Top 8 Locally Based Brokers
7 Best Crypto Brokers for MT5 in Kenya
The 7 Best Crypto Brokers for MT5 in Kenya revealed. We tested and verified the best crypto brokers for MT5 for Kenyan Traders.
This is a complete list of the best crypto brokers for MT5 in Kenya.
In this in-depth guide you’ll learn:
- What is a crypto broker?
- What is the MetaTrader5/MT5 platform?
- Our recommended crypto brokers for Kenyan Beginner Traders?
- How to compare forex trading brokers against each other?
- Which crypto broker with MetaTrader5/MT5 offers a mobile app on Android/IOS?
- Which crypto broker is profitable on the MT5 platform?
- How and can I trade forex with $5 (2 075 NGN)?
- 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 brokers for MT5 for Kenyans…
Let’s dive right in…
- Louis Schoeman
Best Crypto Brokers for MT5 in Kenya
| 🥇 Broker | ✔️ Crypto Broker with MT5? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. HF Markets | Yes | $5 (580 KES) | No | 👉 Open Account |
| 2. Tickmill | Yes | $100 (41,500 KES) | No | 👉 Open Account |
| 3. FBS | Yes | $1 (400 KES) | Yes | 👉 Open Account |
| 4. Exness | Yes | $1 (116 KES) | Yes | 👉 Open Account |
| 5. AvaTrade | Yes | $100 (11635,00 KES) | Yes | 👉 Open Account |
| 6. Markets.com | Yes | $100 (11,400 KES) | No | 👉 Open Account |
| 7. FP Markets | Yes | $80 (8700 KES) | No | 👉 Open Account |
7 Best Crypto Brokers for MT5 in Kenya (Updated 2023)
- HF Markets – Overall Best Crypto Broker for MT5 in Kenya
- Tickmill – Best STP Crypto Broker
- FBS – Best Sign-Up Bonus Broker
- Exness – Best Kenyan Shilling Trading Account Crypto Broker for MT5
- AvaTrade – Best Lowest Spread Broker in Kenya
- Markets.com – Best NDD Crypto Broker for MT5
- FP Markets – Best Crypto Trading App in Kenya
What is a Crypto Broker?
👉 Derivatives products, such as contracts on future crypto price movements, are made available to investors via a cryptocurrency broker. Derivatives of cryptocurrencies include things like options and futures on the underlying cryptocurrency as well as contracts for difference (CFDs).
👉 Trading cryptocurrencies is different from trading on other markets since you do not buy the cryptocurrency. Instead, you will only have the option to buy and sell the underlying contract at market prices.
1. HF Markets
Overall Rating
- 4.8/5
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 When it comes to retail account options, trading assets, and platform quality, HF Markets, a brokerage owned by HF Markets Group, is unrivalled. HF Markets is one of a few brokers regulated by the CMA that offers Kenyans crypto trading via MetaTrader 5.
Unique Features
| Feature | Information |
| 📈 Account Base Currencies | USD, ZAR, NGN |
| 📊 Minimum Spread | 0.0 pips EUR/USD |
| 💳 Kenyan Deposits/Withdrawals | No |
| ⚖️ CBN Regulation | No |
| 📊 Account Types | Micro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC |
| 📈 Leverage | 1:1000 |
| 📊 Micro Account Offered? | Yes |
| 📈 Trading Tools | HF App, VPS Hosting Services, AutoChartist, Trading Calculators, myHF Client Area, Advanced Insights, Economic Calendar, Traders’ Board, One-Click trading, and more |
| 💻 Educational Material | Educational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos |
| 👥 Kenyan-Based Customer Support | No |
| ✔️ Pros | ❌ Cons |
| HotForex is well-regulated by reputable market regulators around the globe | There are no variable spread accounts |
| There is a low minimum deposit requirement | There are limited funding options offered |
| HotForex welcomes Kenyan traders and offers a Naira-denominated account | |
| There is a decent selection of educational materials and trading tools | |
| There are several retail investor accounts to choose from |
2. Tickmill
Overall Rating
- 4.7/5
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
👉 Tickmill was first made available to traders in 2014, and it now offers customers all over the world its own unique combination of online trading services.
