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2 Best Shilling Forex Trading Accounts in Kenya

The 2 Best Kenyan Shilling Forex Trading Accounts for Kenyans revealed. We tested the best Kenyan Shilling Forex Trading Accounts for Kenyan Traders.

This is a complete guide to Kenyan Shilling Forex Trading Accounts in Kenya.

In this in-depth guide you’ll learn:

  • What is a Kenyan Shilling Trading Account?
  • Which forex brokers offer the best trading platforms for Kenyan traders?
  • Which trading accounts can you use with M-PESA?
  • How to compare the best trading accounts against each other. 
  • Which Trading Accounts 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? 


And lots more…

So if you’re ready to go “all in” with the best-tested Kenyan Shilling Forex Trading Accounts…

Let’s dive right in…

Updated : September 23, 2022

Best Shilling Forex Trading Accounts in Kenya

🥇 Broker✔️ Kenyan Shilling Account?💰 Minimum Deposit💻 Demo Account?👉 Open Account
1. ExnessYes$1 (116 KES)Yes👉 Open Account
2. SuperForexYes$1 (116 KES)Yes👉 Open Account

2 Best Shilling Forex Trading Accounts in Kenya (Updated 2022)

  1. Exness – Overall, Best Kenyan Shilling Trading Account Broker
  2. SuperForex – Best Trading App in Kenya

What are Kenyan Shilling Forex Trading Accounts?

👉 The majority of foreign exchange brokers will automatically convert your Kenyan Shilling into United States Dollars (USD), Euros (EUR), or British Pounds (GBP) when you deposit funds into your trading account.

 

👉 However, KES Forex brokers provide trading accounts that maintain the trading balance in Kenyan Shilling, which is advantageous for those who wish to avoid incurring fees associated with currency conversion. Your trading funds will also be maintained in local bank accounts if you have a KES account, which makes deposits and withdrawals by bank transfer significantly quicker and more convenient.

1. Exness

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Overall, Exness is a low-risk CFD and Forex broker that is regulated and authorized in many jurisdictions. Exness not only has a variety of account kinds to choose from, but it also has some of the best trading conditions in the market.

 

👉 Exness traders have access to more than 200 financial products, a variety of retail account types, and a wealth of information. Even though it is not yet authorized by Kenya’s Capital Markets Authority (CMA), it is one of the most popular brokers.

 

👉 Users also have access to leverage, which can considerably lower margin requirements and allow for more flexible trading methods management. Another advantage of Exness is that traders can rapidly withdraw cash via a variety of electronic payment channels, providing them complete control over their funds. A huge advantage for Kenyan traders is that the broker offers a KES Account.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💰 Minimum Deposit1 USD (116 KES)
✅ Tradable AssetsForex, Metals, Crypto, Energies, Indices, Stocks
📉 Minimum spreadFrom 0.0 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutionsExness offers a limited number of payment methods for deposits and withdrawals
Traders can choose between several retail investor accountsExness 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. 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

👉 Overall, SuperForex is considered low-risk, with an overall Trust Score of 87 out of 100. SuperForex is licensed by zero Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and zero Tier-3 Regulators (low trust).

👉 SuperForex offers a variety of retail trading accounts namely a Standard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Prof STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, and ECN Crypto Account.

👉 SuperForex also provides traders with over 400 trading instruments that include forex, cryptocurrencies, and stocks, totaling over 400 trading instruments.

👉 The MetaTrader 4 platforms for web, desktop, and mobile trading are popular and user-friendly, and they provide extremely competitive online trading conditions. There are no commission costs, narrow spreads (fixed or variable), and quick trade execution speeds included.

Unique Features

FeatureInformation
⚖️ RegulationNone that could be verified
📱 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
• LinkedIn
• Pinterest
⚖️ CBN RegulationNo
💻 Trading Accounts• Standard Account
• Swap-Free Account
• No Spread Account
• Micro Cent Account
• Prof STP Account
• Crypto Account
• ECN Standard Account
• ECN Standard Mini Account
• ECN Swap-Free Account
• ECN Swap-Free Mini Account
• ECN Crypto Account
💰 Trading Platform• MetaTrader 4
• MetaTrader 5
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)110 KES or equivalent to $1
📊 Trading Assets• MetaTrader 4
• SuperForex App
✔️ Kenyan shilling Deposits Allowed?Yes
✅ KES Deposits Allowed?Yes
💸 Bonuses for Kenyan traders?Yes
📊 Minimum Spread0.0 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
SuperForex offers eleven different retail accounts, each catering to the different needs and objectives of tradersUnregulated broker
There are tight spreads and reliable trade execution speedsMetaTrader 5 is not offered
There are several Islamic accounts offered to Muslim traders without admin fees charged
There are convenient deposit and withdrawal options for Kenyans
There is a dedicated KES-denominated account
There are managed accounts offered via the SuperForex Bank
There are social trading opportunities and support for Copytrading
There are educational materials and trading tools offered

 

Trust Score

🥇 SuperForex has a high trust score of 87% even though it is not regulated by any known regulators. It has a decent market share of +6% in Kenya, ranking it in the Top 20 for Kenyan traders.

