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8 Best Forex No-Deposit Bonus Brokers in Kenya

The 8 Best No Deposit Forex Brokers in Kenya revealed. We tested and verified the best no deposit forex brokers for Kenyan Traders.

This is a complete list of forex brokers with a no deposit bonus in Kenya.

In this in-depth guide you’ll learn:

  • What is a No Deposit Bonus
  • Which brokers offer the best no deposit bonus to Kenya Traders?
  • Our recommended eleven ECN and STP forex brokers for Kenyan Beginner Traders?
  • How to compare forex trading brokers against each other to find the best no-deposit bonus? 
  • Which Forex Brokers offer a no deposit bonus that has local offices in Lagos?
  • Which broker is best for beginner Kenyan traders?
  • Which brokers offer a signup bonus on a $5 (2076 NGN) deposit?
  • Which broker offers a sign-up bonus for first-time traders?


And lots more…

So if you’re ready to go “all in” with the best-tested No Deposit Bonus Forex Brokers for Kenyans

Let’s dive right in…

Updated : August 31, 2022

8 Best Forex No-Deposit Bonus Brokers in Kenya

🥇 Broker✔️ No-Deposit Broker?💰 Minimum Deposit?💸 Kenyan Shilling (KES) Deposits Allowed?👉 Open Account
1. XMYes$5 (583 KES)Yes👉 Open Account
2. MTradingYes$100 (11 671 KES)No👉 Open Account
3. TickmillYes$100 (11 671 KES)No👉 Open Account
4. RoboForexYes$100 (11 671 KES)Yes👉 Open Account
5. SuperForexYes$1 (116 KES)No👉 Open Account
6. FBSYes$1 (116 KES)No👉 Open Account
7. Trade NationYes$0 (0 KES)No👉 Open Account
8. InstaForexYes$0 (0 KES)No👉 Open Account

8 Best Forex No-Deposit Bonus Brokers in Kenya (Updated 2022)

  1. XM – Overall, Best Forex No-Deposit Bonus in Kenya
  2. MTrading – Top No-Deposit Bonus for Beginner Traders
  3. Tickmill – Verified ECN Broker in Kenya
  4. RoboForex – User-Friendly MT5/MetaTrader 5 No-Deposit Bonus
  5. SuperForex – Best Islamic/Swap-Free No-Deposit Bonus Broker
  6. FBS – Top Trading App in Kenya
  7. Trade Nation – Verified NAS100 No-Deposit Broker
  8. InstaForex – User-Friendly Low Spread Broker in Kenya

What is a Forex No-Deposit Bonus?

👉 The definition of a Forex No-Deposit Bonus can be found in its title. A no deposit incentive requires nothing from a trader other than registration.

 

👉 Therefore, it is simple to acquire and does not need a trader’s cash commitment. It provides traders with working capital, which they may take from their account if they do not lose it.

1. XM

Overall Rating

Min Deposit

USD 5 / 584 KES

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

Overview

👉 XM Group, in business since 2009, is reliable and well-regulated forex and CFD broker for Kenyans. In addition to its roles as a broker of foreign exchange, stock CFDs, commodities, equities, precious metals, energy, and shares, XM Group (XM) also acts as an institutional dealing desk broker.

 

👉 This broker’s lightning-fast execution and top-notch analytic tools make them a wonderful choice for both short- and long-term traders and investors. It provides a comprehensive collection of learning materials and market research tools for newbie forex and CFD traders.

 

👉 Traders in Kenya may take advantage of the market without putting their own money on the line thanks to a $30 no-deposit incentive offered by XM Group upon opening a live trading account.

 

Unique Features

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

 

✔️ Pros❌ Cons
XM is a low-cost forex broker with a high trust scoreNo fixed spreads offered on accounts
XM has more than 5 million active clients from around the worldInactivity fees apply for dormant accounts
Client fund safety is guaranteed
XM offers investor protection to Kenyan traders
There are no commissions charged on deposits or withdrawals
XM has won several industry awards since its establishment in 2009

2. MTrading

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

Not Regulated

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Since its inception in 2012, the broker has grown to 10 global locations and now serves over 250,000 customers. Markets in Africa, Latin America, and Asia are particularly important to the firm, and the corporation serves customers in nations as diverse as Kenya, Thailand, and Malaysia.

