6 Best Forex Brokers in Kenya
The 6 best Forex brokers in Kenya revealed. We have explored and tested several prominent brokers to identify the 6 best.
In this in-depth guide you’ll learn:
- Who is the Best Suited Kenyan Broker for Beginners?
- Kenyan Shilling-based Accounts and their low minimum deposit.
- KES Costs of Trading Forex with Mpesa.
- Pros and cons of each broker
- Popular FAQs about the best Forex brokers in Kenya
And lots more…
Let’s dive right in…
🏆 10 Best Forex Brokers
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FSCA, IFSC, ASIC, CySEC, DFSA, FCA | USD 5 | Visit Broker |
| 🥉 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | FSC, FSA, VFSC | USD 10 | Visit Broker |
| 6 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
What is a Forex broker in Kenya?
Forex brokers in Kenya cater to traders by offering access to global currency markets. They provide platforms for trading various currency pairs, educational resources, and local payment options. With regulatory oversight from bodies like the Capital Markets Authority, these brokers ensure transparency, security, and support for Kenyan traders’ financial goals.
6 Best Forex Brokers in Kenya (2024*)
- ☑️ Exness – Best Forex Broker in Kenya.
- ☑️ Pepperstone – High Kenyan Trust Score.
- ☑️ FXTM – Best Global Regulated Broker.
- ☑️FXPesa – Lowest KES Cost in East Africa.
- ☑️FxPro – Best Mobile Trading Experience.
- ☑️AvaTrade – Award-Winning Broker in West Africa.
6 Best Forex Brokers in Kenya
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulators | 📈 Minimum Spread |
| 1. Exness | 👉 Open Account | Based on chosen regional deposit method | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA | From 0.0 pips |
| 2. Pepperstone | 👉 Open Account | Equivalent to AU$200 | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | 0.0 pips |
| 3. FXTM | 👉 Open Account | $5 | CySEC, FSCA, FCA, FSC Mauritius, CMA Kenya | 0.0 pips |
| 4. FXPesa | 👉 Open Account | KES 727.50 or $5 | FCA, CMA | 0.0 pips EUR/USD |
| 5. FxPro | 👉 Open Account | KES 14,550.00 or $100 | FCA, CySEC, SCB, FSCA, FSC | N/A |
| 6. AvaTrade | 👉 Open Account | KES 14,550.00 or $100 | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA | From 0.0 pips |
The 6 Best Forex Brokers in Kenya
Below is our list of the 6 best Forex brokers in Kenya which offer traders excellent trading conditions.
Exness
Overview
Exness offers Kenyan traders a reliable platform with significant advantages. Regulated by the Capital Markets Authority (CMA), it assures adherence to local regulations, ensuring traders’ security and trustworthiness.
With local offices in Kenya, Exness provides personalized support, addressing traders’ concerns efficiently.
Exness boasts competitive spreads, low transaction costs, and diverse trading instruments, including major currency pairs and cryptocurrencies, catering to varied trading preferences.
Exness offers robust educational resources, empowering traders with market insights and strategies to make informed decisions.
Through its innovative technologies and commitment to transparency, Exness remains a preferred choice for Kenyan traders seeking a reliable and rewarding Forex trading experience.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 💻 Account Types | Standard Account Standard Cent Account Raw Spread Account Zero Account Pro Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | Based on chosen regional deposit method |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 Exness Terminal Exness Trade app |
| 📈 Range of Markets | Forex Metals Crypto Energies Indices Stocks |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Instagram YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Leverage can be adjusted by any trader to correspond with their risk tolerance and trading manner. | Each region in which Exness operates has its own set of restrictions. |
| Before placing real funds into trade, prospective investors may establish a trial account to gain experience with virtual funds. | Certain analysts contend that although the platform offers a wide range of trading items and functionalities, it is inferior in comparison to other specialized platforms. Nonetheless, this proportion represents only a minor subset of speculators. |
| Exness has garnered acclaim for its transparent disclosure of all trading terms, expenses, and spreads. | Customers may not always have access to customer service representatives, despite their sincere efforts. This may lead to discrepancies in both the quantity and calibre of their responses. |
| No fees are assessed for deposits or withdrawals at Exness. | In contrast to their rivals, certain traders might be dissuaded from employing the user interface due to its potential intricacies and advanced nature. |
| Local options are available for both deposits and withdrawals. | Potential investors pursuing a wider array of investment opportunities might be deterred by Exness's exclusive emphasis on FX and CFDs. |
| Exness offers MetaTrader clients trading automation features that are customized for clients, including Expert Advisors (EAs). | Leverage that is excessive increases the likelihood of incurring significant losses. |
Trust Score
Exness has a trust score of 97%
Pepperstone
Overview
Pepperstone stands out as a premier Forex broker for Kenyan traders, with global offices including a presence in Kenya, facilitating localized support and accessibility. Renowned for its competitive spreads, Pepperstone offers tight spreads on major currency pairs, ensuring cost-effective trading.
