Top 8 Locally Based Brokers
10 Best Trading Platforms in Kenya
The 10 Best Trading Platforms for Kenyans revealed. We tested the best forex trading platforms for Kenyan Traders.
This is a complete guide to forex trading platforms in Kenya.
In this in-depth guide you’ll learn:
- What is a Trading Platform in Forex Trading?
- Which forex brokers offer the best trading platforms for Kenyan traders?
- Which trading platforms can you use with M-PESA?
- How to compare the best trading platforms against each other.
- Which Trading Platforms are best for beginner Kenayn Traders?
- Which brokers offer a sign-up bonus for first-time traders in Kenya?
- Which brokers offer a low minimum deposit of $5 (583 KES) to start trading?
- Which trading platforms offer a mobile app on IOS and Android for Kenyan Traders?
- Best online trading platform in Kenya
And lots more…
So if you’re ready to go “all in” with the best-tested forex trading platforms…
Let’s dive right in…
- Louis Schoeman
Best Trading Platforms in Kenya (Updated 2023)
| 🥇 Broker | 💻 Trading Platform | 💰 Minimum Deposit | 💸 Bonuses for Kenyan traders? | 👉 Open Account |
| 1. HF Markets | • MetaTrader 4 • MetaTrader 5 | 5 USD (580 KES) | Yes | 👉 Open Account |
| 2. AvaTrade | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade | 100 USD (11635,00 KES) | No | 👉 Open Account |
| 3. Exness | • MetaTrader 4 • MetaTrader 5 • Exness Terminal • Exness Trader App | 100 USD (11635,00 KES) | No | 👉 Open Account |
| 4. Oanda | • MetaTrader 4 • OANDA Platform • TradingView | None | Yes | 👉 Open Account |
| 5. FP Markets | • MT4/5 Standard Account • MetaTrader 4 Islamic Raw • MetaTrader 5 Islamic Raw • MT4/5 Islamic Raw Account | 80 USD (8700 KES) | No | 👉 Open Account |
| 6. Pepperstone | • MetaTrader 4 • MetaTrader 5 • cTrader • TradingView • Myfxbook • DupliTrade | 150 USD (17 494 KES) | No | 👉 Open Account |
| 7. XM | • MetaTrader 4 • MetaTrader 5 • XM Mobile App | 5 USD (580 KES) | Yes | 👉 Open Account |
| 8. FBS | • MetaTrader 4 • MetaTrader 5 • XM Mobile App | 1 USD (116 KES) | No | 👉 Open Account |
| 9. Tickmill | • MetaTrader 4 • MetaTrader 5 | 100 USD (11635 KES) | No | 👉 Open Account |
| 10. OctaFX | • MetaTrader 4 • MetaTrader 5 | 100 USD (11635 KES) | No | 👉 Open Account |
10 Best Trading Platforms in Kenya (Updated 2023)
- HF Markets – Overall, Best Trading Platform for Kenyan Traders
- AvaTrade – Best VIX75 Platform in Kenya
- Exness – Best MetaTrader4/MT4 Trading Platform
- Oanda – Best ECN Forex Platform
- FP Markets – Best Sign-Up Bonus for Kenyan Traders
- Pepperstone – Best STP Forex Platform
- XM – Best NDD Forex Broker in Kenya
- FBS – Best Minimum Deposit Forex Platform
- Tickmill – Best Forex Platform for Beginner Traders
- OctaFX – Best Trading App Platform in Kenya
What is a trading platform?
👉 A forex platform is a financial services company that provides traders with access to a trading platform where they can buy and sell foreign currencies.
👉 Foreign exchange is abbreviated as forex. Transactions in the forex market are always made between two different currencies.
👉 A forex broker platform is also referred to as a currency trader or a retail forex broker.
1. 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 is a foreign exchange broker that provides clients with a sophisticated trading platform, a selection of pricing alternatives and account types, as well as competitive fees and spreads that average 0.1 for the EUR/USD currency pair. HF Markets was formerly known as HotForex.
👉 Traders of any size or level of skill are able to benefit from infinite liquidity and have their pick from a diverse selection of spreads and liquidity providers. HF Markets provides its customers with a complete set of research tools that are suitable for the execution of any trading strategy.
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 is considered to have a low degree of risk as a result of its overall Trust Score of 93 out of a possible 100. AvaTrade has been granted licences to operate by a total of six different regulatory bodies, including five Tier-1 Regulators, five Tier-2 Regulators, and one Tier-3 Regulator.