 

👉 MTrading is headquartered in the Caribbean country of St. Vincent and the Grenadines, where it is not subject to the jurisdiction of any regulatory body. The brokerage only offers a few items, but they have great extras like a copy trading service that makes up for it.

 

👉 If you are interested in trying out MTrading, you can get $30 in free trading capital with no initial commitment required.

 

👉 Profits from this trading bonus are withdrawable when the bonus requirements have been met. In addition, traders who utilize this account are insured against monetary loss.

 

Unique Features

FeatureInformation
⚖️ RegulationNone
⚖️ CBN RegulationNo
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)41,500 Kenyan Naira ($100)
Average spread from0.1 pips EUR/USD
📈 Maximum Leverage1:1000
👥 Customer Support 24/5

 

✔️ Pros❌ Cons
Offers powerful online trading platforms across multiple devicesUnregulated broker
News and analytics available for advanced tradersThere are no standalone trading tools offered
There are several flexible funding options supportedThe spreads are not the lowest
Traders have access to various articles and tutorialsTraders from the United States, United Kingdom, and other regions are not accepted
The broker offers a no-deposit bonus

3. Tickmill

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Because of their innovative technologies, Tickmill Brokerage has raised the standard for brokerage firms everywhere. The company’s commitment to innovation is a key differentiator and a major factor in its popularity among investors.

 

👉 Tickmill is a trusted STP broker that provides a great platform for traders of all skill levels. There are many currency pairs available for experienced traders, and Tickmill’s support for MT5 allows for an even wider range of assets to be traded.

 

👉 Tickmill offers new traders a $30 no-deposit incentive just for signing up for an account. This allows them to hedge their risk across many financial markets with no outlay of their own resources.

 

👉 Another benefit of trading on Tickmill is that you may cash out any earnings you make using the bonus money.

 

Unique Features

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

 

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

4. RoboForex

Overall Rating

Min Deposit

USD 10 / 1156

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Most well-known experts in the financial market have recognised the RoboForex Group, which has been operating since 2009 through two well-known enterprises, RoboForex with worldwide service and RoboMarkets Ltd, located in Cyprus, serving EU and EEA states.

 

👉 During its time in business, the broker has attracted a diverse clientele from all corners of the world thanks to its sophisticated trading proposal and flexible trading circumstances for investors of all experience levels.

 

👉 RoboForex’s offering also features a broad variety of trading platforms and tools, including the popular MetaTrader, the more straightforward cTrader, and the company’s own R Trader.

 

👉 When new customers sign up for an account with RoboForex, they are eligible to get a $30 no-deposit bonus to try out the platform and all the trading tools and resources it has to offer without making a deposit.

 

Unique features

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

 

✔️ Pros❌ Cons
AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions.The demo account is only available for a period of thirty days.
The broker enables customers to choose from a variety of trading strategies, providing Kenyan investors with flexibility.The spreads are not at their most competitive levels.
A demo account is available for both inexperienced and seasoned traders to use.On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid.
AvaTrade provides Muslim traders with trading circumstances based on Islamic law.Retail traders have access to a relatively low ratio of leverage.
Both social trading and trading in cryptocurrencies are supported.
The services provided by AvaTrade will meet the needs of Kenyan merchants of all experience levels, to their complete satisfaction.
Different trading platforms accessible, accessed from a variety of devices.
Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge.

5. SuperForex

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 In 2013, SuperForex was established to mainstream foreign exchange trading. While based in Belize (Central America), the broker’s activities extend to more than 150 nations worldwide.

 

👉 SuperForex allows Kenyans to participate in forex trading with no initial investment. This is an excellent opportunity for potential new customers to try out SuperForex’s services without putting any of their own money on the line.

 

👉 Traders from Kenya may get a free $88 bonus with no deposit required, plus another $99 bonus if they deposit only $10.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC
⚖️ CBN RegulationNo
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)116 Kenyan Shilling ($1)
Average spread fromVariable spread
📈 Maximum Leverage1:1000
👥 Customer Support 24/5

 

✔️ Pros❌ Cons
SuperForex offers user-friendly trading softwareUS clients are restricted from registering with SuperForex
There is a low minimum deposit requirement
Traders have access to wide range of training resources
SuperForex offers a range of useful trading tools
There are social trading opportunities provided

6. FBS

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

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

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

Overview

👉 Forex, metals, commodities, indices, stocks, and more than 35 digital assets are all available for trading at FBS, a globally authorized CFD broker.

