Top 8 Locally Based Brokers
10 Best Stock Brokers in Kenya
The 10 Stock Brokers for Kenyans revealed. We tested the best stock brokers for Kenyan Traders.
This is a complete guide to stock brokers in Kenya.
In this in-depth guide you’ll learn:
- What is a Stock Broker?
- Best stock brokers Kenya
- Which stock brokers offer the best trading platforms for Kenyan traders?
- Which stock brokers accepts M-PESA?
- How to compare the best stock brokers against each other.
- Which stock brokers are best for beginner Kenayn Traders?
- Which brokers offer a sign-up bonus for first-time traders in Kenya?
- Which stock 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 stock brokers…
Let’s dive right in…
- Louis Schoeman
10 Best Stock Brokers in Kenya (Updated 2023)
- ✅ What is a Stock?
- ✅ What is a Stock Broker?
- ✅ What differentiates a Stock from a Share?
- Overview of the Nairobi Securities Exchange (NSE)
- How to start trading stocks on the NSE in Kenya
- A Comprehensive Overview of the Best Stock Brokers in Kenya in 202
- How to choose the best trading platform in Kenya
- A Comprehensive Overview of the Best Stock Brokers in Kenya in 2023
- How to choose the right Stock Broker in Kenya
- The Best International Stock Brokers in Kenya
What is a Stock?
👉 A share of stock is a type of ownership in a corporation. The term “share” refers to the fractional ownership stake in a corporation that is acquired while investing in its stock.
👉 Investors purchase stock in a firm with the hope that its value will increase. If that occurs, the stock price of the firm will rise. In this way, the stock may be sold for a profit.
👉 When an individual or group has shares in a corporation, they are referred to as shareholders. The Nairobi Securities Exchange is an example of a stock market exchange where publicly traded corporations may sell their shares of stock to the public.
👉 Companies in Kenya may use stock offerings to increase capital for business expansion, debt repayment, and product development. Stocks provide a method for money to increase over time and exceed inflation, which is a goal of many investors.
👉 As a shareholder, you can profit from an increase in the stock price, receive dividend payments from the firm if it has a positive earnings outlook, and cast a vote at shareholder meetings. Stock brokers facilitate the buying and selling of shares for investors.
👉 The price of a stock is determined by the market’s supply and demand for that stock, which is monitored constantly.
What is a Stock Broker?
👉 For those who do not know, a stockbroker is an individual who has the necessary license to trade on behalf of their clients.
👉 One might choose between full-service and discount stock brokers. The former provides a broad variety of financial products and services, including stocks, bonds, annuities, and insurance.
👉 In addition, the Capital Markets Authority issues licenses to prospective stockbrokers in Kenya (CMA). Established in 1989 under the Capital Markets Act, the Capital Markets Authority is a legislative agency with regulatory powers.
👉 The authority is responsible for overseeing all Kenyan financial institutions that are not banks. In the stock market, a stockbroker operates as a go-between for purchasers and sellers. They oversee fulfilling customers’ purchase and sell requests.
👉 Any decent Kenyan Stock Broker must:
➡️ Advise stock traders and investors on the best stocks to purchase
➡️ Assist clients in analysing stock performance
➡️ Help clients understand the stock market and the Nairobi Securities Exchange (NSE)
➡️ Offer good customer service
➡️ Be registered with and licensed by the Capital Markets Authority (CMA) in Kenya
What differentiates a Stock from a Share?
👉 The word “stocks” is more often used than the other. Quite often, it is used to refer to a fractional share of the ownership of a corporation. When used in everyday speech, however, the term “shares” refers to a more concrete concept.
👉 As a noun, it usually denotes who owns a corporation. Understandably, some might answer with a question like “shares in which company?” when someone claims they “own shares.”
👉 Investor Y tells Broker Z to purchase him 100 shares of XYZ Inc. When he suggested, “purchase 100 stocks,” he meant to invest in a wide variety of businesses.
Stocks
👉 Stocks are frequently used interchangeably with firms by financial experts. This only applies to publicly-listed businesses. They might be talking about stocks in the energy sector, the value sector, the small or enormous size market, the food industry, blue-chip companies, and so on.
👉 Not the stocks themselves, but the companies who issued them are being classified here. Therefore, common stock is usually meant when discussing a company’s shares. Most stock investments are made in what is called “common stock,” which symbolizes ownership in a company.
