Best Day Trading Platforms and Brokers in Kenya 2024
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With an emerging market and strong economic position in the African continent, Kenya offers opportunities for day traders. However, to trade key export commodities like coffee or stocks listed on the Nairobi Securities Exchange (NSE), you’ll need an online broker.
The Capital Markets Authority (CMA) oversees day trading platforms in Kenya. Residents can also open accounts with overseas brokers, however it’s important to adhere to the CMA’s regulations and Kenya’s tax rules.
We’ve narrowed down the best day trading brokers in Kenya, after testing each platform thoroughly. Many of these platforms offer a terrific range of financial markets plus convenient deposits, such as Kenya’s own M-Pesa.
Top 10 Platforms For Day Trading In Kenya
Following our first-hand evaluations, these 10 trading platforms stand out as the best for Kenyan day traders:
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1AvaTrade20% Welcome Bonus up to $10,000
Ratings
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2FXTM30% up to $100 via Exinity Ltd
Ratings
$2000.01 Lots1:2000CySEC, FCA, FSCA, FSC, CNMVForex, CFDs, Indices, Commodities, StocksFXTM App, MT4, MT5Neteller, Skrill, Visa, WebMoney, Perfect Money, Western Union, Credit Card, Google Wallet, PayRedeem, Maestro, GlobePayUSD, EUR, GBP -
3Deriv.com
Ratings
$50.01 Lots1:1000MFSA, LFSA, VFSC, BFSCCFDs, Multipliers, Forex, Stocks, Indices, CommoditiesDeriv Trader, MT5Neteller, Visa, Skrill, WebMoney, FasaPay, Perfect Money, Diners Club, Banxa, Paytrust, Wire Transfer, Mastercard, Credit Card, JCB Card, Sticpay, Trustly, Volet, Paysafecard, AstroPay, Maestro, Airtm, Boleto, JetonCashUSD, EUR, GBP, AUD -
4Exness
Ratings
$100.01 Lots1:2000FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoExness Trade App, MT4, MT5, TradingCentralWire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, BoletoUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR -
5PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Ratings
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
6IC Markets
Ratings
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
7XM$30 No Deposit Bonus When You Register A Real Account
Ratings
$50.01 Lots1:1000ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMFForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, FuturesMT4, MT5Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF -
8Eightcap
Ratings
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
9DNA Markets
Ratings
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD -
10FOREX.com20% Welcome Bonus Up To $5000
Ratings
$1000.01 Lots1:400NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
Here is a short overview of each broker's pros and cons
- AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
- FXTM - FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader.
- Deriv.com - Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.
- Exness - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
- Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
- IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
- XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC. 100% deposit bonus + further offers up to 4500$
- Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 1,000+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
- DNA Markets - DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
Best Day Trading Platforms and Brokers in Kenya 2024 Comparison
AvaTrade
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
Rebecca Holden, Reviewer
AvaTrade Quick Facts
Bonus Offer | 20% Welcome Bonus up to $10,000 |
---|---|
Demo Account | Yes |
Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM |
Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
Minimum Deposit | $100 |
Minimum Trade | 0.01 Lots |
Leverage | 1:30 (Retail) 1:400 (Pro) |
Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
Cons
- Traders from the US are not accepted
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
FXTM
"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."