How to choose a Kenyan Shilling Forex Trading Account 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 Kenyan Shilling Forex Trading Account Brokers in Kenya

👉 In this article, we have listed the best Forex brokers which classify as Kenyan Shilling Forex Trading Account brokers operating in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader4 / MT4 Forex Broker in Kenya

Best MetaTrader4 / MT4 Forex Broker in Kenya

👉 Overall, AvaTrade is the best MT4 Forex broker in Kenya. AvaTrade is a trusted and highly recommended broker for Kenyan traders who want to participate in global financial markets.

 

👉 AvaTrade has more than 300,000 registered users and clients around the world.

 

Best MetaTrader5 / MT5 Forex Broker in Kenya

Best MetaTrader5 / MT5 Forex Broker in Kenya

👉 Overall, LiteFinance is the best MT5 Forex broker in Kenya. LiteFinance provides customers worldwide with ECN forex and CFD trading. LiteFinance provides competitive spreads, social trading, and reasonable execution speeds. The broker claims to have more than 500,000 customers worldwide, with around 300 accounts that are registered daily.

 

Best Forex Broker for BEGINNERS in Kenya

Best Forex Broker for BEGINNERS in Kenya

👉 Overall, eToro is one of the best forex brokers for beginners in Kenia. eToro offers various educational materials such as a demo account, new fees, analysis, eToro Academy, and eToro Plus.

 

Best Minimum Deposit Forex Broker in Kenya 

Best Minimum Deposit Forex Broker in Kenya 

👉 Overall, OANDA is the best minimum deposit forex, broker. It requires 0 Kenyan shillings to open an account with this broker. OANDA offers a comprehensive trading platform for both novice and experienced currency traders.

 

Best ECN Forex Broker in Kenya 

Best ECN Forex Broker in Kenya 

👉 Overall, XM is the best ECN forex broker in Kenya. Security, customer service, account financing, and minimal fees are some of the most important features that consumers look for in an online trading platform, and XM provides them in abundance.

 

Best Islamic / Swap-Free Forex Broker in Kenya

Best Islamic / Swap-Free Forex Broker in Kenya

👉 Overall, Tickmill is the best Islamic / Swap-Free forex broker in Kenya. Tickmill is a trusted and easy-to-use broker for all Kenyan traders. This broker’s vast account selection, modest spreads, and rates make it excellent for many traders. Tickmill is governed by multiple countries and offers multilingual support.

 

Best Forex Trading App in Kenya 

Best Forex Trading App in Kenya 

👉 Overall, FBS offers the best trading app to start trading with. They offer a great choice between trading accounts and feature an innovative and powerful proprietary trading app. The fees with FBS are low and competitive, and traders can rest assured that their client funds are secure.

 

Best KES Trading Account Forex Broker in Kenya

Best KES Trading Account Forex Broker in Kenya

👉 Overall, Exness is the best KES Trading Account forex broker in Kenya. The broker is regulated and authorized in many jurisdictions. It also has a variety of account kinds to choose from, and traders have access to more than 200 financial products.

 

Best Lowest Spread Forex Broker in Kenya

Best Lowest Spread Forex Broker in Kenya

👉 Overall, Pepperstone is the best lowest spread forex broker in Kenya. It offers spreads bbetween 0.0 pips and 0.3 pips on USDEUR. Pepperstone Markets is one of the most prominent trading brokers with an established track record. Its market share continues to grow because of its low trading fees, quick transaction executions, and wide range of assets.

 

Best Nasdaq 100 Forex Broker in Kenya

Best Nasdaq 100 Forex Broker in Kenya

👉 Overall, IG is the best Nasdaq 100 forex broker in Kenya. The broker is one of the Top 20 brokers for Kenyan traders because of its unique trading solutions, comprehensive offering, and competitive trading conditions. IG is a multi-regulated and multi-asset online broker with one of the highest trust scores in Kenya.

 

Best Volatility 75 / VIX 75 Forex Broker in Kenya

Best Volatility 75 / VIX 75 Forex Broker in Kenya

👉 Overall, IC Markets is the best Volatility 75 / VIX 75 forex broker in Kenya. IC Markets is a multi-regulated broker with a high trust score. Kenyan merchants can trade on any financial exchange using IC Markets’ complex products.

 

Best NDD Forex Broker in Kenya

Best NDD Forex Broker in Kenya

👉 Overall, BDSwiss is the best NDD forex broker in Kenya. It has the best active presence on social media platforms. BDSwiss is a CFD and forex broker and a worldwide supplier with more than 16,000 affiliate accounts and presently trades more than €20 billion in FX each month.

 

Best STP Forex Broker in Kenya

Best STP Forex Broker in Kenya

👉 Overall, OctaFX is the best STP forex broker in Kenya. The broker has been honored with over 28 accolades to date. It is OctaFX’s goal to keep trading costs low, executing 97.5% of orders slip-free using STP (Straight Through Processing) and ECN models.

