Best Forex Brokers in Kenya 2019
AvaTrade
ASIC, BVI, FSA(JP), FSB
N/A
Your capital is at risk
FBS
CySEC, IFSC
N/A
Your capital is at risk
eToro
ASIC, CySEC, FCA
N/A
76% of retail investor accounts lose money
Libertex
CySEC
N/A
Your capital is at risk
ATFX
FCA
N/A
Your Capital is at Risk
FP Markets
ASIC
N/A
Your capital is at risk
Forex Brokers in Kenya Comparison Table
Broker | Rating | Regulations | Headquarters Country | Foundation Year | Min Deposit | Max Leverage | Trading Platforms | Publicly Traded | Restricted Countries | Trading Desk Type | Currencies | Commodities | Indices | Stocks | Cryptocurrency | ETFs | Bonds | Futures | Options | Mutual funds | Deposit | Withdrawal | Commission on trades | Fixed spreads | OS Compatibility | Mobile trading | promotions | Visit Broker |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASIC, BVI, FSA(JP), FSB | Ireland | 2006 | $100 | 1:400 | ActTrader, MT4 | No | United States | Market Maker | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | No | No | Credit Card, Moneybookers, Neteller, PayPal, Union Pay, Webmoney, Wire Transfer | Credit Card, Moneybookers, Neteller, PayPal, Union Pay, Webmoney, Wire Transfer | No | Yes | N/A | N/A | No | Open Account Your capital is at risk | ||
CySEC, IFSC | Russian Federation | 2009 | $1 | 1:3000 | MT4, MT5 | No | Russian Federation, United States | ECN, No dealing desk, STP | Yes | No | No | No | Yes | No | No | No | No | No | Cash-U, Credit Card, Moneybookers, Neteller, PerfectMoney, QIWI, Skrill, Wire Transfer | Cash-U, Credit Card, Moneybookers, Neteller, PerfectMoney, QIWI, Skrill, Wire Transfer | No | Yes | N/A | N/A | No | Open Account Your capital is at risk | ||
ASIC, CySEC, FCA | Cyprus | 2007 | $200 | 1:30 | cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, ZuluTrade | No | Canada, Indonesia, Iran, Isle of Man, Israel, Jamaica, Japan, Niger, North Korea, Sweden, Syria, Trinidad and Tobago, Turkey, United States | Market Maker, No dealing desk, STP | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | No | No | Credit Card, Moneybookers, Neteller, PayPal, Skrill, Webmoney, Wire Transfer | Credit Card, Moneybookers, Neteller, PayPal, Skrill, Webmoney, Wire Transfer | Yes | No | N/A | N/A | No | Open Account 76% of retail investor accounts lose money | ||
CySEC | Cyprus | 2014 | $10 | 1:600 | N/A | No | Armenia, Australia, Azerbaijan, Belgium, Canada, Kosovo, Kuwait, Latvia, Lebanon, New Zealand, Paraguay, Philippines, Poland, Solomon Islands, South Africa, South Sudan, Sri Lanka, Turkmenistan, Uganda, United Kingdom, United States, Venezuela, Virgin Islands, British | Market Maker | Yes | Yes | Yes | Yes | Yes | No | No | No | No | No | Credit Card, Moneta.ru, Neteller, QIWI, Skrill, Webmoney, Wire Transfer, Yandex.Money | QIWI, Skrill, Webmoney, Wire Transfer, Yandex.Money | Yes | No | N/A | N/A | No | Open Account Your capital is at risk | ||
FCA | United Kingdom | 2014 | $100 | 1:200 | MT4 | No | Bosnia and Herzegovina, Canada, Cuba, Ethiopia, Iran, Iraq, Japan, Mexico, North Korea, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Turkey, United States, Vanuatu, Yemen | No dealing desk, STP | Yes | Yes | Yes | Yes | Yes | No | No | No | No | No | Credit Card, Neteller, Skrill, Wire Transfer | Credit Card, Neteller, Skrill, Wire Transfer | Yes | No | N/A | N/A | No | Open Account Your Capital is at Risk | ||
ASIC | Australia | 2005 | $100 | 1:500 | MT5 | No | Japan, New Zealand, Niger, North Korea, United States | DMA, ECN | Yes | Yes | Yes | Yes | Yes | Yes | No | No | No | No | Cash-U, Credit Card, Neteller, PayPal, QIWI, Skrill, Webmoney, Wire Transfer | Credit Card, FasaPay, Neteller, PayPal, Skrill, Wire Transfer | No | No | N/A | N/A | No | Open Account Your capital is at risk |
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.