List of licensed forex brokers in kenya

Choosing a regulated broker should always be at the top of your forex trading agenda.

New forex bonuses

List of licensed forex brokers in kenya, list of licensed forex brokers in kenya.

Regulation is very important to help secure your investment against unscrupulous companies operating in this financial market. In kenya, the CMA (capital market authority) is the main financial watchdog established by the ministry of finance in 1989. But because the kenyan market is still relatively small, it can be difficult to find lots of CMA regulated brokerages.
However, the best forex brokers kenya are licensed and regulated by some of the world’s leading regulatory bodies such as the australian ASIC, cyprus cysec, and the british FCA. Therefore, if you open an account with a regulated FX broker, chances are that your investments are safe. 6. Dealing desk vs. No dealing desk

Fxdailyreport.Com

All over the world, forex trading is now considered as a lucrative online business, and kenya has not been left behind. It’s because of this reason that the kenyan market has experienced an influx of forex brokers – both regulated and unregulated. The only downside is that lots of merchants are still unable to find the best broker to handle their trading needs. So to help you out, we’re going to give you some insightful tips on how to choose the best forex broker. Read on!

1. Regulation

Choosing a regulated broker should always be at the top of your forex trading agenda. Regulation is very important to help secure your investment against unscrupulous companies operating in this financial market. In kenya, the CMA (capital market authority) is the main financial watchdog established by the ministry of finance in 1989. But because the kenyan market is still relatively small, it can be difficult to find lots of CMA regulated brokerages.
However, the best forex brokers kenya are licensed and regulated by some of the world’s leading regulatory bodies such as the australian ASIC, cyprus cysec, and the british FCA. Therefore, if you open an account with a regulated FX broker, chances are that your investments are safe.

2. Trading fees and commission

Whether you’re a seasoned or a newbie trader, you need to keenly inspect your broker’s fee structure. After all, this is what any serious business person should do. The general rule is to always go for a broker with the lowest fees as possible. Some of the trading fees that you should look out for include:

Swaps: this is the fee you’re supposed to pay to keep your contract open overnight.

Spreads: this is the difference between buying and selling price in points (pips). You should avoid anything over 3 pips when trading liquid EUR/USD. Also, keep in mind that spreads are of 2 types – fixed or variable, depending on the account type.

Other fees such as deposit, withdrawal, and inactivity fees.

Keep in mind however that more expensive FX brokers offer higher service levels including market analysis and research, customer service and support, latest platforms, trading tools etc. Therefore, it’s safe to say that you’ll always get what you pay for in this regard.

3. Currency pairs on offer

While you might find a huge number of world currencies available for FX trading, few of them can trade with the highest liquidity. To help you out, the major currency pairs that you should look for include the EUR/USD, USD/CHF, GBP/USD, and USD/JPY. In conclusion, your preferred FX broker might offer you a wide collection of currency pairs, but the aforementioned ones are sure to receive a lot of attention in the market.

4. Trading platform

The trading platform is definitely your link to the FX market. And as a result, you should make sure that the platform is easy-to-use, visually appealing, and updated. Don’t also forget to look for a platform that offers you lots of trading tools and educational materials such as webinars, articles, videos, seminars, etc. Additionally, a good trading platform should have clearly labeled buy and sell buttons, with some even incorporating a “panic” button to help you close all open positions.

Most reputable brokers also offer free forex demo accounts to help their clients sharpen their FX trading skills before opening a live account. This way, the chances of losing most of your investments are greatly reduced.

Forex brokers that offer demo account for kenya traders

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

5. Customer service

Brokers may vary widely when it comes to the type of services they offer their clients. You’ll find some of them presenting themselves as “full-service” brokers who offer access to different markets, services, and trading platforms. On the other hand, some might come in the form of discount brokers who offer more basic service. All in all, you’ll have to consider the type of customer support you’ll get at any time with your broker. It’s also important that you can speak to a live person in case of a problem, instead of the time consuming and frustrating auto attendant.

6. Dealing desk vs. No dealing desk

This is also another crucial factor to consider. In fact, you might find some brokers offering both of these services. First forward, dealing desk brokers make their money via spreads as well as providing liquidity to their merchants.

Dealing desk brokers typically create a ready market for their clients. This means that they are often on the other side of their client’s trade. The main benefit of dealing with a dealing desk broker is that you’ll get more predictable and fixed spreads. But the discretionary nature of filling orders might restrict your opportunity for gains.

On the other side, no dealing desk brokers don’t pass their client’s orders via a dealing desk. In simple terms, they simply act as a link between two parties. With this kind of traders, you’ll actually get access to the real market prices. On the flipside, you’ll get exposed to thin liquidity and variable spreads. So you’ll have to choose wisely between these two types of brokers.

If you’re a novice trader, it’s definitely a wise idea to review the vast amount of margin offered by rival brokerage firms. A margin is a form of loan that a broker can offer to allow you to leverage your initial capital. So if you trade smart, you can multiply the profit amount you get from any given trade.

However, the amount of margin you’ll get will most likely depend on the maximum amount set by the broker’s financial regulator. Merchants may find brokerage firms offering leverage ratio up to 50:1, 400:1, with some going as high as 1000:1. Just be careful not to be tempted by the huge amount of leverage as this can multiply your losses, and eventually put you out of the game.

8. Deposits and withdrawals

It’s obvious that you’ll need to withdraw your earnings from time to time. And because of this reason, you should settle for a broker who allows you to make deposits and withdrawals in a seamless manner. Moving on, I would advise you to choose a broker who can offer 3-5 business days to make withdrawals. Also, your broker should be able to support a wide array of deposit and withdrawal platforms. I’m sure you wouldn’t want to get associated with a broker who keeps giving you excuses any time you want your money transferred, do you?

It’s obvious that you can make some extra cash via online forex trading, but you can only do this if you pick the right broker. If you keenly follow the aforementioned tips, you can be sure to get the perfect forex broker to help you succeed. Just make sure that your preferred broker is regulated before looking at the other crucial factors.

Best forex brokers in kenya 2021

We researched 20+ popular forex brokers that accept kenyan traders to select the best brokers overall in terms of fees, regulations, support & 8 other factors.