👉 Typically, when discussing stocks, common stock is what is meant. This is the most common kind of stock issued. Common shares are a claim on the company’s income (dividends) and a right to vote in company elections.
👉 In most cases, shareholders get one vote per share in the election of directors who supervise the company’s management and the company’s main decisions. Therefore, stockholders, in contrast to preferred shareholders, may influence business policies and management.
Shares
👉 The lowest unit of equity in any corporation is called a “share.” Therefore, shares are the correct term to use when dividing up stock and referring to certain qualities. It is important to note that a firm might have many classes of stock, including common and preferred.
👉 They are valued differently and come with a separate set of rights and advantages. In the case of a corporation, common shareholders have a voice in matters such as management changes and shareholder proposals.
👉 If a corporation goes bankrupt, preferred shareholders are compensated before common shareholders. If dividends are announced, the preferred class of shares will always be paid before the common shares.
👉 Companies typically issue shares of stock in two basic categories, common and preferred, but they may also create their own stock classes to meet the specific requirements of individual investors. Class “A” shares have fewer voting rights than class “B” shares, and so on down the line.
👉 Those who own a certain class of shares, for instance, may be entitled to five votes per share, while those who hold the bulk of the stock would be entitled to just one vote.
Overview of the Nairobi Securities Exchange (NSE)
👉 Originally incorporated as the Nairobi Stock Exchange, the Nairobi Securities Exchange (NSE) is Kenya’s main stock exchange and the capital city’s main financial centre. It was an unofficial group of European stockbrokers in British Kenya that had formed according to the Societies Act.
👉 To modernize and expand its capabilities, NSE decided to go public to raise funds. When combined, the many components of stock exchanges may have a profound effect on an economy.
👉 Three distinct market segments were established on the NSE in 2001, each based on the kind of endeavour being pursued or the type of resource being traded.
👉 The Growth Enterprises Market Segment (GEMS), established in 2013, provides small and medium-sized enterprises (SMEs) with entry into the capital business sectors and facilitates the expansion of existing businesses. The four parts of NSE be broken down into the following:
➡️ Main Investment Market Segment or MIMS
➡️ Alternative Investment Market Segment or AIMS
➡️ Fixed Income Securities Market Segment or FISMS
➡️ Growth Enterprises Market Segment or GEMS
👉 In addition, Kenyans must familiarize themselves with the functions of the NSE, which are as follows:
➡️ Raise Capital for Local Organizations
➡️ Mobilize Investment Funding that originates from Reserve Funds
➡️ Control the management of Organizations in Kenya
➡️ Create vast amounts of opportunities for small investors
➡️ Help the Kenyan government raise capital that can be used in development projects
➡️ It serves as a barometer of the overall Kenyan economy
How to start trading stocks on the NSE in Kenya
👉 The Nairobi Securities Exchange (NSE) is the most active in East Africa, listing around sixty-five businesses from Kenya and one from Uganda.
👉 To profit at the NSE, one of two strategies can be used by Kenyan investors. The first kind of transaction includes the sale of stocks at a premium to the purchase price, whereas the second type of transaction involves the distribution of dividends to shareholders.
👉 To start trading stocks on the NSE in Kenya, traders and investors can follow these steps:
➡️ Carry out in-depth research on market trends, company size, profit margins, balance sheet, the performance history of the stock, and overall outlook, among several other factors.
➡️ Evaluate your needs as an investor or trader and choose a stock broker that suits those needs and your objectives.
➡️ Register a Central Deposit and Settlement Corporation (CDSC) Account and start trading.
A Comprehensive Overview of the Best Stock Brokers in Kenya in 2023
👉 The best CMA-regulated stock brokers in Kenya are:
➡️ Suntra Investment Bank Limited
➡️ KCB Capital Group
➡️ Faida Investment Bank
➡️ AIB-AXYS Africa Ltd
➡️ Genghis Capital Ltd
➡️ Dyer and Blair Investment Bank
➡️ NCBA Investment Bank
Suntra Investment Bank Limited
👉 On March 20, 1990, Suntra Investments Limited was formed. The firm was licensed as an operator of the Nairobi Securities Exchange on June 4, 1990.