With a diverse range of assets, including forex, commodities, indices, and cryptocurrencies, traders enjoy ample opportunities for portfolio diversification.
Pepperstone provides multiple account types to accommodate varying trading styles and preferences, ranging from standard accounts to specialized offerings like the Razor account with ultra-low spreads and commissions.
Traders benefit from a selection of cutting-edge trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, renowned for their intuitive interfaces and advanced trading tools.
With its commitment to transparency, reliability, and innovation, Pepperstone emerges as a top choice for Kenyan traders seeking a comprehensive and rewarding trading experience in the global Forex market.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 💻 Account Types | Standard Account Razor Account Professional Account Demo Account Islamic Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | Equivalent to AU$200 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 cTrader TradingView Myfxbook Duplitrade |
| 📈 Range of Markets | Forex Metals Crypto Energies Indices Stocks |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone provides numerous opportunities for portfolio diversification through its extensive selection of trading products, including CFDs, indices, cryptocurrencies, commodities, and FX. | Due to the absence of guaranteed stop loss orders from Pepperstone, traders relying on this risk management instrument may be exposed to potential hazards, particularly during periods of market volatility. |
| Pepperstone provides its clients with competitive spreads and reasonable trading fees, which potentially lead to increased profitability by allowing them to decrease their expenditures. | Even though Pepperstone provides an extensive selection of deposit and withdrawal methods, a subset of traders may discover the selection to be comparatively limited in nature, potentially resulting in inconvenience. |
| The fast execution speeds of Pepperstone ensure timely completion of transactions, even amidst highly volatile market conditions. | A potential disadvantage for traders who place importance on the stability of fixed spreads, especially during periods of market volatility, is the absence of fixed spread accounts at Pepperstone. |
| Pepperstone supports state-of-the-art trading platforms, including cTrader and MetaTrader 4 (MT4), which provide a comprehensive suite of tools for automated trading, charting, and technical analysis. | Due to its prioritization of trading platforms and execution services over exhaustive research and analysis resources, Pepperstone may cause a perception among certain traders that its research capabilities are inadequate. |
| Traders can have confidence in the safety and security of the Pepperstone platform due to its governance by reputable financial agencies such as the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA). |
Trust Score
Pepperstone has a high trust score of 92%
FXTM
Overview
FXTM presents an enticing prospect for CFD traders in Kenya, offering a diverse array of trading opportunities.
Notably, FXTM provides access to Kenyan stocks, allowing traders to tap into the local market’s potential alongside global assets. This feature enhances portfolio diversification and enables traders to capitalize on Kenya’s economic growth.
With a user-friendly interface and a range of trading tools, FXTM caters to traders of all experience levels, facilitating the seamless execution of CFD trades.
FXTM offers competitive spreads, ensuring cost-effective trading conditions. Traders can also benefit from educational resources and market analysis provided by FXTM, empowering them to make informed trading decisions.
