โšก Easily Trade – Apple, Microsoft , Tesla and Google Stocks โ€“ Open a FREE Account Here
How much Money do You Need to Trade Forex in Kenya

How much Money do You Need to Trade Forex in Kenya

How Much Money Do You Need to Trade Forex in Kenya revealed. We tested and verified spreads how muchย money Kenyanย traders need to trade forex.

This is a complete guide to how much money you need to trade forex in Kenya.

In this in-depth guide youโ€™ll learn:

  • How much money do you need to trade forex in Kenya?ย 
  • How much money do you need to start forex trading in Kenya?
  • Our recommended forex brokers?
  • How to compare forex trading brokers against each other?
  • How much profit do you make from forex trading per day?
  • Do you need money to start trading?
  • How to start with forex trading in Kenya?
  • How to make money from forex trading?
  • Which forex brokers offer a low minimum deposit of $5 (604 KES)?
  • Which brokers offer a signup bonus for first-time traders?


And lots more…

So if youโ€™re ready to go โ€œall inโ€ with how much money you need to trade forexย for Kenyans

Letโ€™s dive right inโ€ฆ

Updated : November 4, 2022

How much Money do You Need to Trade Forex in Kenya (Updated 2022)

  1. Phantom Wallet – Overall, Best Solana Wallet in Kenya
  2. Slope Wallet – Top Wallet to Buy NFTs
  3. Solflare – User-Friendly Mobile and Online Apps
  4. Torus – Best Capacities and Limits in Kenya
  5. SafePal – Advanced Crypto Hardware Wallet
  6. Clover Wallet – All-In-One DeFi Solutionย 
  7. TokenPocket – Best Digital Currency Wallet in Kenya

Why is the Forex Market so popular?

๐Ÿ‘‰ Foreign Exchange, or Forex, is the market where currencies may be purchased, sold, and swapped. It is the world’s biggest and most liquid market. In addition, Forex is one of the most popular markets for retail traders since it consists mostly of over-the-counter (OTC) transactions.

ย 

๐Ÿ‘‰ The Forex market is not traded from a single central location but via a global network of trading desks and sessions.

ย 

๐Ÿ‘‰ Since these markets are situated in various regions of the globe, when one region shuts, another opens (or has already opened) to present Forex traders with chances. As a result, market liquidity is a prerequisite for successful trading, and the Forex market is one of the most liquid marketplaces.

ย 

๐Ÿ‘‰ Retail traders often have access to leverage and margin trading on the Forex market, allowing them to trade bigger volumes than their equity would normally permit. This is made possible by the broker’s loan of funds.

ย 

๐Ÿ‘‰ Trading on the foreign exchange market may be done with as little as a few hundred dollars, pounds, or euros via any one of several different brokers who are accessible.

ย 

๐Ÿ‘‰ These Forex brokers allow traders to start currency trading with a very modest initial investment, thanks to margin and leverage trading.

ย 

๐Ÿ‘‰ In addition to the fact that you may begin trading with truly little money, all Forex transactions are now conducted online. Thus, you only need a powerful device, such as a computer, tablet, or smartphone, and a solid Internet connection.

Trading Costs that Kenyans must Consider

Trading Costs that Kenyans must Consider

๐Ÿ‘‰ In contrast to other exchange-driven markets, the forex market has a unique characteristic many market makers employ to attract traders.

ย 

๐Ÿ‘‰ They guarantee there will be no exchange fees, regulatory costs, data fees, or commissions. Unfortunately, this seems too good to be true for a newcomer trader attempting to enter the forex market.

ย 

๐Ÿ‘‰ Trading without transaction expenses is advantageous. However, what unskilled traders perceive as a bargain may not be the greatest value available or even a deal.

ย 

๐Ÿ‘‰ Therefore, Kenyan Forex traders must be aware of several trading and non-trading fees and understand their significance to succeed. Here is a summary of the daily trading expenses you could incur on the Forex market.

ย 

Minimum Deposit

๐Ÿ‘‰ Not all Forex brokers need the same minimum deposit. Thus, some are more popular than others. However, brokers with higher minimum deposit requirements tend to have lower leverage ratios since traders need more cash to begin trading.

ย 

๐Ÿ‘‰ In contrast, brokers with minimal capital requirements let traders employ bigger leverage ratios, enabling them to build larger positions and incurring lower margin needs.

