Do they support mobile versions as well as the web? You should check if their app is available for iPhone, iPad, Tablets, and Android users. Multiple trading platforms make trading easier. You can trade on the go and easily take opportunities or close your trading positions to stop a loss. Further options like MetaTrader 4, MetaTrader 5, and cTrader come with some functionalities and tools.

The CMA regulates forex trading in Kenya. However, they do not make it mandatory for forex brokers to disclose the percentage of retail traders that lose their money. Only brokers regulated in the UK are mandated to reveal this.

If a forex broker has a percentage higher than this, then something could be wrong. So, how do you check it? You will find the percentage at the header of the website. That is where most brokers display it. Brokers like AvaTrade display it at the footer. To start trading forex, you need to open a live account with a forex broker.

These steps are typically the same at all the forex brokers and are very straightforward, so once you know them at one broker, you can signup with pretty much any other broker. Step 1 Go to FXPesa website homepage via www. You need to provide your name, email address, and phone number.

Step 3 To proceed, fill out your personal information, create a password and choose the type of account that you want. Step 4 After that, you need to provide some information about your trading experience, and then you will need to read the legal declaration online and check the box beside it to show you have read and agreed with it.

To approve your account for trading, you will need to verify your identity by uploading a government-issued ID and an address verification document like a water bill. Step 6 When your documents are reviewed and your account is approved, you will receive an email with login details and a link to download the app.

Step 7 You can deposit money into your account and start trading once you download the app. As of December , the only 6 CMA regulated forex brokers in Kenya are FXPesa, Scope Markets, PepperStone, FXTM, HotForex, and Windsor Brokers registered as Windsor Market Kenya Limited. Which Forex Brokers accept MPesa?? These brokers also have MPesa for withdrawals. Which is the Best Forex broker in Kenya? Overall best forex broker in Kenya based on this post is FXPesa, because of their regulation, relatively lower fees, availability on all devices, multiple trading applications, and ease of use.

Which Forex Brokers has the lowest minimum deposit in Kenya? HotForex has KES as their minimum deposit. Which Forex Broker has the lowest spreads in Kenya?

Best Forex Brokers. Forex Trading using MPesa. CMA Regulated Forex Brokers. Editor Updated on August 29, Visit FXPesa.

FXPesa Pros ECN execution on their accounts Regulated by the CMA Information is easy to find on their website No deposit charges You can fund and withdraw in KES. Visit HotForex. HotForex Cons Inactivity fees High minimum deposit on some account types.

Visit Exness. Exness Pros Top-tier regulation FCA KES base currency Multiple account types with dynamic pricing Zero commission on currency pairs Pro Account. Exness Cons Not regulated with the CMA High minimum deposit on some account types Leverage for currency pairs is too high Considerably high commissions on some accounts.

Visit Scope Markets. Visit Pepperstone. Pepperstone Cons Swap is only accessible on their trading platforms No multiple accounts Leverage for currency pairs is too high Considerably high commissions on some accounts. Visit FXTM. FXTM Pros Top-tier regulators Good customer support Deposits and withdrawals are processed quickly. Now we will explore the detailed features of each broker in our list, one by one, starting from Hotforex.

They are authorized by CMA of Kenya which is the local regulatory body , so we consider them as a safe broker for traders in Kenya. FXPesa is a non-dealing desk NDD broker, which means that there is no conflict of interest. They provide market execution of trades with all their trading account. FXPesa are a MetaTrader 4 offering broker, and latest MT5 or cTrader is not available with them. But they have their own platform which is available on all devices. They offer funding in USD as well as in Kenyan Shilling KSh.

via local bank transfer. But the account currency will be in USD. HotForex is our recommend forex broker for Kenyan traders. HotForex is regulated by CMA as a Non-dealing online forex broker with license no. This makes HotForex a low risk forex broker for traders in Kenya. In terms of fees, they charge a low spread i. For low spreads, traders can open open Zero account with which the spreads start from 0 pips. The commission per lot with this account is Kes. Only a few brokers offer this feature.

They use the payment gateway Dusupay on their website, and the minimum deposit is Kes. They also have a local office with address in Nairobi on their website. They also have local phone no. They are well regulated under multiple Top-Tier regulators including FCA, FSCA, CySEC, so we consider them a safe broker.

Exness offers features like excellent support, low spreads, education through tutorials, strategies and free analysis tools. Exness provides services for two types of accounts — Standard and Professional. The maximum leverage offered for both accounts is One of the major benefits with Exness is they have very low spread compared to most other competing brokers.

Account types available help both newbies and pro traders. Other benefits include readily available support, fast executions, daily market reports, support from Expert advisors and meta trader plugin supports. There are more than instruments to choose from including forex, CFDs on precious metals, energy and indices. Their fees is lowest with their Ultra Low account. Their trading accounts are quite straightforward.

XM provides four account options. For Standard and Micro account, the required minimum deposit amount is 5 USD and gives a maximum leverage of For XM Ultra Low account, the required minimum deposit amount is 50 USD with similar leverage.

Plus they have free access to forex market education including their research, forex webinars, video tutorials and free daily technical analysis that is available to all their customers. Plus, they accept M-Pesa for account funding. Available Platforms: Metatrader 4 and Metatrader 5 for desktop and mobile and WebTrader. The parent company of FXTM, Exinity Group Exinity Capital East Africa is regulated by CMA, so it is considered a safe forex broker to trade with for Kenyan traders.

FXTM offers two broad account options — Standard and ECN, both accounts having further sub-account types. Both accounts come with a maximum leverage of upto Additional benefits include in-depth market analysis, tutorials through webinars and seminars. Additionally, FXTM also supports trading in Cryptocurrency.

