Best Forex Brokers In Kenya 2025
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.
6 Top Forex Brokers in Kenya
After reviewing 220 brokers, these 6 stand out as the best for forex traders in Kenya:
Here is a summary of why we recommend these brokers in March 2025:
- 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.
- RoboForex - RoboForex offers trading on 30+ currency pairs, trailing category leaders like Pepperstone with its 90+ forex assets. That said, the Prime and ECN accounts feature competitive average spreads of 0.1 pips on the EUR/USD. Additionally, with a minimum investment of $100, traders can utilize the CopyFX system to replicate the strategies of seasoned currency traders.
- Exness - Exness offers an impressive selection of around 100 forex pairs - more than most brokers we've evaluated - along with competitive spreads on major pairs starting as low as 0.1 pips. Additionally, traders benefit from a robust suite of forex analysis tools, including market news powered by FXStreet.
- 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.
- 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.
- AvaTrade - AvaTrade delivers 50+ currency pairs with tight spreads from 0.9 pips and zero commissions. Trade majors, minrs, and exotics 24/5 on leading forex platforms, notably MT4, with sophisticated charting tools and forex education to sharpen your edge, including a dedicated guide to 'Currency Trading'.
Best Forex Brokers In Kenya 2025 Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
| XM | 55+ | 0.8 | / 5 | $5 | ASIC, CySEC, DFSA, IFSC |
| RoboForex | 30+ | 0.1 | / 5 | $10 | IFSC |
| Exness | 100+ | 0.0 | / 5 | $10 | CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
| Vantage | 55+ | 0.0 | / 5 | $50 | FCA, ASIC, FSCA, VFSC |
| IC Markets | 75 | 0.02 | / 5 | $200 | ASIC, CySEC, FSA, CMA |
| AvaTrade | 50+ | 0.9 | / 5 | $100 | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
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 Spread | 0.8 |
| EURUSD Spread | 0.8 |
| EURGBP Spread | 1.5 |
| Total Assets | 55+ |
| Leverage | 1:1000 |
| Platforms | MT4, MT5, TradingCentral |
| Account Currencies | USD, EUR, GBP, JPY |
Pros
- 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.
- XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
- 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.
Cons
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- 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.
- 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.
RoboForex
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
RoboForex Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| GBPUSD Spread | 0.4 |
| EURUSD Spread | 0.1 |
| EURGBP Spread | 0.4 |
| Total Assets | 30+ |
| Leverage | 1:2000 |
| Platforms | R StocksTrader, MT4, MT5, TradingView |
| Account Currencies | USD, EUR |
Pros
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
- The broker offers leverage up to 1:2000 for certain account types, which is among the highest in the industry. This high leverage allows day traders to maximize their trading potential, albeit with a corresponding increase in risk.
Cons
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
Exness
"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."
Exness Quick Facts
| GBPUSD Spread | 0.0 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.0 |
| Total Assets | 100+ |
| Leverage | 1:Unlimited |
| Platforms | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| 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, KRW, MXN, KES, CNY |
Pros
- Improved execution speeds, now averaging under 25ms, offer optimal conditions for short-term traders.
- Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips with low commissions from $2 per side.
- Fast and dependable 24/7 multilingual customer support via telephone, email and live chat based on hands-on tests.
Cons
- Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
- Retail trading services are unavailable in certain jurisdictions, such as the US and the UK, limiting accessibility compared to top-tier brokers like Interactive Brokers.
- MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
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."
Vantage Quick Facts
| Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
|---|---|
| GBPUSD Spread | 0.5 |
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.5 |
| Total Assets | 55+ |
| Leverage | 1:500 |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
- The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- Unfortunately, cryptos are only available for Australian clients
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
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."
IC Markets Quick Facts
| GBPUSD Spread | 0.23 |
|---|---|
| EURUSD Spread | 0.02 |
| EURGBP Spread | 0.27 |
| Total Assets | 75 |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- 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 fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
Cons
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- 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.
AvaTrade
"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| GBPUSD Spread | 1.5 |
| EURUSD Spread | 0.9 |
| EURGBP Spread | 1.5 |
| Total Assets | 50+ |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
- AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.
Cons
- Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
- The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
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.
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.
- 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:
- Third-party: MetaTrader 4 and MetaTrader 5 have dominated the industry for years with advanced charting tools, various order types and support for algorithmic trading, though alternatives like TradingView and cTrader are making up ground with more intuitive workspaces.
- In-house: Many forex brokers have poured money into proprietary platforms, now sporting more user-friendly interfaces for beginners, often with tutorials and straightforward accessibility through web browsers.
- 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:
- 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
Is Forex Trading Legal In Kenya?
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.
Recommended Reading
Article Sources
- Kenya Capital Markets Authority (CMA)
- CMA Cracks Down On Unlicensed Firms - Business Daily Africa
- VIP Portal Forex Scam - Bizna Kenya
- Payment Gateways In Kenya - Akurateco
- Kenya Revenue Authority (KRA)
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