Last updated: december 23, 2020

Retail forex trading & cfds on forex are legal & popular trading instruments in kenya, which are regulated by kenya’s CMA (capital markets authority). There are estimated to be around 90,000 active forex traders in kenya and this number is growing.

As the kenya’s forex trading is getting popular so are the challenges – like security of the traders, oversight on trading conditions is becoming a concern.

As a trader making an investment in forex market, you must look for a broker that gives you secure environment & proper trading conditions without any conflict of interest. For this, it is very important to choose a broker that is regulated with local kenyan regulator (CMA) or reputed international regulators (like FCA, FSCA, cysec or ASIC).

We have compared and listed brokers that matched our criteria for regulation, reputation, security, fees for kenyan traders.

Comparison table of best forex brokers in kenya

7 best forex brokers in kenya

Here’s our list of best forex brokers for kenyan traders:

Now we will explore the detailed features of each broker in our list, one by one, starting from hotforex.

#1 fxpesa – best forex broker in kenya

Regulations: capital markets authority (CMA) of kenya

Minimum deposit: $5

Available platforms: metatrader 4 for desktop, web & mobile and fxpesa mobile app

Fxpesa is the brand of EGM securities which is the kenya’s first non-dealing online forex broker, based in nairobi. They are authorized by CMA of kenya (which is the local regulator body), so we consider them as a safe broker for traders in kenya.

Fxpesa is a non-dealing desk (NDD) broker, which means that there is no conflict of interest. They provide market execution of trades with all their trading account. They offer 2 trading accounts: ‘executive’ that required $5 deposit, it is a standard account without any commission & spread from 1.4 pips. The other account is premiere ($100 deposit), but has lower spread from 0 pips + $7 commission per standard lot for FX.

They offer 66 currency pairs, but their other CFD offerings are bit limited though.

Fxpesa are a metatrader 4 offering broker, so latest MT5 or ctrader is not available with them. But they have their own platform available on all devices.

They have an office in nairobi & local phone number for support. Their live chat is also very friendly & knowledgable.

They offer funding in USD as well as in kenyan shilling (ksh.) via local bank transfer. But the account curreny will be in USD. They also accept deposits & offer withdrawals via mpesa & airtel money.

#2 exness – low spread forex broker

Regulations: cysec, FCA & FSA.

Minimum deposit: $1

Available platforms: metatrader 4 and metatrader 5 for desktop, webtrader & mobile app.

Exness, a cyprus based broker, that is one of the largest broker in the world. They are well regulated under multiple top-tier regulators, so we consider them a safe broker.

Exness offers features like excellent support, low spreads, education through tutorials, strategies and free analysis tools.

Exness provides services for two types of accounts – standard and professional. While standard account has a minimum deposit of $1 with minimum spread starting from 0.3 pips on EUR/USD currency pair, and professional account requires a minimum account balance of $500. The maximum leverage offered for both accounts is 1:2000.

One of the major benefits with exness is they have very low spread compared to most other competing brokers. Account types available help both newbies and pro traders. Other benefits include readily available support, fast executions, daily market reports, support from expert advisors and meta trader plugin supports.

#3 XM forex – low fees, good support

Regulations: ASIC of australia, IFSC of belize and cysec of cyprus

Minimum deposit: $5

Available platforms: MT4, MT5, XM web trader and mobile device platforms

XM trading is another broker that offers low cost forex & CFD trading. There are more than 1000 instruments to choose from including forex, cfds on precious metals, energy and indices.

XM are regulated with 2 top-tier regulators including cysec & ASIC. XM’s trading fees is quite competitive, and they offer straight standard spread only trading accounts without any extra commissions. Their fees is lowest with their ultra low account.

Their trading accounts are quite straightforward. XM provides four account options. For standard and micro account, the required minimum deposit amount is 5 USD and gives a maximum leverage of 1:888. For XM ultra low account, the required minimum deposit amount is 50 USD with similar leverage. XM also provides a share account for equity trading, with minimum deposit of $10,000 and no leverage.

Their support is also very good, and available 24/5 during the market trading hours. Plus they have free access to forex market education including their research, forex webinars, video tutorials and free daily technical analysis that is available to all their customers. Plus, they accept M-pesa for account funding.

#4 hotforex – low spread & FCA regulated forex broker

Regulations: FCA (UK), FSCA, FSA

Minimum deposit: $5

Available platforms: MT4 & MT5 platforms, webtrader and mobile trading

Hotforex is our recommend forex broker for kenyan traders. Although hotforex is not regulated by CMA, but they are regulated by other tier-1 regulators such as FSCA of south africa, DFSA of UAE, FCA of UK & FSA of seychelles.

In terms of fees, they charge a low spread i.E. 1.2 pips on average for EURUSD with their premium account, and no deposit and withdrawal charges. The minimum deposit required to open a micro account is $5, while the maximum leverage offered on this account is upto 1:1000 (1:500 with premium account but depends on the trading instrument).

Hotforex have a 100% deposit bonus for new customers in kenya and great loyalty programs for existing clients. They have a very supportive live chat system for the clients as well.

#5 FXTM – good ECN broker with low minimum deposit

Regulations: CMA (exinity group), FSCA, FCA, cysec.

Minimum deposit: $10 with cent account

Available platforms: metatrader 4 and metatrader 5 for desktop and mobile and webtrader.

The parent company of FXTM, exinity group (exinity capital east africa) is regulated by CMA, so it is considered a safe broker to trade with for kenyan traders.

FXTM is a mauritius based broker which is trusted with features as superfast execution, regulated and licensed, quick client approval and education and tutorials.

FXTM offers two broad account options – standard and ECN, both accounts having further sub-account types. The minimum deposit needed for a standard account is $100 and spread starts from 1.5 pips for EUR/USD but there are no commissions on the standard account. While the ECN zero MT4 & MT5 requires a deposit of $200 which has commissions of $4 per lot on ECN MT4 and ECN MT5 accounts. Both accounts come with a maximum leverage of upto 1:2000.

They have real time access data from world’s two largest stock exchanges NYSE & NASDAQ. Additional benefits include in-depth market analysis, tutorials through webinars and seminars. Additionally, FXTM also supports trading in cryptocurrency.

Frequently asked questions

Which are the CMA licensed forex brokers in kenya?

