Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here
10 Best Low Minimum Deposit Brokers in Kenya

10 Best Low Minimum Deposit Brokers in Kenya

The 10 Best Low Minimum Deposit Forex Brokers in Kenya revealed. We tested and verified the best Low Minimum Deposit forex brokers for Kenya Traders.

This is a complete list of Low Minimum deposits in Kenya.

In this in-depth guide you’ll learn:

  • What is a Low Minimum Deposit?
  • Who are the best low minimum deposit forex brokers for Botswanans?
  • Which NASDAQ Forex brokers offer a low minimum deposit?
  • How to choose a forex broker – Compare them side by side by starting capital, best scalping conditions, and best mobile apps.
  • Which brokers offer no minimum deposit?
  • Which brokers offer a signup bonus on their low minimum deposit. 


And lots more…

So if you’re ready to go “all in” with the best-tested low minimum deposit forex brokers for Kenyans…

Let’s dive right in…

Updated : December 15, 2022

Best Low Minimum Deposit Brokers in Kenya (Updated 2023)

  1. FXOpen – Overall, Best Low Minimum Deposit Broker in Kenya
  2. XM – Top Sign-Up Bonus Broker
  3. TD Ameritrade – Best STP Forex Broker in Kenya
  4. Exness – Top NDD Forex Broker
  5. Fidelity Investments – Verified Volatility 75/VIX 75 Forex Broker
  6. JustMarkets – Top Nasdaq100 Forex Broker in Kenya
  7. SuperForex – Best Lowest Spread Forex Broker
  8. Admirals – Top Mobile Trading App Broker
  9. HFM – Best Islamic Swap-Free Forex Broker
  10. OANDA – Top ECN Forex Broker Low Minimum Deposit Broker

How much do I need to start trading Forex in Kenya?

👉 Because the foreign exchange (Forex) market is one of the most accessible financial markets, it is simple to begin day trading currencies.

 

👉 Some forex brokers need just a $50 / 6,100 KES initial investment to create an account. In contrast, others enable you to register an account with no initial deposit.

 

👉 If you need to start quickly, you could start with 1 USD / 120 KES. At the same time, a $500 / 61,000 KES minimum deposit increases flexibility that could result in slightly higher income or returns.

 

👉 However, $5,000 / 600,000 KES is often the ideal option since it could allow you generate a significant quantity of cash to compensate for the time you spend trading.

 

👉 Set quantities will not assist you in determining the bare minimum necessary for your trading ambitions, living circumstances, or risk tolerance.

 

👉 You should know the hazards associated with forex trading and how to manage them, especially if you want to start trading with lower capital, such as 1, 10, or 50 USD. If you start with smaller capital, you will need to use high leverage to open positions, and this is extremely risky.

 

👉 Furthermore, the fees associated with trading Forex in Kenya influence a smaller account. On the other hand, a bigger account is less impacted and has the advantage of taking greater positions to maximize the advantages of day trading.

 

👉 A tiny account cannot, by definition, conduct such massive transactions. Moreover, even taking on a bigger position than the account can handle is dangerous owing to margin calls.

1. FXOpen

FXOpen

Overview

👉 FXOpen is a forex broker established in 2005 that offers CFDs on commodities, indices, equities, and cryptocurrencies.

 

👉 FXOpen gives its clients access to the interbank market, where the counterparty to client transactions is a liquidity provider like a bank, fund, or other traders, thanks to the ECN model of order execution.

 

👉 There are several financial markets and trading accounts available on FXOpen. FXOpen makes trading simple and risk-free.

 

👉 In addition, Kenyans can easily open demo accounts to practice trading before registering an ECN account. The FXOpen MT4 and MT5 trading platforms are only two of many available options for Kenyan traders who want access to the best tools and resources.

 

👉 Furthermore, options like automated trading, mobile trading, cryptocurrency, social trading, copy trading, and many more are also available when Kenyans choose FXOpen.

