Top 8 Locally Based Brokers
7 Best FSCA regulated Forex Brokers in Kenya
The 7 Best FSCA-Regulated Forex Brokers for Kenyans revealed. We tested the best FSCA-Regulated brokers for Kenyan Traders.
This is a complete guide to FSCA-Regulated brokers in Kenya.
In this in-depth guide you’ll learn:
- What is a South African Financial Sector Regulation Act (FSCA)?
- Which forex brokers offer the best trading platforms for Kenyan traders?
- Which trading platforms accept M-PESA in Kenya?
- How to compare the best forex brokers against each other.
- Which FSCA-Regulated forex brokers are best for beginner Kenayn Traders?
- Which brokers offer a sign-up bonus for first-time traders in Kenya?
- Which brokers offer a low minimum deposit of $5 (583 KES) to start trading?
- Which trading platforms offer a mobile app on IOS and Android for Kenyan Traders?
- Why is it important to trade with a licensed FSCA broker?
And lots more…
So if you’re ready to go “all in” with the best-tested SA FSCA-Regulated brokers…
Let’s dive right in…
10 Best Forex Brokers in Kenya for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best FSCA regulated Forex Brokers in Kenya
| 🥇 Broker | ✔️ FSCA Broker? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. Exness | Yes | $1 (116 KES) | Yes | 👉 Open Account |
| 2. AvaTrade | Yes | $100 (11635,00 KES) | Yes | 👉 Open Account |
| 3. HF Markets | Yes | $5 USD (580 KES) | No | 👉 Open Account |
| 4. Tickmill | Yes | $100 (11635 KES) | Yes | 👉 Open Account |
| 5. CM Trading | Yes | $100 (11635 KES) | Yes | 👉 Open Account |
| 6. Trade Nation | Yes | 10 USD (1 167 KES) | No | 👉 Open Account |
| 7. XM | Yes | $100 (11635 KES) | No | 👉 Open Account |
7 Best FSCA regulated Forex Brokers in Kenya (Updated 2023)
- Exness – Overall, Best FSCA-Regulated Broker in Kenya
- AvaTrade – Top Volatility 75 / VIX 75 Broker
- HF Markets – Verified FSCA-Regulated Minimum Deposit Broker
- Tickmill – User-Friendly Forex Broker for Beginner Traders
- CM Trading – Top FSCA-Regulated Islamic/Swap-Free Broker
- Trade Nation – Best MetaTrader 5 / MT5 Broker in Kenya
- XM – Top Nasdaq100/NAS100 Broker
What are FSCA-regulated forex brokers?
👉 FSCA regulated forex brokers are regulated by the Financial Sector Conduct Authority (FSCA). The FSCA is South Africa’s market conduct regulator of financial institutions and is responsible to ensure that all forex and CFD brokers are compliant with market conduct regulations.
1. Exness
Overall Rating
- 4.9/5
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Exness is a low-risk CFD and Forex broker licensed and regulated by a number of authorities. Exness offers a variety of account types that are flexible and adaptable, and also some of the best trading conditions in the market.
👉 Exness is one of Kenya’s most popular brokers, despite the fact that it is not yet regulated by the Capital Markets Authority (CMA). It is regulated by the FSCA though. Exness was founded in 2008 and now offers over 200 financial products, a variety of retail account types, and a plethora of information to traders.
👉 The website of the Exness Group is available in 18 languages, and customer service is offered in 13 languages 24 hours a day, seven days a week.
👉 Exness also offers traders the ability to withdraw cash instantly through a variety of electronic payment channels, giving them complete control over their funds. Furthermore, customers have access to leverage, which can significantly reduce margin requirements and allow for more flexible trading strategy management.
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 |
Trust Score
🥇 Exness has a trust score of 97%.
2. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 AvaTrade was launched in 2006. As a worldwide CFD and FX broker, it is overseen by several reputable financial authorities. AvaTrade is a member of the AVA Group of enterprises, a renowned worldwide company.
