Best forex brokers in kenya 2021
Trading cfds, FX, and cryptocurrencies involve a high degree of risk.
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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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Best forex brokers in kenya 2021
Despite the fact kenya is among the poorest countries in the world, there are still possibilities to invest in the markets there. Unfortunately, forex trading is absolutely new and most companies that provide their services there are often regarded as some financial pyramid schemes. We may hope that the central bank of kenya introduces a regulation for currency trading soon and that the situation for potential traders will improve. In the meantime we have laid out the best brokers serving the region.
The brokers below represent the best forex brokers for trading in kenya
Note: not all forex brokers accept US clients. For your convenience we specified those that accept US forex traders as clients.
FP markets
Regulated by: ASIC, cysec
Headquarters : level 5, exchange house 10 bridge st sydney NSW 2000, australia
Your capital is at risk
FP markets was founded in 2005 and is regulated by the australian securities and investments commission (ASIC), offering segregation of client funds and top tier liquidity. FP markets is a group of companies that includes first prudential markets ltd which is authorised and regulated by the cyprus securities and exchange commission.
FP markets also offers a range of education and market analysis resources through the traders hub which includes technical analysis and fundamental analysis articles and videos, as well as, trading ebooks and video tutorials. Users can access live support via telephone, email and live chat 24 hours a day, 5 days a week.
How to choose a forex broker as a kenyan trader
Forex trading is currently unregulated in the country and choosing a broker in kenya can be a problem. There are companies that offer services there and you can do online trading, but you need to be very careful as the company could be a complete fraud or government officials can charge you with doing something illegal.
If you do decide to start trading you will need to look for a broker that is recognized by an authorized governmental institution as a legal entity. You would also want to check what trading platform the company has, if any at all. The lower the commissions the company offers the better. You should also expect possibility to open the type of account that fits your capital size best. A broker should care about you as a trader and offer good customer service. Extra services would act as a bonus for you too.
General regulation & kenya regulation
There are very few places in the world where forex is unregulated. Most countries have gone through various stages in regulation, most from being very loose to being rather strict. Very few regulators allow unregulated brokers to operate in their countries and those who do operate have to follow strict rules and regulation.
Kenya is an exception. It still does not have proper forex regulation and so brokers offering their services in the country operate without any law to govern them. Because of that, they are often targeted and racketeered by corrupt police officers and public officials. Companies are charged with illegal status or some pyramid schemes and the officials extort money from both the brokers and their customers. Brokers now often approach the government and ask them to introduce proper forex regulation, so that brokers can legally operate and traders trade there. Let‘s hope the regulation is introduced soon and everybody can continue working with piece of mind.
Trading platform & software
Your main tool as a kenyan trader will surely be your computer. It means you will also need a good trading platform. It is not that difficult for brokers to get one nowadays as metatrader 4 is available with most brokers across the world. The platform has a lot of useful features inside of it, such as: chart station where you can upload as many symbols as you want and change their timeframes from 1 minute to 1 month. You can also do backtesting of your strategy there. All most popular technical indicators there and you can create one of your own if you know how to do some programming on the station. Somebody else can do that for you too. You can use a robot that will do trading for you, so you will not have to sit glued to your pc screen all day. A broker may have an online version platform, which you should check out. Test out the trading platforms before you deposit.
Commissions & spreads
Brokers charge fees from their customers for transactions. In forex, a fee is a spread, which is the difference between buy and sell price. Spreads are either fixed or variable. Fixed spreads are often between 1-5 pips for major pairs and 5-20 for crosses. Variable spreads are lower. They can be 0.2-0.8 pips for major pairs and 2-6 for crosses. However, when markets are affected by fundamental news such as interest rate decisions spreads tend to widen 10 or even 20 times for a few minutes. Then everything comes back to normal and spreads are the same as under normal market conditions. It‘s up to you what kind of spreads are better for your trading style.
Account types
A great advantage that a trader can have trading forex is an account type based on the size of his capital.
Micro account
You can start trading currencies with as little as a few hundred bucks. If that‘s how much you have you would probably need a micro account and trade micro lots (the size of a micro lot is $1000).
Mini account
If you have over one thousand dollars you may try a mini account and trade mini lots which are 10k. Your risks and rewards increase exponentially if you trade this type of account.
Standard account
If you intend to trade much larger volumes and have over 10 thousand dollars you can try to apply for a standard account and trade volumes that exceed 100k. Remember, the bigger the amount you trade with, the bigger the risks are.
Customer service
As brokers make money charging fees (spreads) on your transactions it is absolutely normal to expect good customer service on their behalf. It does not matter whether a broker is native or foreign, they should service you in your native language or dialect. They should also resolve trading connected problems and issues in a fast and effective way. If a broker ignores you, you should not open an account with him or close it if you have actually opened it.
Additional services
Brokers compete with each other trying to gain as many customers as possible and they often do it by offering extra services. Those may include free educational materials in video, audio and text formats, various market analysis on a weekly and daily time frames, financial news feed (reuters, bloomberg and etc.). You may expect some annual, quarterly or even monthly contests for traders. So, the more extra services they offer, the better it is for you to see whether the broker cares about their traders or not.
Conclusion
Despite the fact, there is no legal framework for forex regulation in kenya, brokers there are quite active and you may cautiously proceed to open an account with the most reliable broker. We have laid out the best of these brokers below. We hope that the information provided in the article will help you to choose one of the best brokers operating in your country.
Best forex brokers in kenya 2021 – most trusted forex brokers
If you read this post you are probably looking for the right forex broker in kenya. Whether you are a retail forex trader or a small institution, we all need to trade through a forex brokerage firm. Forex brokers serve as a support to bring buyers and currencies or forex, as they are often nicknamed. They usually do so for a nominal price or a commission. Online brokers regularly feel employed to monitor and maintain the foreign exchange market 24 hours a day and help provide liquidity in the market. Here is a list of the best forex brokers in kenya selected to offer you the best trading experience.
1. XM
XM is a global forex broker founded in 2009, licensed and regulated by cysec,ASIC and IFSC.
Xm is a broker with many advantages, whether you are a currency novice or a well-established trader. The technology they use is advanced, their business features and payments are good and they offer a number of bonuses to encourage late beginners and experienced traders.
