account, Razor Account, Professional Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💰 Minimum Deposit150 USD
✅ Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indices
✔️ Kenyan Naira-Based AccountNo
💳 Bonuses for Kenyan traders?No
📉 Minimum spreadfrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Pepperstone caters for traders of all trading experience or styleLeverage restrictions apply
Pepperstone is a multi-regulated and multi-award-winning brokerAdditional 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.

3. Exinity East Africa Limited

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Exinity’s Website

 

Overview

👉 Exinity East Africa Limited launched in June 2021, joining sister companies Alpari and FXTM as the Exinity Group’s third broker. It provides traders with three intriguing products, a competitive pricing environment, and high leverage, making it an ideal platform for novices, scalpers, and other types of forex and CFD traders.

 

👉 Exinity Group received a licence from Kenya’s Capital Markets Authority (CMA) in November 2020 to provide trading products and solutions to Kenyan traders. Exinity, as a non-dealing forex broker, joins only a few other CMA-regulated brokers in providing trading services to Kenyan retail traders.

 

👉 The new licence was Exinity Group’s latest addition to the African continent, joining licences and regulation from the Financial Sector Conduct Authority (FSCA) in South Africa and the Financial Services Commission (FSC) in Mauritius.

 

Unique features

FeatureInformation
⚖️ RegulationFSC, FSRA, CMA, FCA, FSCA
📱 Social Media Platforms• LinkedIn
• Twitter
• YouTube
• Instagram
• Facebook
💻 Trading Accounts• Exinity World
• Exinity Trader
• Exinity Trader Pro
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit$20 (2 334 KES)
✅ Trading Assets• Forex
• Precious Metals
• Energies
• Commodities
• Indices
• Equity CFDs
• Stocks
📉 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exinity is well-regulated in several regions by reputable regulatory entities, including the CMALimited base account currencies
Powerful MetaTrader platforms offeredKenyan traders cannot register an account with KES as the base account currency
Negative balance protection is providedLimited trading platforms
The commission charges on trades are lower than competitorsThere is no proprietary trading platform
Flexible leverage with competitive ECN pricing and execution available
There is a comprehensive affiliate program offered by Exinity
Kenyan traders can use local deposit and withdrawal methods

 

Trust score

🥇 Trust score for Exinity Kenya is 64%

4. FXPesa

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 FXPesa (EGM Securities) is a well-known forex and CFD trading platform that was released in 2019.

 

👉 Kenya’s Capital Market Authority has authorized EGM Securities Limited, a non-dealing desk broker, to handle forex and CFD trades over the Electronic Communications Network (ECN), with FXPesa as its trading name.

 

👉 FXPesa is an easy-to-use trading platform that provides Kenyan traders with some of the most transparent and straightforward trading solutions available. FXPesa, Kenya’s first trading platform to offer these options, accepts fast and flexible payment methods such as M-Pesa, Skrill, and Mastercard.

 

👉 Because EGM is a non-dealing desk broker, Kenyan clients can obtain interbank market exchange rates immediately (NDD). The Electronic Communications Network (ECN) used to conduct transactions connects its customers to the market via interbank trading rates, removing the need for any intermediaries.

 

👉 This lowers market marker brokers’ transaction costs and brokerage fees, making trading more affordable.

 

Unique Features

FeatureInformation
⚖️ RegulationCapital Markets Authority (CMA), Financial Conduct Authority (FCA)
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
💻 Trading Accounts• Executive Account
• Premiere Account
📊 Trading Platform• FXPesa Mobile
• MyFXPesa
• MetaTrader 4
• MetaTrader 5
💰 Minimum Deposit$5 (583 KES)
✅ Trading Assets• Forex
• Indices
• Commodities
• US Shares
• UK Shares
• EU Shares
📉 Minimum spread0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Several financial instruments can be tradedSpreads are higher on the Executive Account
FXPesa is well-regulated by the FCA and CMAThe commission fees are not the lowest
The account verification is simple and quickNo KES-denominated account available
There is a choice between trading platformsWithdrawal fees are charged
There is an unlimited demo accountNo negative balance protection on ECN accounts
There are local Kenyan deposits and withdrawals offered
Kenyan traders can deposit and withdraw funds in KES
There are many positive broker reviews for FXPesa
There is maximum leverage of 1:400 offered

 

Trust Score

🥇 The trust score for FXPesa in Kenya is 90%.

5. Scope Markets

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Scope Markets is the trading name for SCFM Limited, a Kenyan limited liability company regulated by the Capital Markets Authority that provides trading services and solutions to Kenyan traders (CMA).

 

👉 Scope Markets, a trading broker with offices in Kenya, South Africa, and the European Union (Belize and Cyprus), offers online Forex and CFD trading via the Metatrader 4 (MT4) and MetaTrader 5 (MT5) platforms for desktop, web, and mobile trading.