 

Features

FeatureValue
💸 Minimum Deposit120 KES / 1 USD
💵 Maximum DepositNone
💻 Account Base Currencies• Micro – 3,000 USD
• STP – None
• ECN – None
• Crypto – None
📈 Max Leverage Ratio• Crypto – 1:3
• All other accounts – 1:500
✔️ KES Deposits Allowed?No
✅ Offers a KES-denominated Account?No
📉 Negative Balance Protection?No
📞 Margin CallFrom 20% – 100%
🛑 Stop-OutFrom 10% – 50%
📊 Minimum Trade Size0.01 lots (1,000 units of the base currency)

 

Pros and Cons

✔️ PROS❌ CONS
FXOpen is a well-regulated broker that offers transparent trading conditions.Withdrawal fees apply.
Kenyans can register an account with a 1 USD / 120 minimum deposit.FXOpen does not provide Kenyans with negative balance protection.
An unlimited demo account can be used for practice trading and strategy testing.Restrictions apply to the type of accounts and access to certain financial instruments.
Kenyans can expect ECN execution on trades.

2. 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

👉 The XM Group has been a network of authorized brokers operating in cyberspace since 2009. In 2015, Trading Point of Financial Instruments Pty Ltd began operating as a service provider.

 

👉 In the brokers and trading service providers industry, XM is among the best regulated for several reasons. One way for Kenyans to test out the XM broker is through a demo account for its trading platforms and services.

 

👉 XM is a marketplace where many online traders may access brokerage services. XM’s goal is to help its clients make money via trading; thus, it provides them with a wide range of trading platforms, tools, and services.

 

👉 Furthermore, when Kenyans use XM, each client’s needs are considered to ensure they can receive tailor-made trading solutions and services.

 

Features

FeatureInformation
⚖️ RegulationFSCA, IFSC
⚖️ CBN RegulationNo
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)2,000 Kenyan Naira ($5)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:888
👥 Customer Support 24/5

 

Pros and Cons

✔️ Pros❌ Cons
Negative balance protection is applied to retail investor accountsUS clients are restricted from accessing XM’s trading services
There are several secure payment methods to choose fromThere are no fixed spread accounts offered
The broker is known for low spreads, low commissions, and reliable trade execution speedsThere is an inactivity fee applied to dormant accounts
Traders can use hedging, scalping, and expert advisor trading strategies
The broker offers personal customer service to its clients

3. TD Ameritrade

Overall Rating

Min Deposit

$0 / 0 KES

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Because of its remarkable features, TD Ameritrade is a top online broker and option for Kenyans who start investing small amounts. TD Ameritrade’s history dates to the 1970s, despite its image as an internet broker.

 

👉 TD Ameritrade caters to novice and experienced investors, especially those looking for a full-featured online broker with great education and research.

 

👉 TD Ameritrade gives access to trading knowledge and exceptional customer service to help you quickly and correctly answer any questions you may have. TD Ameritrade is a well-known one-stop shop for investors and money managers.

 

Features

FeatureInformation
⚖️ RegulationFINRA, CFTC, SEC, SFC
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
💻 Trading AccountsStandard Accounts, Retirement Accounts, Education Accounts, Speciality Accounts, Managed Profiles, Margin Trading Accounts
📊 Trading PlatformTD Ameritrade, thinkorswim
💰 Minimum Deposit400 KES
✅ Trading AssetsStocks, Options, ETFs, Mutual Funds, Futures, Forex, Bonds, Fixed Income, Annuities, IPOs, CDs, Cryptocurrency Trading
✔️ Kenyan KES-based Account?No
💰 KES Deposits Allowed?No
💵 Kenyan shilling Deposits Allowed?No, only USD, GBP, EUR, and AUD
✔️ KES Deposits Allowed?No
📉 Minimum spreadNone
✔️ Demo AccountYes
☪️ Islamic AccountNo

 

Pros and Cons

✔️ Pros❌ Cons
TD Ameritrade is extremely well regulated by some of the strictest market regulatorsThere are no fractional shares offered
There are extensive investment selections offered and a range of accountsThe margin rates are very high
There is no minimum deposit requirement when Kenyans register a trading accountThere are high account fees
There are several guides and trading tools offeredThere is no KES-denominated account and local deposit/withdrawal methods are not offered
TD Ameritrade offers powerful proprietary trading platforms
Crypto trading is offered and there is a demo account provided

4. Exness

Overall Rating

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

👉 Exness is a well-known global broker that offers 5 different trading accounts, including one of the most affordable Cent Accounts on the market today.