 

👉 FBS fully supports the MetaTrader 4 and MetaTrader 5 trading platforms, in addition to its own FBS Trader App. In addition, Kenyans who trade more than three lots per month are also eligible for a free virtual private server and FBS’ copy trading platform.

 

👉 FBS provides two varieties of no-deposit incentives. FBS offers a $100 Quick Start Bonus for usage on the FBS Trader platform, allowing inexperienced traders to test the waters without risking their own assets.

 

👉 If you follow the instructions provided by FBS, you may be eligible to get a free $140 bonus with no deposit necessary. The FBS no-deposit bonus is withdrawable after specific requirements have been satisfied; until then, it may only be utilized as trade credit for trading activity.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC, CySEC
⚖️ CBN RegulationNo
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)400 Kenyan Shilling ($1)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:3000
👥 Customer Support 24/7

 

✔️ Pros❌ Cons
FBS offers competitive trading conditions with some of the lowest spreadsThere are wide spreads charges on some accounts
There are several account types to choose fromThere is a limited number of tradable instruments
There are many social trading opportunitiesThere are several regional restrictions applied
There is an ultra-low minimum deposit requirement
The broker is well-regulated and trusted

7. Trade Nation

Overall Rating

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

on Tradenation’s website

Overview

👉 Trade Nation was once known as Core Spreads, and it was a one-person enterprise. It has gone to the top of the market for traders who want to trade without paying high fees or commissions.

 

👉 Core Spreads relaunched to Trade Nation in 2019, and although the brand is still relatively young, it is a significant player in the FX and CFD trading markets.

 

👉 After establishing their identification and registering for a trading account, citizens of Kenya can become members of the loyalty program offered by Trade Nation and get a bonus of 1,000 trading points, without a minimum deposit.

 

👉 Moreover, Kenyans are allowed to accrue points in their Trading Nation Account for every transaction that was done in their trading account.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA
⚖️ CBN RegulationNo
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)USD 0
Average spread fromVaries
📈 Maximum Leverage1:200
👥 Customer Support24/5

 

✔️ Pros❌ Cons
Trade Nation does not charge a minimum deposit, offering Kenyan traders with flexibilityThere is a limited selection of funding options
The broker offers transparent fixed financial spread trading across several asset classesThe spread costs are not the lowest in the industry
There is a powerful desktop platform, innovative mobile trading app, and web-based trading platformThere are leverage restrictions on the UK and Australian clients
There is commission-free trading offeredUnited States clients are not accepted
There is a wide selection of educational content and beginner guides as part of an all-inclusive education material packageInactivity 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

8. InstaForex

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

CySEC, FSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 To facilitate trading via the top counteragents that offer direct market access, InstaForex provides the solution from the world’s leading developers for Kenyans. InstaForex is a forex trading platform with headquarters in Limassol, Cyprus. The company was established in 2007.

 

👉 More than 7 million traders use InstaForex, though, so it has a global reach. In general, InstaForex aspires to provide a wide range of services while always treating traders with integrity.

 

👉 In addition to offering excellent technical solutions and some of the best market trading circumstances, this broker also takes the time to get to know each client individually via its comprehensive suite of instructional and support resources.

 

👉 When opening a live trading account with InstaForex, new traders may get a $1,000 no-deposit incentive. One benefit of working with InstaForex is that traders do not have to prove their identity to have the bonus money added to their retail investor account.

 

Unique Features

FeatureInformation
⚖️ RegulationFSC, BVI, SIBA
⚖️ CBN RegulationNo
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)400 Kenyan Naira ($1)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:1000
👥 Customer Support24/7

 

✔️ Pros❌ Cons
The broker offers commission-free tradingThere are restrictions on leverage for European Union clients
MetaTrader 4 and 5 are both offered, available across devicesUS clients are not accepted
The broker is well-regulated and offers competitive trading conditions
There is a choice between retail investor accounts, each suited to different types of traders
There is a wide range of tradable assets offered

How to choose the right Forex No-Deposit Bonus in Kenya

👉 To determine if a broker providing a no-deposit bonus is suitable for the specific trading goals and/or requirements of Kenyan traders, it is important to consider several crucial factors.

