Top 8 Locally Based Brokers
7 Best STP Forex Brokers in Kenya
The 7 Best STP Forex Brokers for Kenyans revealed. We tested the best STP Forex Brokers for Kenyan Traders.
This is a complete guide to STP Forex Brokers in Kenya.
In this in-depth guide you’ll learn:
- What are Straight Through Processing (STP) Forex Brokers?
- Which STP forex brokers offer the best trading platforms for Kenyan traders?
- Which STP Brokers can you use with M-PESA?
- How to compare the best trading platforms against each other.
- Which STP forex brokers are best for beginner Kenayn Traders?
- Which brokers offer a sign-up bonus for first-time traders in Kenya?
- Which brokers offer a low minimum deposit of $5 (583 KES) to start trading?
- Which STP Brokers 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 STP Forex Brokers…
Let’s dive right in…
- Louis Schoeman
Best STP Forex Brokers in Kenya (Updated 2023)
| 🥇 Broker | ✔️ STP Broker? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. AvaTrade | Yes | $100 (11635,00 KES) | Yes | 👉 Open Account |
| 2. HF Markets | Yes | $5 USD (580 KES) | No | 👉 Open Account |
| 3. Exness | Yes | $1 (116 KES) | Yes | 👉 Open Account |
| 4. Pepperstone | Yes | $150 (17 512 KES) | Yes | 👉 Open Account |
| 5. OctaFX | Yes | $100 (11635 KES) | Yes | 👉 Open Account |
| 6. FP Markets | Yes | $80 (8700 KES) | No | 👉 Open Account |
| 7. XM | Yes | $5 USD (580 KES) | No | 👉 Open Account |
7 Best STP Forex Brokers in Kenya (Updated 2023)
- AvaTrade – Overall, Best STP Forex Broker in Kenya
- HF Markets – Top STP Minimum Deposit Forex Brokers
- Exness – User-Friendly MetaTrader4/MT4 Broker in Kenya
- Pepperstone – Verified STP ECN Forex Broker
- OctaFX – Best Sign-Up Bonus Forex Broker in Kenya
- FP Markets – Top STP NDD Forex Broker for Kenyan Traders
- XM – Best Nasdaq100 Forex Broker in Kenya
What are STP forex brokers?
👉 A forex broker that offers Straight Through Processing of trade orders is known as an STP broker. These are brokers who send trade orders directly to liquidity providers (major banks) for processing and fulfillment.
1. 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 started in 2006 and is a global STP broker for CFDs and FX. AvaTrade is regulated by financial watchdogs in Europe, the British Virgin Islands, Australia, Japan, and South Africa. To meet their own standards, the company’s AvaTradeGO app can be used anytime, anywhere, and has an easy-to-use interface and new tools for traders to use.
👉 AvaTrade has grown significantly over the years it has been in operation. It now has over 200,000 registered customers worldwide, with over two million trades completed each month.
👉 AvaTrade’s customer-centric approach and solid financial backing distinguish it as a standout service in the perilous world of online trading. The company’s extensive platform and service offerings, as well as its 24-hour, multilingual support desks, enable every level of the trader to work to their full potential. Forex, stocks, commodities, indices, and other trading options are available through AvaTrade.
👉 Even though the Capital Markets Authority (CMA) in Kenya has not licensed or regulated AvaTrade and the broker does not have a local office in Nairobi, AvaTrade is a trusted and highly recommended broker for Kenyan traders who want to trade on the global financial markets.
Unique features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions. | The demo account is only available for a period of thirty days. |
| The broker enables customers to choose from a variety of trading strategies, providing Kenyan investors with flexibility. | The spreads are not at their most competitive levels. |
| A demo account is available for both inexperienced and seasoned traders to use. | On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid. |
| AvaTrade provides Muslim traders with trading circumstances based on Islamic law. | Retail traders have access to a relatively low ratio of leverage. |
| Both social trading and trading in cryptocurrencies are supported. | |
| The services provided by AvaTrade will meet the needs of Kenyan merchants of all experience levels, to their complete satisfaction. | |
| Different trading platforms accessible, accessed from a variety of devices. | |
| Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge. |
Trust score
🥇 The trust score for AvaTrade is 93%.
2. HF Markets
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
CMA, CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HF Markets, formerly known as HotForex, is a low-risk STP CFD and forex broker for Kenyan traders, with an overall rating of 9/10.
👉 HF Markets is well-regulated by several reputable entities, and the Capital Markets Authority (CMA) in Kenya recently granted a license to HFM Investments Limited, a subsidiary of the brokerage company.
👉 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 novice and expert traders, as well as professional traders looking for a competitive edge in their trading.
👉 To accommodate traders with varying trading styles, trading abilities, 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%.
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 STP CFD and Forex broker that is regulated and authorized by several authorities. Exness provides adaptable account types and advantageous trading conditions.
👉 Traders on Exness now have access to over 200 financial products, a variety of retail account types, and a wealth of resources. The Exness Group’s website has been translated into 18 languages, and customer assistance is available in 13 languages 24 hours a day, seven days a week.