 

👉 Exness is a trustworthy broker that has been given a license to operate by several global authorities. Furthermore, Exness provides negative balance protection to all its clients, which implies that traders cannot suffer losses bigger than the amount they originally invested.

 

Features

FeatureInformation
📈 Account Base CurrenciesAED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR
📊 Minimum Spread0.0 pips EUR/USD

💳 Kenyan Deposits/WithdrawalsYes

⚖️ CBN RegulationNo
📊 Account TypesStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📈 LeverageUnlimited
📊 Micro Account Offered?No
📈 Trading ToolsAnalytical tools, Trading calculators, currency converter, tick history, economic calendar
💻 Educational MaterialNone

👥 Kenyan-Based Customer SupportNo

 

Pros and Cons

✔️ Pros❌ Cons
Exness has a global presence and has authorization and regulation with market regulators around the globeThere is a limited selection of tradable instruments and only a few asset classes
Exness offers instant withdrawals and depositsThere are only a few funding options offered
Kenyan traders have a choice between several dynamic account types
Client fund safety is guaranteed and there is investor protection offered
Exness offers 24/7 customer support that is both prompt and helpful
There are tight and variable spreads offered with competitive commissions

5. Fidelity Investments

Overall Rating

Min Deposit

$0 / 0 KES

Regulators

SEC, FINRA

Trading Desk

TraderPro

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Fidelity Investments is one of the best options for Kenyans because of the many resources it offers to investors. Furthermore, due to its enormous collection of instructional resources, Fidelity is an excellent choice for both seasoned traders and beginner investors.

 

👉 Because of its unique characteristics, Fidelity Investments is one of the best online brokers. Downloadable Stock and options traders may use Active Trader Pro to access Fidelity’s broad screeners, third-party research resources, and portfolio analysis tools.

 

Features

FeatureInformation
⚖️ RegulationFINRA, SEC
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• Instagram
• YouTube
• Reddit
💻 Trading AccountsBrokerage Account, Cash Management Account, Brokerage and Cash Management, The Fidelity Account for Businesses, Fidelity Go, Fidelity Personalized Planning and Advice, Portfolio Advisory Services Accounts, Fidelity Tax-Managed US Equity Index Strategy, Fidelity Equity-Income Strategy, Fidelity International Equity Strategy, Fidelity Tax-Managed International Equity Index Strategy, Fidelity US Large-Cap Equity Strategy, Fidelity Core Bond Strategy, Fidelity Intermediate Municipal Strategy, Breckinridge Intermediate Municipal Strategy
📊 Trading PlatformActive Trader Pro, Fidelity Mobile
💰 Minimum Deposit110 KES or an equivalent to $1
✅ Trading AssetsShares, Commodities, Exchange-Traded Funds (ETFs), Mutual Funds, Investment Funds, Options, Futures, Bonds, Annuities, Fractional Shares, CDs, Fixed Income, IRAs and Retirement, Initial Public Offerings (IPOs)
✔️ Kenyan KES-based Account?No
💰 KES Deposits Allowed?No
💵 Kenyan shilling Deposits Allowed?No, only USD, GBP, EUR, and AUD
✔️ KES Deposits Allowed?No
📉 Minimum spreadNone
✔️ Demo AccountYes
☪️ Islamic AccountNo

 