👉 Tickmill’s stellar reputation stems in large part from the broker’s accommodating trading circumstances, which include fast order execution, low spreads (as low as 0 pips), no dealing desk, no requotes, and support for every trading strategy.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, FCA, CySEC, Labuan FSA, FSCA |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Kenyan Traders? | Yes |
| 💳 Minimum deposit (NGN) | 41,500 Kenyan Naira ($100) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:500 |
| 👥 Customer Support | 24/5 |
| ✔️ Pros | ❌ Cons |
| The broker offers commission-free trading across financial instruments | The broker does not accept clients from the United States and some other regions |
| There are powerful trading platforms to choose from | Fixed spread accounts are not offered |
| The broker is well-regulated in several regions | |
| There is a selection of popular financial instruments that can be traded | |
| There are several advanced trading tools offered |
3. 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 trusted worldwide broker because of the range of accounts it offers, including a crypto-only account and a basic account with low costs, and because of the ease with which its mobile trading software can be used.
👉 The flexibility and ease of use that FBS’ MetaTrader 4 and 5 broker platforms provide to Kenyan traders are unparalleled.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Kenyan Traders? | Yes |
| 💳 Minimum deposit (NGN) | 400 Kenyan Shilling ($1) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:3000 |
| 👥 Customer Support | 24/7 |
| ✔️ Pros | ❌ Cons |
| FBS offers competitive trading conditions with some of the lowest spreads | There are wide spreads charges on some accounts |
| There are several account types to choose from | There is a limited number of tradable instruments |
| There are many social trading opportunities | There are several regional restrictions applied |
| There is an ultra-low minimum deposit requirement | |
| The broker is well-regulated and trusted |
Trust Score
🥇 FBS has a trust score of 75%.
4. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 1156 KES
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Established in 2008, Exness is a leading Forex and CFD broker throughout the world. There are seven agencies responsible for overseeing Exness, one of which is the Financial Conduct Authority in the United Kingdom (FCA).
👉 Exness stands out from other brokers since it allows Kenyan shilling trades and because it now supports 27 other digital currencies. Exness is an exclusive MetaTrader broker that offers MetaTrader 4 for use on mobile devices, desktop PCs, and a wide variety of web browsers.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Tradable Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 📉 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | Exness offers a limited number of payment methods for deposits and withdrawals |
| Traders can choose between several retail investor accounts | Exness 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 |
5. 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
👉 With over 300,000 active traders and monthly trading volumes of more than $70 billion, AvaTrade is a genuine FX and CFD broker and a winner of several industry awards.
👉 The spreads offered by AvaTrade are among the lowest in the industry, and the platform’s asset selection is extensive. AvaTrade also offers affiliate programs, real-time market data, and research tools.
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. |
6. Markets.com
Overall Rating
- 4.7/5
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
Overview
👉 To live up to its name, Markets.com offers traders access to a wide variety of tradable assets across a wide range of financial markets.
👉 There are over 2200 assets available to investors, including currency pairings, precious metals, a diverse range of global equities, bonds, ETFs, cryptocurrencies, and various unique mixes, such as a trade war blend and a Warren Buffett blend.
👉 Trading platforms MetaTrader 4 and 5 are supported in addition to Markets.com’s own unique, user-friendly interface (Web Trader).