👉 Despite the fact that it is not yet authorized by the Capital Markets Authority (CMA) in Kenya, Exness is one of the most popular brokers.
👉 Users have access to leverage, which can substantially lower margin requirements and permit more flexible management of trading strategies. Exness traders can withdraw cash instantaneously through a variety of electronic payment channels, granting them full 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 is a prominent STP CFD and forex broker with headquarters in Australia. Pepperstone is a multi-location broker that adheres to tight rules with offices based around the world, including in Kenya. In Kenya, the Capital Markets Authority (CMA). has granted Pepperstone Markets Kenya Limited a license to operate
👉 Pepperstone is known for its exceptional client service and extensive selection of third-party platforms.
👉 Pepperstone Markets processes an average of $8.3 billion in transactions per day and offers online trading to over 170 countries worldwide. Pepperstone Markets employs technologies designed to make large-ticket trading by institutions easier.
👉 Pepperstone Markets can handle multiple order fills, which allows them to feed larger orders into a liquidity aggregator on multiple levels. Client orders are filled on a “market execution” basis, with no requotes, the possibility of positive or negative slippage, and no broker intervention.
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. OctaFX
Overall Rating
- 4.6/5
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
Overview
👉 OctaFX was founded in 2011 and has since been recognized with more than 28 different distinctions. OctaFX’s mission is to keep trading costs as low as possible while simultaneously achieving a slip-free execution rate of all orders through the utilization of STP (Straight Through Processing) and ECN models.
👉 OctaFX is regarded as a dependable broker with a low required minimum deposit, commission-free trading, and the availability of an unlimited practise account. Even though the Capital Markets Authority (CMA) in Kenya does not regulate OctaFX, the broker is nevertheless regarded as a good choice for Kenyan traders of all skill levels.
👉 This OctaFX review can equip traders with the information they require to make an informed decision regarding whether or not the broker meets their specific trading goals and requirements.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit | 11635 KES or 100 USD |
| ✅ Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | No |
| 💸 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | From 0.6 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| OctaFX accommodates all types of traders in a transparent and safe trading environment | Offshore broker with tier-2 regulation |
| OctaFX offers reliable, instant deposits and withdrawals | A limited selection of trading instruments offered |
| Commission-free trading is offered on all retail investor accounts along with tight spreads | There is a limited selection of retail accounts |
| The broker offers copy trading accounts through a proprietary trading app | Limited options for base currencies on accounts |
| Offers an Islamic Account for Muslim traders | |
| Offers social trading opportunities | |
| A range of advanced trading tools available | |
| OctaFX offers versatile and reliable payment methods for deposits and withdrawals |
Trust Score
🥇 OctaFX has a trust score of 61%.
6. 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 offers commission-free, STP forex brokers trading accounts that allow access to more than 10,000 instruments from a mobile trading app.
👉 The broker offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
👉 Advanced traders will appreciate the commission-free ECN account, which provides access to raw spreads, as well as the Direct Market Access option for its share CFDs, which is available through professional trading platforms MetaTrader 5 and IRESS.
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.
7. XM
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 584 KES
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Overview
👉 XM was founded in 2009 and has been in operation for more than 12 years. It operates in over 196 countries, has a service team that speaks 30 languages, and is one of the most trusted and well-regulated brokers. XM is a STP broker with an 84 percent trust score and an overall rating of 9/10 as a CFD and Forex broker for Kenyan traders.
👉 It offers the important features that consumers look for in an online trading platform, namely security, customer service, account financing, and low fees. XM is an excellent choice for beginning a trading career or advancing in an existing one.
👉 Despite the fact that the broker’s main branch is based in Belize and is licenced by the IFSC, the broker has offices around the world that can service clients’ needs, with relevant regulation and authority in these regions.
👉 A high level of reliability is provided by XM, a trading platform that eliminates the uncertainty associated with order execution while maintaining a high level of compatibility with MetaTrader 4 and 5.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD |
| ✅ Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM is a low-cost forex broker with a high trust score | No fixed spreads offered on accounts |
| XM has more than 5 million active clients from around the world | Inactivity fees apply for dormant accounts |
| Client fund safety is guaranteed | |
| XM offers investor protection to Kenyan traders | |
| There are no commissions charged on deposits or withdrawals | |
| XM has won several industry awards since its establishment in 2009 |
Trust Score and Kenyan Market Share
🥇 XM has a trust score of 84% and a market share of <5% in Kenya.
How to choose an STP 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 STP Forex Brokers in Kenya
👉 In this article, we have listed the best Forex brokers which offer Straight Through Processing (STP) of trade orders to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.
Best STP MetaTrader 4 / MT4 Forex Broker in Kenya
👉 Overall, Exness is the best STP forex broker 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 STP MetaTrader 5 / MT5 Forex Broker in Kenya
👉 Overall, BD Swiss is the best STP MT5 forex broker in Kenya. BDSwiss is also a well-regulated broker with a large international clientele. It has a wide range of instruments available for trading, including forex, commodities, stocks, indices, and many cryptocurrencies.