👉 AvaTrade is not regulated or authorized by the Capital Markets Authority (CMA) in Kenya but is regulated by the FSCA. The broker does not have local offices in Nairobi, but AvaTrade is a trusted and highly recommended broker for Kenyan traders who want to participate in global financial markets.
Unique features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions. | The demo account is only available for a period of thirty days. |
| The broker enables customers to choose from a variety of trading strategies, providing Kenyan investors with flexibility. | The spreads are not at their most competitive levels. |
| A demo account is available for both inexperienced and seasoned traders to use. | On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid. |
| AvaTrade provides Muslim traders with trading circumstances based on Islamic law. | Retail traders have access to a relatively low ratio of leverage. |
| Both social trading and trading in cryptocurrencies are supported. | |
| The services provided by AvaTrade will meet the needs of Kenyan merchants of all experience levels, to their complete satisfaction. | |
| Different trading platforms accessible, accessed from a variety of devices. | |
| Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge. |
Trust score
🥇 The trust score for AvaTrade is 93%.
3. HF Markets
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
Overview
👉 HF Markets, formerly HotForex, is a low-risk CFD and forex broker for Kenyan traders, receiving a 9/10 rating for trading conditions, retail investor accounts, client fund security, and customer service.
👉 HF Markets is regulated by a number of respected organizations, including the Financial Sector Conduct Authority (FSCA) and Kenyan Capital Markets Authority (CMA).
👉 HF Markets is a proud MetaTrader broker, offering MetaTrader 4 and MetaTrader 5 trading platforms. Retail investor accounts at HF Markets are suitable for both rookie and experienced traders, as well as professional traders looking for a competitive edge.
👉 To accommodate traders with varied trading styles, trading talents, and investment objectives, each retail trading account has its own set of features and trading conditions. HF Markets has over 2.5 million active accounts and has earned over 55 forex industry awards in the last decade.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | Micro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| 💵 Trading Assets | Forex, 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 spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tight, competitive spreads from 0.0 pips on EUR/USD are offered | HF 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
🥇 HF Markets has a trust score of 83% and a Kenyan market share of 2.5%.
4. 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 is a low-risk option for Kenyan traders because of its 81% trust score. Tickmill is well-regulated by reputable entities such as Seychelles FSA, FCA, CySEC, Labuan FSA, and Financial Sector Conduct Authority (FSCA).
👉 There are just a few tradeable securities available with Tickmill, a standard MetaTrader broker. Tickmill’s VIP and Pro accounts do provide highly attractive commission-based pricing for pros.
👉 Tickmill also provides traders with a wide range of trading tools and instructional resources, including various professional yet simple-to-use trading platforms. In addition to FSCA-regulated forex brokers, huge leverage, and fast execution speeds, Tickmill offers a wide range of CFD currency, stock, commodity, and index CFDs.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit | 100 USD or 11635 KES |
| ✅ Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| ✔️ Deposits Allowed | USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Tickmill spreads are not the tightest |
| Tickmill has a very high trust score and is known for its competitive trading conditions | Currency conversion fees will apply for foreign deposits |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others | No fixed spread accounts are offered |
| There are several convenient funding options available including Skrill, Neteller, and more |
Trust Score
🥇 Tickmill has a trust score of 81%
5. CM Trading
Overall Rating
- 4.8/5
Min Deposit
USD100
Regulators
FSA
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
154
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 CM Trading is a South African-based broker regulated by the Financial Sector Conduct Authority (FSCA) that offers some of the best retail trading accounts to Kenyan traders. In addition to its comprehensive trading solutions, CM Trading has a large market share in Kenya.
👉 In addition to being one of the most creative Forex brokers in the world, CM Trading is also the biggest Forex broker in South Africa.
👉 International and worldwide customers can benefit from a broad range of modern trading solutions in addition to the company’s primary focus on Africa. CMTrading’s innovative trading platforms and unmatched liquidity are available to all levels of traders.