Tobias Robinson, Reviewer
FXTM Quick Facts
Bonus Offer | 30% up to $100 via Exinity Ltd |
---|---|
Demo Account | Yes |
Instruments | Forex, CFDs, Indices, Commodities, Stocks |
Regulator | CySEC, FCA, FSCA, FSC, CNMV |
Platforms | FXTM App, MT4, MT5 |
Minimum Deposit | $200 |
Minimum Trade | 0.01 Lots |
Leverage | 1:2000 |
Account Currencies | USD, EUR, GBP |
Pros
- Beginners can access a strong range of free educational materials and short-term market insights, including a podcast hosted by the brand’s expert team
- The broker has a good reputation with multiple industry awards and oversight from top-tier regulators like the CySEC
- Customer support is reliable and available in 30+ languages, making FXTM a top choice among global traders
Cons
- It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade
- Spreads are mediocre in the commission-free accounts, with typical EUR/USD spreads around 1.9 pips - the industry average is around 1.2 pips
- Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
Deriv.com
"Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "
Rebecca Holden, Reviewer
Deriv.com Quick Facts
Demo Account | Yes |
---|---|
Instruments | CFDs, Multipliers, Forex, Stocks, Indices, Commodities |
Regulator | MFSA, LFSA, VFSC, BFSC |
Platforms | Deriv Trader, MT5 |
Minimum Deposit | $5 |
Minimum Trade | 0.01 Lots |
Leverage | 1:1000 |
Account Currencies | USD, EUR, GBP, AUD |
Pros
- Beginners and experienced day traders can access a good range of 20+ technical indicators in Deriv Trader vs 30+ in MT5
- Traders can use multipliers between 1 and 30, with take profit, stop loss and deal cancellation parameters
- Deriv continues to offer fast and reliable 24/7 support and the WhatsApp service is particularly convenient
Cons
- The range of 100+ assets trails some competitors such as Quotex which offers 400+
- There are limited copy trading tools and analysis features compared to alternatives like IQ Cent
- There's no loyalty program or rebate scheme for high volume traders
Exness
"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
Tobias Robinson, Reviewer
Exness Quick Facts
Demo Account | Yes |
---|---|
Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
Regulator | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV |
Platforms | Exness Trade App, MT4, MT5, TradingCentral |
Minimum Deposit | $10 |
Minimum Trade | 0.01 Lots |
Leverage | 1:2000 |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR |
Pros
- Experienced strategy providers can open social trading accounts, with monthly commissions up to 50%
- Unlike many other brands, Exness doesn't charge any account maintenance or inactivity fees
- There's excellent 24/7 multilingual customer support via telephone, email and live chat
Cons
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- There are no promotional deals or loyalty schemes for high-volume day traders
- Unlike most competitors, Exness doesn't provide its own education section
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Christian Harris, Reviewer
Pepperstone Quick Facts
Demo Account | Yes |
---|---|
Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
Minimum Deposit | $0 |
Minimum Trade | 0.01 Lots |
Leverage | 1:30 (Retail), 1:500 (Pro) |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
Christian Harris, Reviewer
IC Markets Quick Facts
Demo Account | Yes |
---|---|
Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
Regulator | ASIC, CySEC, FSA, CMA |
Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
Minimum Deposit | $200 |
Minimum Trade | 0.01 Lots |
Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
XM
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
Rebecca Holden, Reviewer
XM Quick Facts
Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
---|---|
Demo Account | Yes |
Instruments | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures |
Regulator | ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF |
Platforms | MT4, MT5 |
Minimum Deposit | $5 |
Minimum Trade | 0.01 Lots |
Leverage | 1:1000 |
Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF |
Pros
- Accessible trading accounts with a $5 minimum deposit and fast account opening
- 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
- The broker offers premium research including market sentiment, fundamental insights and strategy builders
Cons
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Christian Harris, Reviewer
Eightcap Quick Facts
Demo Account | Yes |
---|---|
Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
Regulator | ASIC, FCA, CySEC, SCB, CNMV |
Platforms | MT4, MT5, TradingView |
Minimum Deposit | $100 |
Minimum Trade | 0.01 Lots |
Leverage | 1:500 |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
DNA Markets
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
Jemma Grist, Reviewer
DNA Markets Quick Facts
Demo Account | Yes |
---|---|
Instruments | CFDs, Forex, Indices, Commodities, Stocks, Crypto |
Regulator | ASIC |
Platforms | MT4, MT5 |
Minimum Deposit | $100 |
Minimum Trade | 0.01 Lots |
Leverage | 1:500 |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- You can access low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
- DNA Markets offers top-rate platforms and charting tools for day traders with access to MT4 and MT5
- Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
Cons
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
Bonus Offer | 20% Welcome Bonus Up To $5000 |
---|---|
Demo Account | Yes |
Instruments | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto |
Regulator | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
Minimum Deposit | $100 |
Minimum Trade | 0.01 Lots |
Leverage | 1:400 |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Methodology
To find the best day trading platforms in Kenya, we searched our directory of 500 online brokers and pinpointed all those that accept Kenyans.