Pros and Cons

✔️ Pros❌ Cons
Fidelity Investments is well-regulated and has a good trust scoreMetaTrader platforms are not supported
Member of the FDIC and the Securities Investor Protection Corporation (SIPC)
There is no Forex, CFD, or crypto trading offered
There is a wide range of investment options offered across several financial marketsThere are limited funding options
There are several account types to choose from, each suiting different investors and tradersThe account opening process can be time-consuming
There are many advanced trading tools offered on the website, trading platform, and mobile appTo get the best account benefits, traders must make larger deposits
Powerful proprietary trading platform offeredManagement fees and a contract fee applied
Competitive trading conditions for cost-effective trading and investing
Offers advanced research options and some educational material

6. JustMarkets

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

FSA, CySec

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 JustMarkets, previously known as JustForex, is a broker dealing in many assets. The JustMarkets Cent Account is perfect for new traders, with a minimum deposit of only USD 1, and spreads as low as 1.00 pips (EUR/USD) on the MetaTrader 4 and MetaTrader 5 trading platforms.

 

👉 When compared to other brokers, JustMarkets’ trading fees are standard. Standard Accounts have greater recurring fees than some other brokers, but their required initial deposits are far lower.

 

👉 While the initial deposit requirements for Pro Accounts are greater than those for novices, the continuing trading charges are lower than normal.

 

Features

FeatureValue
💸 Minimum Deposit120 KES / 1 USD
💵 Maximum DepositNone
💻 Account Base CurrenciesUSD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, ZAR
📈 Max Leverage Ratio1:3000
✔️ KES Deposits Allowed?Yes
✅ Offers a KES-denominated Account?No
📉 Negative Balance Protection?Yes
📞 Margin Call40%
🛑 Stop-Out20%
📊 Minimum Trade Size0.01 lots (1,000 units of the base currency)

 

Pros and Cons

✔️ Pros❌ Cons
JustMarkets offers a huge range of deposit methods and withdrawal options including bank wire transfers, bank transfers, Skrill, Neteller, and moreThere is a limited choice of trading instruments
Demo trading and Islamic Swap-Free Accounts are offeredInactivity Fees may apply after following several days of dormancy
JustMarkets offers mobile trading through powerful mobile trading appsThe broker does not have regulation through a reputable and trusted regulatory body
JustMarkets offers competitive cryptocurrency spreads across crypto pairs including Bitcoin, Ethereum, and others
JustMarkets’ non-trading fees are reasonable
The broker offers a risk warning, training webinars, an array of articles and education for inexperienced traders
There is a wide choice between different types of accounts and excellent trading conditions
One-click trading is offered in addition to insights to help Kenyan traders make better trading decisions
Real-time market analysis is offered alongside analysis tools and several other additional tools
Client funds are kept in segregated bank accounts
There are several research and resources that can help traders make improved independent investment decisions
JustMarkets’ account-opening process is quick and easy
JustMarkets offers several innovative features including a range of services
There are several trading account currencies to choose from
There is no fee for withdrawals

7. 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

👉 SuperForex was created in 2013 to normalize the use of foreign money in everyday life. The company originated in Belize but now has offices worldwide and is a broker.

 

👉 SuperForex provides its customers with the MetaTrader 4 (MT4) trading platform, which may be used locally on desktop computers or online using any modern web browser. In addition, there is excellent video training available to help you make the most of your time trading using MT4.

 

👉 Kenyans should know that ECN accounts are more competitive due to direct market execution and changeable spreads starting at 0.0 pips EUR/USD.

 

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 and Cons

✔️ 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

8. Admirals

Overall Rating

Min Deposit

110 KES equivalent to $1

Regulators

FCA, ASIC, CySEC, EFSA, JSC

Trading Desk

• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App

Crypto

Yes

Total Pairs

35 Forex Currency Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Admirals has been operating since 2001 and is a reputable broker that offers access to several platforms, including MT4, MT5, and MetaTrader Supreme. Kenyans can trade various instruments across forex, commodities, indices, metals, and more.

 

👉 Several financial watchdogs regulate admirals worldwide because of their worldwide presence. In addition, Admirals provides unrivalled forex and CFD trading service backed by over two decades of industry expertise.

 

👉 Admirals makes no compromises when it comes to the instructional information it offers to its subscribers. Admirals also provides various analytical tools to its users, including Trading Central, Market Heat Maps, and Volatility Protection.