There are 3 CMA licensed brokers in kenya currently. First is EGM securities (operating as fxpesa kenya) and the others are pepperstone kenya & scope markets kenya.

EGM securities (fxpesa) is #3 in our list of recommended forex broker for kenya. Scope markets is a new kenyan broker which stated its operations since may 2019.

There are not a lot of brokers regulated with CMA, but traders in kenya should only choose brokers regulated locally with CMA. Or reputed foreign brokers like hotforex, XM forex which are regulated with top-tier regulators like FCA, ASIC, cysec.

What are the best forex trading platforms in kenya?

The most popular trading platforms in kenya are the MT4 & MT5. Most popular brokers like hotforex, forextime provide trading on these two platforms with additional support for webtrader and mobile devices.

MT4 & MT5 are popular and widely used not only in kenya but around the globe as well. Both these platforms have features of fundamental and technical analysis tools, copy trading and other additional features.

Is online forex trading legal in kenya?

Online forex trading is legal in kenya, and is regulated by kenyan financial regulator CMA i.E. Capital markets authority (CMA) of kenya. It was founded under capital markets act 1989. CMA’s goal is to regulate and improve the safety of kenya’s capital market for local investors.

As per law, the brokers offering their services in kenya are required to be regulated under CMA, which was done in order to safeguard the investors from fraudulent schemes and misconducts. In 2017, stricter regulations were passed in which CMA had to strictly oversee online forex business in kenya. Capital markets (online foreign exchange trading) regulation 2017 required organizations to register under CMA.

Although it is required for brokers offering FX trading & cfds, to be registered under CMA and have a local office in kenya for the local citizens to be able to trade in a secure & regulated environment. But currently the market is limited to only 4 local providers i.E. EGM securities (which operates fxpesa) & scope markets, pepperstone kenya, FXTM (exinity group) and foreign brokers like exness, hotforex, XM are still very popular among kenyan traders.

Which forex broker in kenya has the lowest minimum deposit?

All brokers have different minimum deposit, but generally the some forex brokers have as low as $1 minimum deposit to open account. But it is advised to trade with a well funded account of atleast $500 or more & avoid the use of leverage (restrict it to 1:10 max.).

Fxpesa has a minimum deposit of $5. Exness has $1 lowest deposit, and most other brokers accept minimum deposit in that range.

Which forex brokers accept mpesa?

The brokers XM, exness, FXTM & EGM securities (fxpesa) accept mpesa for funding. M-pesa is a popular mobile money in kenya. Most forex brokers that accept mpesa offer instant funding or deposit within few hours, so you should check with the broker first on their deposit time.

Best forex brokers kenya for 2021

The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in kenya is popular among residents. While recommended, forex brokers are not required to become authorised by the capital markets authority (CMA) to accept residents of kenya as customers, unless based in kenya.

The capital markets authority is the financial regulatory body in kenya. Website: https://www.Cma.Or.Ke/. We also recommend that residents of kenya follow the CMA on twitter: https://twitter.Com/cmakenya.

The CMA was established in 1989 and is responsible for supervising, licensing, and monitoring the activities of market intermediaries. For a historical breakdown, here's a link to the capital markets authority webpage on wikipedia.

Best forex brokers kenya

To find the best forex brokers in kenya, we created a list of all brokers that list kenya as a country they accept new customers from. We then ranked brokers by their trust score ranking.

Here is our list of the best forex brokers in kenya.

IG - best overall broker 2021, most trusted

Saxo bank - best for research, trusted global brand

Interactive brokers - great for professionals and institutions

City index - excellent all-round offering

XTB - best customer service, great trading platform

FOREX.Com - great all-round offering

Etoro - best copy trading platform

Kenya forex brokers comparison

Compare kenya authorised forex and cfds brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's forexbrokers.Com trust score.

Forex broker	accepts KE residents	average spread EUR/USD - standard	minimum initial deposit	trust score	overall	visit site
IG	yes	0.745	£250.00	99	5 stars	visit site
saxo bank	yes	0.800	$10,000.00	99	5 stars	visit site
interactive brokers	yes	N/A	$0	94	4.5 stars	N/A
city index	yes	1.100	£50.00	93	4.5 stars	N/A
XTB	yes	0.860	$0.00	92	4.5 stars	visit site
FOREX.Com	yes	1.400	$100.00	93	4.5 stars	N/A
etoro	yes	1.00	$200	91	4 stars	visit site
swissquote	yes	N/A	$1000.00	99	4 stars	N/A
avatrade	yes	0.910	$100.00	93	4 stars	visit site
XM group	yes	1.600	$5-100	84	4 stars	visit site
FP markets	yes	1.140	$100 AUD	81	4 stars	visit site
pepperstone	yes	1.160	$200.00	90	4 stars	visit site
IC markets	yes	0.800	$200	83	4 stars	visit site
fxpro	yes	1.510	$100.00	89	4 stars	visit site
vantage FX	yes	1.350	$200	79	3.5 stars	N/A
moneta markets	yes	1.300	$200.00	79	3.5 stars	N/A
HYCM	yes	2.00	$100	84	3.5 stars	visit site
VT markets	yes	1.30	$200	79	3.5 stars	N/A
blackbull markets	yes	0.76	$200	70	3.5 stars	N/A
octafx	yes	1.100	$5	59	3.5 stars	N/A
easymarkets	yes	0.900	$100.00	81	3.5 stars	N/A
hotforex	yes	1.20	$50	83	4 stars	N/A

How to verify CMA authorisation

To find a list of authorized forex brokers, residents can download the list of licenses report from the capital markets authority website to verify the authorisation of a broker.

More forex guides

Methodology

For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex risk disclaimer

"there is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." learn more.

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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List of best forex brokers in kenya

In this article, we will look at the list of best forex brokers in kenya. The online forex trading is one of the largest trading environment in the world today.

More than $4 trillion are changing hands daily.

In the past, only governments and hedge fund managers were allowed to trade in forex trading in kenya.

However, with the advent of technology and the internet, anybody can trade from anywhere in the world.

To trade in forex in kenya, it is vital to know some of the best online forex trading brokers in the world.

It’s worth to note that this information regarding online trading brokers is everywhere.

List of forex brokers in kenya

Here is a list of forex brokers in kenya:

1. IG group

IG was founded in the year 1974, and it has grown to be one of the leading online forex trading brokers in the world.

It is among the best online forex brokers in kenya. It is london based and a publicly listed company.

IG offers traders access to trade over 15,000 products across multiple asset classes:

Including forex,

Cfds on shares,

Indices,

Commodities,

Bonds,

Cryptocurrencies, a

As well as provides access to other global markets.

IG has a minimum initial deposit of 250 euros with 91 total forex pairings.

On its trading platform, IG offers streaming news from reuters and research in the form of:

Economic calendar, as well as a

Customizable screener for various asset classes.

Cfds on global stocks, forex, and cryptocurrencies.

The broker also integrates autochartist into the platform, allowing traders to view trade signals generated.

In addition to signals from autochartist, IG offers signals from PIA first.

Trading platform and tools

IG’s primary trading platform is web-based and available as an app for android tablet.

Additionally, it’s also available on smartphone devices as well as an ios version for iphone.

The ipad, as well as for windows smartphone and tablet devices, can also access the platform.

Besides, IG offers the metatrader4 (MT4) platform, which it launched in 2013, enabling clients to run a desktop or mobile version of the popular MT4 software.

2. XTB brokers

Just like IG group XTB is publicly traded and regulated by various financial centres all over the world.

It has nearly over 2000 trading products in global markets.

The primary regulators for this broker include poland’s KNF, UK’s FCA and germany’s bafin.

XTB requires a minimum deposit of 250 euros and has an average spread of 0.90.

XTB offers a diverse range of research across its platforms and websites.

Streaming headlines from top-tier news providers

An economic calendar,

An in-house staff that publishes technical and fundamental analysis,

A premium service is offered under the TRADEBEAT brand that provides market sentiment, exclusive strategies, and trade recommendations for subscribers.

Platform and tools

XTB’s primary platform offering, xstation5, is available for web, mobile, tablet, and even ios and android smartwatches.

Usability across XTB central platform is evident in that it allows:

Resizing of panels

The detachment of charts for focused analysis,

The trade-ticket window allows multiple layout templates.

3. Ava trade

Ava trade is regulated by the EU, japan, australia, BVI, and south africa.

It provides off-exchange forex options on over 40 pairs. Ava trade was founded in 2006 as avafx before rebranding.

Ava trade needs 100 euros to invest.

Avatrade combines in-house research tools and resources with content from third parties.

On sharptrader, users can find daily and weekly technical and fundamental analysis articles published daily.

Additionally, it has integrated tools from external providers.

For finding trading opportunities, avatrade offers several social copy-trading platforms, including zulutrade, in addition to the signals market on MT4.

Platform and tools

Avatrade offers multiple third-party trading platforms such as:

Zulutrade,

Duplitrade,

Metatrader 4 (MT4) web

A desktop platform from metaquotes software corporation.

The zulutrade and tradency platforms are primarily for social copy trading.

Its mobile trading app has three stars.

Moreover, avatrade offers traders multiple platforms through its regulated brands.

Therefore providing clients with a wide range of options for using trading tools across a good range of markets.

This, therefore, includes spot forex on 59 currency pairs and 37 currency pairs for forex options trading.

4. EGM securities

Top in the list of licensed forex brokers in kenya is EGM securities are kenya’s first non-dealing online forex broker based in nairobi.

It’s good to note, EGM is authorized and regulated by the capital markets authority of kenya.

Additionally, its group structure, EGM securities are part of a global business that delivers:

Individual,

Corporate and

Institutional services

Forex, precious metals, CFD’s are some trading products that EGM securities deal with. The also have the best trading platform in kenya.

Forex brokers in kenya conclusion

Trading cfds, forex and cryptocurrencies involve a high degree of risk.

All providers have a percentage of retail investor accounts that lose money when trading forex and cfds with their company.

You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds and forex work.

Best forex brokers that are CMA regulated

Looking for the best CMA licensed forex brokers in kenya? You came to the very best place as in the detailed review, I’ll be discussing the pros and cons of each forex broker that is licensed by CMA in kenya.

In 2017, the capital markets authority of kenya (CMA) came up with regulations to regulate the forex industry in kenya. Among its regulations is the requirement that forex brokers operating in the country need to get a license from the regulatory authority. The regulations made it an offence for a forex broker to accept kenyan retail traders if the broker does not hold a valid license from the body.

However, it is not until recently that the body has started enforcing the regulations. The enforcement has seen good and reputable foreign brokers exit the kenyan market. Among the two that have already exited the kenyan market are templerfx and tickmill.

Templerfx stopped accepting new kenyan clients by the end of june while tickmill has announced that it will no longer accept kenyan clients as from july 17th 2020.

The anticipated mass exodus of CMA-unregulated forex brokers in kenya has led most traders to search for forex brokers regulated by CMA. I decided to do this article to serve as a reference point for people looking for CMA regulated forex brokers. I intend to keep the post up to date as more forex brokers comply with the CMA regulations and get licensed.

List of CMA regulated brokers in kenya

Currently, there are only 3 forex brokers regulated by CMA. They are:

EGM securities that trades under the brand fxpesa.

Pepperstone markets

SCFM limited that trades under the brand name scope markets

3 best forex brokers regulated by CMA

1. Fxpesa

Trading under the brand name fxpesa, EGM securities was the first broker to comply with CMA regulations and get licensed.

The broker obtained their trading license in 2019 and began offering forex brokerage services to kenyans on 4th may 2019.

A question that a lot of kenyans often ask is whether fxpesa is legit, and I can confidently vouch for this broker.

To start with, EGM securities is a subsidiary of a large group of companies called the equiti group. Other subsidiaries in this group include equiti capital UK LTD, a forex and cfds brokerage firm that is licensed and regulated by the financial conduct authority (FCA), equiti US, and EGM futures DMCC that is licensed and regulated in UAE.

Fx pesa trading fees: fxpesa has relatively higher trading fees compared to other CMA licensed brokers. Spreads range from 1.5 to 1.7 pips for every standard lot such as EUR/USD. For high volume forex traders or scalpers, the trading fee can quickly eat into their profits. For the lowest trading fees, none other broker beats hotforex.

Deposits and withdrawals at fxpesa: being a locally licensed broker, fxpesa supports all major local deposit options including mpesa, airtel money, bonga points pay, and eazzy pay. You can also make deposits using skrill or neteller in addition to bank cards and direct bank transfer. Deposits and withdrawals using mobile payment options are free at fxpesa.

2. SCFM limited / scope markets

In may 2019, SCFM limited, trading under the brand name scope markets followed FX pesa in the list of forex brokers regulated by CMA. The company started its operations in the country in november 2019, and has so far gone ahead to become the biggest competitor to EGM securities.

However, unlike EGM securities that has root abroad, SCFM limited is a purely kenyan company.

3. Pepperstone markets

The 3rd and last CMA regulated forex broker in our list is yet to start operations in the country by the time of this writing. However, you can still sign up with pepperstone markets, which has its roots in australia. The broker has been offering its services globally for the last 10 years, and its my number one recommended forex broker regulated by CMA in kenya.

The main difference between pepperstone and the other two brokers is that this is an straight through processing (STP) forex broker. What this means is that the broker is able to offer tighter spreads than what you’d normally get with either EGM securities or SCFM limited.

What does CMA regulation mean to you as a retail trader

There’s a lot of speculation on what the CMA really wishes to achieve with their new regulation directives. Some traders anticipate that this will pave way for the taxman to begin taxing retail forex traders in kenya. But whether this is true remains to be seen.

If it comes to pass that there will be taxes imposed on kenyan forex traders, it will be as easy as the taxman demanding that all registered forex traders provide their KRA pin certificates at the time of registration with the CMA regulated brokers.

Here are some things that will definitely change while all enforcement by CMA come into effect

Lowered leverage: according to the CMA regulations, all forex brokers are capped at offering a 1:400 leverage only. This is in plain contrast with some of the favorite foreign regulated brokers that can offer leverage as high as 1:2000

Binary options trading made illegal in kenya: according to the CMA regulations, brokers registered in kenya cannot offer binary options trading to kenyans. This comes as no surprise as many nations around the world banned binary options trading.

On the brighter, suing a forex broker for malpractices will be easy as the CMA has these provisions in its regulations.

All forex brokers regulated by CMA will be required to submit any trader grievances to the CMA by the 15th of this month. This is a win for traders and will keep the brokers on their toes, unless they collude with the CMA to become corrupt.

Most of the CMA licensed forex brokers will accept mpesa as a means to deposit and withdraw money from your trading account. Although there are a few forex brokers that accept mpesa, we will be hoping that brokers operating locally will make the process much more seamless.

Forex brokers in kenya

There is currently no regulatory framework prohibiting nor guiding online forex trading in kenya. The capital markets authority (CMA), the kenya’s financial watchdog, is going to provide a legal framework for online forex trading. The forex brokers will need to obtain an online forex broker’s license granted by the authority.

List of best global forex brokers

Here you can find a list of global reliable forex brokers online accepting traders in kenya.

Risk warning: your capital is at risk. Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 58-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money. Please be advised that certain brokers, products, bonus and/or leverage may not be available for traders from some countries due to legal restrictions.

Risk warning: investments involve a high level of risk. It is possible to lose all your capital. Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 58-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

The information on this site is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation and is not directed at residents of: belgium · france · japan · latvia · turkey · united states ·

Best CMA regulated forex brokers in kenya

There are currently only 4 forex brokers regulated by CMA in kenya. We have ranked them based on comparison of their trading fees, ease of account opening, withdrawal process & 7 other factors.

Last updated: january 20, 2021

Forex trading is legalized in kenya & and regulated by the CMA – capital markets authority. The national treasury authorized the CMA through the 2016 finance act. This was to supervise and regulate the online forex trading market in kenya. In 2017, CMA subsequently enacted the capital markets online foreign exchange trading regulations.

Traders from kenya are accepted by several offshore and foreign regulated brokers. However, if you are looking for forex trading in kenya, you should trade preferably with a locally regulated in kenya.

CMA is responsible for monitoring, licensing, and supervising the activities of market intermediaries in kenya. It is an autonomous financial regulatory agency of the government.

You can be ensured of the safety of your funds by trading with brokers regulated with CMA. Protection is assured in case of a dispute with regulated broker. You also get local supervision for fair trading practices/conditions by the brokers.

Recently, CMA cautioned the kenyans regarding online forex trading through unregulated platforms. The regulatory authority stressed to nationals of kenya that they are at risk of loss of their investments. This is if they invest with unauthorized entities. Traders trading with foreign brokers may also not get legal protection.

We are created this list of 3 CMA regulated forex brokers in kenya.

Comparison table of best forex brokers regulated by CMA in kenya

4 best forex brokers regulated by CMA in kenya

Here’s our list of best CMA regulated forex for traders in kenya:

Currently, there are just 4 brokers in kenya regulated by the CMA. These are fxpesa (EGM securities), scope markets (SCFM limited), pepperstone markets & FXTM (exinity limited).

#1 fxpesa – best CMA regulated broker overall

Regulations: CMA

Minimum deposit: $5

Available platforms: MT4, webtrader and mobile trading

Fxpesa is the brand of EGM securities, which was the first broker to be regulated by CMA in kenya for online forex trading. For retail traders, they operate through the brand name fxpesa.

Fees: the fee charged by fxpesa is higher in comparison with other CMA regulated broker pepperstone. The typical spread for major currency pairs such as EUR/USD is 1.6 pips for every standard lot. Thus, EGM securities charges a higher spread on standard pairs of currency comparatively.

Trading conditions: the executive account is a spread only account with no commissions. Traders can trade around 65 pairs of currency pairs. They also provides CFD trading on 20+ indices, commodities, and metals.

The minimum deposit required is $ 5. The maximum leverage offered to traders is 1:400 for FX. Fxpesa does offer local funding and withdrawal methods. There are no fees charged on funding. However, fees on withdrawals may be applicable based on the method. This includes overseas withdrawal fees for withdrawal through bank transfer or wire.

You will be charged an inactivity fee by fxpesa. This is if your account is inactive for 180 calendar days or higher.

