Looking for the top forex broker in Kenya? After testing 80 brokers this year, our experts have identified the 4 best options tailored to diverse trading needs, complete with practical tips.
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 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 FXEmpire’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.
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 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:
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.