 

👉 The selection of a Forex no-deposit bonus is mostly a matter of personal choice. However, there are some rules that traders should follow when selecting the best Forex no-deposit bonus.

 

Do not be swayed by the amount offered

👉 Traders will choose the broker with the greatest Forex no-deposit bonus rate in 2022. Nevertheless, this is not the most prudent decision.

 

👉 Traders should not choose a broker based on the amount of the Forex no-deposit bonus, as Kenyans will be working with the forex and CFD broker in the years to come.

 

👉 In addition, there are multiple options when it comes to selecting the right broker, especially if the choice is based on the bonuses the brokers are offering.

 

👉 It is advised to review their trading system and financial instruments in addition to other features. However, this is one of the most important qualities that traders should consider when choosing a broker.

 

Have a look at the Forex No-Deposit Bonus Terms and Conditions

👉 There are several benefits attributable to a no-deposit bonus offered by your broker. However, Kenyans must review the terms and conditions associated with these bonuses thoroughly.

 

👉 There could be trading volume requirements involved before traders can withdraw their profits, and this must typically be done within a certain period, often 30 days. Such terms and conditions can put a lot of pressure on traders, and it also prevents them from using the trading credit freely.

 

Consider getting a second opinion

👉 Several brokerage companies provide a modest Forex no-deposit bonus, but there may be further bonuses and promotions at a later stage.

 

👉 Some brokers may provide both deposit incentives and no-deposit bonuses at the same time; this might happen when traders join up and immediately after making a deposit. Yet, most traders neglect this option and just evaluate the bonus amount.

 

Consult unbiased Broker Reviews

👉 Before signing up with a Forex broker, it is advisable to study evaluations on Forex broker review websites, such as this one. Traders will discover crucial information for selecting a broker.

 

👉 Kenyan traders must keep in mind the potential pitfalls of a Forex broker that offers a no-deposit bonus when reading broker evaluations.

 

👉 The disadvantage would be if the terms and conditions restrict traders’ ability to make transactions and trades freely, if the withdrawal methods do not accommodate traders’ preferences, and if the trading platform is not suited for the trader.

The Best Forex Brokers in Kenya

👉 In this article, we have listed the best Forex brokers that offer no-deposit bonuses to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 No-Deposit Forex Broker in Kenya

Overall Rating

Min Deposit

USD 5 / 584 KES

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

👉 Overall, XM is the best MT4 No-Deposit forex broker in Kenya. The XM Group, usually known simply as XM, is a well-known and regulated online trading broker with a global presence.

 

👉 XM’s 1.5 million traders and investors select from a comprehensive array of XM trading offerings, including advanced trading solutions that are also ideal for expert Kenyans. By using MetaTrader 4, Kenyans can access a range of trading tools, charts, and more.

 

Best MetaTrader 5 / MT5 No-Deposit Forex Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, RoboForex is the best MetaTrader 5 No-Deposit forex broker in Kenya. RoboForex is a versatile forex broker that provides Kenyans access to MetaTrader 5. With this platform, Kenyans can access additional markets and more advanced features.

 

👉 This helps Kenyans take advantage of their no-deposit bonus in competitive markets, with the benefit that their capital is not at risk with the bonus.

 

Best No-Deposit Forex Broker for beginners in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

Not Regulated

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, MTrading is the best No-Deposit forex broker for beginners in Kenya. Since its inception in 2012, MTrading has expanded to serve more than 250,000 traders and 5,000 partners via its network of 10+ locations throughout the world.

 

👉 MTrading provides materials and tutorials for new traders, and they also arrange webinars for a more hands-on learning experience.

 

Best ECN No-Deposit Forex Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Tickmill is the best ECN No-Deposit forex broker in Kenya. Tickmill’s major objective is to provide a platform where traders of all skill levels, from novice to expert, may thrive.

 

👉 Tickmill offers some of the best ECN and STP trade execution to Kenyan traders.