👉 Markets such as currencies, stock indexes, and commodities can be traded across powerful trading platforms offered by CM Trading. Energies, metals, and agricultural commodities are all available for commodity traders along with several other instruments for crypto and forex traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | • Bronze Account • Silver Account • Gold Account • Premium Account |
| 📊 Trading Platform | • MetaTrader 4 • CM Trading Web • CopyKat • Expert Advisors • Trading apps |
| 💰 Minimum Deposit | $100 (11 668 KES) |
| ✅ Tradable Assets | • Currency trading • Stocks • Indices • Cryptocurrencies • Commodities • CFDs |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| CM Trading has a high trust score | The spreads are competitive, but they are not the lowest |
| CM Trading is a well-regulated broker | There are deposit and withdrawal fees charged on crypto funding |
| Clients’ funds are stored in segregated accounts separate from CM Trading’s operational accounts and funds | There is an inactivity fee that may apply if the account becomes inactive |
| There are several advanced trading tools offered to experienced traders | |
| There are no restrictions on the trading strategies that traders can use | |
| CM Trading welcomes Kenyan traders | |
| CM Trading offers local deposit and withdrawal methods | |
| There is a competitive minimum deposit requirement for the account tiers | |
| CM Trading has a long-standing reputation as one of the best forex and CFD brokers for Kenya |
Trust Score and Kenyan Market Share
🥇 The trust score for CM Trading is 91%.
6. Trade Nation
Overall Rating
- 4.7/5
Min Deposit
USD 0 / 0 KES
Regulators
FSCA
Trading Desk
–
Crypto
Yes
Total Pairs
33
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 XM was founded in 2009 and has been in operation for more than 12 years. It operates in over 196 countries, has a service team that speaks 30 languages, and is one of the most trusted and well-regulated brokers.
👉 XM is a medium-risk broker with an 84 percent trust score and an overall rating of 9/10 as a CFD and Forex broker for Kenyan traders. Despite the fact that the broker’s main branch is based in Belize and is licensed by the IFSC, the broker has offices around the world that can service clients’ needs, with relevant regulation and authority in these regions. It is also regulated by the Financial Sector Conduct Authority (FSCA).
👉 Some of the most important features that consumers look for in an online trading platform are security, customer service, account financing, and low fees, which XM provides in spades.
👉 This beneficial mix makes XM an excellent venue to begin a trading profession or to advance one’s existing trading career.
👉 A high level of reliability is provided by XM, a trading platform that eliminates the uncertainty associated with order execution while maintaining a high level of compatibility with MetaTrader 4 and 5.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, FSCA, SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | • Low Leverage Account (1:30) • High Leverage Account (1:200) |
| 📊 Trading Platform | • MetaTrader 4 • Trade Nation app |
| 💰 Minimum Deposit | 10 USD (1 167 KES) |
| ✅ Trading Assets | • Indices • Stocks • Precious Metals • Forex • Commodities • Energies • CFDs |
| 💵 Kenyan Shilling-based Account? | No |
| ✔️ KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.4 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Trade Nation offers MetaTrader 4 alongside its innovative proprietary trading platform | There is a limited selection of funding options |
| Trade Nation is a reputable and well-regulated broker that is well-trusted in the forex industry | There is no KES-denominated account and Kenyans cannot deposit funds in Kenyan shilling |
| There are no fees charged on deposits or withdrawals | Currency conversion fees may apply to deposits made in KES |
| There is a range of markets available to Kenyan traders | The spreads are not the lowest |
| There are tight, fixed spreads and no hidden fees | |
| There is a selection of educational materials that are offered | |
| Trade Nation provides sophisticated trading tools to advanced traders |
Trust Score and Kenyan Market Share
🥇 XM has a trust score of 84%.
7. XM
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 584 KES
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Overview
👉 XM builds on its reputation by providing a balanced mix of the features that users value the most: security, support, ease of account funding and withdrawal, and low fees.