ย 

๐Ÿ‘‰ A few forex brokers let clients begin trading without making a minimum initial deposit. These brokers provide no-deposit bonuses, welcome bonuses, and sign-up bonuses.

ย 

๐Ÿ‘‰ With these incentives, traders open a real trading account, verify the account, and get trading credit after registering. This trading credit may be used similarly to a minimal deposit, allowing traders to engage in trading operations without initially investing funds.

ย 

๐Ÿ‘‰ However, since this money is not real, it cannot be removed from the account. Therefore, traders must trade with capital to withdraw cash from the account and generate a profit.

ย 

Forex Spreads

๐Ÿ‘‰ Regarding Forex trading costs, the spread is likely the most well-known expense associated with making a deal. Spreads in forex trading may be either variable or fixed. A variable or floating spread is a value between the ask and bid prices that fluctuates continuously.

ย 

๐Ÿ‘‰ In other words, the spread you incur when buying a currency pair changes according to factors such as supply and demand and overall trading volume. Typically, brokers that guarantee narrow spreads provide flexible spreads.

ย 

๐Ÿ‘‰ Although it is feasible for the actual spread you pay to match the broker’s quoted spread, this is not always the case. Spreads are often narrower during busy trading sessions with good liquidity. The London-New York overlap shows this.

ย 

๐Ÿ‘‰ Fixed spreads, on the other hand, are not subject to change depending on the state of the market; rather, they are predetermined by the broker and do not respond to changes in volatility.

ย 

๐Ÿ‘‰ Although variable spreads advertised at 0.1 pip seem more attractive, stable spreads could save you more money over your trading journey.

ย 

Service Levels of the Broker

๐Ÿ‘‰ When deciding on the most beneficial broker for their accounts, Kenyan traders must evaluate several variables since no two brokers are identical. The reason why not all brokers can build a market equally is straightforward.

ย 

๐Ÿ‘‰ Banks are the principal market makers, which implies that they facilitate the buying and selling currencies. Moreover, these banks collaborate closely with other banks and several pricing aggregators, who are brokers.

ย 

๐Ÿ‘‰ These ties are decided by each brokerage firm’s size and general creditworthiness. Because the forex market is decentralized, there are no guarantors or exchanges. Hence, there is just a credit arrangement between market players.

ย 

๐Ÿ‘‰ Regarding an online market maker, for instance, a broker’s effectiveness will be measured by their connection with banks and the total amount of transactions conducted with them.

๐Ÿ‘‰ Therefore, brokers with greater trading volumes will get tighter spread quotes from these liquidity providers earlier.

ย 

๐Ÿ‘‰ The brokerage firm may pass on the average bid and ask prices to its retail clients if its market maker has strong connections with many banks and can combine, for instance, the price quotes of 12 banks.

ย 

๐Ÿ‘‰ Even after widening the spread to account for profit, the dealer can offer you a more favourable spread than less well-capitalized competitors.

ย 

๐Ÿ‘‰ It is recommended that you check this out if you are collaborating with a broker that claims to be able to provide assured liquidity at competitive spreads.

ย 

๐Ÿ‘‰ You could, however, elect to pay a fixed pip spread if you are certain that you will always achieve at-the-money executions. Slippage is a cost to avoid since it occurs when a transaction is completed at a price other than the one indicated.

ย 

๐Ÿ‘‰ Whether you should pay a commission broker, a nominal fee depends on the broker’s other services. In exchange for a little cost, you could get something more, such as access to a proprietary software platform that is superior to most online brokers.

ย 

Broker Fees and Commission Charges

๐Ÿ‘‰ In addition to spreads, your broker may impose additional trading expenses in different commissions and fees.

ย 

๐Ÿ‘‰ Typically, trading commissions are expressed as a fee per traded side or traded lot. “Per traded side” refers to whether you are buying or selling a currency pair. In contrast, “round-trip” refers to establishing and closing a transaction.

ย 

๐Ÿ‘‰ As its name indicates, “per traded lot” is a fee paid for each traded lot or 100,000 units of the base currency, dependent on your trading volume. Popular among brokers that promote trading accounts with zero spreads are per-trade commissions.

ย 

๐Ÿ‘‰ Therefore, while there are no spreads to pay, the trading fees negate the spread savings.

ย 

๐Ÿ‘‰ Checking your broker’s website under the “Trading Costs” section (if one exists) or contacting the broker directly through e-mail or live chat is the most reliable method for determining if your broker charges trading commissions or fees.