👉 Since its admission to the Nairobi Stock Exchange on July 1, 1994, Suntra Investment Bank Limited has swiftly established itself as one of the country’s most rapidly expanding brokerage businesses. Suntra Investment Bank Limited offers the following unique services to Kenyans:
➡️ Fixed Income Trading
➡️ Equity Trading
➡️ Share Transfer
➡️ Financial Advisory Services
KCB Capital Group
👉 KCB Capital Group is a subsidiary of KCB Group plc, one of the largest commercial banks in Kenya. KCB Capital Limited was founded in 2013 to take advantage of the booming economies of East Africa by capitalizing on the KCB group’s pre-existing ties and trust network there.
👉 2014 was a watershed year for KCB Capital, as the firm received its investment banking license from the Capital Markets Authority and, in September, was granted trading privileges on the Nairobi Securities Exchange (NSE).
👉 KCB’s mission is to provide differentiated investment strategies and solutions to its clients and shareholders via forward-thinking leadership, outstanding operational performance, and strong alliances.
👉 KCB offers a diverse range of services, including:
➡️ Structured Finance
➡️ Mergers and acquisitions
➡️ Private Wealth Management
➡️ Equity and Debt Capital markets, and more.
ABC Bank Limited
👉 ABC Bank Limited is a registered and regulated financial services firm that has been in operation for 37 years and is overseen by the Central Bank of Kenya. ABC Bank has been in operation since 1984 and operates 12 branches across Kenya, providing services to a range of entities.
👉 ABC Bank Limited offers Kenyans Savings and Investment Accounts, Personal Current Accounts, and Money Transfer Services. In addition to buying and selling Kenyan shares, ABC Bank Limited also offers:
➡️ Spot Forex
➡️ Forward Forex Contracts
➡️ Forwards on Imports and/or Exports
➡️ Forex Swaps
➡️ Exchange Bureau Services
Standard Investment Bank
👉 The Standard Investment Bank of Kenya (SIB) is a major financial institution in the country. SIB is a Kenyan private corporation that was established in 1995 by Mr James Wangunyu.
👉 In a short amount of time, the firm was able to surpass more seasoned and long-standing stockbrokers in terms of transaction volume because of its emphasis on high-value client relationship management and honesty.
👉 Members of the financial sector who are committed to helping develop capital markets in the area make up the SIB staff. Governments, fund managers, businesses, financial institutions, high-net-worth individuals, and retail investors are all among many satisfied customers.
👉 In addition, Standard Investment Bank currently manages assets worth more than KSh. 230 million. Kenyans can register with Standard Investment Bank to get exposure to global equity markets.
👉 The equities team combine all relevant factors of trade including price, execution speed, market impact, position size, and overall costs, to provide Kenyans with the best possible trading solutions.
Faida Investment Bank
👉 The Faida Investment Bank was established in 1995, making it an early player in Kenya’s investment banking sector. As a stockbroker and dealer in securities, Faida Investment Bank has a license from the Capital Markets Authority (CMA).
👉 Online share trading, brokerage services, corporate finance advising, market and institution research, asset management, and private equity are only some of the investment banking services provided by the bank.
👉 The bank’s clientele can always rely on the bank’s strong staff of seasoned experts to be there for them.
Kingdom Securities Limited
👉 The Co-operative Bank of Kenya Limited, the country’s third-largest bank by assets, owns and operates Kingdom Securities Limited (KSL), a wholly-owned subsidiary.
👉 In January 2015, the bank started carrying out its operations as Kingdom Securities Limited, having bought a 60% controlling position in Bob Mathews (KSL).
👉 Officially opening its doors on June 11, 2009, the service is backed by a robust distribution network comprised of 140 Co-op Bank locations around the country. KSL has the CMA license number. 03/09, issued by the CMA.
👉 The services offered by Kingdom Securities Limited Include:
➡️ Transfer Immobilization
➡️ Online Share Trading through a Web-based application
➡️ Advisory Services
➡️ Brokerage services through an Online Share Trading Platform
AIB-AXYS Africa Ltd
👉 AIB Capital Limited and Apex Africa Capital Limited, both established players in the financial markets, have combined their resources to form the new company known as AIB-AXYS Africa Ltd.
👉 The business offers its customers a comprehensive selection of services, such as brokerage, asset financing, wealth management, corporate services, deposit taking, asset management, and corporate finance. Additionally, the firm manages its customers’ assets and takes deposits.
Genghis Capital Ltd
👉 Genghis Capital is an investment solutions provider that has been around since 2008 and focuses on its clients. It has licenses from both the Capital Markets Authority (CMA) as well as the Retirement Benefits Authority (RBA).