👉 XM offers a high level of dependability while remaining highly compatible with MetaTrader 4 and 5. This advantageous combination makes XM an excellent place to start a trading career or advance one’s existing trading career.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD |
| ✅ Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM is a low-cost forex broker with a high trust score | No fixed spreads offered on accounts |
| XM has more than 5 million active clients from around the world | Inactivity fees apply for dormant accounts |
| Client fund safety is guaranteed | |
| XM offers investor protection to Kenyan traders | |
| There are no commissions charged on deposits or withdrawals | |
| XM has won several industry awards since its establishment in 2009 |
Trust Score and Kenyan Market Share
🥇 XM has a trust score of 84% and a market share of <5% in Kenya.
How to choose an FSCA 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 FSCA-regulated forex brokers to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.
Best FSCA regulated MetaTrader 4 / MT4 Forex Broker in Kenya
👉 Overall, Exness is the best FSCA regulated MT4 forex broker in Kenya. Exness provides dynamic and adaptable account types and some of the most advantageous trading conditions in the industry. Exness gives access to over 200 financial products, a variety of retail account types, and a wealth of resources.
Best MetaTrader 5 / MT5 Forex Broker in Kenya
👉 Overall, Axiory is the best MT5 forex broker in Kenya. Trades with Axiory are executed in less than 200 milliseconds, and Kenyan traders are provided with the best trading software that is linked to Equinix data centers. Forex and CFD trading can be done with Axiory’s cTrader, MetaTrader, and the FIX API.
Best FSCA regulated Forex Broker for beginners in Kenya
👉 Overall, Tickmill is the best FSCA-regulated forex broker for beginners in Kenya. Tickmill’s VIP and Pro accounts also provide highly attractive commission-based pricing. In addition to low spreads, huge leverage, and fast execution speeds, Tickmill offers a wide range of CFD currency, stock, commodity, and index CFDs.
Best FSCA regulated Minimum Deposit Forex Broker in Kenya
👉 Overall, HF Markets is the best FSCA-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
👉 Overall, Pepperstone is the best ECN forex broker in Kenya. Pepperstone is also known for exceptional client service, research offerings, and an extensive selection of platforms.
Best FSCA regulated Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, CM Trading is the best FSCA-regulated Islamic/swap-free forex broker in Kenya. CM Trading is also a trading services broker that accepts Kenyan traders even though the Capital Markets Authority (CMA) does not regulate the broker.
Best FSCA regulated Forex Trading App in Kenya
👉 Overall, Trade Nation is the best forex trading app broker in Kenya. Trade Nation is also a platform with minimal risk and an effective trading app. Trade Nation further has competitive costs, a secure trading environment, and cutting-edge solutions.
Best Lowest Spread Forex Broker in Kenya
👉 Overall, FBS is the best lowest spread forex broker in Kenya. FBS is also a top forex and CFD broker for Kenyans that provides a wide range of trading accounts as well as an innovative and powerful proprietary trading app. FBS charges low, competitive fees, and traders can be confident that their clients’ funds are secure.
Best FSCA regulated Nasdaq 100 Forex Broker in Kenya
👉 Overall, XM is the best FSCA regulated Nasdaq 100 forex broker in Kenya. XM also offers tight security, excellent customer service, account financing, and low fees.
Best FSCA regulated Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, AvaTrade is the best FSCA regulated Volatility 75 / VIX 75 forex broker in Kenya. AvaTrade is worldwide regulated by financial watchdog authorities and is lauded as CFD and FX broker. AvaTrade offers an optimal trading environment for every level of a trader with 24-hour multilingual support desks.
Best FSCA regulated NDD Forex Broker in Kenya
👉 Overall, FP Markets is the best FSCA-regulated NDD forex broker in Kenya. FP Markets also offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
Best STP Forex Broker in Kenya
👉 Overall, OctaFX is the best STP forex broker in Kenya. OctaFX is also a dependable broker because of its low required minimum deposit, commission-free trading, and the availability of an unlimited practice account.