ย 

๐Ÿ‘‰ Some of these commissions and fees could be concealed, so you might not know about them until you begin trading with the broker.

ย 

Slippage

Slippage

๐Ÿ‘‰ Slippage is not comparable to spreads, commissions, and fees. Slippage is more subtle, and if your broker is trustworthy and well-regulated, they will not benefit from slippage.

ย 

๐Ÿ‘‰ Slippage is the difference between the price shown on the screen before initiating a transaction and the price at which the deal was performed. This is because when you click the “trade” button, you only place a market order with your broker.

ย 

๐Ÿ‘‰ Your broker will attempt to obtain the best available market price, but this does not necessarily correspond to the price you believed you traded at. The most prevalent source of slippage is a disparity in the number of buyers and sellers.

ย 

๐Ÿ‘‰ Simply put, the current exchange rate for every currency pair indicates the most recent exchange rate at which a transaction occurred, i.e., when a buyer and seller agreed to swap currencies at a specified exchange rate.

ย 

๐Ÿ‘‰ The Foreign Exchange (Forex) Market is the most active market in the world regarding the volume of transactions. Thus, many buyers and sellers always compete for any given price.

ย 

๐Ÿ‘‰ However, this equilibrium is occasionally disrupted by unforeseen market circumstances, such as the publication of unexpected market reports, political and social unrest, and natural disasters.

ย 

๐Ÿ‘‰ The time of day you want to trade might also influence slippage. For example, the overlap between London and New York is the market’s most active period.

ย 

๐Ÿ‘‰ During this trading day, slippage is often minor unless unexpected market news occurs. If you wish to limit the danger of slippage while making a transaction, you should do so during the market’s liquid hours.

ย 

Overnight Fees

๐Ÿ‘‰ Rollover costs are also prevalent in the Forex market, particularly if you hold your transactions for more than a day.

ย 

๐Ÿ‘‰ This fee is assessed since the rates reported for an FX pair are usually for its spot market, typically for settlement on T+2 days (in two days from the point of the quote).

ย 

๐Ÿ‘‰ If you want to advance this by one day by keeping the deal open overnight, then you have advanced this settlement date by one day. You are charged a fee to reflect that you altered the trade’s basis. Rollover fees vary depending on the currency pair being traded.

ย 

๐Ÿ‘‰ As you undoubtedly already know, central banks throughout the globe impose interest rates on holding their respective native currencies.

ย 

Financing Fees

๐Ÿ‘‰ When trading on the Forex market, financing expenses are sometimes coupled with the rollover fee and are another key cost to consider. Due to the market’s considerable liquidity, currency pairings tend to move within tight bands on the Forex.

ย 

๐Ÿ‘‰ Therefore, Forex brokers provide an exceedingly high leverage, allowing traders to benefit from even little price fluctuations.

ย 

๐Ÿ‘‰ While most brokers provide leverage of 1:5, it is common for Forex brokers to offer up to 1:500 leverage. With this level of leverage, Kenyan traders might hold a position 500 times the size of their trading account. Nonetheless, it comes at a price.

ย 

๐Ÿ‘‰ Brokers impose financing fees as yearly interest rates, which are taken from the current market rate plus a little markup.

ย 

๐Ÿ‘‰ Daily financing charges are incurred on the notional position. Even though these expenses are often minor, they may readily escalate as your overall position size grows.

ย 

Deposit and Withdrawal Fees

๐Ÿ‘‰ When trading on the Forex market, deposit and withdrawal fees are also significant charges to consider. Most brokers will impose a deposit/withdrawal fee when you deposit funds to or withdraw cash from your trading account.

ย 

Inactivity Fees

๐Ÿ‘‰ The “inactivity fee” is a cost many brokers still charge their customers. For example, your broker may charge you an inactivity fee if your trading volume falls below a specified level, such as 10 deals in three months. Inactivity fees are more prevalent with stockbrokers than with CFD and Forex brokers.

ย 

Currency Conversion Fees

๐Ÿ‘‰ Foreign exchange transactions conducted in a currency other than the account’s base currency might incur a currency conversion fee.

ย 

๐Ÿ‘‰ Most brokersโ€™ default option is immediate conversion, in which foreign-currency profits are translated to the base currency, and financing or commission fees are deducted before crediting your account.