👉 Genghis Capital Ltd offers a wide range of services to Kenyans, including:
➡️ Stock Brokerage and Equities Trading on behalf of Kenyan clients. Genghis Capital Ltd also goes a step further by ensuring the fast and reliable execution of all trades. In addition, Genghis Capital Ltd also provides an innovative mobile app to ensure that traders are always connected to the market.
➡️ Fixed Income Bonds Trading
➡️ Over the Counter (OTC) Trading to facilitate the exchange of unquoted shares and their potential use.
➡️ Private Wealth
➡️ Agency Networks
Dyer and Blair Investment Bank
👉 Dyer and Blair Investment Bank was established in 1954 and it is, therefore, one of the oldest Stock Brokers based in Kenya. Dyer and Blair was one of the first members of the Nairobi Securities Exchange and has a license issued by the Capital Markets Authority (CMA).
👉 In addition, Dyer and Blair Investment Bank went on to become a founding member of the Uganda Securities Exchange, with active participation in the establishment of the Rwanda Stock Exchange in 2011.
👉 Dyer and Blair Investment Bank offers Kenyans the following comprehensive services:
➡️ Equity Trading
➡️ Fixed Income
➡️ OTC Trading of stocks and bonds
➡️ CDSC Services such as account opening, settlement of shares, immobilization of shares, and more
➡️ Derivatives trading in futures and forward contracts, options, and swaps on stocks, bonds, commodities, stock indices, and foreign currencies.
NCBA Investment Bank
👉 The NCBA Group is one of the most successful banking organizations in Kenya, and the NCBA Investment Bank is a subsidiary of the NCBA Group. NCBA is registered with and licensed by the Nairobi Securities Exchange, and it is authorized by the CMA.
👉 The NCBA provides a comprehensive selection of services, including:
➡️ The purchase and sale of equities on behalf of traders on the NSE.
➡️ Provision of guidance and in-depth research.
➡️ Licenced financial contracts in derivatives such as bonds, commodities, equities, or currencies as swaps, options, forwards, or futures.
➡️ Online share trading through the Nairobi Securities Exchange using an innovative mobile application available on iOS, Android, and Blackberry.
➡️ Research services with in-depth Daily and Weekly reports, Monthly Insights, Quarterly Strategies, and more.
➡️ The establishment of links between investors and corporate entities by arranging roadshows, conferences, and visits.
➡️ Sponsoring services to new issuers of shares on the NSE.
How to choose the best trading platform 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.
A Comprehensive Overview of the Best Stock Brokers in Kenya in 2023
👉 The best CMA-regulated stock brokers in Kenya are:
➡️ Suntra Investment Bank Limited
➡️ Faida Investment Bank
➡️ AIB-AXYS Africa Ltd
➡️ Genghis Capital Ltd
➡️ Dyer and Blair Investment Bank
➡️ NCBA Investment Bank
Suntra Investment Bank Limited
👉 On March 20, 1990, Suntra Investments Limited was formed. The firm was licensed as an operator of the Nairobi Securities Exchange on June 4, 1990.
👉 Since its admission to the Nairobi Stock Exchange on July 1, 1994, Suntra Investment Bank Limited has swiftly established itself as one of the country’s most rapidly expanding brokerage businesses. Suntra Investment Bank Limited offers the following unique services to Kenyans:
➡️ Fixed Income Trading
➡️ Equity Trading
➡️ Share Transfer
➡️ Financial Advisory Services
KCB Capital Group
👉 KCB Capital Group is a subsidiary of KCB Group plc, one of the largest commercial banks in Kenya. KCB Capital Limited was founded in 2013 to take advantage of the booming economies of East Africa by capitalizing on the KCB group’s pre-existing ties and trust network there.
👉 2014 was a watershed year for KCB Capital, as the firm received its investment banking license from the Capital Markets Authority and, in September, was granted trading privileges on the Nairobi Securities Exchange (NSE).
👉 KCB’s mission is to provide differentiated investment strategies and solutions to its clients and shareholders via forward-thinking leadership, outstanding operational performance, and strong alliances.
👉 KCB offers a diverse range of services, including:
➡️ Structured Finance
➡️ Mergers and acquisitions
➡️ Private Wealth Management
➡️ Equity and Debt Capital markets, and more.