With its commitment to transparency, security, and innovation, FXTM stands as a reliable choice for CFD traders in Kenya seeking exposure to both local and international markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius, CMA Kenya |
| 💻 Account Types | Micro Account, Advantage Account, Advantage Plus Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | $5 |
| 📱 Platforms Supported | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 📈 Range of Markets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube Telegram |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is subject to rigorous regulatory oversight by esteemed regulatory bodies such as the FCA and CySEC, which guarantees compliance with rigorous standards and instils confidence and security among Egyptian traders. | In comparison to certain other brokers, FXTM's educational resources might be deemed restricted, thereby presenting a potential obstacle for inexperienced traders in Egypt who are in search of comprehensive learning materials and assistance. |
| By providing Egyptian traders with access to numerous global markets and a diverse selection of tradable assets (forex, commodities, indices, and cryptocurrencies), FXTM enables them to diversify their investment portfolios. | The complex fee structure of FXTM, which includes various account types and fee schedules, may cause some traders to become perplexed or misinformed about the expenses associated with trading. |
| FXTM offers minimal commissions, tight spreads, and competitive pricing. |
Trust Score
FXTM has a trust score of 93%
FXPesa
Overview
FXPesa is a Forex broker that caters to traders in Kenya, offering a platform for individuals to engage in currency trading. The broker provides access to various currency pairs, allowing Kenyan traders to participate in the global Forex market.
FXPesa offers competitive spreads, leverage, and trading tools to assist traders in making informed decisions.
FXPesa provides educational resources and customer support tailored to the needs of Kenyan traders, helping them navigate the complexities of the Forex market. Traders in Kenya should consider factors such as regulation, security measures, and the broker’s reputation before choosing to trade with FXPesa.
Conducting thorough research and considering personal trading preferences are essential steps for Kenyan traders to determine if FXPesa aligns with their trading objectives and risk tolerance.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, CMA |
| 💻 Account Types | Executive Account, Premier Account |
| 💵 Minimum Spread | 0.0 pips EUR/USD |
| 💸 Minimum Deposit | KES 727.50 or $5 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 Equiti Trader App |
| 📈 Range of Markets | Forex Indices Commodities Shares ETFs |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube Telegram |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| CMA-regulated in Kenya and FCA-regulated in Great Britain. | The fact that USD and KES are the only available account currencies may be inconvenient for some traders. |
| Account categories are classified as commission-based or spread-based. | Comparatively elevated trading expenses in contrast to alternative brokers. |
| The selection of trading instruments exceeds 300. | There are no available tools for investigation and analysis. |
| Withdrawals and deposits at local banks are possible. | A relative absence of trading instruments beyond Forex in comparison to other brokers. |
| Options for mobile money transfers are available. | |
| A minimal initial investment is required to open an Executive account. | |
| Bonus on initial deposit of 30% up to $150. |
Trust Score
FXTM has a trust score of 93%
FxPro
Overview
FxPro is a reputable Forex broker that offers Kenyan traders a comprehensive suite of trading tools, a wide selection of assets, and diverse trading platforms. With FxPro, Kenyan traders gain access to advanced charting tools, technical analysis indicators, and risk management features, facilitating informed trading decisions.
FxPro also provides a diverse range of assets, including major and minor currency pairs, commodities, indices, and cryptocurrencies, allowing traders to diversify their portfolios and explore various market opportunities.
FxPro offers a selection of trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader, catering to the preferences and trading styles of different individuals.
Kenyan traders can benefit from FxPro‘s robust technology infrastructure, competitive pricing, and reliable execution, making it a suitable choice for those seeking a trustworthy broker with comprehensive trading solutions. However, traders should always conduct due diligence and consider their specific needs before choosing a broker.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, CySEC, SCB, FSCA, FSC |
| 💻 Account Types | Standard Account, Pro Account, Raw+ Account, and ECN Account |
| 💵 Minimum Spread | N/A |
| 💸 Minimum Deposit | KES 14,550.00 or $100 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 cTrader FxPro App |
| 📈 Range of Markets | Forex Futures Indices Shares Metals Energies Cryptocurrency CFDs |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FxPro provides traders with a diverse selection of robust trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, to accommodate their specific requirements. | The selection of cryptocurrencies offered by FxPro is comparatively restricted when compared to other brokers available in the market. |
| By offering low prices and narrow spreads, FxPro facilitates trading at an affordable cost for its clients. | Inactive accounts incur an inactivity fee from FxPro, which may be applicable to traders who engage in trading activities infrequently. |
| Negative balance protection is a feature offered by FxPro to safeguard customers against losses exceeding their initial deposit. | Although FxPro does provide some instructional materials, their accessibility and comprehensiveness might be comparatively restricted in contrast to alternative brokers. |
| Having obtained licenses from reputable regulatory bodies including the FCA, CySEC, and DFSA, FxPro ensures a secure trading environment for its clients. | Potentially lacking in compensation programs compared to other brokers, FxPro may present a disadvantage for traders in search of additional incentives. |
| FxPro benefits from its extensive liquidity from reputable liquidity sources, enabling expeditious order execution and minimal slippage. | Certain competitors may offer more comprehensive research tools than FxPro, which could potentially restrict the analytical capabilities of traders. |
Trust Score
FxPro has a high trust score of 90%
AvaTrade
Overview
AvaTrade stands out as a compelling option for traders in Kenya due to several key factors. AvaTrade broker offers a user-friendly platform with intuitive tools and resources suitable for traders of all experience levels. This accessibility is crucial for Kenyan traders seeking to navigate the complexities of the financial markets effectively.