 

👉 Scope Markets’ online trading services, which include Forex and CFD trading across multiple asset classes, are available to both retail and institutional traders. The Scope Markets executive team is well-versed in the financial industry, having over 20 years of experience. Scope Markets is a viable option for Kenyan traders looking for quick execution, little slippage, and tight spreads.

 

👉 This Scope Markets review will give traders the information they need to decide whether the broker is a good fit for their specific trading goals and needs.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC, FSCA, CMA, CySEC
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
💻 Trading AccountsOne Account
📊 Trading Platform• MetaTrader 4
• MetaTrader 5
💰 Minimum Deposit$100 (11 671 KES)
✅ Trading Assets• Forex
• Indices
• Energies
• Metals
• Shares
📉 Minimum spread0.9 pips
✔️ Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Scope Markets is well-regulatedThe spread is marked-up
The broker has a local office in KenyaThere are limited additional trading tools and resources
There is a choice between MetaTrader 4 and 5 across devicesThere are limited tradable instruments
Dedicated customer support is offeredThere is no KES-denominated trading account
Trading fees are transparent and competitive
There are local deposit and withdrawal options for Kenyan traders
Client fund safety is guaranteed and there is investor protection provided by Scope Markets
All trades are commission-free

 

Trust Score

🥇 The trust score for Scope Markets in Kenya is 80%

6. Windsor Brokers

Overall Rating

Min Deposit

USD 100 / 11667 KES

Regulators

CySEC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Windsor Brokers is considered low-risk overall, with a Trust Score of 88 out of 100. Windsor Brokers is licensed by zero Tier-1 (high trust) regulators, two Tier-2 (average trust), and three Tier-3 regulators (low trust). Windsor Brokers provides three retail trading accounts: an MT4 Prime Account, an MT4 Zero Account, and a VIP ZERO Account.

 

👉 Windsor Brokers is a reputable investment firm that has been in business since 1998. Windsor Brokers recently became the sixth CFD and Forex broker to be regulated and authorized by Kenya’s Capital Markets Authority (CMA) to provide financial services and products.

 

👉 Windsor Brokers offers access to a diverse range of assets via sophisticated trading platforms. Customers can rely on them for market research, educational materials, and trading resources. Their costs are not the lowest when compared to other brokers, and the best trading conditions require deposits of at least $2,500.

 

👉 According to the broker, investing in technology, people, and a relentless focus on the company’s goal has been the key to its success and longevity.

 

👉 The ever-popular MetaTrader 4 (MT4) platform offers over 100 trading products. Windsor Brokers is also involved in corporate social responsibility through sponsorships.

 

👉 This Windsor Brokers review will provide traders with the information they need to determine whether the broker is appropriate for their specific trading objectives and needs.

 

Unique Features

FeatureInformation
⚖️ RegulationFSC, CySEC, JSC, FSA, CMA
📱 Social Media Platforms• Facebook
• Instagram
• Twitter
• YouTube
• LinkedIn
💻 Trading Accounts• MT4 Zero Account
• MT4 Prime Account
• VIP ZERO Account
📊 Trading Platform• MetaTrader 4
• Windsor Brokers App
💰 Minimum Deposit$100 (11 671 KES)
✅ Trading Assets• Forex
• Spot Metals
• Energies
• Soft Commodities
• Indices
• Treasuries
• Spot Indices
• Forex CFDs
• Precious Metals
• Shares
• Crypto CFDs
📉 Minimum spread0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Windsor Brokers is well-regulatedThe best trading conditions require a premium account, which has a higher minimum deposit
Traders can choose from a selection of forex and CFD instrumentsWithdrawal fees are charged
The broker offers modern platforms that can be used across devicesThe Islamic account is only available on one trading account
There is multilingual customer supportThere is no KES-denominated trading account and local deposits/withdrawals are not offered to Kenyans
Several promotions and the benefit of a no-deposit bonus are offered
There are several educational materials offered
There are transparent fee schedules
An expert market analysis is offered

 

Trust Score

🥇 The trust score for Windsor Brokers in Kenya is 88%

How to choose a CMA 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 CMA 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

Best MetaTrader 4 / MT4 Forex Broker

👉 Overall, Exness is the best MT4 forex broker in Kenya although it is not CMA regulated. 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

Best MetaTrader 5 / MT5 Forex Broker

👉 Overall, BD Swiss is the best MT5 forex broker in Kenya although it is not CMA regulated. BDSwiss is also a well-regulated broker with a large international clientele. It has a wide range of instruments available for trading, including forex, commodities, stocks, indices, and many cryptocurrencies.

 

Best Forex Broker for beginners in Kenya

Best Forex Broker for beginners

👉 Overall, Tickmill is the best forex broker for beginners in Kenya although it is not CMA regulated. 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

Best Minimum Deposit Forex Broker

👉 Overall, HF Markets is the best CMA-regulated 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 ECN Forex Broker in Kenya

Best ECN Forex Broker

👉 Overall, Pepperstone is the best CMA-regulated ECN forex broker in Kenya. Pepperstone is also known for exceptional client service, research offerings, and an extensive selection of platforms.

 

Best Islamic / Swap-Free Forex Broker in Kenya

Best Islamic / Swap-Free Forex Broker

👉 Overall, CM Trading is the best Islamic/swap-free forex broker in Kenya although it is not CMA regulated. 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 Forex Trading App in Kenya

Best Forex Trading App

👉 Overall, Trade Nation has the best forex trading app broker in Kenya although it is not CMA regulated. 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 Lowest Spread Forex Broker in Kenya

Best Lowest Spread Forex Broker

👉 Overall, FBS is the best lowest spread forex broker in Kenya although it is not CMA regulated. 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, and traders can be confident that their clients’ funds are secure.

 

Best Nasdaq 100 Forex Broker in Kenya

Best Nasdaq 100 Forex Broker

👉 Overall, XM is the best Nasdaq 100 forex broker in Kenya although it is not CMA regulated. XM also offers tight security, excellent customer service, account financing, and low fees.

 

Best Volatility 75 / VIX 75 Forex Broker in Kenya

Best Volatility 75 / VIX 75 Forex Broker

👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 forex broker in Kenya although it is not CMA regulated. AvaTrade is worldwide regulated by financial watchdog authorities and is lauded as CFD and FX broker.

 

Best NDD Forex Broker in Kenya

Best NDD Forex Broker

👉 Overall, FP Markets is the best NDD forex broker in Kenya although it is not CMA regulated. 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

Best STP Forex Broker

👉 Overall, OctaFX is the best STP forex broker in Kenya although it is not CMA regulated. 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 sign up bonus Broker in Kenya

Best sign up bonus Broker

👉 Overall, Oanda is the best sign-up bonus broker in Kenya although it is not CMA regulated. 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 CMA Regulated forex brokers work

👉 Kenya has regulations in place for foreign exchange trading.

 

👉 The Capital Markets Authority (CMA) in Kenya is in charge of overseeing and regulating online retail forex trading, and the expansion of forex trading in Kenya can be partially attributed to the CMA’s oversight of the industry.

 

👉 In Kenya, it is the responsibility of the CMA to provide licences to currency brokers and regulate their business activities.

 

👉 There are only six non-dealing forex brokers that have been granted licences by the CMA at this time. FXPesa, Scope markets, Pepperstone markets, Exinity, HotForex, and Windsor markets are the six brokerage firms that have been granted CMA licences. The CMA recommends that new traders in the foreign exchange market conduct their business exclusively with regulated brokers.

 

👉 However, there are numerous offshore forex brokers that are offering their services in Kenya and accepting local payment methods. These offshore forex brokers include those that are regulated by top-tier authorities.

 

👉 However, investors should not trade with these brokers since the CMA recommends against it and because you will not receive investor protection or redress in the event that the broker engages in illegal activity.

 

👉 Although it is beneficial for brokers to be under the regulation of CMA, many brokers in Kenya are not interested because they feel that some regulations are only profitable for traders, not for brokers. Therefore, they don’t register their businesses with CMA, which is in fact illegal.

Advantages of CMA Regulated forex brokers

👉 CMA Regulated forex brokers have several advantages. These advantages include:

➡️ If you don’t use a regulated broker, you open up risks associated with forex trading.

➡️ Strict rules and regulations imposed by the CMA assure fair dispute resolution and the safety of traders’ funds.

➡️ Trading risks are lowered, including being the victim of a fraud or scam.

Disadvantages of CMA Regulated forex brokers

👉 CMA Regulated forex brokers also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:

➡️ There are currently only six non-dealing forex brokers that have been granted licenses by the CMA.

Conclusion

👉 Overall, it is the responsibility of the CMA to provide licenses to currency brokers in Kenya and to regulate their business activities. There are only six non-dealing forex brokers that have been granted licenses by the CMA at this time. The CMA recommends that new traders in the foreign exchange market conduct their business exclusively with regulated brokers.

FAQ

Is online forex trading legal in Kenya?

Forex trading is legal in Kenya and it is regulated by the Capital Markets Authority (CMA). The CMA has granted operating licenses to six non-dealing Online Forex Brokers and one money manager in Kenya.

 

Do you need a license to trade forex in Kenya?

Online Forex Trading in Kenya is regulated by Kenya’s CMA which has licensed 6 non-dealing forex brokers. These brokers only act as intermediaries between the online market and the client. They do not carry out forex trading on behalf of the customer or act as counterparty.

 

What is CMA in Kenya?

The Capital Markets Authority (CMA) is responsible for licensing and regulating the activities of forex brokers in Kenya.

 

Is the CMA an official authority?

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A.

 

Are all brokers that are elsewhere regulated, automatically regulated by the CMA?

No, currently only six brokers are certified and regulated by the CMA.

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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