 

Features

Account FeatureValue
💰 Minimum Deposit28,000 KES or an equivalent to $250
💵 Account Base CurrencyEUR, USD, GBP, CHF, BGN, CZK, HRK, HUF, PLN, RON
📊 Range of Markets Offered• Currencies – 40
• Metal CFDs – 5
• Energy CFDs – 3
• Agriculture CFDs – 7
• Index Futures CFDs – 24
• Commodity Futures – 11
• Cash Index CFDs – 19
• Stock CFDs – over 3,350
• ETF CFDs – over 300
Bonds CFDs – 2
📈 Leverage on ForexRetail leverage from 1:20 to 1:30, professional up to 1:500
📈 Leverage on IndicesRetail leverage from 1:10 up to 1:20, professional up to 1:500
💻 Average SpreadFrom 0.5 pips on major pairs
💸 Commissions charged on trades• $0.02 per share on individual shares and ETF CFDs
• Zero commissions on other tradable instrument
✔️ Tick Size on Forex0.00001
📊 Trade Execution TypeMarket
📉 Minimum Position Size0.01 lots
📈 Maximum Position Size100 standard lots
📊 Maximum Open and Pending Orders500 standard lots
🛑 Stop-Out Level50%
📊 Negative Balance Protection offered?Yes
☪️ Islamic Account offered?Yes
✔️ One-Click TradingYes
💰 Volatility ProtectionYes
📊 Market DepthYes
🗞 Market NewsYes
📊 Market AnalysisYes
🗓 Economic CalendarYes
✔️ Access to Trading Central?Yes

 

Pros and Cons

✔️ Pros❌ Cons
Admirals is extremely well-regulated across the globeAn inactivity fee is charged, and currency conversion fees may apply for deposits made in KES
A commission-free trading account is providedThere are withdrawal fees charged
There are several asset classes to choose fromThere are additional admin fees applied to the Islamic account
Admirals is one of a few brokers who offer MetaTrader SupremeOnly one account type can be converted into an Islamic account
There are premium analytics and a plethora of educational materials and resources
Admirals offers a choice between 6 retail trading accounts
Admirals is known for its competitive trading conditions and safe trading environment
Admirals welcomes Kenyan traders despite their trading styles or experience

9. HFM

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 HFM is a multi-asset Forex broker that has been in business since 2010 and provides Forex and Commodities trading. HFM has a great reputation in the Kenyan Forex trading community, and the CMA and other agencies strictly regulate it.

 

👉 HFM provides four account types, more than most other brokers. The Micro Account’s minimal minimum deposit of 610 KES makes it suited for novices. At the same time, the Zero Spread Account is designed for more experienced traders.

 

Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
⚖️ CBN Regulation?No
📊 Trading AccountsMT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit (₦)2,000 Kenyan Naira equivalent to $5
💰 Trading AssetsForex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
🔎 Kenyan Naira-based Account?No
💳 NGN Deposits Allowed?No
💰 Bonuses for Kenyan traders?Yes
📈 Minimum spread0.0 pips EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedYes

 

Pros and Cons

✔️ Pros❌ Cons
Well-regulated in several global regionsThere are no variable spread accounts
Offers some of the lowest spreads in the forex market on major currency pairsThere is a limited selection of funding options and withdrawal methods.
There are several account types to choose from
HotForex accommodates all types of traders despite their trading strategies
Low minimum deposit requirement
Beginner traders and professional investors are both welcome
Educational tools, advanced trading tools, and several other comprehensive solutions are offered
There is a comprehensive market analysis offered
Technical analysis and fundamental analysis offered

10. OANDA

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 OANDA was launched in 1996, created by Dr. Olsen and Dr. Stumm as a platform that manages everything surrounding currency exchange. OANDA offers a choice between trading accounts with the benefit that an initial deposit is not required.

 

👉 OANDA is regulated globally and is a safe broker for Kenyans based on its strict regulation in the US. In addition, OANDA offers several financial markets that can be traded using powerful platforms such as MT4, MT5, and the OANDA platform.