ABC Bank Limited
👉 ABC Bank Limited is a registered and regulated financial services firm that has been in operation for 37 years and is overseen by the Central Bank of Kenya. ABC Bank has been in operation since 1984 and operates 12 branches across Kenya, providing services to a range of entities.
👉 ABC Bank Limited offers Kenyans Savings and Investment Accounts, Personal Current Accounts, and Money Transfer Services. In addition to buying and selling Kenyan shares, ABC Bank Limited also offers:
➡️ Spot Forex
➡️ Forward Forex Contracts
➡️ Forwards on Imports and/or Exports
➡️ Forex Swaps
➡️ Exchange Bureau Services
Standard Investment Bank
👉 The Standard Investment Bank of Kenya (SIB) is a major financial institution in the country. SIB is a Kenyan private corporation that was established in 1995 by Mr James Wangunyu.
👉 In a short amount of time, the firm was able to surpass more seasoned and long-standing stockbrokers in terms of transaction volume because of its emphasis on high-value client relationship management and honesty.
👉 Members of the financial sector who are committed to helping develop capital markets in the area make up the SIB staff. Governments, fund managers, businesses, financial institutions, high-net-worth individuals, and retail investors are all among many satisfied customers.
👉 In addition, Standard Investment Bank currently manages assets worth more than KSh. 230 million. Kenyans can register with Standard Investment Bank to get exposure to global equity markets.
👉 The equities team combine all relevant factors of trade including price, execution speed, market impact, position size, and overall costs, to provide Kenyans with the best possible trading solutions.
Faida Investment Bank
👉 The Faida Investment Bank was established in 1995, making it an early player in Kenya’s investment banking sector. As a stockbroker and dealer in securities, Faida Investment Bank has a license from the Capital Markets Authority (CMA).
👉 Online share trading, brokerage services, corporate finance advising, market and institution research, asset management, and private equity are only some of the investment banking services provided by the bank.
👉 The bank’s clientele can always rely on the bank’s strong staff of seasoned experts to be there for them.
Kingdom Securities Limited
👉 The Co-operative Bank of Kenya Limited, the country’s third-largest bank by assets, owns and operates Kingdom Securities Limited (KSL), a wholly-owned subsidiary.
👉 In January 2015, the bank started carrying out its operations as Kingdom Securities Limited, having bought a 60% controlling position in Bob Mathews (KSL).
👉 Officially opening its doors on June 11, 2009, the service is backed by a robust distribution network comprised of 140 Co-op Bank locations around the country. KSL has the CMA license number. 03/09, issued by the CMA.
👉 The services offered by Kingdom Securities Limited Include:
➡️ Transfer Immobilization
➡️ Online Share Trading through a Web-based application
➡️ Advisory Services
➡️ Brokerage services through an Online Share Trading Platform
AIB-AXYS Africa Ltd
👉 AIB Capital Limited and Apex Africa Capital Limited, both established players in the financial markets, have combined their resources to form the new company known as AIB-AXYS Africa Ltd.
👉 The business offers its customers a comprehensive selection of services, such as brokerage, asset financing, wealth management, corporate services, deposit taking, asset management, and corporate finance. Additionally, the firm manages its customers’ assets and takes deposits.
Genghis Capital Ltd
👉 Genghis Capital is an investment solutions provider that has been around since 2008 and focuses on its clients. It has licenses from both the Capital Markets Authority (CMA) as well as the Retirement Benefits Authority (RBA).
👉 Genghis Capital Ltd offers a wide range of services to Kenyans, including:
➡️ Stock Brokerage and Equities Trading on behalf of Kenyan clients. Genghis Capital Ltd also goes a step further by ensuring the fast and reliable execution of all trades. In addition, Genghis Capital Ltd also provides an innovative mobile app to ensure that traders are always connected to the market.
➡️ Fixed Income Bonds Trading
➡️ Over the Counter (OTC) Trading to facilitate the exchange of unquoted shares and their potential use.
➡️ Private Wealth
➡️ Agency Networks
Dyer and Blair Investment Bank
👉 Dyer and Blair Investment Bank was established in 1954 and it is, therefore, one of the oldest Stock Brokers based in Kenya. Dyer and Blair was one of the first members of the Nairobi Securities Exchange and has a license issued by the Capital Markets Authority (CMA).
👉 In addition, Dyer and Blair Investment Bank went on to become a founding member of the Uganda Securities Exchange, with active participation in the establishment of the Rwanda Stock Exchange in 2011.