Support: customer support is offered through live chat, E-mail, and phone. Live chat responses during our chat with their staff were helpful. However, we experienced hold times of few minutes. E-mail support to your queries are normally responded to in 1 or 2 hours.

EGM securities does have a local phone number in kenya. But the support is offered only during business hours. They have a local office too, but do not function on weekends.

Phone support in kenya available.

Offers cross-platforms and multi-device trading.

No deposit fees & accepts mpesa.

For EUR/USD & other pairs, the spreads are higher with 1.6 pips and above.

Limited CFD instruments for trading other than forex.

#2 scope markets – CMA regulated broker with metatrader platform

Regulations: CMA

Minimum deposit: $20

Available platforms: MT5

Scope markets kenya was regulated by CMA in 2019. The company name is SCFM limited under license number 123.

Scope markets kenya has a minimum deposit of $20. There are no charges on any deposits or withdrawals, and you can deposit via bank transfer or mpesa as well.

They also have local phone number for support. We also found scope markets’s live chat to be be helpful.

What is capital markets authority (CMA) of kenya?

The CMA – capital markets authority is the financial regulatory agency in kenya. It is charged with the crucial responsibility of monitoring, licensing, and supervising the activities of market intermediaries. This includes the stock exchange as well. CMA derives its regulatory powers from the capital markets act and its regulations.

Its regulatory functions include:

Supervising and licensing all intermediaries in the capital markets

Ensuring correct conduct of all licensed individuals and market institutions

Regulating the products offered in the capital markets

Promoting investor awareness and education

Protecting the interest of investors

CMA has regulatory supervision over all entities offering online forex brokerage services in kenya. It plays a very vital role in ensuring safe trading for traders in kenya and fair practices by the forex brokers.

Why trade with CMA regulated brokers?

The major factor of trading with forex brokers licensed by the CMA is that only such trades and market transactions are lawful in kenya. The chief risk of trading with unlicensed brokers for individual forex traders is outright fraud or illegal activity.

Licensed brokers are required to adhere by regulations of the CMA for the forex industry in kenya. It implies much more than just having laws in place. The authority constantly supervises the brokers for enforcement of the rules and regulations.

The CMA is also mandated with the protection of investors in kenya. This is to safeguard them from fraud and undisclosed financial risks.

The forex market is decentralized and global. It is thus highly prone to fraud being comparatively less regulated than other fiscal markets.

The standards for compliance for all forex brokers offering services for kenyans have been defined by the CMA. It includes being licensed and registered with the authority. They are also required to undergo regular audits and communicate specific changes of service to the clients.

Licensed forex brokers in kenya are also subject to evaluations and review by CMA. This is to ensure compliance with industry norms. It helps in ensuring that currency trading is fair and ethical for all parties involved. Thus, trading with CMA regulated brokers protects you from scams and illegal brokers.

How to verify if the forex broker is licensed by CMA?

CMA have a “list of licensees” on their website, and the list is updated after ever few weeks. You can download that list & search for the broker name in that list.

For example: fxpesa’s license number can be verified in the list of “non-dealing online foreign exchange broker“.

Also, whenever CMA approves a new broker, they issue a press release on their website. The above list was last updated on “july 31 2020”, so brokers approved after that date are not in the pdf list. Like “exinity capital east africa ltd.” which operates the brand FXTM was issued the license on nov 11, 2020 as per press release on CMA’s website.

Frequently asked questions: forex brokers regulated by CMA

Which are the best CMA regulated forex brokers?

Fxpesa – most popular for beginners

Pepperstone – best for low fees

Scope markets

If you are a beginner trader in kenya, then you should choose fxpesa. If you are an advanced trader then you can look into pepperstone.

List of best forex brokers in kenya

In this article, we will look at the list of best forex brokers in kenya. The online forex trading is one of the largest trading environment in the world today.

More than $4 trillion are changing hands daily.

In the past, only governments and hedge fund managers were allowed to trade in forex trading in kenya.

However, with the advent of technology and the internet, anybody can trade from anywhere in the world.

To trade in forex in kenya, it is vital to know some of the best online forex trading brokers in the world.

It’s worth to note that this information regarding online trading brokers is everywhere.

List of forex brokers in kenya

Here is a list of forex brokers in kenya:

1. IG group

IG was founded in the year 1974, and it has grown to be one of the leading online forex trading brokers in the world.

It is among the best online forex brokers in kenya. It is london based and a publicly listed company.

IG offers traders access to trade over 15,000 products across multiple asset classes:

Including forex,

Cfds on shares,

Indices,

Commodities,

Bonds,

Cryptocurrencies, a

As well as provides access to other global markets.

IG has a minimum initial deposit of 250 euros with 91 total forex pairings.

On its trading platform, IG offers streaming news from reuters and research in the form of:

Economic calendar, as well as a

Customizable screener for various asset classes.

Cfds on global stocks, forex, and cryptocurrencies.

The broker also integrates autochartist into the platform, allowing traders to view trade signals generated.

In addition to signals from autochartist, IG offers signals from PIA first.

Trading platform and tools

IG’s primary trading platform is web-based and available as an app for android tablet.

Additionally, it’s also available on smartphone devices as well as an ios version for iphone.

The ipad, as well as for windows smartphone and tablet devices, can also access the platform.

Besides, IG offers the metatrader4 (MT4) platform, which it launched in 2013, enabling clients to run a desktop or mobile version of the popular MT4 software.

2. XTB brokers

Just like IG group XTB is publicly traded and regulated by various financial centres all over the world.

It has nearly over 2000 trading products in global markets.

The primary regulators for this broker include poland’s KNF, UK’s FCA and germany’s bafin.

XTB requires a minimum deposit of 250 euros and has an average spread of 0.90.

XTB offers a diverse range of research across its platforms and websites.

Streaming headlines from top-tier news providers

An economic calendar,

An in-house staff that publishes technical and fundamental analysis,

A premium service is offered under the TRADEBEAT brand that provides market sentiment, exclusive strategies, and trade recommendations for subscribers.

Platform and tools

XTB’s primary platform offering, xstation5, is available for web, mobile, tablet, and even ios and android smartwatches.

Usability across XTB central platform is evident in that it allows:

Resizing of panels

The detachment of charts for focused analysis,

The trade-ticket window allows multiple layout templates.

