Looking for the top forex broker in Kenya? Based on our hands-on analysis, we’ve identified the 5 best options tailored to various trading needs. Practical tips from our experts are included.
Forex trading in Kenya is regulated by the Capital Markets Authority (CMA), which ensures that all forex brokers operating in the country are licensed and adhere to strict standards of financial stability and integrity. The regulatory framework focuses on protecting investors, requiring brokers to maintain segregated accounts for client funds and implement robust risk management systems.
Kenyan traders can also engage with international forex brokers, but it’s crucial to ensure the firms are regulated by reputable authorities and to be mindful of guidelines set by Kenya’s CMA for compliance and risk management.
To choose the best brokers in Kenya, we used the FXEmpire’s proprietary methodology to find the leaders in each category. We focused on the following key features:
Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. I subsequently used my 16 years of forex trading experience to examine and analyze all our findings, resulting in the selection of the best brokers for Kenyan traders across various categories. Here’s how we test.
Now, let’s explore the selected brokers.
Founded in 2008, Exness is a broker based in Limassol, Cyprus, regulated by authorities in Kenya, as well as the FCA UK and CySEC. It offers trading in forex pairs, indices, cryptocurrencies, stocks, and commodities, accessible through its proprietary Trading Terminal platform and MetaTrader 4 and 5. Traders of varying experience levels have the option to choose from several account types to best suit their needs.
Regional Features:
Exness provides a well-rounded offering, which includes a wide choice of trading platforms, competitive fees, and a solid range of tradable instruments. Exness’ clients benefit from access to the feature-rich and user-friendly Exness Terminal platform. Additionally, they have the option to utilize the widely-used MetaTrader 4 and MetaTrader 5 platforms.
Kenya-based clients have access to several deposit and withdrawal methods, including bank cards and local M-Pesa. An additional advantage for professionals is the free access to VPS hosting. Traders will also benefit from trading signals by Trading Central, available in the personal area under “Analyst Views.”
Our live tests revealed that Exness offers competitive fees for their standard account. The spreads for the EUR/USD pair ranged between 0.8 and 1.0 pips, while the spreads for the GBP/JPY pair were around 2.0. The broker also offered low spreads for Apple (0.09 pips) and Tesla (0.11 pips). The fees for such instruments are notably better than the industry average.
Established in 2009, FBS is a broker based in Limassol, Cyprus, operating in over 150 countries and holding licenses from reputable regulators like CySEC and ASIC. Features such as a Cent account, free withdrawals, and a comprehensive selection of educational materials make FBS a compelling choice for beginner traders.
Regional Features:
FBS provides access to the widely-used MetaTrader 4 and MetaTrader 5 platforms and offers comprehensive educational support. This includes a variety of resources such as articles, platform tutorials, trading ideas, videos, courses, and a glossary, essential for beginners taking their first steps in the markets.
In terms of research, FBS delivers up-to-date news and market analysis from its internal team of experts, encompassing both technical and fundamental insights. For Kenyan traders, the broker offers convenient deposit and withdrawal methods, including bank cards, e-wallets, and cryptocurrencies.
Regarding fees, our evaluations found FBS’s spreads on major forex pairs to be competitive, with EUR/USD spreads ranging from 0.8 to 1.1 pips in our tests. Commodities spread, such as 0.05 pips for WTI oil and 33 pips for gold, were generally in line with industry averages.
Founded in 2011, FXTM is regulated by FCA, CySEC, FSCA, CMA (Kenya) and FSC Mauritius. The broker offers trading in forex, indices, stocks, and commodities.
Regional Features:
FXTM provides access to the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its in-house FXTM Trader mobile app. The offering includes the full MT4 version with tools like MQL4, Expert Advisors, and VPS hosting. Additionally, FXTM offers a set of MT4 indicators, including Pivots SR Levels and Pip Value Calculator.
Traders have access to a robust educational offering along with solid research support from FXTM’s in-house team that covers both fundamental and technical analysis. FXTM offers articles, ebooks, and video content to help new traders navigate the complexities of the markets. Furthermore, the broker assigns clients a dedicated customer solutions representative, facilitating even smoother interaction with the broker.
My research indicated that trading costs for the Micro account were average for the industry. For instance, I found the spread for gold varied between 36 and 45, while the spread for EUR/USD was 2. The Advantage account offered more competitive spreads but also included commission charges. The broker provides multiple deposit and withdrawal options, including local methods.
Founded in 2006, AvaTrade is a globally regulated broker and is authorized and regulated by eight financial regulators, including CySEC, ASIC, and FSA Japan. AvaTrade array of 1250 tradable instruments boasts forex pairs, stocks, ETFs, options, indices, commodities, cryptocurrencies, and bonds.
Regional Features:
Our evaluation revealed that AvaTrade’s fees for forex and commodities are notably competitive compared to industry averages. For instance, live tests showed EUR/USD spreads at 0.9 pips and WTI oil spreads averaging 0.3 pips. However, spreads for stocks and indices, such as 5 to 6 pips for Dow Jones and an average of 1.98 pips for Tesla, were generally above the industry norm.