👉 Dyer and Blair Investment Bank offers Kenyans the following comprehensive services:
➡️ Equity Trading
➡️ Fixed Income
➡️ OTC Trading of stocks and bonds
➡️ CDSC Services such as account opening, settlement of shares, immobilization of shares, and more
➡️ Derivatives trading in futures and forward contracts, options, and swaps on stocks, bonds, commodities, stock indices, and foreign currencies.
NCBA Investment Bank
👉 The NCBA Group is one of the most successful banking organizations in Kenya, and the NCBA Investment Bank is a subsidiary of the NCBA Group. NCBA is registered with and licensed by the Nairobi Securities Exchange, and it is authorized by the CMA.
👉 The NCBA provides a comprehensive selection of services, including:
➡️ The purchase and sale of equities on behalf of traders on the NSE.
➡️ Provision of guidance and in-depth research.
➡️ Licenced financial contracts in derivatives such as bonds, commodities, equities, or currencies as swaps, options, forwards, or futures.
➡️ Online share trading through the Nairobi Securities Exchange using an innovative mobile application available on iOS, Android, and Blackberry.
➡️ Research services with in-depth Daily and Weekly reports, Monthly Insights, Quarterly Strategies, and more.
➡️ The establishment of links between investors and corporate entities by arranging roadshows, conferences, and visits.
➡️ Sponsoring services to new issuers of shares on the NSE.
How to choose the right Stock Broker in Kenya
👉 To maximize their chances of success in the stock market, Kenyans should work with a brokerage that caters to their specific requirements, preferences, and objectives.
👉 Choosing the right online stock broker for the requirements of Kenyan stock traders could be the difference between a thrilling new source of income and discouraging failure, especially for novice investors.
Evaluate your needs
👉 Take some time to identify the features of a trading platform that are most relevant to you before clicking on adverts for other brokerages. The correct response will vary according to the nature of your investment objectives and your current level of financial expertise.
👉 Prioritizing features like basic educational materials, thorough glossaries, easy access to support personnel, and the option to conduct practice trades before playing with real money can be a clever idea if you are just getting started.
👉 If you already have some experience investing, but you want to take your efforts to the next level, you may benefit from access to more advanced educational materials and opinion-based resources written by professional investors and analysts, in addition to a wide range of fundamental and technical data.
👉 Some questions that Kenyans must answer to determine their needs include:
➡️ Do you want to start saving for retirement and put most of your money into an IRA or 401(k) where it will grow tax-free?
➡️ Is the thought of finessing and customizing your own portfolio appealing, or would you rather hire a professional to make sure it is done correctly?
➡️ What kind of trader are you want to be? Do you want to be hands-on and make day or swing trades?
➡️ Do you want to be the sort of investor that goes in with a clear strategy and just requires a platform that facilitates swift trade execution, or do you want a broker who can provide you with access to a wider variety of tools to assist you to spot opportunities?
➡️ For what reasons are you deciding to put money into this?
➡️ Do you want to raise your present level of life by increasing your monthly income?
➡️ Is there anything you need money for? Do you hope to rely on this full-time in the future?
Evaluate Brokers and create a shortlist
👉 Now that you know what you want out of an investment brokerage and what kind of fundamental services you want, you can narrow down your search.
👉 While certain investors may place a higher value on a particular brokerage feature than others, all respectable online brokerages should provide at least the following.
👉 When faced with a large pool of choices, it is helpful to swiftly eliminate those that do not meet these minimum requirements.
Regulation and overall trust
👉 Most brokers will have a note or disclaimer included at the end of the home page. In this section, Kenyans can typically find the list of regulations and licenses that the broker holds in different regions.
👉 Alternatively, most brokers have a dedicated regulations section on the website that traders can consult and compare against the market regulator’s registers. Kenyans must choose regulated brokers to ensure the safety of their funds and transparency.
👉 In addition, Kenyans must ensure that the broker has some type of insurance that covers clients if the broker cannot fulfil its financial obligations. Other features include SSL encryption on the website and platform, two-factor authentication, and more.
👉 All trustworthy and regulated brokers must follow strict Anti-Money Laundering and Know Your Customer policies, and fraud protection must be included.
