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Best Forex Brokers In Kenya 2024

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Written By
James Barra
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Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
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Edited By
Jemma Grist
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Edited By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
Updated
Oct 4, 2024

Interest in forex trading is rising in Kenya, fuelled by the adoption of smartphones, an increasingly financially literate demographic, and a volatile Kenyan shilling (KES). The country’s Capital Markets Authority (CMA) is also one of the most prominent regulators on the African continent and has stepped up its oversight of forex trading activities in recent years.

Discover the best forex brokers in Kenya. We’re seeing a growing number of brokers cater to forex traders in Kenya, supporting convenient deposit options like M-Pesa and KES-based trading accounts. Every forex platform recommended has been personally tested by our experts.

10 Top Forex Brokers in Kenya

After reviewing 265 brokers, these 10 stand out as the best for forex traders in Kenya:

Click a broker for details
  1. 1
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, Volet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  2. 2
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  3. 3
    AvaTrade
    20% Welcome Bonus up to $10,000
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  4. 4
    FOREX.com
    20% Welcome Bonus Up To $5000
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  5. 5
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  6. 6
    XM
    $30 No Deposit Bonus When You Register A Real Account
    Ratings
    3.8 / 5
    4.3 / 5
    4 / 5
    3.8 / 5
    3.3 / 5
    4 / 5
    4.3 / 5
    4.3 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, IFSC
    CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
    MT4, MT5, TradingCentral
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, JPY
    Go To XM
  7. 7
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  8. 8
    PrimeXBT
    $100 Deposit Bonus
    Ratings
    2.8 / 5
    3.3 / 5
    4 / 5
    4 / 5
    3.8 / 5
    3.5 / 5
    3.5 / 5
    3.5 / 5
    0 / 5
    0 / 5
    $0
    0.01 Lots
    1:1000
    CFDs, Cryptos, Forex, Indices, Commodities, Futures
    Own
    Bitcoin Payments, Ethereum Payments, Credit Card, Debit Card
    USD, EUR, GBP
    Go To PrimeXBT
  9. 9
    IQ Option
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
    Ratings
    3 / 5
    3 / 5
    3.5 / 5
    3 / 5
    3.3 / 5
    3 / 5
    0.8 / 5
    2.5 / 5
    4.3 / 5
    4.2 / 5
    $10
    0.001 Lots
    1:500
    CFD, Forex, Crypto, Stocks, Digital Options
    Own
    Skrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, Boleto
    USD, EUR, GBP, ZAR
    Go To IQ Option
  10. 10
    IG
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.9 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG

Here is a summary of why we recommend these brokers:

  1. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  2. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  3. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  4. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  5. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  6. XM - XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.8 pips on the EUR/USD in the commission-free account.
  7. Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
  8. PrimeXBT - PrimeXBT offers forex trading on over 50 majors, minors and exotics with margin opportunities and zero commissions. The forex platform is fast, reliable and feature-rich based on our latest tests with 3 charts, 10 timeframes, and 91 technical studies - ideal for active trading strategies.
  9. IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
  10. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.

Best Forex Brokers In Kenya 2024 Comparison

Best Forex Brokers In Kenya 2024 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator
Vantage logo
55+ 0.0 4 / 5 $50 FCA, ASIC, FSCA, VFSC
IC Markets logo
75 0.02 4.8 / 5 $200 ASIC, CySEC, FSA, CMA
AvaTrade logo
50+ 0.9 4.3 / 5 $100 ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
FOREX.com logo
80+ 1.2 4.9 / 5 $100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
Pepperstone logo
100+ 0.1 4.7 / 5 $0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
XM logo
55+ 0.8 4.7 / 5 $5 ASIC, CySEC, DFSA, IFSC
Eightcap logo
50+ 0.0 3.6 / 5 $100 ASIC, FCA, CySEC, SCB, CNMV
PrimeXBT logo
45+ 0.1 3 / 5 $0 -
IQ Option logo
60+ 14 pips 4.5 / 5 $10 -
IG logo
80+ 0.8 4.9 / 5 $0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
  • The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
  • Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC

Cons

  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
  • Unfortunately, cryptos are only available for Australian clients
Visit Vantage
Vantage Review

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

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
  • 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.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.

