Best Forex Brokers in Kenya Listed & Rated

The Kenyan market has more than 90,000 Forex traders with active accounts, however, this number is increasing day by day. It is important to note that Forex trading in Kenya is legal and is regulated by the CMA (Capital Markets Authority of Kenya).

People who want to start trading in Kenya are recommended to take into account several things before they open their trading positions. First of all, the most important thing is choosing the right broker, this means that the company investors choose should have authorization and should be licensed by the CMA.

In this guide, we will further discuss the process of trading Forex in Kenya. We will also talk about the most important aspects in a perfect forex broker. At the end of the article we expect our readers to know exactly what kind of Kenyan FX broker they should sign up with. Below you can also find a large list of Forex brokers we have hand-picked for our Kenyan readers.

Best and most trusted forex brokers in Kenya June 2021

All the brokers below are available in: Kenya
96.8
Points
Users
Used by
200,000+ Traders
Min. Deposit
$100
Bonus
Up to 20%
Trading Instruments
250+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Min. Spread
0.6 pips
Max. Leverage
1:400
Currency Pairs
55
Regulated By
FSCAFSCA
ASICASIC
IIROCIIROC
FSCFSC
Customer Support
24/5
96.5
Points
Users
Used by
1,800,000 Traders
Min. Deposit
$10
Bonus
Cashback (T&Cs apply) - 30% Welcome Bonus (T&Cs Apply)
Trading Instruments
250+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Min. Spread
1.2 pips
Max. Leverage
1:2000
Currency Pairs
59
Regulated By
FCAFCA
CySecCySec
FSCAFSCA
FSCFSC
Customer Support
N/A
94
Points
Users
Used by
100,000+ Traders
Min. Deposit
$5
Bonus
$25 Non-Deposit Bonus**
Trading Instruments
1,388
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Min. Spread
1 pips
Max. Leverage
1:888
Currency Pairs
57
Regulated By
FCAFCA
CySecCySec
ASICASIC
IFSCIFSC
Customer Support
24/5
94.3
Points
Users
Used by
2,000,000+ Traders
Min. Deposit
$5
Bonus
100%
Trading Instruments
160
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Min. Spread
1 pips
Max. Leverage
1:1000
Currency Pairs
50
Regulated By
FSCAFSCA
FSA(SVG)FSA(SVG)
Customer Support
24/5
95
Points
Users
Used by
Traders
Min. Deposit
$50
Bonus
50% Bonus that Offers Up to 5000 USD
Trading Instruments
80+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/NDD
Trading Platforms
No Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, BitPay, VLoan and more
Min. Spread
1.1 pips
Max. Leverage
1:777
Currency Pairs
62
Regulated By
IFSCIFSC
Customer Support
N/A
95
Points
Users
Used by
Traders
Min. Deposit
$1
Bonus
30%
Trading Instruments
300+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
ECN Broker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Maestro,
Min. Spread
pips
Max. Leverage
500:1
Currency Pairs
100
Regulated By
FCAFCA
CySecCySec
Customer Support
25/7
93
Points
Users
Used by
140,000+ Traders
Min. Deposit
$100
Bonus
50% first time deposit bonus
Trading Instruments
200+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Min. Spread
0.9 pips
Max. Leverage
1:400
Currency Pairs
103
Regulated By
CySecCySec
ASICASIC
Customer Support
24/5
92.5
Points
Users
Used by
13,000,000+ Traders
Min. Deposit
$1
Bonus
100%
Trading Instruments
70+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Min. Spread
1 pips
Max. Leverage
1:3000
Currency Pairs
35
Regulated By
CySecCySec
IFSCIFSC
Customer Support
24/5
92.5
Points
Users
Used by
100,000+ Traders
Min. Deposit
$200
Bonus
No Information
Trading Instruments
150+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
NDD
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay and more
Min. Spread
0.09 pips
Max. Leverage
1:500
Currency Pairs
61
Regulated By
FCAFCA
CySecCySec
ASICASIC
CIMACIMA
Customer Support
24/5

How to start trading Forex in Kenya

Kenya forex brokers listThere are a lot of Forex trading companies in Kenya that are based in Lagos and other Kenyan cities. According to the latest statistics, the country has over 90,000 active traders and the number is growing rapidly. So it is not surprising that there are more and more brokers in this country offering a lot of important services to its users.

If you are a novice investor from Kenya and do not know how to start trading in the Forex market, here are the steps you need to follow.

  • Step 1: Find a reliable FX Broker
  • Step 2: Make sure they have a license from the CMA
  • Step 3: Choose your desired account type (Standard recommended)
  • Step 4: Choose your desired currency pair
  • Step 5: Do research and place your trade.

How to Avoid Risks While Trading Forex in Kenya

kenya forex brokers bestThe best way to avoid any unnecessary risks is to follow the first step we mentioned above. As long as you are trading with a reputable company, your risks are significantly lowered. The thing with FX trading be it in Kenya or anywhere else, is that it’s never risk-free. All we can do is reduce the risk as much as possible, and a reliable forex broker is one of the best ways to do so.

Continue reading to find out other methods of avoiding risks when online trading Kenya or anywhere else.

Check for NBP (Negative Balance Protection)

One of the biggest advantages of trading with a regulated broker in Kenya is that they are forced to provide NBP, aka Negative Balance Protection. What this does is ensure that no matter how much you lose on your trade, your account will never go into the negative. The broker will automatically close the trade once your balance reaches zero. This helps prevent going into debt due to a miscalculated move in the market.

Avoid High Leverage

The reason why your account balance may at some point reach zero is if you overshot on your leverage choice. Most brokers in Kenya don’t have any restrictions on how much they can offer, therefore don’t immediately jump at 1:1000, start smaller with maybe 1:50 or 1:100. The higher numbers are only recommended for experienced traders who have enough knowledge to further minimize their risks.

Avoid High Volatility

If you’re signing up with Kenyan forex brokers, it’s likely you will want to trade with Shilling pairs. Although this is a good idea as you will have more information about this particular currency because you’re local, it’s also quite risky. Why? Because the Shilling is extremely volatile, meaning its exchange rate fluctuates very often. Volatility has doomed many a veteran trader’s strategy in the past, and it’s probably going to do the same to you. So, it’s recommended you avoid volatile periods of a particular currency pair, or avoid the currency pair entirely.

Check for Reimbursement Policies

Even the best FX brokers in Kenya could sometimes make mistakes on their platforms leading you to lose some of your investment. This happens all the time all over the world so it’s not something to be overly worried about. The only time this is a topic of concern is when the broker does not have a reimbursement policy. This means that no matter how much you lose due to the broker’s mistake, you will not get your losses back. But the good news is that every regulated and licensed broker in Kenya has to have a reimbursement policy. Otherwise they are not given the license.

Forex Trading Platforms in Kenya

kenya forex trading platformsThere are several important trading platforms available for Kenyan traders such as MetaTrader 4 and MetaTrader 5. It is almost impossible to know which is the best for everyone because choosing the right platform depends on the individual investor’s trading goals and preferences as well as their trading style. Therefore, sometimes it might be a little confusing to select the best platforms to trade Forex in Kenya. On the other hand, there are several features that every good platform should have including trustworthiness, responsiveness, the protection of the users’ personal information, as well as good analysis tools.

The Forex trading platforms in Kenya that offer their customers all these important features include MT4 and MT5. Let’s discuss each of them briefly down below.

MT4

MetaTrader 4 has been operating in the foreign exchange market for more than 16 years so it has a great experience in providing a high-quality service to its customers. This software has a lot of benefits such as analysis tools, trading orders, protection of the data, reliability, and so on. All these give the traders an opportunity to explore the new strategies that might help them to gain substantial profits in the future.

On the other hand, Metatrader 4 ensures its users’ safety and security at every step of their trading process which is a very essential part of every good trading platform. This means that every trader is protected from the unpleasant circumstances related to trading in the Forex market. It should also be noted that MT4 is created in the language called MQL4 which is dedicated to only MT4 traders. This already means that this software has a high quality in every feature and every trading offerings so people who are trading Forex from Kenya are recommended to choose this platform.

MT5

MetaTrader 5 is a very famous trading platform worldwide with millions of active users. This trading platform offers its users a lot of advanced trading tools and instruments. Moreover, the MT5 has an essential feature- a technical analysis tool that is a very crucial thing while trading in the Forex market.

On the other hand, it should be stated that MetaTrader 5 uses trading robots and signals. This indicates that this platform has a very developed offering that has an extremely high level. This is why it is considered to be the perfect platform for experienced and professional traders who already know what trading in the foreign exchange market is like.

On top of that, MetaTrader 5 offers its customers not only a desktop but a mobile version of the software. This is what makes this trading platform extremely comfortable and accessible to everyone.

Besides, the MetaTrader 5 trading platform has a perfect technical analysis tool that helps a lot of investors to evaluate the future changes in the foreign exchange market. This fact is especially important because it might help traders generate a substantial amount of income from their future trading.

Final thoughts on Forex Trading in Kenya

As already mentioned, Kenya has more than 90,000 Forex traders with their active accounts and this number is increasing day by day. It is important to note that Forex trading in Kenya is legal and is regulated by the CMA (Capital Markets Authority of Kenya).

Your first step to starting FX trading in Kenya is to find a reliable and licensed FX broker that meets your requirements. Through our experience, as long as the broker holds a license, it means they are more than qualified to provide you with their service.

Always try to reduce risks as much as possible before placing your trades. The best way to do so is:

  • Register with a licensed broker
  • Utilize Negative Balance Protection
  • Use low leverage
  • Avoid high volatility trades

Another noticeable thing is Forex trading platforms in Kenya. There are several platforms that offer their customers all these important features including MT4 and MT5.

Most popular Forex brokers reviews

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