 

Best Islamic / Swap-Free No-Deposit Forex Broker in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, SuperForex is the best Islamic / Swap-Free No-Deposit forex broker in Kenya. For years, individuals and businesses in more than 150 countries have had access to SuperForex’s world-class services for trading and investing in the financial markets.

 

👉 Muslim traders in Kenya can register Swap-Free Accounts with SuperForex that offer unique and halal trading conditions, all from a low minimum deposit of 110 KES.

 

Best No-Deposit Forex Trading App in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

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

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

👉 Overall, FBS is the best No-Deposit forex trading app in Kenya. FBS offers more than 75 tradable instruments across its proprietary trading app.

 

👉 FBS serves more than 150 countries and indicates that there are hundreds of accounts created on the website daily. FBS offers Kenyans two opportunities to earn a no-deposit bonus, helping Kenyans save their capital before they start trading in live markets where their funds are at risk.

 

Best Lowest Spread No-Deposit Forex Broker in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

CySEC, FSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, InstaForex is the best lowest spread No-Deposit forex broker in Kenya. InstaForex has one of the largest customer bases, consisting of more than 7 million registered traders.

 

👉 Kenyans can benefit from InstaForex’s attractive $1,000 no-deposit bonus and range of trading options.

 

👉 InstaForex charges extremely low spreads and offers two commission-free accounts. Micro-lot trading is allowed, and this is a large benefit for Kenyan traders who are starting to trade and those who want to test their trading strategies.

 

Best Nasdaq 100 No-Deposit Forex Broker in Kenya

Overall Rating

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

on Tradenation’s website

👉 Overall, Trade Nation is the best Nasdaq 100 No-Deposit forex broker in Kenya. Trade Nation is well-known as a trusted broker and platform that offers Nasdaq under US Tech.

 

👉 Kenyans can trade a range of CFDs and Forex through Trade Nation, with tight spreads from 0.8 pips on Nasdaq.

How can Kenyans claim their No-Deposit Bonus?

👉 The method for claiming your Forex No-deposit bonus is straightforward and uncomplicated. There are two methods available to you for receiving your Forex No-deposit bonus.

 

👉 The first approach involves following a three-stage process to get your bonus. To begin trading with a Forex broker, you must first register with that broker.

 

👉 The next step is to confirm your identification by providing supporting documentation such as a photo ID and/or a utility bill (POR). The last step is to request your bonus payment.

 

👉 The other approach is a three-stage technique that will also help you get your bonus. Initial steps include signing up with a Forex broker. Step two involves withdrawing funds from your trading account and proving your identity.

 

👉 As it is more user-friendly and straightforward, the second model will win over the many Kenyan customers. The first model is, however, the one most Forex brokers use.

 

👉 Many Forex and CFD brokers use the first model because it serves as a filter, allowing the broker to identify the most serious traders.

 

👉 Forex brokers utilize the second model to court potential customers who are unwilling to go through the effort of identification verification until they stand to benefit financially from doing business with the broker.

What are the Pros and Cons of Forex Bonuses?

✔️ PROS❌ CONS
Additional funding may be available for traders with low initial deposits.The terms and conditions of many bonuses are onerous.
Withdrawing funds from your trading account is not required (for a no-deposit bonus)Until certain requirements are satisfied, most firms have policies that prevent bonus money from being withdrawn.
If a Kenyan trader opens a deal and it does not go well, they could utilize the bonus money to make up for their loss.The use of bonus monies has been linked to increased levels of greed and emotional trading. Taking a hazardous approach to trading in the future will not only be possible while using bonuses; it will be possible whenever you trade.
Profit margins may be boosted by using bonuses. Using these methods, you may maximize your earnings from a single transaction.Withdrawing cash or making trades may be more difficult if a trader is restricted by a bonus. Traders are obligated to meet the bonus’s requirements.

Restrictions that Kenyans can expect when they use a No-Deposit Bonus

Restrictions that Kenyans can expect when they use a No-Deposit Bonus

👉 One of the drawbacks of the Forex No-deposit bonus is that often they can only be used in certain ways and only for certain types of trades. You will get a free trading bonus, but only if you fulfil these certain conditions.