Cons

  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
Visit IC Markets
IC Markets Review

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."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
  • Day traders can access stable spreads and zero commissions with no hidden fees
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more

Cons

  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
  • Traders from the US are not accepted
  • There is no ECN account with raw spreads
Visit AvaTrade
AvaTrade Review

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 Offer20% Welcome Bonus Up To $5000
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:400
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • 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.
  • 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.

Cons

  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • 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.
Visit FOREX.com
FOREX.com Review

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

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • 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’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.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
  • 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.
Visit Pepperstone
Pepperstone Review

XM

"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."

Christian Harris, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
GBPUSD Spread0.8
EURUSD Spread0.8
EURGBP Spread1.5
Total Assets55+
Leverage1:1000
PlatformsMT4, MT5, TradingCentral
Account CurrenciesUSD, EUR, GBP, JPY

Pros

  • XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
  • XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
  • XM’s customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.

Cons

  • Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
  • XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.
  • XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable or web-accessible solution for a more beginner-friendly user experience with unique features.
Visit XM
XM Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, 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

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
Leverage1:500
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
  • 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 every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

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.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • 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.
Visit Eightcap
Eightcap Review

PrimeXBT

"PrimeXBT is perfect for aspiring traders looking for crypto derivatives alongside traditional markets like forex and indices, all tradable on an intuitive, web-based platform. The copy trading solution is also ideal for hands-off traders with 5-star ratings and performance graphs to help you find the right trader."

William Berg, Reviewer

PrimeXBT Quick Facts

Bonus Offer$100 Deposit Bonus
GBPUSD SpreadVariable
EURUSD Spread0.1
EURGBP SpreadVariable
Total Assets45+
Leverage1:1000
PlatformsOwn
Account CurrenciesUSD, EUR, GBP

Pros

  • Maker and taker fees of at 0.01% and 0.02%, respectively, for crypto futures contracts are highly competitive within the industry.
  • The web platform and app were built for technical traders with advanced charting features, a customizable layout and multiple order types including one-cancels-the-other (OCO).
  • PrimeXBT has added fresh opportunities with new tokens for exchanging and funding, including 1Inch, Aave, and Injective.

Cons

  • While common in the crypto industry, PrimeXBT lacks authorization from a trusted regulator, seriously elevating the risk for retail traders.
  • The lack of integration with established platforms like MT4 will be limiting for traders familiar with the world’s most popular forex trading software.
  • Despite improvements, the selection of around 100+ instruments still seriously trails competitors, notably OKX with its 400+ assets.
Visit PrimeXBT
PrimeXBT Review

IQ Option

"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."

William Berg, Reviewer

IQ Option Quick Facts

GBPUSD Spread5 pips
EURUSD Spread14 pips
EURGBP Spread15 pips
Total Assets60+
Leverage1:500
PlatformsOwn
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • iOS & Android compatible app
  • Excellent range of payment methods
  • User-friendly platform for beginners

Cons

  • €10 inactivity fee after 90 days
  • No MetaTrader 4 integration
Visit IQ Option
IQ Option Review

IG

"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:250 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading, while IG has also added TradingView integration.
  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.

Cons

  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients.
Visit IG
IG Review

How We Rate Best Forex Brokers In Kenya

These are the key areas we assess forex brokers in and recommend you do too:

Trust

Choose a trustworthy broker to safeguard your funds from forex trading scams.

This is especially important given the number of fraudsters targeting Kenyan forex traders. In one notable example, reported by Bizna Kenya, Limuru-based VIP Portal tricked “unsuspecting investors” out of a staggering Sh. 1 billion.

The Capital Markets Authority (CMA) is providing tighter oversight of forex trading activities, for example cracking down on 40 unlicensed forex trading firms, however there remains a high risk to your funds.

CMA-regulated forex brokers
CMA Regulated Forex Brokers

If you don’t choose a locally registered forex broker, our recommendation is to select a well-established trading platform tightly regulated by ‘Green Tier’ bodies like the FCA in the UK or the ASIC in Australia. Make sure you also stay up to date with Kenyan tax rules.

  • Pepperstone is one of the most trusted forex brokers in the industry, thanks to its 10+ year history and multiple licenses from top-tier bodies, including the FCA, ASIC, CySEC and DFSA. Crucially, Pepperstone is also authorized by Kenya’s CMA and has an office in Nairobi.

Currency Pairs

Choose a broker that offers the currency pairs you wish to trade.