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSCA, FCA, BVI FSC |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | • MarketsX Account • Marketsi Account • MarketsX • Marketsi |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • MarketsX App |
| 💰 Minimum Deposit | 11,400 Kenyan shilling or an equivalent to $100 |
| ✅ Trading Assets | • Shares • Bonds • Cryptocurrencies • Forex • Primary CFDs • ETFs • Indices • Blends • Commodities |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Markets.com offers powerful trading platforms across several devices | The proprietary trading platform could be underwhelming to experienced traders |
| Commission-free trading is offered | Kenyan traders cannot set KES as their base account currency |
| There are many trading tools offered to advanced traders | KES is not an accepted deposit currency |
| Markets.com is well regulated by several reputable entities | There are no local deposit or withdrawal methods offered to traders from Kenya |
| There are tight and competitive spreads charged | An inactivity fee is charged on dormant accounts |
| There is a large selection of tradable financial instruments offered | The commission structure on the Share Dealing account can be very confusing to beginner traders |
| Client fund security is guaranteed by Markets.com and investor protection is offered | |
| There is dedicated and prompt customer support provided to Kenyan traders |
7. 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
👉 When using the MetaTrader platform, FP Markets stands out as a low-cost broker for trading FX and CFDs. There are more than 8,000 tradable symbols available on the Iress platform package. However, it is primarily a stock trading platform and is thus more expensive.
👉 The MetaTrader platform offered by FP Markets is both flexible and competitively priced, making it an ideal choice for Forex and CFD traders.
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 |
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 5 to traders in Kenya. We have further identified the crypto brokers that offer additional services and solutions to Kenyan traders.
Best Crypto Broker for beginners in Kenya
Overall Rating
- 4.8/5
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 Crypto Broker for beginners in Kenya. HF Markets offers extensive education and has advanced copy trading capabilities for social traders. MetaTrader 5 is supported, and Kenyans can trade over 1,200 CFDs including crypto assets.
Best Low Minimum Deposit Crypto Broker in Kenya
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
👉 Overall, XM is the best Low Minimum Deposit Crypto Broker in Kenya. XM is an industry leader, with 2.5 million customers from 196 countries.
👉 XM has evolved into an online multi-asset forex broker in recent years, offering over a thousand CFDs and some of the most competitive spreads at a low minimum deposit of 1,100 KES for a trading account.
Best ECN Crypto Broker in Kenya
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
👉 Overall, Pepperstone is the best ECN Crypto Broker in Kenya. Pepperstone provides traders with access to 70 different FX markets, 1,000 different CFDs for shares, 19 different cryptocurrencies, and more.
👉 Pepperstone offers a wide range of leverage options, up to 1:500 for currency trading and 1:5 for cryptocurrency trading. Pepperstone offers some of the best ECN execution on trades, with prices aggregated from top liquidity providers.
Best Islamic / Swap-Free Crypto Broker in Kenya
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 1156 KES
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXTM is the best Islamic / Swap-Free Crypto Broker in Kenya. Depending on the kind of account you have, the largest CFD broker FXTM provides both instant and market execution. FXTM also offers Muslim traders the option of converting their live accounts into Islamic accounts.
Best Crypto Trading App in Kenya
Overall Rating
- 4.7/5
Min Deposit
570 KES or an equivalent to $5
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Alpari is the best crypto trading app in Kenya. Alpari has more than a million customers in over 150 countries and provides a broad variety of high-quality services for contemporary crypto trading.
👉 Alpari provides a wide variety of innovative trading services that are accessible to novices as well as professional traders that deal in large volumes.
Best Kenyan Shilling Trading Account Crypto Broker in Kenya
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 1156 KES
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best Kenyan Shilling trading account Crypto Broker in Kenya. Exness is a leading global provider of retail foreign exchange services, partnerships, and corporate solutions.
👉 Exness is one of the few brokers that allows for accounts denominated in several currencies, making it possible for Kenyans to open an account and use KES as their primary currency.
Best Lowest Spread Crypto Broker in Kenya
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 5,700 Kenyan
Regulators
ASIC, VFSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
60+ ECN pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, ACY Securities is the best lowest spread Crypto Broker in Kenya. ACY Securities offers more than 1,800 instruments that can be traded, and Kenyans can expect zero-pip spreads from this broker.
👉 There are both STP and NDD trade execution models involved, and ACY Securities offers a plethora of social trading opportunities through Finlogix.