👉 A single live trading account is made available to traders by AvaTrade; however, traders have the option of using either a Retail trading account or a Professional trading account when engaging in live trading.
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 regulated by a number of reputable organisations.
👉 Exness is headquartered in Cyprus and has offices in the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.
👉 Exness offers traders a variety of benefits, including low commissions, instant order execution, and the ability to withdraw money immediately via various instant withdrawal options.
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. Oanda
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 KES
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Oanda provides its customers with access to a wide range of financial products, but it is particularly effective as a desktop trading platform for seasoned investors looking for a better trading experience.
👉 The product’s availability varies depending on the region. The broker has many strengths, including quick and reliable transaction execution, industry-standard research resources, user interfaces that are simple to use, and a track record of regulatory oversight.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
| 📊 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Oanda has an award-winning proprietary trading platform | There is an inactivity fee on dormant accounts |
| Negative balance protection is automatically applied to the retail accounts | No fixed spreads are offered on accounts. |
| The broker offers a dedicated account for Muslim traders | |
| No deposit fees are charged when accounts are funded | |
| There is a large selection of educational materials |
Trust Score and Kenyan Market Share
🥇 OANDA has a trust score of 91% and a market share of <5%.
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 offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
👉 New traders will be drawn to the commission-free, low spread trading accounts, which provide access to over 10,000 instruments via an extremely user-friendly mobile trading app, as will experienced traders.
👉 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.
6. 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
👉 Pepperstone is one of the industry’s best online trading brokers. Pepperstone is used as an online trading broker by traders from over 170 countries.
👉 They give traders from all over the world access to all markets by utilizing cutting-edge technology, offering low spreads, low latency, and fast execution, as well as award-winning customer service.
👉 Throughout its history, the broker has received numerous awards, including those recognizing its excellence as a forex broker, client assistance, cutting-edge technology, and ability to provide customers with the most favorable trading conditions imaginable.
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.
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 builds on its reputation by providing a balanced mix of the features that users value the most: security, support, ease of account funding and withdrawal, and low fees.
👉 XM offers a high level of dependability while remaining highly compatible with MetaTrader 4 and 5. This advantageous combination makes XM an excellent place to start a trading career or advance one’s existing trading career.
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.
8. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 1 / 116 KES
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 (16 373 KESFind out More)
Account Activation Time
24 Hours
Overview
👉 FBS was founded in 2009, and since then, the company has expanded to become a sizable and well-respected international forex and CFD broker. Kenyan traders have access to FBS’s competitive trading conditions, a variety of accounts, cutting-edge trading tools, and a host of additional perks, including minimal minimum deposit requirements.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, IFSC |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| ✅ Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💸 KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FBS is well-regulated and offers competitive trading conditions | The demo account is only available for 40 days |
| Traders can choose between a range of FBS trading accounts | FBS only supports a few methods for deposits and withdrawals |
| Both a demo and an Islamic account are offered to traders | There are withdrawal and deposit fees applied |
| FBS offers customer support 24/7 | Inactivity fees apply |
| FBS offers a range of bonuses and promotions to new and existing clients |
Trust Score
🥇 FBS has a trust score of 75%.
9. Tickmill
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 11560 KES
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Tickmill, a trading name for the Tickmill Group of Companies, is an award-winning global ECN broker that has been in business since 2015. Tickmill is well-regulated forex and CFD trading service. Tickmill currently has over 350,000 registered retail investor accounts as well as over 150,000 active traders on its platforms.
👉 Tickmill accepts all traders and provides a variety of trading options for both novice and advanced investors.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit | 100 USD or 11635 KES |
| ✅ Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| ✔️ Deposits Allowed | USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Tickmill spreads are not the tightest |
| Tickmill has a very high trust score and is known for its competitive trading conditions | Currency conversion fees will apply for foreign deposits |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others | No fixed spread accounts are offered |
| There are several convenient funding options available including Skrill, Neteller, and more |
Trust Score
🥇 Tickmill has a trust score of 81%
10. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 578 KES
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 OctaFX is a broker that operates as both a STP and an ECN, and it has its headquarters in Saint Vincent and the Grenadines. OctaFX provides services to traders from all over the world, including those located in Kenya and other African nations.
👉 OctaFX’s award-winning services are available to traders in Kenya, allowing them to trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies.
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%.
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.
The Best Forex Trading Platforms in Kenya
👉 In this article we have listed the best Forex Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 trading platform broker in Kenya
👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.
👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.