For local traders this might mean those containing the Kenya shilling (KES), such as the USD/KES, however we’ve evaluated hundreds of brokers and these are not usually available.

With this in mind, consider a broker with a wide range of majors, minors and exotics, offering diverse opportunities, including those in prominent currencies on the African continent, such as the South African Rand (ZAR).

  • IG stands out with its fantastic selection of 80+ currency pairs, including the USD/ZAR, EUR/ZAR, GBP/ZAR, and JPY/ZAR. Combined with its advanced ProRealTime charting software, IG is an excellent choice for active forex traders.

Pricing

Select a low-cost broker, especially if you’re day trading forex. This will help protect slim profit margins from frequent transaction costs.

Our experts regularly evaluate trading fees on currency pairs, from minimum to average spreads where practical. We also consider non-trading fees such as conversion costs for transferring Kenyan shillings to a trading account based in another currency.

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Many forex brokers, notably OANDA, offer a free currency converter, so you can work out any KES conversion costs upfront.
Using forex calculator at OANDA to see exchange rate for KES to USD
OANDA – Currency Converter
  • Vantage’s flexible pricing model with no hidden fees caters to a broad spectrum of forex traders. The broker offers three accounts: Standard (commission-free pricing that will appeal to newer traders), Raw (low spreads with $3 commissions that will appeal to active day traders), and Pro (even more competitive commissions from $1.50 for high-volume traders).

Forex Platforms

Find a forex platform you enjoy using with the tools you need, for example, day traders may need a strong charting package for technical analysis.

Kenyans, like many retail investors, are also increasingly turning to forex trading apps, the reliability and features of which we’ve seen significantly improve in recent years.

You’ll normally have two options when it comes to forex software:

  • FOREX.com excels in this category thanks to its superior range of charting platforms, including MT4, MT5, TradingView and a WebTrader with one of the slickest designs I’ve seen. Its SMART Signals also provide valuable insights into price patterns across various currencies, potentially helping identify opportunities.

Account Funding

Choose a forex broker that makes account deposits and withdrawals in Kenyan Shillings low-cost and hassle-free.

Since very few online brokers support accounts based in Kenyan Shillings based on our findings, consider platforms with convenient local solutions. M-Pesa, for example, remains one of the most popular payment methods in Kenya, according to Akurateco.

  • XM is a great choice for Kenyan forex traders looking for fast and affordable payment methods, from bank transfers and credit cards to digital solutions like M-Pesa. Additionally, the 5 USD, around 660 KES, minimum deposit is among the lowest in the industry.

Methodology

We leveraged our extensive database of forex brokers to focus on those accepting Kenyan traders, ranking them based on their rating derived from key factors, including:

  • DayTrading.com broker testing methodology overview
  • Regulation by reputable authorities, if not Kenya’s CMA then other trusted bodies.
  • A wide selection of currency pairs to provide ample short-term trading opportunities.
  • Competitive pricing for day traders with no hidden fees.
  • User-friendly and reliable platforms following hands-on tests.
  • Smooth account funding, considering the availability of local solutions like M-Pesa.

FAQ

Yes, residents of Kenya are permitted to trade currencies online.

However, we recommend keeping up with the latest regulations from the Capital Markets Authority (CMA) and tax rules from the Kenya Revenue Authority (KRA).

Who Regulates Forex Trading In Kenya?

The Capital Markets Authority (CMA) regulates forex trading in Kenya.

It’s a respected regulator that’s ramped up its oversight of forex brokers in recent years. Licensed firms must meet capital requirements of 50 million Kenyan Shillings, have a Director with experience in financial services, and maintain an office in Kenya.

Forex traders in Kenya can also open accounts with forex brokers based overseas though you may not be protected under domestic laws. As such, only trade currencies with established, tightly regulated international firms.

How Much Money Do I Need To Start Trading Currencies In Kenya?

Based on our vast directory of forex brokers accepting Kenyan traders, a deposit of up to 250 USD is normally required, equivalent to approximately 35,000 shillings.

That said, several leading forex brokers have no minimum deposit catering to budget traders, notably Pepperstone, which is also authorized by the CMA.

Is Forex Trading Safe In Kenya?

No, forex trading in Kenya, like all countries, is not safe. There is the risk of losing your money if the markets do not move in your favor, alongside scams which we’ve seen target Kenyan traders in recent years.

Article Sources

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