AvaTrade offers a diverse range of trading platforms, including the renowned MT4 and MT5, the user-friendly AvaTrade Web platform, and the AvaTradeGO mobile app. Its portfolio is unique, featuring a variety of asset classes like bonds and forex options, which are less common in other brokers’ offerings.
The broker also provides access to the esteemed Trading Central research tool and AI-powered trading signals, beneficial for beginners embarking on their trading journey and looking to enhance their skills. Additionally, AvaTrade clients can utilize the exclusive AvaProtect risk management feature on AvaTrade platforms, offering trade protection against losses for a specified fee.
FP Markets, established in 2005 and headquartered in Australia, operates globally and is regulated by top-tier entities including ASIC and CySEC. It offers clients an impressive selection of over 800 instruments from diverse markets, along with excellent order execution conditions, generally low fees, and numerous other advantages.
Regional Features:
My research indicated that FP Markets offers a diverse array of tradable instruments, including 680+ stocks from Europe, the UK, the U.S., and Asia. The broker also provides VPS hosting, which is a valuable feature for algorithmic traders. Copy trading services include Signal Start and FP Markets Copy trading, so professional traders have a choice of platforms for providing their trading signals.
FP Markets offers a Traders Toolbox for MetaTrader 4. This is a set of 12 distinct tools, which includes Correlation Trader (compares correlations between two symbols), Sentiment Trader (gauges market sentiment), and Excel RTD (inserts account, ticket, and price data into Excel). I find correlation tools very handy for coming up with new trade ideas. FP Markets also offers other well-known analysis tools like Autochartist and Trading Central.
Our live tests indicated that FP Markets offers mid-to-low spreads compared to the broader industry. For example, during my live testing, the EUR/USD spreads varied between 1.0 and 1.2 pips, while the GBP/JPY spreads hovered between 1.5 and 1.9 pips. Notably, the broker does not impose deposit, withdrawal, or inactivity fees.
Use our guide to define the best forex broker in Kenya according to your trading goals.
Choosing a safe forex broker in Kenya involves several key steps to ensure you’re entrusting your investments to a reliable and legitimate entity. Here are some essential factors to consider:
Read more about Best regulated forex brokers.
Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.
Check out our list of Best lowest spread forex brokers and Best low swaps forex brokers.
Typically, forex and CFD brokers offer the following types of accounts:
When choosing a forex broker account, consider your experience level, trading volume and strategy. Pay close attention to the costs associated with each account type, including spreads, commissions, and any additional fees.
In today’s trading landscape, it’s common to find brokers offering platforms such as MetaTrader 4 and MetaTrader 5. While these platforms come equipped with a range of tools, they’re typically more appropriate for traders with some experience. Beginners may find these platforms challenging initially and might need time to familiarize themselves with the complexities.
Check out our dedicated guides on best MT4 brokers and best MT5 brokers.
Alternatively, some brokers offer their own proprietary trading platforms, designed with a broader range of traders in mind. These in-house platforms usually stand out for their ease of use and intuitive navigation, making them a more welcoming option for those new to trading.
The choice of a trading platform should align with your trading style, experience, and personal preferences. In my view, if you’re just starting out, you’ll likely be better served by a broker’s proprietary, user-friendly platform or mobile app. On the other hand, seasoned traders often lean towards the advanced functionalities offered by platforms like MT4 or MT5.
Explore our picks of best forex trading platforms.
Leverage allows traders to enhance their profits using borrowed funds. While higher leverage can lead to greater profits, it also magnifies potential losses, acting as a double-edged sword. Therefore, it’s advisable for beginners to start with lower leverage levels to minimize the risk of significant losses.
Entities regulated by the Kenyan CMA offer leverage up to 1:400, which is high compared to the leverage offered by top-tier regulators like the UK’s FCA or ASIC. Kenyan traders also have the option to open accounts with offshore entities of brokers, gaining access to even higher leverage levels, such as 1:3000.
Read more about best forex brokers with high leverage.
Based on my trading experience, I have outlined the five things to avoid when choosing a broker:
To safeguard yourself against forex scams, follow these essential guidelines:
FX Empire, with a history dating back to 2011, has established itself as a reputable authority in broker reviews. Our extensive experience in evaluating CFD brokers, spanning over a decade, has led us to develop a meticulous and comprehensive review strategy. Adhering to stringent guidelines for editorial integrity, we consistently uphold our commitment to deliver unbiased evaluations.
We follow a diligent protocol for our review process, integrating objective criteria and quantifiable data. This methodical approach allows us to generate a justified score that accurately reflects the performance of a broker. Our mission is to provide traders with thorough and unbiased reviews, empowering you to make well-informed decisions aligned with your specific needs.
To choose the best brokers for you, we rate them across nine categories and calculate a score that reflects their performance. The categories include:
We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as possible for each broker. Overall, we evaluate brokers based on more than 250 distinct data points. Every category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.
For this guide, my focus was on forex brokers ideally suited for traders in Kenya. Priority was given to brokers offering localized websites, customer support, platforms, and the availability of local deposit and withdrawal methods. Inclusion of the Kenyan Shilling (KES) among base currencies, as well as bonuses and promotions tailored specifically to Kenyan clients, were also key considerations.
We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. Learn more about our review process here.
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.