AvaTrade offers competitive spreads, transparent pricing, and reliable execution, enhancing the trading experience for Kenyan traders.
AvaTrade is regulated by reputable authorities, providing traders in Kenya with an added layer of security and peace of mind.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Kenya (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA |
| 💻 Account Types | Retail Account, Professional Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | KES 14,550.00 or $100 |
| 📱 Platforms Supported | AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade |
| 📈 Range of Markets | Forex Stocks Commodities Cryptocurrencies Treasuries Bonds Indices Exchange-Traded Funds (ETFs) Options Contracts for Difference (CFDs) Precious Metals |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Instagram YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| The wide array of trading instruments provided by AvaTrade—equities, commodities, FX pairings, indices, and cryptocurrencies—assists customers in constructing diversified investment portfolios. | Particularly for active traders, AvaTrade's spreads may be greater than those of other brokers, resulting in increased trading expenses. |
| The integration of AvaTrade and ZuluTrade simplifies social trading by permitting users to analyze and imitate the strategies of successful traders. | A limited selection of research and analytical instruments may also be available on the platform, preventing certain traders from conducting exhaustive market research. |
| AvaProtect offers enhanced charting and technical analysis, whereas AvaSocial and AvaTradeGo, respectively, expedite social and mobile trading. | Novice traders might encounter challenges in comprehending and utilizing the entirety of the platform's functionalities and opportunities. |
| AvaTrade abides by the regulations of regulatory bodies including the Financial Services Commission of the British Virgin Islands and the Central Bank of Kenya to provide its clients with a secure and stable exchange environment. | |
| AvaTrade offers a diverse array of educational resources to its traders, comprising seminars, webinars, and market research, with the collective intention of augmenting their comprehension of the market. |
Trust Score
AvaTrade has a high trust score of 96%
Conclusion
Overall, trading with international Forex brokers in Kenya offers access to diverse markets, advanced tools, and competitive pricing. However, traders should prioritize regulatory compliance, customer support, and localized services to ensure a secure and seamless trading experience tailored to their needs and preferences.
Faq
The risks associated with Forex trading in Kenya include market volatility, leverage-induced losses, geopolitical events, and regulatory changes.
Yes, some Kenyan Forex brokers offer Islamic trading accounts compliant with Sharia law, which does not involve paying or receiving interest (Riba).
Forex brokers in Kenya offer support services such as educational resources, customer support in local languages, seminars, and webinars.
Yes, Kenyan traders can use expert advisors (EAs) or automated trading systems to execute trades automatically based on pre-defined strategies. Many Forex brokers support the use of EAs on their trading platforms.
Minimum deposit requirements typically range from as low as $5 to $100 or more, depending on the broker and the type of trading account.
Forex Trading with Mpesa in Kenya is Exness, HFM, FXTM, and Pepperstone.
| Broker | Website | |
|---|---|---|
| 🥇 |  | Visit Broker |
| 🥈 | | Visit Broker |
| 🥉 | | Visit Broker |
| 4 | | Visit Broker |
| 5 | | Visit Broker |
| 6 | | Visit Broker |
| 7 | | Visit Broker |
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker