Top 8 Locally Based Brokers
7 Best NDD Forex Brokers in Kenya
The 7 Best NDD Forex Brokers for Kenyan Traders were revealed. We tested and verified the best NDD Forex Brokers for Kenyan Traders.
This is a complete list of forex brokers with NDD Forex Brokers in Kenya.
In this in-depth guide you’ll learn:
- What are the No Dealing Desk (NDD) brokers?
- Why traders in Kenya should sign up with an NDD broker?
- Who is the best forex broker with a Kenyan Shilling trading account?
- Which NDD brokers have local offices in Kenya
- Which is the #1 Best low bandwidth trading app for Kenyans?
- How to choose a forex broker – Compare them side by side by minimum deposit, KES-based accounts, and much more.
- Which brokers offer a low minimum deposit of $5 (583 KES) to Kenyan Traders?
- Which traders offer a sign-up bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best-tested NDD forex brokers for Kenyans…
Let’s dive right in…
- Louis Schoeman
Best NDD Forex Brokers in Kenya (Updated 2023)
| 🥇 Broker | ✔️ NDD Broker? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. HF Markets | Yes | 5 USD (580 KES) | Yes | 👉 Open Account |
| 2. AvaTrade | Yes | $100 (11 635 KES) | Yes | 👉 Open Account |
| 3. Exness | Yes | 1 USD (116 KES) | Yes | 👉 Open Account |
| 4. Pepperstone | Yes | 150 USD (17 506 KES) | Yes | 👉 Open Account |
| 5. FP Markets | Yes | 80 USD (8700 KES) | Yes | 👉 Open Account |
| 6. BD Swiss | Yes | 100 USD (11 668 KES) | Yes | 👉 Open Account |
| 7. Axiory | Yes | $10 (1 167 KES) | Yes | 👉 Open Account |
7 Best NDD Forex Brokers in Kenya (Updated 2023)
- HF Markets – Overall, Best NDD Broker in Kenya
- AvaTrade – Top Volatility75/VIX75 Forex Broker
- Exness – User-Friendly NDD MetaTrader4/MT4 Broker
- Pepperstone – Verified ECN Forex Broker in Kenya
- FP Markets – Best NDD Minimum Deposit Forex Broker
- BD Swiss – Top Beginner Forex Broker in Kenya
- Axiory – Best NDD MetaTrader5/MT5 Forex Broker
What are NDD forex brokers?
👉 NDD forex brokers describe a trading platform offered by a forex broker that provides unfiltered access to interbank market rates of exchange. Customers of NDD brokers trade directly with interbank rates. Having direct access to interbank rates could be beneficial to traders and gives the trader the peace of mind that their broker is not conflicted by their trades in any way.
1. HF Markets
Overall Rating
- 4.8/5
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HF Markets, formerly HotForex, is a low-risk NDD 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 Kenyan Capital Markets Authority (CMA), which recently gave HFM Investments Limited, a subsidiary of the brokerage firm, a license.
👉 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.
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
🥇 HotForex has a trust score of 83% and a Kenyan market share of 2.5%.
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 founded in 2006 as a global NDD CFD and FX broker. Dublin is the company’s administrative headquarters, but it also maintains sales offices in Paris, Milan, Sydney, Tokyo, Madrid, Mongolia, Beijing, Kenya, Santiago, and Johannesburg.
👉 Financial regulators in Europe, the British Virgin Islands, Australia, Japan, and South Africa supervise AvaTrade. The company’s AvaTradeGO app may be utilized anytime, anywhere, and offers an easy-to-use design and additional capabilities for traders to employ to fulfill their own criteria.
👉 AvaTrade’s customer-centric approach and solid financial backing distinguish it as a standout service in the risky realm of internet trading. The company’s diverse platform and service offerings, as well as its 24-hour, multilingual helplines, enable every level of the trader to perform at their best. Forex, equities, commodities, indices, and more trading choices are available at AvaTrade.
👉 AvaTrade is a trusted and highly recommended broker for Kenyan traders who want to trade on the global financial markets, despite the fact that the Capital Markets Authority (CMA) in Kenya has not licensed or regulated the broker and the broker does not have a local office in Nairobi.
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. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 1156 KES
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Exness is a low-risk NDD CFD and Forex broker that is regulated and authorized by several authorities.
👉 Exness now offers over 200 financial products, a variety of retail account types, and a plethora of information to traders. Exness is one of Kenya’s most popular brokers, despite the fact that it is not yet regulated by the Capital Markets Authority (CMA).
👉 The website of the Exness Group is available in 18 languages, and customer service is offered in 13 languages. Seven days a week, 24 hours a day.
👉 Furthermore, customers have access to leverage, which can significantly reduce margin requirements and allow for more flexible trading strategy management. Exness also offers traders the ability to withdraw cash instantly through a variety of electronic payment channels, giving them complete control over their funds.
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%.
4. Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 1156 KES
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 Founded in 2010, Pepperstone Markets is a prominent NDD CFD, and forex broker based in Kenya while the Pepperstone group is based in Australia.
👉 Pepperstone Markets is a multi-location broker that adheres to tight rules with offices based around the world, including in Nairobi, Kenya. In Kenya, the Capital Markets Authority (CMA). has granted Pepperstone Markets Kenya Limited a license to operate.
👉 Pepperstone is noted for its outstanding customer service and wide range of third-party platforms. The research offers are above average for the business, but the small number of tradeable things is a minor flaw.
👉 Pepperstone Markets can fill multiple orders at once, allowing them to send larger orders into a liquidity aggregator on various tiers. Client orders are filled without requotes, with the possibility of positive or negative slippage, and without broker intervention on a “market execution” basis.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💰 Minimum Deposit | 150 USD |
| ✅ Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | No |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone caters for traders of all trading experience or style | Leverage restrictions apply |
| Pepperstone is a multi-regulated and multi-award-winning broker | Additional fees applied to the Islamic account |
| Pepperstone ensures client fund security by keeping it in segregated accounts | |
| Pepperstone accepts Kenyan traders and provides enough educational material for beginners | |
| Demo account and Islamic account offered | |
| Several funding options offered | |
| No deposit fees and withdrawal fees charged |
Trust Score and Kenyan Market Share
🥇 Pepperstone has a very high trust score of 92% and a market share of <5% in Kenya.
5. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FP Markets excels as a MetaTrader platform-based broker when it comes to low-cost NDD Forex and CFD trading. On the trading platform suite, there are over 8,000 items available for trading, and with MetaTrader, FP Markets is one of the most cost-effective brokers available to traders all over the world.
👉 The Capital Markets Authority (CMA) in Kenya does not regulate FP Markets, but the ASIC and CySEC do, allowing the broker to provide cross-border services all over the world.
👉 VPS hosting for automated trading solutions, copy trading via the MT4 Myfxbook service, and retail account management via the MT4 MAM/PAMM module are just a few of the value-added services offered by FP Markets.
👉 The most recent development of FP Markets’ in-house social trading service exposed the company to a surge in demand from retail traders for this type of trading. Investing in social trading shows savvy management and a broker that is always striving to deliver the best services to its clients.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📊 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💰 Minimum Deposit | 8700 KES or 80 USD |
| ✅ Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| ✔️ Kenyan Shilling-Based Account | No |
| 💵 KES Deposits Allowed? | No |
| 💳 Bonuses for Kenyan traders? | No |
| 📉 Minimum spread | 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker | Administration fees charged on the Islamic Account |
| A dedicated Islamic account option are offered to Muslim traders | No fixed spread accounts offered |
| A wide range of markets can be traded across asset classes | Withdrawal fees charged |
| Powerful trading platforms for several devices are provided | |
| Kenyan traders receive an ECN pricing model with raw and tight spreads | |
| Fast trade execution through Equinix servers is guaranteed | |
| Copy-trading and automatic trading is offered | |
| Commission-free trading is possible | |
| No inactivity fees charged on dormant accounts |
Trust Score and Kenyan Market Share
🥇 FP Markets has a high trust score of 81% and a market share of <5% in Kenya.
6. BD Swiss
Overall Rating
- 4.7/5
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
Overview
👉 BDSwiss is considered to be a low-risk company, as evidenced by its overall Trust Score of 83%.
👉 There are four types of retail trading accounts offered by BDSwiss, including a Classic Account, Premium Account, VIP Account, and a RAW Trading Account.
👉 BDSwiss has established itself as a respectable and well-regulated broker with a significant international clientele since its founding in 2012. Forex, commodities, equities, indices, and several cryptocurrencies are all available for trading, which is significantly more than most other brokers.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSC, BaFIN, FSA |
| 📱 Social Media Platforms | • Facebook • YouTube • Blog • Telegram |
| 💻 Trading Accounts | • Classic Account • Premium Account • VIP Account • RAW Account |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • BDSwiss Mobile • BDSwiss Web • cTrader |
| 💰 Minimum Deposit | $100 |
| ✅ Trading Assets | • Forex • Commodities • Shares • Indices • Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💰 KES Deposits Allowed? | No, only USD, GBP, EUR |
| 📉 Minimum spread | From 0.3 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| BDSwiss is well-regulated and offers services to countries worldwide | There are withdrawal fees charged |
| BDSwiss provides CTrader as multi-asset third-party trading platform for Forex and CFD trading. | The BDSwiss trading platform is not offered as a desktop application |
| Traders can choose from over 250 financial instruments that can be traded using powerful trading platforms | |
| BDSwiss offers MetaTrader and its own proprietary trading platforms on Web and Mobile devices | |
| BDSwiss has won several awards since its inception, proving that it is a reputable and reliable trading provider | |
| Demo accounts and Islamic accounts are offered | |
| BDSwiss caters for both beginner and professional traders |
Trust Score and Kenyan Market Share
🥇 Trust Score of BDSwiss is 83%.
7. Axiory
Overall Rating
- 4.8/5
Min Deposit
10 USD / 1156 KES
Regulators
IFSC, MFSC and FSC
Trading Desk
MetaTrader4, MetaTrader5, CopyTrade and cTrader
Crypto
No
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Axiory was founded in 2011 by experienced fund managers and has grown rapidly with technology at the heart of the brand.
👉 Overall, Axiory is one of the best NDD STP and ECN brokers. 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.
👉 Axiory employs the Straight-through Processing (STP) and Electronic Communication Network (ECN) broker models. Client orders are routed directly to the interbank liquidity pool, where they are executed at the best rates and speeds available.
👉 Axiory is not regulated or authorized by Kenya’s Capital Markets Authority (CMA), but the broker is a trusted and reputable trading provider.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSC Belize, FSC Mauritius, FCA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | • Nano Account • Standard Account • Max Account • Tera Account • Alpha Account |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • cTrader • Axiory CopyTrade |
| 💰 Minimum Deposit | $10 (1 167 KES) |
| ✅ Trading Assets | • Forex • Gold and Precious • Metals • Oil and Energies • CFD Indices • CFD Stocks • Exchange Stocks • Exchange ETFs |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.13 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Axiory is multi-regulated and offers investor protection through the Financial Commissios | Kenyan traders are not given the benefit of local deposit and withdrawal options |
| Client Funds are kept in segregated with top financial institutions | The Kenyan shilling is not a base currency option for a trading account |
| Traders can choose between dynamic and flexible trading accounts | Holding commissions are applied to the Islamic account |
| Traders can choose between robust and reliable trading platforms | Cryptocurrencies cannot be traded through Axiory |
| Both an Islamic account and a practice trading account available | |
| Traders can use AutoChartist and a few other helpful tools | |
| Kenyan traders can use several trading strategies | |
| Axiory offers competitive trading conditions across all account types and financial markets |
Trust Score and Kenyan Market Share
🥇 Axiory has a trust score of 90%.
How to choose an NDD 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 NDD Forex Brokers in Kenya
👉 In this article, we have listed the best Forex brokers which offer NDD forex brokers to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.
Best NDD MetaTrader 4 / MT4 Forex Broker in Kenya
👉 Overall, Exness is the best NDD 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 NDD MetaTrader 5 / MT5 Forex Broker in Kenya
👉 Overall, Axiory is the best NDD 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 NDD forex broker for beginners in Kenya
👉 Overall, Tickmill is the best NDD 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 NDD Minimum Deposit Forex Broker in Kenya
👉 Overall, HF Markets is the best NDD 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 NDD ECN Forex Broker in Kenya
👉 Overall, Pepperstone is the best NDD ECN forex broker in Kenya. Pepperstone is also known for exceptional client service, research offerings, and an extensive selection of platforms.
Best NDD Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, CM Trading is the best NDD 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 NDD Forex Trading App in Kenya
👉 Overall, Trade Nation is the best NDD 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 NDD Lowest Spread Forex Broker in Kenya
👉 Overall, FBS is the best NDD 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 NDD Nasdaq 100 Forex Broker in Kenya
👉 Overall, XM is the best NDD Nasdaq 100 forex broker in Kenya. XM also offers tight security, excellent customer service, account financing, and low fees.
Best NDD Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, AvaTrade is the best NDD Volatility 75 / VIX 75 forex broker in Kenya. AvaTrade is worldwide regulated by financial watchdog authorities and is lauded as CFD and FX broker.
👉 It offers an optimal trading environment for every level of a trader with 24-hour multilingual support desks. AvaTrade’s broad capacity includes a full spectrum of trading instruments including Forex, stocks, commodities, and indices.
Best NDD STP Forex Broker in Kenya
👉 Overall, OctaFX is the best NDD 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 NDD sign up bonus Broker in Kenya
👉 Overall, Oanda is the best NDD forex broker 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 NDD forex brokers work
👉 NDD brokers provide Straight-Through Processing (STP) execution of forex trades. Forex brokers who use this system collaborate with market liquidity providers directly.
👉 When trading through an NDD, an investor is dealing with multiple liquidity providers rather than just one to obtain the most competitive bid and ask prices. An investor who uses this method has access to rates that are immediately executable. To make it work, they may employ electronic communication network (ECN) methods.
👉 The consequences of dealing directly with the interbank market are twofold: the size of currency rate spreads and the amount of extra cost to execute a trade. Traders using an NDD broker are directly exposed to the exact spread available to retail customers on the interbank market.
👉 NDD brokers may offer wider spreads depending on the currency pair being traded and the dealing-desk broker being compared. That means the cost of making a trade is higher (since retail traders must give up the value of the spread with each round-trip trade).
👉 An NDD broker may also charge an exchange fee or a commission. Because they pass the spread directly to the customer, they must charge fees in some other way or risk losing money on their services.
👉 An NDD broker differs from market-making brokers, who attempt to act as a middleman between customers and the interbank market in order to make trades (theoretically) faster and more efficient.
👉 To do so, they accept the risk that they will be able to anticipate market changes well enough to protect against market risk.
👉 Trading with an NDD broker may become more expensive in these two ways over time when compared to dealing-desk brokers.
Advantages of NDD forex brokers
👉 NDD forex brokers offer several advantages. These advantages include:
➡️ Traders are exposed directly to the exact spread available on the interbank market.
➡️ Traders deal with numerous providers to get the most competitive bid and ask prices.
➡️ A trader using this method has access to instantly executable rates.
➡️ NDD brokers offer an extra layer of privacy.
➡️ NDD accounts are more reliable when the market is extremely volatile.
Disadvantages of NDD forex brokers
👉 NDD forex brokers also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:
➡️ An NDD broker may charge an exchange fee or a commission. Because they are passing the spread directly through to the customer, they have to charge fees some other way to make money for their services.
➡️ Trading with an NDD broker may become more expensive over time in comparison to dealing-desk brokers.
Conclusion
👉 Overall, NDD Brokers do not forward their clients’ orders to a market maker or liquidity provider. Their primary function is to connect two counterparties through the use of a straight-through-processing (STP) system or an Electronic Communications Network (ECN). Trading with an NDD broker assures the trader that their broker has no conflict of interest with their trades.
FAQ
What does NDD stand for?
NDD stands for “No Dealing Desk”.
What is an NDD broker?
NDD brokers let customers trade directly with interbank rates.
What is the difference between No Dealing Desk and Dealing Desk brokers?
Dealing desk brokers are also known as market makers because they make money through spreads and provide liquidity to their clients by taking the opposite side of their trades.
NDD brokers don’t pass their clients’ orders to a market maker or liquidity provider but rather link two counterparties together through a straight-through-processing (STP) system or an Electronic Communications Network (ECN).
How do NDD brokers make their money?
An NDD broker often charges an exchange fee or a commission to make money for their services.
Is it better to deal with an NDD broker?
Dealing with an NDD broker does have advantages, such as traders being exposed directly to the exact spread available on the interbank market and extra layers of privacy provided.
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.