Broker Account Offering
👉 There are several account options available to Kenyans, including:
➡️ Cash Accounts – A cash account, also known as a Type 1 account, is the conventional type of brokerage account. If you use a cash account, you have until the settlement date to deposit the full amount of your purchases.
➡️ Margin Accounts – When you open a margin account, you can buy stocks with less cash on hand. You may get a loan against the money or assets already in the account, up to a specific limit. For eligibility to buy on margin, brokerages use their own screening processes.
➡️ Options Accounts – If you want to participate in options trading, your broker will have you sign a separate options agreement stating that you are aware of the potential dangers involved in doing so.
➡️ IRAs and other investment accounts – Options trading is sometimes permitted in retirement accounts such as IRAs, but margin trading is never permitted. These restrictions are placed in place for your own good so that your long-term investments are not put in undue danger.
Evaluate the Broker’s Fees
👉 You should have a good sense of how much you will spend to utilize any given brokerage from the get-go, even though other factors may be more important to you.
👉 Some would gladly pay a slightly higher fee for access to a platform that provides features not available on similarly priced alternatives. Trading account fees and trading commissions may eat into your investment profits, so it is important to keep those costs to a minimum.
👉 By looking at the bottom line, you can quickly eliminate brokers who are either too expensive or not a good fit for the type of investing you plan to do.
👉 Some fees that Kenyans must consider include:
➡️ Minimum or Initial Deposit
➡️ Annual or Monthly Account Maintenance
➡️ Platform Fees
➡️ Subscription Fees
➡️ Margin Rates
➡️ Spreads
➡️ Commission fees per share
➡️ Minimum Loan Amounts
➡️ Minimum Investment Amount for ETFs and Mutual Funds, and more
Test the Platform
👉 While most brokerages will provide at least a cursory explanation of the features available on their trading platform, the best method to evaluate its quality is to use it.
👉 It can be worthwhile to go through the registration procedure merely to get access to the trading platform if that is what it takes to find a broker that does not charge you anything to register an account.
👉 Do all you can to get the tools you would use for free, whether the brokerage offers a web-based platform that anybody can use or a free downloaded platform that needs no-strings-attached enrolment.
👉 Although you may not be able to test out the “Pro” tools for free, you can still get a feel for a brokerage’s quality by examining its standard set of trading tools, even if you are an advanced trader.
👉 If nothing is appealing in the basic platform, there is little hope that the premium one will be any better. However, not all brokers use a single platform and some of those do offer a plethora of resources and tools for free.
The Best International Stock Brokers in Kenya
👉 In this article, we have listed the best Stock Brokers that offer share trading to traders in Kenya. We have further identified the Stock Brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 Stock Broker in Kenya
Overall Rating
- 4.1/5
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
👉 Overall, Admirals is the best MT4 Stock Broker in Kenya. Admirals provides traders with access to a wide variety of share, FX, and CFD markets. Admirals offers premium research material and sophisticated MetaTrader capabilities such as the Supreme add-ons.
Best MetaTrader 5 / MT5 Stock Broker in Kenya
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
👉 Overall, FP Markets is the best MetaTrader 5 Stock Broker in Kenya. FP Markets employs genuine ECN electronic bridges to strengthen the value of its offering to customers.
👉 Through the Equinix NY4 Data Centers and MetaTrader 5, FP Markets proposes using their own internally built ECN technology to get direct access to liquidity sources without dealer interference.
Best Stock Broker for beginners in Kenya
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IG is the Best Stock Broker for beginners in Kenya. IG provides users with access to a massive library of instructional content presented in several formats. IG also has a mobile application designed specifically for educational purposes and is referred to as IG Academy.
Best Low Minimum Deposit Stock Broker in Kenya
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
👉 Overall, HF Markets is the best Low Minimum Deposit Stock Broker in Kenya. HF Markets offers Kenyans more than 1,000 tradable instruments across several asset classes. HF Markets is known for its ultra-low minimum deposit of 580 KES ($5).
Best ECN Stock Broker in Kenya
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
👉 Overall, BDSwiss is the best ECN Stock Broker in Kenya. Over 1.6 million customers from 186 different countries use BDSwiss. The trading conditions on BDSwiss are transparent and straightforward. Kenyans can expect some of the best ECN trade execution with BDSwiss.
Best Islamic / Swap-Free Stock Broker in Kenya
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 116 KES
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, SuperForex is the best Islamic / Swap-Free Stock Broker in Kenya. SuperForex offers trading services to more than 150 countries. In addition to offering a KES-denominated account to Kenyans, SuperForex also offers a choice between Swap-Free Accounts to Muslim Kenyan traders.