Best NDD Crypto Broker in Kenya
Overall Rating
- 4.7/5
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. Forex and CFD trading with Markets.com is backed by a worldwide network of regulators.
👉 Through Markets.com’s innovative Investment Strategy Builder, investors may make smart stock and share purchases in foreign currencies.
👉 Although the MetaTrader 4 and MetaTrader 5 platforms are still available, traders who use the Markets.com mobile app or the web-based trading platforms have access to the industry’s best features and tools.
Best STP Crypto Broker in Kenya
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 578 KES
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OctaFX is the best STP Crypto Broker in Kenya. Because of its fast trade executions, OctaFX is a favourite among scalpers who can choose between STP and ECN pricing.
👉 OctaFX’s copy trading services come with a low required initial investment and it is available to anybody.
Best Sign-up Bonus Crypto Broker in Kenya
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
👉 Overall, FBS is the best sign-up bonus Crypto Broker in Kenya. FBS is extremely popular in Africa and is known to offer some of the best sign-up bonuses to new traders.
👉 FBS offers a specific crypto account that offers competitive spreads to Kenyan crypto traders.
MetaTrader 5 Best Features for Crypto Trading
👉 Over 50 million traders across the globe utilize MetaTrader 5, a trading platform used for Foreign Exchange (Forex), equities, and futures trading.
👉 More importantly, though, it has emerged as a primary platform for cryptocurrency exchanges and is widely used by brokers. Some of MetaTrader 5’s prominent features are:
➡️ Advanced Market Depth functionality, including a tick chart and Time & Sales data, is included in the MetaTrader 5 trading platform.
➡️ All order types and execution modes are supported, and the order book may be viewed independently from the trade book.
➡️ The platform supports both a netting mode, which is utilized on exchange markets and a hedging mode, which is useful for foreign currency trading.
➡️ Kenyans may now buy and sell currency pairs, stocks, and futures with a single click thanks to the One-Click Trading and Market Depth features.
➡️ Stop Loss and Take Profit are tools that may be used to limit losses and protect gains.
➡️ The platform allows for up to 100 charts to be viewed at once, making it possible to track all financial instruments.
➡️ From one minute to one month, MetaTrader 5’s charting system has you covered with its 21 available timeframes. Such a range of periods permits analysis of both short-term price swings and longer-term patterns.
➡️ For the most in-depth price examination, MetaTrader 5 has more than 80 built-in technical indicators and analytical items. Code Base, the Market of apps, and the Freelance service are just a few of the many MetaTrader 5 features that make it possible to download, acquire, or order new technical indicators.
➡️ MetaTrader 5 now includes fundamental analysis tools like financial news and the economic calendar, which may be used to make predictions price behaviour of various financial instruments.
➡️ Forex, stock, and futures trading can all be accessed on any device with the help of the MetaTrader 5 Web platform. The only need for using the MetaTrader 5 Web Platform is access to the Internet.
➡️ Kenyans may trade Forex, stocks, cryptocurrencies, and futures on the go using the free MetaTrader 5 app, which is available for download on iOS and Android devices.
➡️ The popular trading platform’s mobile version has all the features traders need to place trades, transmit pending orders, and implement risk management strategies like Stop Loss and Take Profit.
➡️ MetaTrader 5’s algorithmic trading function, which permits automated trading using robots, is one of the most exciting possibilities it provides. These programs may examine the marketplace and execute trades in line with a predetermined trading strategy.
Best Crypto Trading Strategies for Kenyans
👉 There has been a rise in the frequency with which banks and other financial institutions invest in cryptocurrency. Operating mode, object, and trading technique are the three components that define cryptocurrency trading.
👉 Cryptocurrency trading on the cryptocurrency market functions differently depending on the nature of the transaction.
👉 For example, in cryptocurrency CFD trading, a buyer and seller enter a contract stipulating that, after the position, the buyer would pay the seller the differences between these two prices. In cryptocurrency trading, digital cryptocurrency is traded for other digital currencies.
👉 In cryptocurrency trading, an investor’s trading strategy is an algorithm that specifies a set of rules for buying and selling crypto assets on cryptocurrency exchanges.
👉 Some of the best trading strategies for trading crypto in Kenya are:
➡️ Day Trading
➡️ HODL
➡️ Futures Trading
➡️ Arbitrage Trading
Day Trading
👉 Crypto day trading is a trading method wherein a trader enters and exits the market during the same day, within normal crypto trading hours. Day trading is also known as intraday trading since deals are initiated and closed within the same trading day.
👉 The overall premise of cryptocurrency day trading is to capitalize on minute price fluctuations. Day trading in the cryptocurrency market might be lucrative due to the high volatility of cryptocurrencies. Day traders use technical analysis to develop trading strategies.
👉 However, this approach is time-consuming and hazardous, making it best suited for more experienced traders.
HODL
👉 HODLing, a term derived from a typo of “hold,” refers to a strategy wherein cryptocurrency investors hang onto their holdings for an extended time, allowing Kenyans to gain from the asset’s appreciation.
👉 Holding investments over a longer period allows investors to reap the benefits of price growth. As a result of not being affected by short-term volatility, Kenyans can avoid the danger of selling low and buying high by adopting the HODL approach.
👉 Since cryptocurrencies have a shorter history than gold and silver or fiat currencies like the dollar or euro, criminals could more easily use them for illegal purposes like money laundering. Subsequently, the value of digital assets might be negatively impacted if certain nations do not embrace them.
Futures Trading
👉 This entails contracts that are set up between two parties to purchase and sell a certain quantity of a cryptocurrency like Bitcoin at a certain future price on a specified date and time.
👉 Futures trading tactics allow you to trade in a variety of cryptocurrencies without really having to buy any of them. Individual cryptocurrency holders, for instance, could hedge against market volatility by purchasing futures contracts.
Arbitrage Trading
👉 Arbitrage is a crucial part of how cryptocurrency and Bitcoin traders make money. Traders may use arbitrage, a kind of trading in which they buy cryptocurrency on one market and sell it in another, to make a profit.
👉 Thus, the spread is the profit margin between the purchase and sell prices. Because of the disparity in trading volume and liquidity, Kenyans can subsequently make a profit.
👉 Kenyans can take advantage of this by opening trading accounts on markets where there is a large spread in the price of the cryptocurrency they want to trade.
Best Technical Indicators for Crypto Trading In Kenya
👉 When used in conjunction with technical analysis, crypto indicators allow traders to more accurately forecast how cryptocurrency prices will fluctuate. Indicators used in technical analysis are based on mathematical models that are constructed with the use of historical data.
👉 The formula’s output is plotted on a graph, which is then placed next to or superimposed on a trading chart to improve traders’ decision-making.
👉 The best indicators for Kenyan crypto traders are:
➡️ MYC Trading Indicator
➡️ Relative Strength Index (RSI)
➡️ Bollinger Bands
➡️ Moving Average Convergence Divergence (MACD)
➡️ Fibonacci Retracement
MYC Trading Indicator
👉 Using a proprietary mix of trend analysis and momentum oscillators, the MYC Trading Indicator can predict with high precision whether a cryptocurrency market will be bullish or bearish.
👉 The indicator’s trendline is crucial, as it suggests long signals when the price breaks above it and short signals when it breaks below it.
👉 This indication recommends an entry and exit point, unlike public indicators like the relative strength index and Bollinger Bands, freeing traders to concentrate on position size and leverage. The indicator is compatible with Bitcoin, Ethereum, Litecoin, and a few others.
Relative Strength Index (RSI)
👉 With the RSI indicator, traders can see when the price of Bitcoin deviates too far from its “real” value, allowing them to profit before the market inevitably returns to its original state.
👉 Over time, the Relative Strength Index (RSI) is a useful tool for trading the unpredictable crypto markets, and traders may benefit from using it to identify excellent trading entry positions.
👉 The Relative Strength Index (RSI) uses a convoluted formula to identify whether an asset, in this instance Bitcoin, is overbought or oversold. An oscillator (representing a wave pattern on the chart) may be used to display the formula’s output, which is a number between zero and one hundred.
Bollinger Bands
👉 Bollinger Bands are known to function as a kind of oscillator that may reveal whether the market is overbought or oversold, or if volatility is high or low. This Bitcoin indicator’s primary purpose is to reveal the extent to which prices deviate from a mean value.
👉 Bollinger Bands have three parts: an upper band, a middle band that follows a moving average, and a bottom band. The two outer bands are sensitive to fluctuations in market prices.
👉 When volatility is high, they swell and when it is low, they shrink. The middle line of a typical Bollinger Band calculation is a 20-day simple moving average (SMA). In addition, the upper and lower limits are determined by analysing historical market volatility.
Moving Average Convergence Divergence (MACD)
👉 One of the most well-known Bitcoin indicators for cryptocurrency trading is the moving average convergence/divergence (MACD). This is because it is both easy to use and capable of generating reliable crypto trading signals.
👉 The Moving Average Convergence Divergence (MACD) is a popular trend tracking indicator that shows whether the short-term price movement is coordinated with long-term price momentum. There are four parts to the MACD indicator: the MACD line, the signal line, the zero line, and the histogram.
Fibonacci Retracement
👉 Each number in the Fibonacci sequence is the sum of the two preceding ones, and it is about 1.618 times larger than the previous one. The resulting number, phi (or the “golden ratio”), has interesting connections to phenomena throughout the natural world.
👉 This phenomenon is also seen in trading, where it is used to interpret price movement. By doing so, one might determine probable price levels within a trend. By dividing the peak-to-trough or trough-to-peak distance by phi or another ratio in the sequence, Kenyans will get the optimal value.
👉 Nonetheless, finding a “swing high” and “swing low” is a prerequisite to utilizing Bitcoin indicators like this one to determine support or resistance levels.
👉 The high candlestick of a trend with lower highs on each side is called a swing high, whereas the low candlestick of a trend with higher lows on either side is called a swing low.
👉 Kenyans can use the Fibonacci retracement function on MetaTrader 5 to link a swing low and swing high after they have located these points.
👉 Potential support levels, also known as retracements, can also be calculated in this manner. In addition, the Fibonacci ratios are used to determine each support level by dividing the vertical “trough to peak” distance.
Conclusion
👉 With Cryptocurrency trading becoming more popular, it is only logical for Kenyans to use the best trading brokers and trading software to give them a competitive edge in the market.
👉 While most brokers today are offering cryptocurrency assets, Kenyans must choose brokers with the most updated and competitive features and trading conditions.
FAQ
How can I buy and sell cryptocurrency in Kenya?
You can use the services of a crypto broker in Kenya to buy and sell cryptocurrency as a contract for difference (CFD) without owning the coins. However, to buy and sell crypto coins, you can use an exchange such as Coinbase, Yellowcard, Binance, or others.
How do I buy Bitcoin in Kenya through MPesa?
You can register an account with a trusted exchange such as Paxful or LocalBitcoins, open an MPesa crypto wallet, and buy Bitcoin through the exchange.
Is crypto trading allowed in Kenya?
Yes, crypto trading is allowed.
However, the Central Bank of Kenya (CBK) has warned traders, investors, buyers, and sellers of digital currency that they are not protected if anything goes wrong with the transaction, for instance when an exchange closes, if there is theft of funds, or if market participants are swindled and they lose their funds.
Is crypto trading profitable in Kenya?
Crypto trading can be profitable. However, most traders lose their funds because it is extremely risky to trade digital derivatives.
How many crypto users are in Kenya?
There are over 4.8 million registered Kenyan crypto owners.