Best sign up bonus Broker in Kenya
👉 Overall, Oanda is the best sign-up bonus broker in Kenya. Oanda also offers competitive trading conditions, an award-winning proprietary platform, and high-quality trading solutions. On OANDA’s platform, both professionals and novices can access a wide range of indicators and charting tools.
Understanding how FSCA regulated forex brokers work
👉 The Financial Sector Conduct Authority (FSCA) is in charge of regulating forex trading and currency CFDs in South Africa and elsewhere. The FSCA’s responsibilities include protecting traders from financial fraud and promoting a healthy and competitive financial marketplace.
👉 It also keeps a close eye on the Johannesburg Stock Exchange, banks, hedge funds, and other financial service providers.
👉 Customers’ funds must be kept separate from the company’s operating finances and must be audited on a regular basis by FSCA-regulated Forex brokers to ensure that they are not misappropriated.
👉 For the benefit of Forex traders, all FSCA-regulated brokers must apply for an Over-the-Counter Derivative Provider (ODP) license, which ensures that Forex brokers are overseen by trained non-executive directors who sit on the board and have a sufficient cash reserve to avoid insolvency.
👉 Having their trading cash held in a local bank adds an extra layer of security for traders. In the event of a broker’s insolvency or closure, your funds may be reclaimed by the Financial Sector Conduct Authority (FSCA).
👉 Forex traders can also open Rand (ZAR) trading accounts with local brokers. The vast majority of offshore Forex firms offer only USD or EUR trading accounts.
Advantages of FSCA regulated forex brokers
👉 FSCA regulated forex brokers have several advantages. These advantages include:
➡️ The FSCA ensures that all forex and CFD brokers follow market conduct regulations.
➡️ The FSCA ensures the efficiency and integrity of all financial markets.
➡️ The FSCA protects consumers while also encouraging fair treatment.
➡️ The FSCA ensures that, when dealing with financial institutions, consumers receive the necessary education.
➡️ Brokers who are FSCA-regulated can continue to provide financial products and services to traders while maintaining their licensing and authorization.
➡️ If a broker declares bankruptcy, traders’ investments are safe if the broker is unable to meet its financial obligations.
➡️ Client funds are not used for operational purposes by the broker, but instead are used only for client-approved trading activities.
➡️ Traders are safeguarded against fraudulent or scam brokers if they use FSCA-regulated brokers and heed the market regulator’s warnings.
➡️ Brokers who have valid FSCA regulations and authorization do not engage in illegal activities.
➡️ FSCA-regulated brokers are required by law to ensure that all trading activities are fair, secure, and transparent.
➡️ FSCA-regulated forex brokers offer traders the necessary warnings, education, information, and other materials and tools to assist them in a wide range of competitive financial markets.
Disadvantages of FSCA regulated forex brokers
👉 FSCA regulated forex brokers also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:
➡️ Not all brokers are FSCA regulated.
Conclusion
👉 Overall, The Financial Sector Conduct Authority (FSCA) is responsible for ensuring that those forex and CFD brokers follow market conduct regulations. Traders can be assured that such brokers are not scam brokers and that their investments are kept safe.
FAQ
What is an FSCA regulated forex broker?
FSCA-regulated forex brokers are regulated by the Financial Sector Conduct Authority (FSCA).
What is the FSCA?
The FSCA is South Africa’s market conduct regulator of financial institutions and is responsible to ensure that all forex and CFD brokers are compliant with market conduct regulations.
Are all brokers regulated?
No, some offshore brokers are not properly regulated and must be avoided by traders in any country.
What advantages are there for traders to use FSCA-regulated brokers?
- The FSCA ensures that all forex and CFD brokers follow market conduct regulations.
- Traders are safeguarded against fraudulent or scam brokers if they use FSCA-regulated brokers and heed the market regulator’s warnings.
- FSCA-regulated forex brokers offer traders the necessary warnings, education, information, and other materials and tools to assist them in a wide range of competitive financial markets.
Can traders from Kenya make use of FSCA-regulated brokers?
Yes, although the FSCA is South African based, it can give Kenyan traders also peace of mind.
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.