We then ranked them by their overall rating, which is derived from 100+ data points and findings from our hands-on tests.
- We checked that each platform accepts Kenyan day traders.
- We verified that each broker is regulated by a credible authority.
- We favored brokers with a wide range of markets.
- We prioritized brokers with competitive day trading fees.
- We ensured each broker offers reliable charting platforms.
- We focused on brokers with transparent leverage and margin.
- We examined each broker’s execution speeds.
- We investigated each broker’s account funding.
How To Choose A Day Trading Broker In Kenya
Following our extensive assessments, there are several factors to consider when choosing a broker:
Choose A Trustworthy Broker
The most trusted brokers are regulated by credible authorities, helping to protect your account from trading scams.
Indeed, the Kenyan regulator has ramped up its warnings to investors following a rise in fraud, including a notorious fake investment scam where 13,000 investors lost 1.1 billion shillings, as reported by Bizna.
In Kenya, the Capital Markets Authority (CMA) oversees trading brokers and is considered a ‘yellow-tier’ body in line with our Regulation & Trust Rating. However, with the CMA not licensing many brokers, Kenyans can also register with international platforms.
Opting for a broker with ‘green tier’ regulation will give you the highest level of financial safeguarding, for example,- AvaTrade maintains its position as a highly regulated broker, with licenses from reputable authorities including ASIC (Australia) and CySEC (Cyprus). The firm is also trusted, with a long history since 2006 and robust security measures in place, including negative balance protection for all clients.
Choose A Broker With Diverse Markets
Day traders can benefit from broad access to global financial markets, allowing them to diversify portfolios and capitalize on various trading opportunities.
Kenyan traders may be interested in local markets, like currency pairs involving the KES, or stocks listed on the Nairobi Securities Exchange (NSE), such as BOC Kenya Ltd and Safaricom. Kenya is also a major exporter of tea, clothes and coffee, according to data from Statista.
On the downside, we’ve found not many brokers grant access to these markets, providing Kenyans with fewer domestic markets than traders in Western nations.
- Pepperstone offers a superb range of 1300+ global markets spanning forex, stocks, indices, ETFs and commodities, including major Kenyan export commodities like coffee and gold. Its extremely fast 30ms execution speeds and impressive fill rate of 99.90% also make it a superb option for day traders, with Pepperstone earning our ‘Best Overall Broker’ in 2023.
Choose A Broker With Competitive Fees
Low trading fees, notably spreads and commissions, are important for day traders who often need to protect slim profit margins.
Together with non-trading costs like deposit and withdrawal fees, plus charges for transferring in Kenyan Shillings, you should assess these fees against the overall service you get – higher fees may be justified if you get premium tools.
For example, let’s say a broker offers slightly higher commissions than others you’ve seen, but offers an AI-powered economic calendar with live fiscal updates from the Central Bank of Kenya with impact ratings, or a filterable stock screener for NSE-listed equities. Such features may elevate your day trading experience.
- FOREX.com continues to offer some of the lowest fees in the industry, with spreads as low as 0.0 pips on major assets and commissions from $5 per $100k. You also get low-cost deposits, plus superior tools, notably Trading Central, which is great for supporting trading decisions.
Choose A Broker With Powerful Charting Platforms
The best brokers in Kenya offer a range of charting platforms and research tools, creating a comprehensive environment for short-term trading strategies.