Best MetaTrader 5 / MT5 Forex Platform broker in Kenya
👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.
Best Forex platform for beginners in Kenya
👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.
👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.
Best Minimum Deposit Forex platform in Kenya
👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.
Best ECN Forex platform in Kenya
👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.
👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.
Best Islamic / Swap-Free Forex platform in Kenya
👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.
Best trading platform Forex Trading App in Kenya
👉 Overall, OctaFX has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.
👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.
Best Lowest Spread Forex platform in Kenya
👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.
Best Nasdaq 100 Forex platform in Kenya
👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.
👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.
Best Volatility 75 / VIX 75 Forex platform in Kenya
👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.
Best NDD Forex platform in Kenya
👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.
Best STP Forex platform in Kenya
👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.
Best sign up bonus trading platform in Kenya
👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.
Understanding how trading platforms work
👉 Online trading has enabled virtually anyone with internet access, the funds to open a trading account, and a somewhat positive past financial history to participate in the market. It is not necessary to have a personal broker or a large sum of money lying around to do it, and the majority of analysts believe that trading stock is no longer a sign of impending doom.
👉 Although the market has become more accessible, this does not mean that you should take internet trading lightly.
👉 Before you can engage in online stock trading, you must first select an online broker. Your online broker will handle trade execution and will keep track of your funds and shares in an account.
👉 Furthermore, many businesses offer varying degrees of assistance, various types of accounts, and additional services. There are a few things to consider when looking for a broker, which are listed below.
Advantages of using a good trading platform
👉 Using a good trading platform has several advantages. These advantages include:
➡️ A good broker is one who offers their clients a wide variety of financial services, as well as research and recommendations.
➡️ Additional services may include portfolio analysis and construction, estate planning, tax guidance, access to initial public offering shares, access to overseas markets, and a variety of other opportunities.
➡️ Despite the fact that cheap brokers will have lower fees, their primary focus is typically on providing straightforward execution services to self-directed investors and traders.
➡️ Reliable brokers are worth considering if you do not want to conduct your own research on investments but would still like to participate in the financial markets.
Disadvantages of trading platforms
👉 Some platforms also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:
➡️ Fees – There are fees associated with nearly every transaction you make on a forex exchange, from funding your account to trading currencies and withdrawing currencies back into a bank account.
➡️ Forex brokers are businesses that seek to protect their bottom line. They sometimes choose to stay in business through clever methods that skim much more than necessary off their customers.
➡️ Scam Risk – Some brokers may take your money willingly but will be much more hesitant to return it to you.
➡️ Some brokers have convoluted terms and conditions meant to confuse and stifle your efforts to withdraw your money or are outright scams that only become apparent once you’ve tried to withdraw.
Conclusion
👉 Overall, when trading is done correctly, dealing with a reputable trading platform in Kenya can yield high rewards. Although the foreign exchange market is the largest and most liquid in the world, trading currencies is not the same as trading stocks or commodities. Forex trading in Kenya is best done through the regulated trading platforms listed in this article.
FAQ
What are platforms in forex?
A currency trading platform or company provides its customers with a software interface that allows them to trade in the forex markets. This could be a web-based portal, a mobile app, a standalone downloadable programme, or a combination of the three.
Can I trade forex without a broker/platform?
No, if you want to trade foreign exchange, you must do it through a forex broker. In order to make orders with your broker to buy or sell foreign currency, you will first need to create an account and deposit a sufficient amount of collateral, also known as margin.
What is forex trading and how does it work?
Forex trading is the concurrent purchase of one currency and sale of another. A currency pair is formed by the combination of two currencies. Currency is always traded in pairs, and each currency in a pair has its own three-letter code.
Can you trust a forex broker?
Traders may experience unethical and illegal behaviour on the part of some stockbrokers. While any investment, including securities, carries some risk, stockbrokers must follow certain laws and regulations. Failure to do so constitutes fraud.
Stockbroker fraud involves direct violations of your investment agreement with the firm, such as providing misleading or false information, misrepresenting or omitting facts, trading without consent, and breach of promise.
When you join a brokerage firm, you will sign an investment contract, and these types of violations are much easier to prove than other types of broker fraud because you have a clear agreement and can more easily show that parts of that agreement were not followed.
Is there a good Forex trading platform for beginners?
Overall, beginners should proceed with caution, especially given that the vast majority of forex traders lose money. Forex trading can be complicated and is not for everyone. The suitability of forex for you will be determined by your financial situation, your goals, and the amount of investing experience you already have as a beginner.
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.