ย 

๐Ÿ‘‰ In addition, most brokers also provide options for daily, weekly, and monthly conversions.

Initial Investment and Risk Management for Kenyans

Initial Investment and Risk Management for Kenyans

๐Ÿ‘‰ You can start trading with as little as $100 if time is of the essence. On the other hand, a $500 investment may provide more profits and hence more independence.

ย 

๐Ÿ‘‰ The potential to make a profit that more than makes up for the time spent trading suggests that a trading account balance of $5,000 might be optimal.

ย 

๐Ÿ‘‰ Predefined amounts do not help you understand the minimum required to achieve your trading objectives, consider your circumstances, and accept your level of risk tolerance.

ย 

$100 Trading Account Balance

๐Ÿ‘‰ Each transaction’s risk should be no more than 1% of your original deposit, or $1 if you opened a broker account with $100. When trading on a tight budget, one micro lot (1,000 units of the base currency) may be all that is necessary.

ย 

๐Ÿ‘‰ Stop-loss orders for USD/KES trades should be placed no more than 10 pips from the trade entry point. For example, each pip on a Micro trading position is worth $0.10. Thus, a stop-loss 11 pips away would expose you to a loss of $1.10.

ย 

$500 Trading Account Balance

๐Ÿ‘‰ Depositing at least $500 allows you to increase your risk per transaction to $5, enabling you to purchase more lots than you could with a $100 balance. You may trade safely with a 10 pip stop loss and a 5 micro-lot (50,000 base currency unit) investment.

ย 

๐Ÿ‘‰ You may keep your risk to less than one percent of your account balance by purchasing two micro-lots and moving your stop-loss 25 pips away from your entry price.

ย 

๐Ÿ‘‰ This demonstrates that Kenyan traders may have more freedom while maintaining a satisfactory risk-reward ratio with an investment of only $500.

ย 

$5,000 Trading Account Balance

๐Ÿ‘‰ To give yourself more options, you should open a trading account with at least $5,000. Furthermore, you could begin trading micro- and mini-lots.

ย 

๐Ÿ‘‰ For example, a risk of 8 pips could be taken on a purchase of USD/KES at 120.85 if a stop-loss order is placed at 120.77, allowing you to acquire a minimum of six mini lots and two micro-lots.

ย 

๐Ÿ‘‰ If you have $5,000 in your trading account, you risk $50, which is still less than one percent of your capital. However, depending on your trading technique and the market state, you could earn more than $50 daily by increasing your risk exposure.

How much money do you need to trade Forex in Kenya?

How much money do you need to trade Forex in Kenya?

๐Ÿ‘‰ Trading in the foreign exchange (Forex) markets demands expertise, patience, and the capacity to learn from one’s errors swiftly. True, even the best traders sometimes make a mistake.

ย 

๐Ÿ‘‰ The attractiveness of foreign exchange trading is that you could get started with an extraordinarily small amount of money because of your leverage.

ย 

๐Ÿ‘‰ Kenyans can get started in foreign exchange trading with a few Kenyan Shilling if their broker allows micro-lot trading (1,000 units of the base currency) and a leverage ratio of up to one thousand to one.

ย 

๐Ÿ‘‰ In addition, Kenyans can find more information than just a simple response to the issue in the following parts.

ย 

Typical considerations for trading with a smaller account

๐Ÿ‘‰ Traders with a restricted account should proceed with care since there is no protection against making mistakes or incurring unexpected losses.

ย 

๐Ÿ‘‰ Suppose a trader’s account has a $500 margin requirement, and they incur a $600 loss. In that case, the account will be frozen until they deposit additional money. Compared to investing with a hefty sum of money, doing so with a little sum is more challenging.

ย 

๐Ÿ‘‰ Larger accounts can weather the inevitable mistakes, losing streaks, and poor traders with any trading style.

ย 

๐Ÿ‘‰ While it may be possible to ride out losing streaks with a small trading account, the psychological considerations make effective trading more challenging.

ย 

๐Ÿ‘‰ For example, suppose a trader knows they can only afford one mistake before their whole trading account is frozen. In that case, they will be far more careful about making trades. To further complicate matters, the law limits a small-cap trader’s abilities in certain ways.

ย 

๐Ÿ‘‰ All marketplaces allow for trading by huge accounts. However, smaller accounts may be restricted to a subset of markets and trading channels.