3. Ava trade

Ava trade is regulated by the EU, japan, australia, BVI, and south africa.

It provides off-exchange forex options on over 40 pairs. Ava trade was founded in 2006 as avafx before rebranding.

Ava trade needs 100 euros to invest.

Avatrade combines in-house research tools and resources with content from third parties.

On sharptrader, users can find daily and weekly technical and fundamental analysis articles published daily.

Additionally, it has integrated tools from external providers.

For finding trading opportunities, avatrade offers several social copy-trading platforms, including zulutrade, in addition to the signals market on MT4.

Platform and tools

Avatrade offers multiple third-party trading platforms such as:

Zulutrade,

Duplitrade,

Metatrader 4 (MT4) web

A desktop platform from metaquotes software corporation.

The zulutrade and tradency platforms are primarily for social copy trading.

Its mobile trading app has three stars.

Moreover, avatrade offers traders multiple platforms through its regulated brands.

Therefore providing clients with a wide range of options for using trading tools across a good range of markets.

This, therefore, includes spot forex on 59 currency pairs and 37 currency pairs for forex options trading.

4. EGM securities

Top in the list of licensed forex brokers in kenya is EGM securities are kenya’s first non-dealing online forex broker based in nairobi.

It’s good to note, EGM is authorized and regulated by the capital markets authority of kenya.

Additionally, its group structure, EGM securities are part of a global business that delivers:

Individual,

Corporate and

Institutional services

Forex, precious metals, CFD’s are some trading products that EGM securities deal with. The also have the best trading platform in kenya.

Forex brokers in kenya conclusion

Trading cfds, forex and cryptocurrencies involve a high degree of risk.

All providers have a percentage of retail investor accounts that lose money when trading forex and cfds with their company.

You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds and forex work.

Best forex brokers in kenya

Kenya is the third-largest economy in sub-saharan africa, behind nigeria and south africa, and one of the most-productive economies across africa. Kenya is considered a frontier market and has recorded continuous growth since 2005. The local currency is the kenyan shilling, and kenya is the east african business, finance, and technology hub, with telecommunication and tourism also expanding. Online forex trading in kenya remains regulated by the capital markets authority (CMA). International brokers do not require a CMA license, unless they are headquartered in kenya, to accept kenyan forex traders.

The young and tech-savvy population is eager to drive its economy forward, many international companies locate regional headquarters to kenya, and forex trading in kenya is swiftly increasing in popularity, amid low capital requirements. The payment processor M-pesa, launched in 2007 by UK-based vodafone and kenyan safaricom, is a mobile phone-based money transfer, payments, and micro-financing service, targeting the unbanked, further enables access to the financial system. It became the most successful mobile-phone-based financial service in the developing world by 2010.

Best all-around: high floating leverage + fast execution

Highly regulated, choice of fixed or floating spreads

Mifid, central bank of ireland, FSA, ASIC, BVI, FFAJ, FSCA, ADMG - FRSA

Highly regulated, choice of fixed or floating spreads

600+ instruments, 0% deposits, free autochartist signals

Great ECN execution on MT4 platform

Top not automated trading + market insights

Understanding the forex market in kenya

Forex trading is growing in popularity across kenya, especially trading on mobile phones. The trend accelerated since the successful launch of M-pesa, which connected millions of unbanked in kenya to the formal financial system. There are not many licensed forex brokers in kenya, with EGM securities, the first non-dealing online forex broker operating out of nairobi, and SCFM limited, the second one. While financial pyramid schemes and other scams exist, as with most frontier markets, the central bank of kenya, and the capital markets authority (CMA) are equipped to ensure a trustworthy environment. It positions kenya as an excellent growth market.

Is forex legal in kenya?

Yes, forex is legal in kenya. There are no restrictions on kenyan traders to open accounts with international brokers, which do not require a CMA license to operate in the country.

Forex trading regulations in kenya

The forex market in kenya is primarily regulated by the capital markets authority (CMA), while the central bank of kenya may introduce regulation for the CMA to enforce. The CMA drafted new rules to tighten regulation, including requiring all international brokers to apply for a license, confirm minimum capital requirements, and file quarterly and annual reports with the regulator. It is a further sign of the growth of forex trading across kenya.

The CMA (capital market authority)

The CMA has regulated forex brokers in kenya since 1989. It grants three licenses, dealing foreign exchange broker, non-dealing foreign exchange broker, and money manager. In 2019, the CMA received the most innovative capital markets regulator in africa award. To date, only two kenyan brokers hold a CMA license.

How to verify your broker is regulated?

Traders can check the broker's company registered number against the CMA database to confirm of a CMA license was granted.

How to choose a forex broker as a kenyan trader

You need to determine what type of forex trader you are or want to be, and then find the broker offering the right services to you. New retail traders should seek the best educational courses, low-frequency traders commission-free accounts, and high-frequency traders require tight spreads. There are initiatives focused on forex exchange kenya to meet the expanding interest in kenya. Brokers with M-pesa accounts are preferable, but skrill and webmoney are alternative options that connect with M-pesa. An upgraded MT4 trading platform, superior proprietary alternative, and mobile-focused app are beneficial.

Trading fees & commissions

A broker’s cost structure will have a significant impact on your profitability and requires careful consideration.

Spreads are the difference between the bid and ask prices. They are the most basic cost in forex trading. Commission-free spreads can be as low as 0.4 pips, while commission-based commence from 0.0 pips. Anything above 1.0 pips, on liquid currency pairs, represents an excessive mark-up.

Swaps are costs related to leveraged overnight positions, and transparent brokers list their swap rates on their website and the order ticket. MT4/MT5 traders can obtain them directly from the trading platform. They differ across assets and can change frequently.

Commissions apply to forex accounts with access to raw spreads, charged per lot, and to equity traders in the percentage of the order value.

Other fees can consist of deposit/withdrawal fees, currency conversion costs, and inactivity charges.

Trading platforms

The MT4 trading platform, once upgraded with add-ons, remains the best trading platform for most traders. It fully supports automated trading and has over 20,000 upgrades to improve the trading environment. Some brokers offer excellent proprietary alternatives, while online forex trading in kenya is also heavily conducted on mobile phones, for which traders should consider customized mobile apps.