Best Stock Trading App in Kenya
Overall Rating
- 4.7/5
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
👉 Overall, TD Ameritrade is the best Stock trading app in Kenya. TD Ameritrade offers Kenyans the best and cheapest share trading on innovative mobile trading platforms. Kenyans can also expect the best market analysis and industry-leading educational materials for beginners.
Best Kenyan Shilling Trading Account Stock Broker in Kenya
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
👉 Overall, Exness is the best Kenyan Shilling trading account Stock Broker in Kenya. Exness is one of the best CFD and Forex brokers for Kenyans, attributable to its multi-currency accounts and micro-lot trading.
👉 Exness offers MetaTrader 4 and 5 to ensure that Kenyans have a competitive edge in the stock market.
Best Lowest Spread Stock Broker in Kenya
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
👉 Overall, XM is the best lowest spread Stock Broker in Kenya. Standard accounts at Exness can trade in either the market or instant execution mode, and both MT4 and MT5 are supported in full. No fees are assessed for making deposits or withdrawals, and support is available around the clock.
Best Nasdaq 100 Stock Broker in Kenya
Overall Rating
- 4.6/5
Min Deposit
50% of your initial deposit
Regulators
–
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Scope Markets is the best Nasdaq 100 Stock Broker in Kenya. Scope Markets is well-regulated by CMA and offers both MetaTrader 4 and MetaTrader 5. Kenyans can trade Nasdaq 100 along with several other indices with the benefit of commission-free trading.
Best Volatility 75 / VIX 75 Stock Broker in Kenya
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
👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Stock Broker in Kenya. AvaTrade offers competitive fixed spreads on index CFDs, and Kenyans need not worry about deposit or withdrawal fees.
👉 As the best VIX broker, AvaTrade also offers comprehensive market analysis and a wide range of trading tools.
Best NDD Stock Broker in Kenya
Overall Rating
- 4.6/5
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 NDD Stock Broker in Kenya. FXTM distinguishes out as a leading NDD broker due to its excellent support and learning resources. Kenyan clients also receive access to training webinars and a demo trading account at no cost.
Best STP Stock Broker in Kenya
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
👉 Overall, Pepperstone is the best STP Stock Broker in Kenya. Pepperstone aims to be a broker that offers interbank execution and competitive spreads. Pepperstone offers STP and ECN execution along with institutional-grade STP spreads from 0.6 pips on MetaTrader 4.
Best Sign-up Bonus Broker in Kenya
Overall Rating
- 4.8/5
Min Deposit
USD 1 / 116 KES
Regulators
CySEC, FSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
4
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, InstaForex is the best sign-up bonus broker in Kenya. InstaForex offers new Kenyan traders a $1,000 Start-up No-Deposit bonus when they register an account for the first time.
👉 InstaForex is a versatile broker that offers a range of Educational Materials for beginners and Trading tools for more advanced Kenyan traders.
Conclusion
👉 Buying and selling shares in Kenya on the NSE can be a lucrative way for Kenyans to build their wealth. However, Kenyans must ensure that they seek the services of a trusted and well-regulated share dealer to succeed in trading stocks.
FAQ
How much do Stock Brokers Charge in Kenya?
Brokers in Kenya can charge an average of 1.78% commission, depending on the share and the position size that the trader has.
How do I invest in stocks in Kenya?
Because you cannot buy or sell shares directly on the NSE, you must use the services of a stock broker to facilitate the trade.
Once you have evaluated your needs and objectives, you can search for a registered and regulated stock broker in Kenya, test their platform and start trading.
Can I buy US stocks in Kenya?
Yes, you can invest in US stocks and ETFs through apps like TD Ameritrade, Robinhood, Hisa Technologies, and others.
Is Robinhood available in Kenya?
Yes, Robinhood is available to Kenyan traders.
Who owns NSE Kenya?
The Nairobi Securities Exchange is owned by several institutions, including the Standard Chartered Kenya Nominees holding 21.75% ownership, followed by CfC Stanbic Nominees Kenya Limited (7.67%), Cabinet Secretary, Treasury of Kenya (3.37%), Investor Compensation Fund Board (3.37%), and other unnamed entities holding 63.84%.
Top 4 Brokers