ย 

๐Ÿ‘‰ Large accounts can trade more contracts and short positions than small accounts, which may be limited to long positions backed by cash.

ย 

๐Ÿ‘‰ Considering these problems, it is hard to see how a beginner trader could make a profit with little capitalization. However, this is not the case, and experienced traders have made some profits with smaller account balances.

ย 

Use Leverage

๐Ÿ‘‰ With leverage, even traders with modest accounts may participate in markets that would be out of their price range if trading just with cash. When day trading foreign exchange, it is a widespread practice to risk up to four times your available capital.

ย 

๐Ÿ‘‰ However, before beginning trading, a thorough understanding of leverage and margin is necessary. Investors should not use leverage to increase the size of their trades but reduce their existing trades’ margin requirements.

ย 

Trade Conservatively

๐Ÿ‘‰ Wealthy traders can afford to make high-risk bets, such as those with large stop losses relative to their objectives. However, traders with limited capitalization must take additional precautions and ensure their risk-to-reward and win-to-loss ratios are accurately assessed and implemented.

ย 

Use the 1% Risk Rule

๐Ÿ‘‰ In trading, a small account has the same degree of safety (against mistakes and unexpected losses) as a large one if the 1% risk rule is used. Regardless of their trading account size, many seasoned traders adhere to the 1% risk rule since it is a powerful tool for managing risk.

How Kenyans can use Leverage to increase their position size in Forex

How Kenyans can use Leverage to increase their position size in Forex

๐Ÿ‘‰ Leverage is when an investor uses borrowed funds to acquire currency pairs, stocks, crypto, or other assets. The word “leverage” often appears while discussing international currency exchange.

ย 

๐Ÿ‘‰ Investors may trade more often and with greater positions in a currency by borrowing money from a broker. Profits from favourable changes in the value of a currency may therefore be increased when leverage is used.

ย 

๐Ÿ‘‰ Foreign exchange (FX) investors sometimes employ leverage to boost their returns on investment. One of the highest degrees of leverage available to investors is in the foreign exchange market. “Leverage” means a loan from a broker to an investor.

ย 

๐Ÿ‘‰ The forex trader’s account is structured to use margin or borrowed funds while making trades. When beginning trading, certain brokers may limit the leverage available to their clients. If a trader wants leverage, they may adjust the size of the contract.

ย 

๐Ÿ‘‰ However, the broker will want an initial margin, a cash deposit equal to a percentage of the trade’s notional value. Each broker’s first margin requirement might be distinct, depending on the size of the trade.

ย 

๐Ÿ‘‰ A buyer of USD/KES who spends $100,000 might be required to have a margin balance of $1,000. Therefore, a 1% margin is needed, which equates to $1,000 divided by $100,000.

ย 

๐Ÿ‘‰ The leverage ratio reveals how many times the margin a broker is willing to hold may increase the size of a trade. For example, using a leverage ratio of 1:100, Kenyans may open a $100,000 stake in a currency pair with just a $1,000 initial investment.

ย 

๐Ÿ‘‰ What follows are some sample margin calls, along with the corresponding leverage ratios.

โžก๏ธ Margin requirement of 2% = Leverage ratio up to 1:50

โžก๏ธ Margin requirement of 1% = Leverage ratio up to 1:100

โžก๏ธ Margin requirement of .5% = Leverage ratio up to 1:200, and so on.

ย 

๐Ÿ‘‰ The lower the margin requirement, the greater the potential for leverage in any trade. However, a broker may apply increased margin requirements in response to the nature of the underlying currency.

ย 

๐Ÿ‘‰ In periods of extreme market volatility, certain brokers may demand a higher collateral deposit from clients dealing in currencies with higher historical volatility.

ย 

The relationship between Leverage and Position Size

๐Ÿ‘‰ Margin requirements for brokers may vary depending on the size of the trade. However, following the above table’s calculations, a trader with a 1:100 leverage must have at least 1/100, or 1%, of the total transaction value in their trading account as collateral.

ย 

๐Ÿ‘‰ Most leverage ranges between 1:50 and 1:100 for trades using 100,000 units of the base currency, with greater leverage, such as 1:200, reserved for deals valued at $50,000 or less.

ย 

๐Ÿ‘‰ The leverage of 1:200 or greater is improbable for a fresh new trading account. However, many forex brokers nowadays enable Kenyans to perform smaller deals, such as mini or micro-lots (10,000 or 1,000 lots).