 

👉 OANDA provides its clients access to a plethora of tools and resources, from Dow Jones Select News, calculators, FxTrade, TradingView, and more. In addition, traders can also expect access to educational resources, data analytics, and real-time news.

 

Features

Account FeatureValue
✔️ Full Account Verification Needed?No, not for account deposits under 3,753,090 NGN
📈 Average SpreadsVariable, from 1 pip
🔎Commissions (Per 1 mil traded)None
📈 Maximum Leverage1:200
✴️ Minimum lot size0.01 lots
📊 Instruments81
🔎Stop-Out50%
🌐 One-Click Trading offered?Yes
📈 Strategies allowedAll
📊 Base Account CurrencyUSD, EUR, HKD, SGD

 

Pros and Cons

✔️ Pros❌ Cons
There is a choice between different account typesThere is an inactivity fee that is applied
OANDA is well-regulated in several regions around the globeThere is no KES-denominated account offered to Kenyan traders
There are advanced trading tools that are offeredThere are no local deposit or withdrawal methods for Kenyan traders
There is no specific minimum deposit required
There are trading guides offered to beginners
There are trusted funding methods offered
The spreads offered by OANDA are competitive
There is a range of educational materials and advanced trading tools
There are flexible and powerful trading platforms offered

How to Choose the Right Forex Broker in Kenya

How to Choose the Right Forex Broker in Kenya

👉 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 Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 trading platform broker in Kenya

Overall Rating

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 MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.

 

👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.

 

Best MetaTrader 5 / MT5 Forex Platform broker in Kenya

Overall Rating

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

👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.

 

Best Forex platform for beginners 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 trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.

 

👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.

 

Best Minimum Deposit Forex platform 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

Welcome Bonus

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.

 

Best ECN Forex platform in Kenya

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.

 

👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.

 

Best Islamic / Swap-Free Forex platform in Kenya

Overall Rating

Min Deposit

USD 100 / 11660 KES

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.

 

Best trading platform Forex Trading App in Kenya

Overall Rating

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 has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.

 

👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.

 

Best Lowest Spread Forex platform in Kenya

Overall Rating

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 Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.

 

Best Nasdaq 100 Forex platform in Kenya

Overall Rating

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 Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.

 

👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.

 

Best Volatility 75 / VIX 75 Forex platform in Kenya

Overall Rating

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

👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.

 

Best NDD Forex platform 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 NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.

 

Best STP Forex platform in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.

 

Best sign up bonus trading platform in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

63

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.

Conclusion

👉 Kenyans are given access to several forex brokers that accommodate all types of traders and allow low minimum deposits from 120 KES / 1 USD. However, while this opens the doors to forex trading for many traders, Kenyans must consider that they must fulfil margin requirements to start trading.

 

👉 The margin requirement will depend on the broker, instrument, account, and other factors. It serves as collateral when Kenyans use leverage to open larger positions despite their minimum initial investment.

FAQ

What does a “minimum deposit” mean in forex?

A minimum deposit refers to the money you must deposit into the trading account that will allow you to open a trading position, pay trading fees, and cover any losses you might incur.

 

How do I deposit money to start trading forex in Kenya?

Your broker will provide a range of deposit payment options such as credit card, debit card, Neteller, Skrill, M-Pesa, and others. You can log into your trading account, select the option to deposit, complete the details, and confirm the deposit.

 

What is the minimum deposit for forex trading in Kenya?

Several brokers in Kenya will allow you to start trading with a 120 KES / 1 USD minimum deposit when you apply high leverage ratios to open a position and cover the margin requirement.

 

Is there a monthly fee for forex trading in Kenya?

Some brokers might charge inactivity, administrative, or account management fees.

 

Can I trade forex in Kenya without a minimum deposit?

Several forex brokers in Kenya allow you to open an account without a minimum deposit. In addition, a few even provide a no-deposit bonus that gives you trading credit to participate in live trading.

10/10 - (1 vote)

Table of Contents