 

Best Sign Up Bonus Broker in Kenya

Best Sign Up Bonus Broker in Kenya

👉 Overall, HF Markets which has been previously known as Hotforex is the best sign-up broker in Kenya. HF Market’s low price and excellent trading platform are exceptional. New and seasoned forex traders will benefit from the platform’s diversity of accounts and asset classes, as well as its in-depth information and analytical services.

Understanding how the Kenyan Shilling Forex Trading Account works

👉 Forex brokers that provide KES accounts are few and far between, with the majority of brokers only offering USD or EUR accounts. The lack of KES liquidity providers is the key reason for this.

 

👉 To cover their clients’ trades, forex brokers with KES accounts need access to huge sums of Shilling or Shilling liquidity pools. There aren’t many banks in Kenya that are willing to supply the necessary funding right now.

 

👉 The most significant benefit of having a KES Account is the elimination of currency conversion fees when funding your trading account. Conversion costs or the erratic KES/USD exchange rate can eat into your profits before you even start trading if you have a USD trading account. Most foreign brokers will also provide you with a poor KES to USD conversion rate.

 

👉 KES accounts are useful for traders who fill their accounts with bank transfers or credit cards. If you request that your bank or credit card provider fund a USD account, you may lose 7-10% of the value of your deposit due to conversion charges and additional penalties.

 

👉 Fund transactions between local banks are also much faster, so deposits and withdrawals may usually be accomplished within 24 hours, if not quickly.

 

👉 With a KES account, your funds will be held in a Kenyan bank and will be available in the event that your broker goes bankrupt. This will not be the case with a USD account at an international broker. Your funds will be stored in a segregated account in another nation, even if they are kept in a separate account in your own country.

 

👉 Another reason for the lack of KES accounts is that the majority of overseas brokers charge in US dollars. They would be taking on a tremendous currency rate risk by converting substantial sums of USD to fund KES accounts. They’d lose money every time the KES devalued against the US dollar, which has been a recent issue.

 

👉 When using a KES account, keep in mind whether your broker charges commission on transactions, as most ECN brokers do, and in what currency the commission is levied.

 

👉 If you trade using a KES account and are charged a USD commission, you will lose a little portion of each trade due to currency conversion. This can quickly mount up and become extremely costly. Most brokers with KES accounts will charge a fixed commission in KES but double-check.

Advantages of Kenyan Shilling Forex Trading Accounts

👉 Advantages of Kenyan Shilling Forex Trading Accounts include:

➡️ KES Accounts will not have conversion fees on withdrawals and deposits.

➡️ Funding KES Accounts is much faster than USD accounts.

➡️ KES Accounts are usually held in Kenyan banks, which means they will be accessible if your broker declares bankruptcy.

➡️ KES accounts are good for traders who use bank transfers or credit cards to fund their accounts.

Disadvantages of Kenyan Shilling Forex Trading Accounts

👉 There could also be some drawbacks to trading with Kenyan Shilling Forex Trading Accounts:

➡️ International brokers with KES accounts lose money when the Rand devalues.

➡️ Broker with KES accounts need the support of large Kenyan banks.

➡️ Some traders want a USD account, especially traders who keep many positions open simultaneously. With this approach to trading with a KES account, the fluctuations in the exchange rate would impact your profit margins.

➡️ If you have a KES account and are being charged a USD commission for every trade, you will be losing a small amount of every trade in currency conversion.

Conclusion

👉 Overall, trading through a Kenyan Shilling Forex Trading account can give high rewards to Kenyan traders when proper research is done on a broker that offers a Kenyan Shilling Forex Trading Account. To trade with a Kenyan Shilling Forex Trading Account, traders should have a good trading plan and risk management strategy in place.

FAQ

What is the Kenyan Shilling (KES)?

The Kenyan shilling (KES) is the official currency of the Republic of Kenya. It is used in Kenya, the Sudan, and Somalia. The shilling is further divided into 100 cents. Prices often include the abbreviation KSh, as in “100 KSh” to refer to 100 shillings. KES is the foreign exchange (FX) trading symbol.

 

Is the Kenyan shilling strong?

The Kenyan shilling (KES) is the official currency of Kenya, Sudan, and Somalia Africa. The Kenyan shilling (KES) is one of East Africa’s most stable currencies. KES is widely used in neighboring nations as a more reliable means of storing money than local currencies.

 

How is the Kenya shilling performing?

In 2021, the Kenyan shilling has depreciated by 3.5% against the US Dollar (USD) in addition to the 7.7% depreciation in 2020. The currency will remain under pressure due to bets on the dollar continuing to gain, reduced inflows from exports, and elevated global oil prices.

 

Is the Kenya shilling overvalued?

The IMF has previously stated that the Kenyan shilling is overpriced and does not reflect its genuine market value. The IMF deemed the Kenyan shilling to be 17.5 percent overvalued in 2018 and reclassified it from floating to a controlled currency.

 

What is a KES account?

A KES Account is an account held at a Kenyan Bank which is funded by Kenyan Shilling. This means that it eliminates currency conversion fees when funding your trading account.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, all financial markets feature a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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