Best STP forex broker for beginners in Kenya
👉 Overall, Tickmill is the best STP 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 STP Minimum Deposit Forex Broker in Kenya
👉 Overall, HF Markets is the best STP 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 STP ECN Forex Broker in Kenya
👉 Overall, Pepperstone is the best STP ECN forex broker in Kenya. Pepperstone is also known for exceptional client service, research offerings, and extensive selection of platforms.
Best STP Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, CM Trading is the best STP 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 STP forex broker Trading App in Kenya
👉 Overall, Trade Nation is the best STP 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 STP Lowest Spread Forex Broker in Kenya
👉 Overall, FBS is the best STP 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 STP Nasdaq 100 Forex Broker in Kenya
👉 Overall, XM is the best STP Nasdaq 100 forex broker in Kenya. XM also offers tight security, excellent customer service, account financing, and low fees.
Best STP Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, AvaTrade is the best STP 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 capacity includes a full spectrum of trading instruments including Forex, stocks, commodities, and indices.
Best STP NDD Forex Broker in Kenya
👉 Overall, FP Markets is the best STP NDD forex broker in Kenya. FP Markets also offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
Best STP Forex Broker in Kenya
👉 Overall, OctaFX is the best STP forex broker in Kenya. OctaFX is also a dependable broker because of its low required minimum deposit, commission-free trading, and the availability of an unlimited practice account.
Best STP sign up bonus Broker in Kenya
👉 Overall, Oanda is the best STP 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 STP forex brokers work
👉 STP (Straight Through Processing) is a Forex brokerage model in which client orders are sent directly to the market without going through a dealing desk.
👉 An STP broker, like an ECN broker, transmits all client positions directly to the market via interbank exchange houses or liquidity providers such as banks. STP Forex brokers promise to provide a highly transparent trading environment free of conflicts of interest with their clients.
👉 STP accounts, on the other hand, should not be regarded as a genuine substitute for ECN accounts. ECN accounts are a non-dealing desk model that allows traders to trade in real-time by sending orders directly to the market.
👉 STP accounts are thought to be a cross between the ECN and market maker (dealing desk) models. Nonetheless, STP Forex trading accounts are proving to be more appealing than traditional dealing desk accounts due to the variety of benefits that traders enjoy.
👉 STP Forex brokers are more straightforward in their offerings, as they usually don’t have a conflict of interest with their clients. All client orders are passed directly to the liquidity provider, and the markets generally absorb the order without any intervention from the broker.
👉 STP brokers make money from the spreads charged for every trade, which is beneficial for both parties as far as fair and honest trading is concerned.
Advantages of STP forex brokers
👉 STP forex brokers have several advantages. These advantages include:
➡️ Orders are filled more quickly
➡️ Trade execution is seamless
➡️ Traders can take advantage of market conditions
➡️ The broker does not interfere in any way.
➡️ Both variable and fixed spreads are available.
➡️ Less risk in comparison to other types of brokers.
➡️ Provide live market trends.
Disadvantages of STP forex brokers
👉 STP forex brokers also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:
➡️ There can be a conflict of interest as they can trade against their clients.
➡️ The STP model can also lead to requotes and rejections of orders, although not as often as with market makers.
Conclusion
👉 Overall, STP is a method of sending customer orders directly to liquidity providers without the use of a dealing desk. This elimination of delays and requotes are two of its most significant benefits. STP Forex brokers profit through a commission or small mark-up applied to the spread and can make more money when their clients win because they can charge a higher commission.
FAQ
What is STP market execution?
STP stands for “Straight Through Processing” which requires no manual interaction for the whole trade lifecycle, which includes processing, allocation, reservation, and execution of an order as well as its automatic settlement.
What is an STP broker?
A forex broker that offers Straight Through Processing of trade orders is known as an STP broker. These are brokers who send trade orders directly to liquidity providers (major banks) for processing and fulfillment.
What is the difference between ECN and STP brokers?
There are many similarities between an STP Forex broker and an ECN Forex broker, but the main real difference is routing. STP brokers can choose to deal with different liquidity providers from their liquidity pool, whereas the ECN serves as a sort of hub. Because it is represented by banks, hedge funds, and all of the major market participants, the hub effectively serves as the primary source of liquidity.
Is an STP account better than an ECN account?
ECN accounts can offer tighter spreads and a cheaper overall cost of trading in liquid market conditions, but STP brokerages can offer similar ease and cost of execution without the disadvantage of the increased cost from a dealing desk.
How do STP brokers make their money?
STP Forex brokers do not profit in the same way that market makers do. Instead, a commission or small markup is applied to the spread. While market makers profit from their own clients’ losses, STP brokers earn the same amount of profit whether their client wins or loses, resulting in no conflict of interest. In fact, STP brokers can make more money when their clients win because they can charge a higher commission.
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.