Account types

Trading from the right account type is essential and will have a significant impact on your trading results.

The micro account is best suited for deposits below $500, where 1.0 lot equals 1,000 currency units. It is excellent to learn trading and test strategies in a live account.

The mini account is ideal for portfolios below $10,000, and 1.0 lot is equal to 10,000 currency units. Most retail traders should manage portfolios from this account.

The standard account is for professional traders and retail traders with deposits above $10,000, with 1.0 lots totaling 100,000 currency units. It usually offers the best trading conditions, a fact to consider.

The islamic account does not charge swap rates but can demand higher minimum deposits and wider spreads to cover the shortfall. Make sure to read the terms and conditions.

Forex brokers accepting M-pesa

Pesa launched in kenya in 2007 and has over 20 million users in kenya. It allows swift transactions from mobile devices, access to the financial system from the unbanked, and ensures vast availability of the forex market with easy access. While the availability of M-pesa is not widespread with many international forex brokers, a growing number offer it. Skrill and webmoney allow money transfers to M-pesa in kenya, offering an alternative to consider. The best forex brokers in kenya will ensure that M-pesa is available, as it represents the most convenient option for kenyans.

Customer service

Most forex brokers explain all products and services on their website, while an FAQ section attempts to answer the most common questions. For other matters, live customer support resolves issues. Most support is in english, but many brokers deploy multi-lingual staff, per their client-base. Most traders will never require additional assistance at well-managed brokers but having swift access to customer service is essential.

Methodology

We reviewed over 100 brokers based on eleven criteria for more than 200,000 words of dedicated research compiled over 1,000 hours to find the best forex brokers in kenya.

No, forex trading is completely legal in kenya. There have not been any newsworthy reports of brokers operating illegally in kenya or of non-kenyan brokers scamming kenyan traders.

How to start forex trading in kenya?

You can start trading forex in kenya by finding the broker that suits your trading needs, opening an account, and making a deposit. You should also make sure to educate yourself before managing a live trading account.

How to trade forex in kenya?

Review our listing here of the top offshore international forex brokers for residents of kenya and decide which broker best suits your needs. Open a demo account and check them out and teach yourself to trade profitably, then switch to a live account once you are consistently profitable.

How much do I need to start forex trading in kenya?

If you are opening an account with a forex broker offering trading in micro-lots you should start with at least $120, while if your broker (like FXTM) offers nano-lots you can start safely with as little as $12.

What are the best brokers for forex for kenyan traders?

According to our in-depth research, the best forex brokers in kenya are FXTM, AVA trade, IFC markets, pepperstone, and europefx.

A list of the best forex brokers in kenya 2021

There are many things to get excited about in the year 2021, especially in terms of forex markets. One of the most exciting developments is the increase of popularity of forex trading in kenya, and in the entirety of africa in general. The increase in popularity has been gradual, and retail trading is the industry that has been growing the fastest, but it was not expected for the industry to become as popular as it has been becoming in the past year. While unexpected, this development is perfectly logical and is only part of the global trend of the popularity of retail forex trading increasing with time. After all, those who have tried forex kenya, or anywhere else in the world, have had the chance to experience the benefits that the industry is capable of providing for the average person. If the person remains vigilant and trades in a smart way, without falling victim to certain issues encountered by traders in the market, the person is likely going to be successful. Those who have seen this have decided to stick around with the industry and spend more time working in it, which has resulted in the industry growing as fast as it has been over the months. If you are one of the people that has seen the benefits of the forex industry and are looking to learn how to join the rest of the traders around the world, this page is for you. We are going to give you a general overview of what the forex industry is, what retail trading is, what a forex broker does and how to find a legitimate forex broker that you will not need to be afraid of.

So first, let us get started with explaining what retail forex trading is, in general terms. Foreign exchange has always been one of the major financial markets in the world. But, up until the 1970s and 1980s, the markets were in major ways restricted to only be available to institutions with large investment capital, extremely high net worth individuals and banks. Even today, most of the foreign exchange that is being done day-to-day is being done by banks as they exchange national currencies for the purpose of being used within their countries. But, in the 1980s, retail trade became more available, with the first brokers appearing on the markets. These guys started offering their services to the average client, or people who had less capital and could not participate in the markets on their own. Eventually, with the advent of the internet, these brokers started offering their services online, which has enabled most traders to do the trading on their own. The retail online brokers came about in the 90s, but they really became useful and famous in the 2000s. Today, there are hundreds of brokers around the world, all offering their services to traders interested in earning in the markets. Currently, there are just under a hundred forex brokers in kenya that have the official license permitting them to work in the country. Until recently, there had been way more, upwards of one hundred and fifty, but this has changed as a result of stricter regulations that were enforced onto brokers. These regulations resulted in fewer brokers qualifying as legal and some of them being ousted as scams. The importance of this cannot be understated – the effectiveness of regulation is increasing and resulting in a safer environment for forex kenya traders.

The steady growth of the kenyan economy over the past few years has resulted in more and more people being attracted to retail forex trading. The internet infrastructure, which has become quite efficient and useful, has allowed many people to start going online to trade on the markets. It is thus important to help these people understand the markets better and enable them to make choices that will be the best for their trading and for their wallets. One of the first choices they have to make, and one of the choices that will be defined in terms of whether they will be able to even continue trading, is the choice of the broker.

Best forex brokers in kenya

The list below details all of the forex brokers in kenya that we consider the best for trading on the markets. These are officially licensed companies that have long track records of being efficient and good to their customers. Most of these companies are international, which means that they are able to provide bonuses and promotions more often or even offer opportunities for lower minimum deposits. These brokers offer their users a number of opportunities that many will find quite interesting. We also have listed a number of licensed forex brokers in kenya that originated within the country, that is also highly reliable. It is recommended that, if you are considering starting to trade forex, you start with one of these brokers. Otherwise, you might accidentally end up trading with a broker that is not reviewed and has no track record, meaning you might end up working with a scam broker and lose a lot of money as a result.

So, let's see, what we have: fxdailyreport.Com all over the world, forex trading is now considered as a lucrative online business, and kenya has not been left behind. It’s because of this reason that the kenyan market has at list of licensed forex brokers in kenya