 

👉 The following are limitations that Kenyan traders must look out for when they use a No-Deposit Forex Bonus:

➡️ Limited Maximum Position Size

➡️ Limits on the Maximum Active Positions

➡️ Limits on the available Tradable Instruments

➡️ Validity of the Bonus

➡️ Restrictions on Hedging and Scalping Strategies

➡️ Restrictions or Prohibition of Expert Advisors (EAs)

 

Limited Maximum Position Size

👉 Some FX brokers will not let their clients place orders for huge lot sizes, and the typical FX lot size is 0.01.

 

👉 Having to reach a minimum trading volume to withdraw winnings from one’s trading account might be disheartening if one is an active trader using a tiny lot size. In trading, the larger the lot size, the more challenging it is to turn a profit.

 

Limits on the Maximum Active Positions

👉 The maximum value of open trades for each trader is also capped while using a Forex No-deposit bonus. Forex brokers often limit their traders’ ability to hold open positions or place pending orders at the same time.

 

👉 Limiting open positions may have a detrimental impact on trading techniques and the overall customer experience.

 

Limits on the available Tradable Instruments

👉 Trading foreign exchange, or Forex is the practice of taking advantage of price fluctuations in various currency pairings and other financial products to create a profit.

 

👉 When dealing with Forex brokers which impose such trading asset limits, traders will have a smaller pool of available currency pairings from which to choose.

 

👉 Because of these constraints, trading when a reliable entry setup presents itself with a Forex pair is less likely to occur. The number of currency pairings available for trading is also restricted.

 

Validity of the Bonus

👉 After the offer’s time limit has been reached, the Forex broker will no longer provide the bonus. Traders will not get the most out of a bonus and trading account if they only have a limited amount of time to utilize them.

 

👉 Longer-term incentives provide traders with more leeway to take advantage of fluctuations in the financial markets. Most bonuses are good for 30 days or more, giving traders plenty of time to become acclimated to the market and learn the ropes.

 

Restrictions on Hedging and Scalping Strategies

👉 Since hedging and scalping are not allowed while trading with a Forex No-deposit bonus, traders that engage in these practices will need to alter their trading strategies.

 

👉 To temporarily eliminate the financial risk associated with the volatile dynamics of the financial markets, hedging entails maintaining two separate open transactions in opposite directions.

 

👉 Scalping is a trading method in which a trader makes a few tiny profits throughout the day by entering and exiting positions quickly. This approach has allowed traders to maximize their profits in the least period.

 

Restrictions or Prohibition of Expert Advisors (EAs)

👉 Trading with a Forex No-deposit bonus is not permitted if you use any Expert Advisors or trading robots. Expert Advisors streamline the trading process by taking care of everything from initiating and completing deals to producing tradable signals and analysing market conditions.

 

👉 It is more common for novice traders to benefit from using Expert Advisors. A Forex No-deposit bonus does not permit the use of Expert Advisors; thus traders are required to execute trades manually.

Conclusion

👉 No-Deposit bonuses are popular among forex brokers who want to offer their new clients a risk-free way to trade live markets using real capital, with the exception that there is no minimum deposit required and traders use trading credit.

 

👉 While forex bonuses can have strict terms and conditions, especially regarding the withdrawal of profits, a no-deposit bonus is a wonderful way for Kenyans to familiarize themselves with the markets.

FAQ

How do I get a Forex Bonus without a Deposit?

You can choose any of the forex brokers that we have listed, register a real account, validate, verify your identity, and provide proof of residence, opt for the No-Deposit bonus once your account is verified, and start trading with the trading credit offered.

 

Which brokers have a No-Deposit Bonus for Kenyans?

There are currently eight forex brokers who have active No-Deposit Bonuses, and these are FBS, XM, InstaForex, Trade Nation, MTrading, Tickmill, SuperForex, and RoboForex.

 

Does FBS offer a No-Deposit Bonus?

Yes, FBS offers a No-Deposit bonus to new traders who register a real account. Once the trading account has been verified, Kenyans can request their No-Deposit bonus.

 

Is the XM No-Deposit bonus still available?

Yes, XM still offers a $30 no-deposit bonus to traders who register a new real account for the first time.

 

How do I get my XM $30 bonus?

You must register a live account with XM by completing the account registration form. You can log into your newly created trader’s dashboard using the username and password sent to you via email.

 

Next, you can validate your account and once it has been approved, click on the “Claim your bonus” banner.

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