Xm is mainly known in the industry due to its strict policies: no re-listing, no order rejections and no hidden fees or commissions, as well as real-time execution of markets, with 99.35 of all orders being executed in less than a second. In addition, 24/5 multilingual personal account managers provide seamless customer communications and professional support to demo and real account holders.
Founded: 2009
regulators: ASIC, cysec, IFSC,
min. Deposit: 5$
leverage: 1:888
deposit/withdrawal: bank wire, visa/mastercard, skrill , multiple local payment methods available
platform: metatrader 4, metatrader 5
web based: yes
mobile: yes
2. Hotforex
hotforex is a mauritius-based forex broker offering retail, corporate and white label clients access to interbank interest rates via an advanced automated trading platform. Hotforex offers a wide range of trading account types, from micro accounts for late beginners who want to gain experience beyond simulated transactions, but without excessive risk, to accounts for experienced individual traders and trading companies. Hotforex provides all the tools they need and service needed by clients at all levels to achieve their trading ambitions.
Hotforex offers metatrader 4 and metatrader 5 as a trading platform for desktop, web and mobile computers. It is a user-friendly and advanced trading platform that is the most widely used in the industry.
Offers trading in currency pairs, cfds, metals, oil, indices and equities for your personal investment and trading options. Offers very competitive spreads, leverage of up to 1:1000, fast execution and good customer support available in multiple languages.
Founded: 2010
regulators: FSC (mauritius), DFSA, FCA, FSCA, cysec
min. Deposit: $5
leverage: 1:1000
deposit/withdrawal: bank wire, visa/mastercard, skrill , webmoney, neteller, cashu
platform: metatrader 4
web based: yes
mobile: yes
3. Easy markets
easymarkets is an innovative innovator broker that has been offering trading services since 2001. Easymarkets is licensed and regulated by the cyprus securities exchange commission (cysec) under the CIF license and in australia by the australian securities and investments commission (ASIC) license.
This broker provides its clients with access to global assets through a range of trading instruments and financial assets. These include options such as vanilla options, currency pairs and difference contracts (cfds). They offer dynamic trading platforms available on desktops, mobile and web-based.
Easy markets offers several types of trading accounts with a minimum deposit of $100 for standard accounts, leverage of up to 1:300, and offers fixed spreads and commission-free trading.
Finally, the broker offers complete customer support in a variety of languages. This service is available 24 hours a day and includes support by chat, e-mail or live web chat.
Founded: 2003
regulators: ASIC, cyscec
min. Deposit: $25
leverage: 1:200
deposit/withdrawal: bank wire, visa/mastercard, skrill , webmoney, paypal
platform: metatrader 4, trade desk, web trading
web based: yes
mobile: yes
4. FXTM
FXTM is a broker that offers its clients a wide variety of trading account types and trading platform. This broker is regulated by CYSEC in cyprus, FCA in the united kingdom, FSB in south africa and IFSC in belize. FCA and CYSEC, it provides the ability to trade more than 200 assets including currency pairs, indices, cfds, and spot metals and more than 180 cdds in equities, a wide range of educational resources for traders to improve their trading skills, powerful leverage depending on your trading account, tight spreads, customer service in more than 18 languages available 24/5 via live chat, whatsapp, telegram, telephone and more.
Founded: 2010
regulators: IFSC, CYSEC, FCA, FSC
min. Deposit: $10
leverage: 1:1000
deposit/withdrawal: bank wire, visa/mastercard, skrill , webmoney, neteller
platform: metatrader 4, metatrader 5
web based: yes
mobile: yes
5. Octafx
octafx is a forex broker based in saint vincent and the grenadines, which offers trading services in more than 100 countries around the world.
Octafx is a forex broker STP (direct processing) and ECN (electronic communication network) that offers tight spreads, fast order execution, no slippage or recotation. It allows trading in all major currency pairs, as well as gold and silver. As for the trading platforms octafx offers several platforms metatrader 4 and metatrader 5 which are the leading trading platforms, and ctraders which offers an incredibly customizable and exciting new interface.
Founded: 2006
regulators: cysec
min. Deposit: $5
leverage: 1:500
deposit/withdrawal: bank wire, visa/mastercard, skrill , webmoney, neteller, bitcoin
platform: metatrader 4, metatrader 5, ctrader
web based: yes
mobile: yes
6. Markets.Com
markets.Com is a broker founded in 2008 and based in cyprus, provides an online forex and CFD broker for investors and traders. This broker is a CYSEC regulated broker, and FSB it proposes to trade more than 2000 cfds. Markets.Com provides as standard trading platform metatrader 4 which is the most known trading platform in the industry developed by metaquotes software, web platform and mobile platform.
Markets.Com provides leverage of up to 1:300 and competitive spreads, with a minimum deposit to open a $100 trading account, a wide range of educational tools, and customer service in more than 10 languages available 24/5 accessible through live chat, telephone support, and email.
Founded: 2009
regulators: ASIC, FSB, FSCA
min. Deposit: $100
leverage: 1:200
deposit/withdrawal: bank wire, visa/mastercard, skrill , webmoney, neteller, paypal
platform: metatrader 4
web based: yes
mobile: yes
7. Exness
exness is a forex broker that caters to all types of traders and provides different types of accounts to traders depending on their trading accounts. You can open a trading account with exness from $1 as a minimum deposit, offers powerful leverage up to 1:2000, offers tight spreads, metatrader 4 and metatrader 5 point trading platforms, and good customer support to help you solve any problems you may encounter. The support team is available 24 hours a day via email, phone and live chat, see the article also on forex brokers south africa.
Founded: 2008
regulators: cysec, FSA
min. Deposit: $1
leverage: 1:200
deposit/withdrawal: bank wire, visa/mastercard, skrill , webmoney, bitcoin, perfect money,
platform: metatrader 4, metatrader 5
web based: yes
mobile: yes
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.
�� the best forex brokers kenya 2021
Looking for the best forex brokers in kenya?
We’ve put together a list of the top forex brokers in kenya that accept mpesa.
With the forex brokers using mpesa it is now easy to start online currency trading in kenya.
For peace of mind are all forex brokers kenya in this list are licensed and regulated forex brokers.
Two brokers on this list give a NO deposit bonus for just opening an account with them. Trade. Withdraw the profits.
Our forex broker review process is simple; we are residents of africa and trade with these forex brokers on live accounts.
Here is a growing list of the best registered and licensed forex brokers in kenya in 2021.
�� top forex brokers kenya
- ��XM – best forex broker in kenya that accept mpesa and a no deposit bonus
- �� forextime (FXTM) – a forex broker using mpesa – easy to join.
- ��tickmill – best tight spreads and commissions forex broker in kenya.
- ��exness – best forex broker with instant withdrawal (no longer accepts mpesa)
- ��hotforex – best 100% deposit bonus forex broker and accepts mpesa
- ��icmarkets – the best ECN, paypal and multi-platform broker
Best forex brokers in kenya
Forextime
Exness
IC markets
Hotforex
Tickmill
That’s a quick look at the top licensed and the best forex brokers in kenya.
Pick one of these forex brokers kenya are are all you need to online currency trading in kenya.
They have the best online trading platforms in kenya and they provide the best forex trading training in kenya
I will now show you how the forex brokers kenya fare.
The best forex brokers in kenya that accept mpesa
Forextime (FXTM), hotforex and XM are the best forex brokers in kenya with mpesa.
The best forex brokers kenya with paypal
Icmarkets allows funding an account with paypal
Forex brokers in kenya with a NO deposit bonus
Both tickmill and XM give first-time clients a $30 no deposit bonus.
The beauty of this bonus is you can always withdraw the profits you make.
Forex brokers in kenya with the best trading bonus
Hotforex has the craziest bonuses to choose from. If you want to increase your trading equity by up to 100% of your deposit, then hotforex is for you. XM also has some great bonuses and promotions.
Documents you need to verify a forex trading account.
We are often asked how do I start forex trading in kenya – the answer to that is that you need to verify your trading account.
Every trader is required to verify their account to comply with anti money laundering regulation.
You need these documents to verify your trading account.
Proof of legal identity: government-issued ID, driver’s license, passport, etc.
Proof of address: government-issued residential registration, reoccurring statements to the address – water bill, electricity bill, tax bill, tax clearance certificate, and bank statements.
Note that your proof of address must include your actual address – plot number, street, house number.
It is hard to get documents with an address if you are renting. But, here is a hack, go to your ABSA branch and request a bank statement, ask them to add the residential address you used when opening the bank account to the bank statement.
That is the simplest way to get a document with proof of address in kenya if you don’t own a house.
You can also use a KRA tax certificate
Frequently asked questions about forex brokers and forex trading.
Where do I learn how to trade forex in kenya?
All the forex brokers I recommend have great education programs for both beginners and advanced traders.
However, if you are new to trading, I recommend starting with www.Babypips.Com
The best and recommended forex broker reviews – compared side by side.
Use this table with reviews of the top forex brokers to compare all the FX brokers we have
Top 5 best forex brokers in kenya, reviewed for 2021
Are you looking for a forex broker with the best spreads? In this article, you will discover the top five best forex brokers in kenya and learn how to start online forex trading.
How to start forex trading in kenya
If you are looking to start trading forex, you will first need to find a suitable online broker. To help you with that, we have listed the top forex trading companies in kenya below.
Additionally, you will need starting capital.
How much do you need to start forex trading in kenya? Fortunately, not that much! You can start with as little as a few thousand shillings because forex trading providers enable you to leverage your positions to place larger trades.
Finally, you will need forex trading education. The more you learn about currency trading, the better you will become at developing trading strategies that work for you.
Now, let’s look at the top online forex brokers you can use to trade FX in kenya.
Top forex brokers
EGM securities
To start trading on the platform, you need to sign up for an account. There are two types of accounts; a demo account and a live account. If you are a newbie, you can choose a demo account and trade using a dummy balance. To sign, you will need to provide your full names, country of residence, and request a PIN to verify your phone number. The next step after signing up will be to set your preferred currency.
EGM securities offers two accounts: executive and premiere. The minimum deposit required for an executive account is $200. There are no commission fees for this account. The leverage is 1:400 and the spread is as low as 1.6 pips per standard lot for EUR/USD.
What’s more, the minimum deposit on a premiere account is $5,000, and the typical spread charged for a EUR/USD pair is 0.2 pips. The account charges a commission of $7.
Features include:
- The minimum deposit is $200
- 60 + currency pairs
- Spreads as low as 0.2 pips
- Leverage 1:400
- MT4 trading platform
- Demo account
CM trading
CM trading offers over 50 forex pairs, as well as stock trading on close to 20 stock indices, including the nasdaq and FTSE. Moreover, traders can speculate on the price of commodities and cryptocurrencies, like bitcoin.
You can sign up for a demo account and access the list of platforms and instruments. The registration process is simple and will take you a few minutes to set up your login credentials and verify the account. Then, you can now proceed to download the MT4 platform or try the sirix web-based interface. If you opt for a live account, you can choose any of the four types of live accounts on the platform.
The minimum deposit balance needed for each account differs but usually range from as low as $250 to a maximum of over $100,000. Essentially, the higher your deposit, the tighter the spreads and more trading tools you get to enjoy.
The platform provides multiple payment options such as bank transfer, credit card, mobile money, and more. What’s more, customers in kenya can deposit and withdraw money using MPESA.
Leverage goes up to 1:200 on CM trading. The platform takes its cut from floating spreads. On major FX pairs, such as the GBP/USD and EUR/USD, spreads range from 2.6 and 1.5 pips respectively. For positions held overnight CM trading charges rollover fees. Users should also be aware of a $15 monthly inactivity fee charged to dormant accounts after three months.
Features include:
- A minimum deposit of $250
- Over 50 forex pairs
- Spread from 1.5 pips
- Leverage 200:1
- MT4/sirix platforms
- Demo account
Avatrade
Avatrade offers a selection of manual trading platforms such as metatrader4/5, webtrader, and avatradego with full mobile support on google play and the apple store. You can also select from a variety of automated trading platforms, including the avasocial app, zulu trade duplitrade, and more.
To get started on avatrade, you must register for an account. To set up an account, you have to provide personal details such as your name, email address, and telephone number. Furthermore, you will need to provide your place of residence and account details. You may have to provide information on your past trading experience, so the company can determine whether you are suitable to trade on a live account.
Once this process is complete, you can begin trading. However, to deposit or make a withdrawal you must first verify your account. The minimum balance you can deposit on the platform is €100. Clients can trade at fixed and variable spreads.
Features include:
- The minimum deposit is €100
- Currencies include AUD, JPY, GBP, USD, EUR, CHF, and more
- Fixed spreads from 1 pips
- Leverage 400:1
- MT4/5 trader/avatrade GO/zulu trade duplitrade platforms
- Demo account
Top forex brokers in kenya that accept MPESA
Pepperstone
To start trading on pepperstone, you have to set up an account. You can choose to sign up for a live account. However, if you are new to FX trading you can opt for a demo account. To register, you have to provide information including your personal details, trading preferences, employment, income, and sign a declaration. Upon providing this information, you will have to verify your ID electronically to complete the process. The verification process takes up to 8 hours.
Pepperstone offers leverage up to 400:1 in the kenyan market, which means for every $1 you have in your trading account, you can trade up to $400 in the forex market. The initial margin requirements for a trade depends on your account leverage, size of the trade, the instrument, and the transactional currency. You can calculate the initial margin using the margin calculator in your secure client area.
Features include:
- Minimum deposit of $150
- Over 180 currency pairs
- Spread from 0.0 pips
- Leverage 400:1
- MT4/MT5/ctrader platforms
- Android and ios app
- Demo account
- MPESA payments
Hotforex
To start trading on hotforex, you must sign up for an account. Click on the ‘open live account’ and provide your personal details, country of residence, and email address. Review the privacy policy and if everything is in order, click on the ‘register’ tab. The next step will be to verify your account and continue the registration process. You may also have to provide additional details such as the base currency, client type, and create an investor profile. Finally, you will need to upload an ID or passport and address verification documents.
Hotforex offers six accounts that offer flexibility for clients of all risk appetites. Moreover, the platform allows customers using MPESA to deposit a minimum of KES 1,000. There is no charge for deposits.
Features include:
- The minimum deposit via MPESA is KES 1,000
- 50+ currency pairs
- Flexible spreads as low as 0 pips
- Leverage 1:1000
- 12 trading platforms
- MPESA payments
- Demo account
Compare brokers in kenya
For our kenya comparison, we found 23 brokers that are suitable and accept traders from united kingdom.
We found 23 broker accounts (out of 147) that are suitable for kenya.
Forex.Com
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About forex.Com
Platforms
Funding methods
69% of retail investor accounts lose money when trading cfds with this provider
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About IG
Platforms
Funding methods
76% of retail investor accounts lose money when trading spread bets and cfds with this provider
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About XTB
Platforms
Funding methods
82% of retail investor accounts lose money when trading cfds with this provider.
Avatrade
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About avatrade
Platforms
Funding methods
79% of retail investor accounts lose money when trading cfds with this provider.
Plus500
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About plus500
Platforms
Funding methods
76.4% of retail CFD accounts lose money
Axitrader
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About axitrader
Platforms
Funding methods
68.5% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.
Etoro
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About etoro
Platforms
Funding methods
71% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.
XM group
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About XM group
Platforms
Funding methods
78.04% of retail investors lose money when trading spread bets and cfds with this provider.
City index
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About city index
Platforms
Funding methods
72% of retail investor accounts lose money when trading cfds with this provider
Easymarkets
Spreads from
What can you trade?
- Forex
- Crypto currencies
- Indices
- Commodities
- Stocks
- Etfs
About easymarkets
Platforms
Funding methods
83% of retail investor accounts lose money when trading cfds with this provider.
Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.
The ultimate guide to
Best online brokers for kenya
Kenya’s financial services sector dates back to the 1950’s, with the east african’s market-based economy commonly considered one of the economic, financial, commercial and logistics hub of east africa. With 79% of the country’s population of 52.1 million people currently under the age of 35, kenya is considered a “young” country.
The primary stock market in kenya is the nairobi securities exchange (NSE) founded in 1954, nairobi. In 2014, the NSE demutualised itself and self-listed. The NSE provides a basic listing service in stocks and stock derivatives. It also lists real estate investment trusts (reits) and exchange traded funds (etfs). The exchange also provides a market for trading kenyan government and corporate debt securities.
Bonds listed on the NSE include the M-akiba bond for retail buyers, a kenyan government issued bond aimed to raise money for infrastructure projects. Furthermore, the NSE lists green bonds that are a target to helping address risks and social impacts resulting from kenya’s exposure to climate change and environmental degradation.
The primary broad stock index for the nairobi securities exchange is the NSE ALL SHARE index that is a market cap weighted index which includes all the securities listed by NSE. Narrower blue chip indices include the NSE 20 share index and the NSE 25 share index. These are price weighted indices that respectively consist of the top 20 and 25 most actively traded stocks on the NSE.
Kenya’s national currency is the kenyan shilling (KES), which is issued and managed by the central bank of kenya (CBK). The shilling is further broken down into 100 smaller units known as cents. As of 2016, the bank for international settlements (BIS) did not rank the kenyan shilling among the top 35 most actively traded currencies. The KES also did not rank among the most popular currencies held as reserves by central banks in 2018, according to data from the international monetary fund (IMF) .
The primary kenyan financial sector regulator is the capital markets authority (CMA) of kenya that was formed in 1989 under the capital markets act. This regulator aims to help kenya’s capital market become a sound choice for investors and issuer through enforcing strict regulation, encouraging innovation and enhancing investor protections. Any forex broker or other financial institution operating in kenya needs to be authorised by the CMA.
How to trade in kenya
Relatively few reputable online forex brokers are situated or have offices in kenya, although traders living in kenya can deposit money for online trading using accounts with foreign brokers that will accept them as clients.
Most brokers provide a website and customer service in english. If accessing a broker’s website in a language other than english is important, then it is recommended that you ask in advance if that broker can cater for your language needs. Unfortunately, few foreign brokers offer language services in bantu swahili.
Remember also that any broker located outside of kenya should be regulated strictly in its local jurisdiction and ensure client funds are separate from its own in segregated accounts. Brokers should also have good general reputations with their clients, in addition to an acceptable range of products and services.
The majority of online forex brokers allow traders to practice and develop strategies by offering demo accounts that are funded with virtual money. Additionally, online brokers also offer funded accounts that require a minimum initial deposit before live trading begins. Also, some brokers offer sharia complaint accounts which have no swaps on rollovers.
The asset classes available to be traded through online brokers varies considerably between different brokers. The majority of online brokers offer some type of forex trading that encompasses the major currency pairs. Furthermore, contract for difference (CFD) trading is quite common outside of places such as the united states, and cfds typically allow for trading in a broader range of assets.
Moreover, regarding stock trading, the nairobi securities exchange (NSE) aims to provide fair and transparent markets throughout several asset classes, as well as in kenyan stocks. NSE trades are also generally executed in kenyan shillings, and live trading has taken place through the automated trading systems of the NSE since 2006.
Biggest opportunities of trading in kenya
Kenya’s urban areas, especially nairobi, are noted for their large number of educated english-speaking multi-lingual professionals, largely viewed as a positive attribute for foreigners looking to establish businesses there.
Kenya also provides a number of additional opportunities for businesses:
- Mining – while kenya’s mineral resources are limited, the country is an important source of high value metals like gold and titanium.
- Construction and real estate – according to the U.S department of commerce, construction and real estate make up some of the fastest growing sectors in kenya.
- Technology – this is another sector that has seen considerable growth in the last decade. Kenya offers high internet access rates, including fast 4G and 4G LTE services, stimulating ecommerce and other internet-based services.
- Tourism – kenya’s tourist arrivals increased by 12% in 2016, and the sector’s earnings increased by 17% to around USD $1 billion.
Overall, when it comes to obtaining credit, kenya achieved a ranking of 8 th among countries surveyed by the world bank . Kenya also ranked favourably at 11 th for protecting minority investors, and 61st in the general ease of doing business there.
Biggest challenges of trading in kenya
As a consistent net importer with negative balance of trade numbers since 1998, kenya’s economy may potentially suffer from trade disputes, tariffs and the failure of key trade agreements. Nevertheless, kenya’s relatively low ratio of trade to GDP of 37% would tend to mitigate its economy’s vulnerability to trade disruptions.
Moreover, the world bank ranked kenya rather low for dealing with construction permits, starting a business, registering property and trading across borders at 128 th , 126 th , 122 nd and 112 th respectively in those areas.
Summary
In summary, traders and businesses may well find kenya a challenging place to do business. Nevertheless, the country did rank well in 8 th place from the world bank on the ease of obtaining credit, as well as an overall 61 st overall ranking by the world bank for the ease of doing business.
While kenyan financial institutions receive oversight by kenya’s CMA, it is advisable to beware of frauds when trading online. Before deciding to choose an online broker to trade through, ensure that the broker offers a decent asset class range, are well regulated, have a good reputation and a fully functioning trading platform. Additionally, brokers should also provide a safe place to make a margin deposit by segregating its clients’ funds from their own.
Why choose forex.Com
for kenya?
Forex.Com scored best in our review of the top brokers for kenya, which takes into account 120+ factors across eight categories. Here are some areas where forex.Com scored highly in:
- 19+ years in business
- Offers 300+ instruments
- A range of platform inc. MT4, web trader, ninjatrader, tablet & mobile apps
Forex.Com offers one way to tradeforex. If you wanted to trade EURUSD
The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.
The best forex brokers in africa
Forex market is very competitive and of course, choosing the right FX broker can be overwhelming. There are certain qualities everyone has to look for.
In this case, we talk about security – which means verifying your broker’s credibility through global agencies is a must. Also, look at how easy your broker allows you to deposit your profits. Everything that you can mark with green will give you more confidence and trust in your broker.
By analyzing the trading platform of your broker and the way he responds to you, it’s what will help you decide if your choice was right.
TOP forex brokers in south africa
In south africa foreign exchange trading is very popular. It is also known that the country has an excellent system that protects from fraud. But as a fact, the practices of foreign exchange trading in south africa are quite small. Which of course, means that the forex business in this side of the world is continually in the phase of growth. Generally, the field of finances in south africa seems to be very forthcoming for FX trade because of the very loose, legal and economic regulations.
Many worldwide known brokers offer their financial services in south africa. Have a look at this TOP 5 list:
The norm to select a convenient forex broker may include options such as the existence of small and mini accounts for new people that are interested in forex, a component of social trading and the trading platforms that are offered. It may be a good option as well to verify if the broker asks for commissions for the trade and if there are appealing rewards and the chance of growing more for the new people interested in forex trading.
Financial services board
The financial services board – also known as FSB represents the organization whose service is to protect south africans in the finance field, other than the banks. Whenever you choose a broker, a good thing to do is to check the FSB financial service providers list to see if your broker is in that list. Regulators make sure that the brokers are following the law, and they also provide insurance for the trader’s funds.
Other licensing authorities
Most south african traders choose trading platforms certified by other licensing authorities, the most outstanding being the european regulatory agencies. The most trusted, and most popular, agencies are the cysec (the cyprus securities and exchange commission), FCA (UK’s financial conduct authority) and ASIC (the australian securities and investments commission).
History of forex in africa
Although some of the traders might know about forex’s existence since the first beginning of the internet, it was around for a much longer time. However, the presence of forex’s can be slightly seen back to the time when the gold was, and it was the standard in the money system of the world, which started in the years of 1875.
However, at that time, not every country has joined this type of trade. It has not passed more than 16 years ago since south africa started it’s the trading activities of currency. This is near the same time when their local organizations began to give away the money exchange to the offshore brokers through the ways of the self-directed traders.
Moreover, it also happened during the same period that there didn’t exist any regulations that impeded organizations or individuals from starting up their online businesses. Unfortunately, the starting of these activities were not successful since it led to a lot of millions of rands being lost due to fraud. As a result, the appropriate regulations have been established since then to prevent scams and other unfair things related to money to happen again.
Why is forex training necessary? In this field, people need time to become professionals. Everyone has to do some exercise, by it as little as it can be. Some of the benefits of undergoing these training include acquiring basic skills where the people can be able to make the right decisions based on the fluctuations in the market and the end, minimizing the possibility of losing money. Understanding the terminologies that are difficult for the average person and getting the knowledge to make proper judgments is another thing the training offer to people.
With the right skills, a person will tell whether a broker is legitimate or not. The knowledge will also allow a person to work by not having problems with the law.
Why forex trading is so popular in south africa?
There are several reasons why the number of people in south africa that are participating or are interested to join in the foreign exchange trade business got higher:
- Due to south africa’s financial place in the world – it may not be as high as euro and dollar, but the south african rand is not a weak currency. The rand is one of the more prominent coins in africa, and its position in the global charts of forex trading is quite high. This results that during the foreign exchange trade, the chances of being at a loss because of weaker currencies are meager.
- Most accounts of trade favor south africans – in case an investor in south africa chooses to open a trading account with USD, EUR or GBP, the exchange rates will often be just right. This is mostly seen when withdrawing profits to their accounts. This way, people engage in forex trading without the fear of having their earnings cut by a high amount due to loses in trading.
- Foreign exchange in south africa has much freedom – compared to working a 9 to 5 job or at the office, forex trade in the country gives a lot of freedom to those that want to invest. The work can be done in your own’s comfort zone and no need to limit daily life activities. Also, there is no reason to take the time to go every day to work on the busy streets of the morning, meeting deadlines that test your limits and there is also no one to report all the things you do too. In this way, forex trading in the country allows you to be your boss. You have the opportunity to manage your time, and you can also be with your family and friends as well.
- You can get well paid by the trade – A lot of people in south africa are engaging in forex trade, and later they make it to be their part-time job or just for fun. They can earn enough money from trading that allows them to even pay their bills such as water, rent, electricity and so on. Many people can use it as a platform where it’s possible to become wealthier and make their lives a bit better.
- You have the opportunities to measure the risks and profits -those who choose to participate in forex trading and happen to live in the country have a lot of varieties to choose from. Nowadays, not only the importers but also the exporters have different choices that allow them to check and balance the risks and the potential earnings before engaging in any of them. By following this approach, they can take the right decisions that in no way will damage their private life and the budget.
Risks
The determination process of the price
It is very complicated because trading forex means that the currencies have to be exchanged and there must be a method that determines the rates. However, the prices keep on changing, depending on the region and how the south african rand is doing at the moment compared to the other dominant currencies such as euros and the dollars.
The potential risk is also huge
Compared to any other job that gives a high paying and it has to invest in it, the forex trading also has its potential risks. For example, a trader has a lot of uncertainty that a currency will give or not a big profit. Moreover, most people that invest and work remotely in the country don’t have enough knowledge about how the foreign exchange market is acting, a higher risk building this way. This risk factor makes many people want to invest less money because the thought of losing too much scares the people of south africa away. And as easy as you can earn them, as easy you miss them too.
Rules of forex trading
Engaging in forex trade also has some rules. Those who want to join in forex have to follow the given set of rules made by the government side. Some of these rules include the following:
- The law demands the citizen to get a reliable & licensed forex broker who will help in the deal.
- There are limitations of the forex that may be taken seriously such as transporting real foreign currencies inside the country, which is different from forex trading online.
- Also, for someone to stock their account with more than R1 million, the tax clearance certificate must be first acquired.
- In cases where must be transferred more than R10 million, the person has to first apply to the financial surveillance department.
Forex regulations overview in kenya
Kenya canceled all exchange control laws in 1993 and changed to a fully market-determined exchange rate system. There aren’t any controls on foreign exchange, and this policy has attracted short-term capital influx.
But nowadays, the kenyan authorities now will be able to not only license the brokers but also obtain information on all the financial activities to protect kenyan investors. At the moment, kenyan authorities are not aware of how much money is in circulation in forex online business in kenya. A fact is that forex trading in kenya is growing at high speed, hence boosting concerns for regulators in the country.
Forex regulation overview in nigeria
While in nigeria, currently there aren’t local reliable brokers. The easiest option for nigerian traders to enjoy potential profits from forex is to use the services of a broker based in a foreign country. The good news is that many international brokers will let you conveniently deposit and withdraw funds.
How to choose the right forex broker?
When selecting a FX broker or binary options platform, one of the primary and essential things to think about is to check if the broker is regulated by FSB (local market regulator) or not. In case the broker is not restricted, don’t let it be even a passing thought to open an account with the broker, as you might have to face many inconveniences, mostly because there are many scam brokers out there that come from other countries with the thought of getting your money which you didn’t earn easily.
The main task of the FSB is to regulate all companies that provide financial services in south africa. The institution has significant and reliable power, enough to punish those brokers that fail to adapt to other rules. The brokers can even get their license taken away. One of the main objectives of the regulator is to make sure that only certified brokers will offer investors fair and transparent services. So, if you choose one of the FSB approved brokers, you will be able to trade way more safely and assured, than if you bought with some shady, unregulated broker.
Other things to think about would be to find a broker that gives a nice, easy to use, user- friendly platform. A commission and spreads are as well very significant as you might not want to be charged hidden fees by the time all trustworthy brokers will give you a small, fixed amount or variable spreads. There must be a lot of different types of accounts you have at your own choice, because the more, the better. If the broker is not there to help you, you should also not be there with him, sending currencies in his company. Customer service is essential, and as a final note, extra useful services are a big thing in deciding which broker to choose.
In the end, forex trading is one of the ways through which people can make income from the side. In south africa, people continue to like the idea and get more interested in online investments. Many advantages come with engaging in this activity, as told above. Working from home and not having to report to any boss is a big advantage, isn’t it? Also, it is a well-paid job if you know how to play your cards well and there are no time limitations.
You know you have all the time in the world to trade forex, so there is no need to rush it. Firstly, you need to eliminate one problem, which is to find a good and reliable broker. Now, you have an idea of how to do that: by checking whether the broker is regulated and what kind of services can be offered to you. Of course, trading is always a risk, and you should be ready to lose, but if you have done your research well, success will come in your trading sooner or later.
Best forex brokers 2021
Below is ranking of what we think are the best forex brokers overall.
- Pepperstone – awarded as the “top forex broker overall“
- XM – best MT4/MT5 forex broker
- XTB – best CFD broker
- Forex.Com – best for US traders
- Etoro – best social trading platform in the world
79.3% retail CFD accounts lose.
73.57% retail CFD accounts lose.
71% retail CFD accounts lose.
79% retail CFD accounts lose.
73.57% retail CFD accounts lose.
Best forex brokers for forex trading
Pepperstone – best overall and best for range of offerings
Average spreads
XM – best for trading experience
XTB – best for beginners
How to choose a forex broker
What are the best forex brokers ?
The answer is there isn’t one which is the best for everyone but if you take into consideration the points below when choosing one, you will find the best forex trading company that will accomodate to your trading style.
Let us save you lot of time searching and headache! We did the research for you, you will thank us later for!
1) regulation & license
Despite the regulation, there are still many crooks in this business, which can cost you lot of money!
If you trade with a regulated broker, you will gain protection in terms of the safety of your money and the broker will have guidelines on the way your account is dealt with to ensure you get the best service and you can contact the regulatory to settle any disputes you may have.
For example, if you are european union resident, then you should know that any reputable company that operates on european union market should be licensed at least by cyprus cysec regulatory or by the FCA UK.
Besides cysec, the NFA in the USA and the FCA regulated forex brokers registered by the financial conduct authority of the united kingdom are widely seen as the most serious forex companies in the world, although there are now many others, as regulation spreads to more areas of the world. Another well respected regulatory body is the australian securities and investment commission (asic.Gov.Au), we can say that ASIC regulated forex brokers are one of the most reliable companies and usually offer the lowest spreads on the market and the fastest trade execution times, this is mainly due to the fact that australian retail fx market is extremely competitive.
Always aim to choose a regulated forex company, so for example if you live in south africa then you definitely want to choose one of the best south african forex brokers which are regulated by an FSCA regulatory agency. In case you are residing in dubai, then go with the best forex broker in UAE that is DFSA regulated.
” there is no need to deal with an unregulated forex trading companies so please don’t even consider them! “
2) customer support
Find out what kind of support your potential broker provides.
- Do they hide behind anonymous mailboxes or have a real support center in your mother tongue that you speak?
- Is their support center located in the same time zone as you,is it somewhere in europe or on the opposite side of the globe ?
- Do they have a customer support telephone line where they can be contacted for technical problems? Do they provide online chat support?
- Will you be assigned a personal advisor to whom you can contact with trading questions at any time?
For example, etoro provides based on our experience really high quality customer support in 24 languages, including free online forex training.
Read here our comprehensive and probably the most complete etoro review including video tutorials.
3) negative balance protection
In case you posses losing trading positions in your fx trading account, this protects your whole forex trading account against negative balance. It protects you as a retail trader on a per account basis. Meaning, your account will not go into debt, which could potentially happen to many inexperienced traders. Since the forex market can become very volatile in a matter of minutes, the NBT allows you to better manage volatility without having to worry about going into debt!
However you can relax in case you signed up through any of the recommended forex trading companies on this website because ….
As of 1st august 2018 the negative balance protection is mandatory for all retail trading accounts for forex companies that are regulated by the european regulators like cysec or british FCA!
4) your previous experience and trading style
First of all, you should think about your trading style and choose a platform accordingly:
- Are you a complete newbie in forex?
- Will you trade the most popular currency pair of EURUSD or exotic currencies?
- Do you have large capital or do you require a mini / micro account?
- Do you use mobile phone for trading?
- Do you depend on forex signals?
- Are you going to scalp the market?
- In case you are about to start trading forex in saudi arabia you will most probably need an islamic account which provides you interest free trading.
5) broker’s financial standing
How much capital does the forex company have behind it – in other words – how strong is its balance sheet? You should take this into consideration when choosing a broker and also the length of the time they have been in business. A broker with a strong balance sheet which has been in business for many years is probably going to be a good broker to deposit your money with. You should always deposit your hard earned cash with a financially strong brokerage only.
6) forex trading platforms – get the most out of your trading
The forex trading platform is also a consideration in terms of its smoothness of operation, reliability, number of currency pairs offered and other extras such as news and technical charting tools. You can easily find out how good the trading platform is by simply opening a demo account and seeing if you like the services.
〉〉 webtrader and ios android trading apps
Almost each forex broker is now offering its own webtrader platform and mobile app for trading. These platforms are containing very basic trading functions and basic charting possibilities. On the other hand, it runs under almost any internet browser and requires no download and installing. The only thing you literally needs is a PC/mac with internet connection or smartphone with installed app.
〉〉 metatrader 4
If you are really serious about trading forex, then you should definitely look for fx broker that is allowing you to trade with metatrader. Metatrader is a standard industry platform and is the most well known and most commonly used and offers security, reliability and a number of analytical features and most brokers will allow you to use it.
Metatrader 4 is used mostly by forex traders, while 5 includes besides fx also ETF, commodities etc.
〉〉 social trading (copytrading feature)
While many traders want to trade themselves there are many who want to get help and there has recently been a huge rise in social fx trading.
There are many social trading platforms and the concept is simple – you can follow other traders in the network and copy their trades and hopefully make money following their trading signals.
Traders online have been swapping ideas and trades in forums, blogs and social networks for a long time and the idea of following successful traders in a trading network is a logical progression and the growth of this segment of the trading industry is huge and the number of traders participating and the dollars amounts transacted are staggering – let’s take a look at a couple of examples.
Etoro social network is huge with over 2 million traders using it. These platforms are two of the biggest but the idea of following other traders is growing at a rapid rate and new platforms are coming online all the time. For example they allow traders to buy bitcoin in UAE safely.
Most forex brokerages claim their forex trading platform is the best but in terms of the top platforms there is not to much between them and which you like will come down to the services you specifically require as a trader.
TIP: the best way to find out how good a platform is you should try it on a practice account!
7) maximum leverage
The leverage brokers offer vary but they all give you more leverage than you really need and 500:1 leverage is not an advantage! Most experienced forex traders only trade with leverage of 10:1 and all the top brokers, will give you this level of leverage. For example in asia there are some malaysia forex brokers even offer 888:1 maximum leverage. On the other hand, forex corretores in brazil usually offer between 300:1 to 400:1 as this is the most frequently required leverage on brasilian retail fx market. Forex brokers in japan restrict the maximum leverage to only 25:1 due to regulatory requirements.
However the ESMA (european security markets authority) has announced the restrictions on leverage that affects all retail traders residing in european union. As of 1st august of this year no retail forex trader from EU will have more leverage than 30:1 for major currency pairs and 20:1 for
8) price quotes and pip spreads
〉〉 PIP spread
Most of the top trusted forex companies will give you tight pip spreads on all the majors, although there may be more variance on the cross currency pairs. If you are day trader, pip spreads need to be tight, if you are a long term trend follower where a pip a trade will not impact on profitability. You can also check out the quotes offered and price feed but most of the brokers we recommend on this site will have excellent quotes and tight pip spreads.
〉〉 swaps
Sometimes you will have to pay so called swaps overnight fees for keeping the trade open overnight. The cost will depend on the interest rates etc and varies by currency pair and the type of trade whether you go LONG or SHORT. If you are of islamic faith, you can get SWAP free islamic account! Many of the best forex brokers in singapore offer that option.
〉〉 other fees
Some companies charge you account inactivity fees, or withdrawal fees (usually around $20-$50 per withdrawal up to a certain threshold).
9) forex demo account
Always check whether they will allow you to open a forex demo account where you can check how their platform works and get to know it. It is important to know when their demo is valid, some companies only provide a demo platform for a fixed period , that is, the platform is automatically deactivated for example after 30 days. Some companies will allow you to trade on your demo account indefinitely, and you can start trading sharply just when you feel that you know the platform perfectly.
10) minimum deposit
The minimum deposit will vary between online currency brokers some take a $100 dollars minimum and some will be thousands and you need to pick a broker in line with your amount of risk capital. Bigger accounts can of course offer you tighter pip spreads than smaller ones but generally, the difference is not too big and both large and small traders can find a company which will give them a competitive service.
11) deposits and withdrawals of cash & support
Check the deposit and withdrawal features and how quick and easy it is to top up your trading account and also support in terms of operation of your trading account and its best its 24 hour support which all the big forex brokerages do.
12) forex bonus
Many brokerages offer a forex bonus in relation to your deposit but be careful with these because, many have conditions attached to them which mean you have to make a certain number of trades in a set period to qualify for the bonus and many we have seen, make the amount of trading signals you have to transact so big, you are unlikely to make any money! If you are a serious trader, who offers the best trading bonus on your deposit, should not be a major consideration, however in case you are interested we encourage you to check hotforex review and XM offers.
13) market maker or ECN/STP ?
According to a lot of traders, market makers steal your money but if they are regulated this is not the case, the trader is normally just upset he lost. Market makers, don’t have to steal a clients money because they work on the odds that 90% of traders lose money over time so there profits are good over the long term.
ECN brokers are another level of brokerages who utilize electronic communication network which can guarantee almost interbank rates and tight spreads.
Market makers can offer great spreads and services which are as good as a broker who offsets so if the market maker is regulated and you like them, by all means trade with them.
14) news, research and trading signals
There are many brokerages who set themselves up as FX brokers for beginners and try to tempt traders to deal with them by offering dealer support, research and even trading signals and systems to give the trader trades – DO NOT take this into consideration when choosing a platform!
The research is generally terrible and reflects the herd and companies who give you trades, are unlikely to make you money, as they have a conflict of interest – they make money when you trade or lose. The trading systems and signals are the same as a broker assisted account only automated and will not make you any money either. So help in the form of trading currency pairs from a broker is a complete waste of time.
In conclusion…
If you follow the above tips for choosing the best forex platform, you will find one which can give you a window to global currency markets and allow you, to apply your strategy in the world’s most exciting investment – trading global currencies for profit!
So, let's see, what we have: here is a list of the best forex brokers that accept residents of kenya. At best forex brokers in kenya 2021
Contents of the article
- New forex bonuses
- Best forex brokers kenya for 2021
- Best forex brokers kenya
- Kenya forex brokers comparison
- How to verify CMA authorisation
- More forex guides
- Methodology
- Forex risk disclaimer
- Best forex brokers in kenya 2021
- FP markets
- How to choose a forex broker as a kenyan trader
- General regulation & kenya regulation
- Trading platform & software
- Commissions & spreads
- Account types
- Customer service
- Additional services
- Conclusion
- Best forex brokers in kenya 2021 – most trusted...
- Best forex brokers in kenya 2021
- 7 best forex brokers in kenya
- #1 fxpesa – best forex broker in kenya
- #2 exness – low spread forex broker
- #3 XM forex – low fees, good support
- #4 hotforex – low spread & FCA regulated forex...
- #5 FXTM – good ECN broker with low minimum deposit
- Frequently asked questions
- Which are the CMA licensed forex brokers in...
- What are the best forex trading platforms in...
- Is online forex trading legal in kenya?
- Which forex broker in kenya has the lowest...
- Which forex brokers accept mpesa?
- �� the best forex brokers kenya 2021
- �� top forex brokers kenya
- Best forex brokers in kenya
- Forextime
- Exness
- IC markets
- Hotforex
- Tickmill
- The best forex brokers...
- The best forex brokers kenya with...
- Forex brokers in kenya with a NO deposit...
- Forex brokers in kenya with the best...
- Documents you need to verify a forex...
- Frequently asked questions about forex...
- The best and recommended forex broker...
- Top 5 best forex brokers in kenya, reviewed for...
- How to start forex trading in kenya
- Top forex brokers
- Top forex brokers in kenya that accept MPESA
- Compare brokers in kenya
- We found 23 broker accounts (out of 147)...
- Forex.Com
- Spreads from
- What can you trade?
- About forex.Com
- Platforms
- Funding methods
- Spreads from
- What can you trade?
- About IG
- Platforms
- Funding methods
- Spreads from
- What can you trade?
- About XTB
- Platforms
- Funding methods
- Avatrade
- Plus500
- Axitrader
- Etoro
- XM group
- City index
- Easymarkets
- Best online brokers for kenya
- How to trade in kenya
- Biggest opportunities of trading in kenya
- Biggest challenges of trading in kenya
- Summary
- Why choose forex.Com for kenya?
- The best forex brokers in africa
- TOP forex brokers in south africa
- Financial services board
- Other licensing authorities
- History of forex in africa
- Why forex trading is so popular in south africa?
- Risks
- Rules of forex trading
- Forex regulations overview in kenya
- Forex regulation overview in nigeria
- How to choose the right forex broker?
- Best forex brokers 2021
- Best forex brokers for forex trading
- Pepperstone – best overall and best for range of...
- XM – best for trading experience
- XTB – best for beginners
- How to choose a forex broker
- 1) regulation & license
- 2) customer support
- 3) negative balance protection
- 4) your previous experience and trading style
- 5) broker’s financial standing
- 6) forex trading platforms – get the most out of...
- 7) maximum leverage
- 8) price quotes and pip spreads
- 9) forex demo account
- 10) minimum deposit
- 11) deposits and withdrawals of cash & support
- 12) forex bonus
- 13) market maker or ECN/STP ?
- 14) news, research and trading signals
- In conclusion…
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