Most brokers offer industry favorites, MetaTrader 4 and MetaTrader 5, occasionally alongside their own bespoke terminals (often tailored to beginners).
There are also more contemporary solutions like TradingView, offering some of the most user-friendly research tools I’ve seen.
I particularly appreciate the integrated panel with stock data on Kenyan stocks, including income statements and technical signals. Below you can see how I was able to streamline my analysis of Kenya Airways Ltd.
![TradingView platform showing Kenya Airways chart with integrated stock data](https://www.daytrading.com/wp-content/uploads/2024/05/Day-trading-platforms-Kenya-TradingView-stock-data.png)
- Exness offers a great selection of platforms to suit all needs and experience levels, including MT4, MT5 and a TradingView-powered proprietary terminal. It’s also a stand-out option for Kenyan traders because it’s one of the few day trading platforms we’ve tested to support a KES-based account.
Choose A Broker With Fast Execution
Securing fast and efficient execution is key for traders using fast-paced strategies like scalping and algo trading.
The best brokers achieve speeds of less than 100 milliseconds alongside low latency (the measure of time delay) and low slippage (the difference in requested price and filled price).
Together, these can ensure you lock in optimal prices in fluctuating markets, for example, volatile Kenyan stocks like- IC Markets consistently achieves ultra-fast speeds of 35 milliseconds via institutional-grade execution technology, making the broker a great pick for serious day traders. I also love its ‘Market Buzz’ tool, which intuitively delivers analysis and sentiment insights.
Choose A Broker With Clear Leverage Requirements
Leverage allows you to gain exposure to a larger position while only putting down a small deposit. But while this allows you to magnify your potential gains, it can also significantly increase losses.
For example, if I want to speculate on the USD/KES pair with leverage of 1:30 using a $500 initial margin, this means the value of my trade would increase to $15,000.
- FXTM provides very high leverage up to 1:2000 (not recommended for beginners). There’s also a handy margin calculator to help you determine how much you need to open and maintain a position.
Choose A Broker With An Accessible Minimum Deposit
Choose a broker with a minimum deposit that suits your budget. You’ll typically need up to 250 USD (approximately 33,250 KES) to open a live account, based on our tests, though many brokers let you start with much less.
Additionally, consider what payment methods the broker offers as this may impact processing times and transaction costs. According to research by Adyen, M-Pesa remains a leading mobile payment solution in Kenya, offering a convenient way for Kenyan traders to make deposits.
- XM offers an ultra-low minimum deposit of just $5, making it ideal for beginners or those on a budget. It’s also one of the few brokers that offers deposits via M-Pesa, offering ultimate convenience for Kenyan traders.
FAQ
Who Regulates Day Trading Platforms In Kenya?
The Capital Markets Authority (CMA) regulates day trading platforms in Kenya.
That said, the CMA isn’t as active as other prominent regulators, such as the FCA and the ASIC, and Kenyans can open accounts with overseas platforms.
If you go down this route, we recommend choosing a tightly regulated broker and ensuring you still follow the CMA’s rules and tax requirements from the Kenya Revenue Authority (KRA).
Which Is The Best Broker That Accepts Day Traders In Kenya?
Use our list of the best day trading platforms in Kenya to find a suitable option.
If you’re looking for competitive fees, for example, FOREX.com offers spreads from 0.0 pips on major assets. It also offers some of the best analysis tools and resources we’ve seen. Alternatively, XM is one of a select few brokers to support deposits in Kenya’s very own M-Pesa, while Exness distinguishes itself with its KES account.
Recommended Reading
Article Sources
- List of African Countries by GDP - Wikipedia
- Capital Markets Authority (CMA)
- Nairobi Securities Exchange (NSE)
- Kenya Forex Scam - Bizna
- BOC Ltd - TradingView
- Safaricom - TradingView
- Central Bank of Kenya
- Kenya Airways Ltd - TradingView
- M-Pesa In Kenya - Adyen
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