How to Choose the Right Solana Wallet in Kenya

๐Ÿ‘‰ 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.

ย 

Regulations and Licenses

๐Ÿ‘‰ 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.

ย 

Account Features

๐Ÿ‘‰ Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

ย 

Deposits and Withdrawals

๐Ÿ‘‰ 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.

ย 

Range of Markets

๐Ÿ‘‰ 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.

ย 

Customer Support

๐Ÿ‘‰ 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.

ย 

Trading Platform

๐Ÿ‘‰ A trading platform is the Kenyan traderโ€™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.

ย 

Education and Research

๐Ÿ‘‰ Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

โžก๏ธ eBooks

โžก๏ธ Trading guides

โžก๏ธ Trading knowledge on leveraged products

โžก๏ธ A risk warning on complex instruments

โžก๏ธ Educational videos

ย 

๐Ÿ‘‰ Research can include some of the following:

โžก๏ธ Trading tools

โžก๏ธ Commentary

โžก๏ธ Status of International Markets

โžก๏ธ Price movements

โžก๏ธ Market sentiments

โžก๏ธ Whether there is a volatile market

โžก๏ธ Exchange Rates

โžก๏ธ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Low Capital Forex Brokers in Kenya

๐Ÿ‘‰ 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.

ย 

Best MetaTrader 4 / MT4 trading platform broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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 Curaรงao.

ย 

๐Ÿ‘‰ 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.

ย 

Best MetaTrader 5 / MT5 Forex Platform broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

Best Forex platform for beginners in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

๐Ÿ‘‰ Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.

ย 

Best Minimum Deposit Forex platform in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

Best ECN Forex platform in Kenya

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

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

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.

ย 

๐Ÿ‘‰ Oanda offers quick and reliable transaction execution. Oandaโ€™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.

ย 

Best Islamic / Swap-Free Forex platform in Kenya

Overall Rating

Min Deposit

USD 100 / 11660 KES

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

Best trading platform Forex Trading App in Kenya

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

๐Ÿ‘‰ Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.

ย 

Best Lowest Spread Forex platform in Kenya

Overall Rating

Min Deposit

570 KES or an equivalent to $5

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

Best Nasdaq 100 Forex platform in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CySec, FSCAย 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

๐Ÿ‘‰ The broker is ideal for active trading and investment opportunities for traders of all skill levels.

ย 

Best Volatility 75 / VIX 75 Forex platform in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

Best NDD Forex platform in Kenya

Overall Rating

Min Deposit

USD 5 / 584 KES

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread)ย 

Account Activation Time

24 Hours

๐Ÿ‘‰ 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.

ย 

Best STP Forex platform in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

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

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

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

๐Ÿ‘‰ 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.

ย 

Best sign up bonus trading platform in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

63

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

๐Ÿ‘‰ Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.

Conclusion

๐Ÿ‘‰ There are no defined guidelines for forex trading; each trader must examine their average profit per contract or deal to determine how many are required to accomplish a specific income goal and assume a corresponding level of risk to prevent severe losses.

ย 

๐Ÿ‘‰ Whether you should trade Forex with a minimal minimum deposit depends on your own circumstances, including the amount of time and effort you have available. Returns are proportional to the amount deposited. Thus, putting in less will not earn you much.

ย 

๐Ÿ‘‰ Choose a trustworthy broker who is well-capitalized and has excellent contacts with the major foreign-exchange institutions for the best potential offer.

FAQ

How much money do you need to start forex trading in Kenya?

No upper limit is placed on the minimum amount necessary to begin trading, unless otherwise indicated by your broker, to ensure that you can meet the minimum margin requirements.

ย 

What is the minimum deposit for FXPesa in Kenya?

The minimum deposit for FXPesa is 5 USD / 600 KES.

ย 

What is the lowest amount that Kenyans need to start trading Forex?

You can start trading Forex for the day with as little as $100, but this amount will severely constrain your profits.

Therefore, it is suggested that you should not invest more than one percent of your whole account balance in a single foreign exchange deal.

ย 

Can You start trading without money in Kenya, and how?

Using demo accounts and brokers’ no-deposit incentives, Kenyans can easily begin forex trading with no capital.

ย 

What is a 0.01 lot size in Forex?

A position size of 0.01 lots is equal to 1,000 units of the account’s base currency.

Rate this article.

Table of Contents