Scope markets SCFM Limited was the second forex broker that was granted license by CMA in It is considered a low risk forex broker for Kenyan traders because of their regulated by CMA. The Silver account is a standard account type with no commissions, but their average fees is quite high i.

Kenyan-based traders can deposit and withdraw their funds using the popular M-Pesa mobile money service. Such brokers are also referred to as ECN electronic communications network brokers or STP straight through processing brokers.

Trading Platforms in Kenya are widely offered. Three of the brokers licensed by the CMA offer the MetaTrader 4 MT4 platform to their clients. However, Scope Markets is the only broker that offers the MT4 and Mt5 platforms as the exclusive trading platform.

FXPesa EGM Securities and Pepperstone offer other platforms as alternative options to traders who do not want to use the popular MetaTrader 4 and 5 platforms. The CMA does not have a set limit on the leverage offers to Kenyan traders. Therefore, most of the licensed brokers offer high leverage levels to their clients in Kenya.

Scope Markets offers leverage of up to , with FXPesa offering maximum leverage of FXTM leads the pack by providing up to leverage. Pepperstone offers up to leverage. EGM Securities FXPesa is the lowest-spread Forex broker in Kenya based on our extensive testing of all four licensed brokers.

All the brokers licensed in Kenya offer accounts that allow traders to trade micro-lots. Kenya residents that are engaged in forex trading are not always sure, whether their income is taxable or not. More often they just assume that taxes do not apply to foreign income. However, they are mistaken. The residents of Kenya need to pay taxes for forex trading, as it is considered a normal income. Thus, in Kenya, it is more important where the traders reside, rather than where the income generates from.

It is important for traders to remember that they have certain tax obligations toward the Kenyan Revenue Authority. Traders should also bear in mind that they are responsible for filing tax forms, and any delays or avoidance can lead to undesirable fines and complications. I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Everything you find on BrokerTested is based on reliable data and unbiased information. Read more about our methodology. Your email address will not be published. Save my name, email in this browser for the next time I comment. Broker Reviews. BlackBull Markets. CMC Markets. All Reviews. Broker Categories.

Brokers by Type. ECN Forex Brokers. Zero Spread Forex Brokers. Cryptocurrency Brokers. MT5 Forex Brokers. Day Trading Platforms. High Leverage Forex Brokers.

In this article, we reviewed and tested 4 forex brokers Kenya licensed by Capital Markets Authority CMA. We placed live trades in the popular markets to determine the actual spreads.

Finally, we withdrew our funds to assess whether the withdrawal process is smooth. We handpicked the best forex brokers based on the trading data collected and our experience as traders. Forex brokers in Kenya are authorised by the Capital Markets Authority CMA to operate in Kenya.

We suggest investors and traders follow the CMA on Twitter, CMAKenya , to get the latest news and updates. CMA-licensed brokers are safe to trade with as the CMA is a respected regulator with strict rules to protect investors and traders.

The CMA has presided over the introduction of sophisticated investment products such as derivatives on the Nairobi Stock Exchange NSE. The CMA has not maximum leverage cap for brokers, with some brokers offering up to leverage of Forex trades. The downside is that there is no deposit compensation scheme if a broker goes bankrupt. We tested and reviewed 4 CMA-licensed forex brokers by opening live accounts, depositing real money, and placing real trades to select the best forex brokers.

We wanted to accurately assess the actual spreads and commissions, the trading platform, deposit and withdrawals condition, trader education, and customer service.

We picked Pepperstone as the overall best forex broker in Kenya. Pepperstone offers a full package of a good broker. Opening an account is smooth.

Spread is competitive at 1. Furthermore, it provides great education and trading tools including video tutorials, webinars, Autochartist and more. Lately, it also added social trading platforms Myfxbook and DupliTrade. The best Forex broker for beginners is FXPesa due to its in-depth and sell-structured educational materials. New traders can learn via a variety of formats since the broker providers educational videos and articles.

besides our best picks above, we also put together a complete list of 16 Australian forex brokers along with our review. The list is freely available for download. You can also contact the CMA directly via the contact details on the website or via Twitter.

The CMA-licensed Forex brokers that accept M-Pesa include Scope Markets, FXPesa, FXTM, and Pepperstone. Kenyan-based traders can deposit and withdraw their funds using the popular M-Pesa mobile money service. Such brokers are also referred to as ECN electronic communications network brokers or STP straight through processing brokers.

Trading Platforms in Kenya are widely offered. Three of the brokers licensed by the CMA offer the MetaTrader 4 MT4 platform to their clients.

However, Scope Markets is the only broker that offers the MT4 and Mt5 platforms as the exclusive trading platform. FXPesa EGM Securities and Pepperstone offer other platforms as alternative options to traders who do not want to use the popular MetaTrader 4 and 5 platforms. The CMA does not have a set limit on the leverage offers to Kenyan traders. Therefore, most of the licensed brokers offer high leverage levels to their clients in Kenya.

Scope Markets offers leverage of up to , with FXPesa offering maximum leverage of FXTM leads the pack by providing up to leverage. Pepperstone offers up to leverage. EGM Securities FXPesa is the lowest-spread Forex broker in Kenya based on our extensive testing of all four licensed brokers.

All the brokers licensed in Kenya offer accounts that allow traders to trade micro-lots. Kenya residents that are engaged in forex trading are not always sure, whether their income is taxable or not. More often they just assume that taxes do not apply to foreign income. However, they are mistaken. The residents of Kenya need to pay taxes for forex trading, as it is considered a normal income.

Thus, in Kenya, it is more important where the traders reside, rather than where the income generates from. It is important for traders to remember that they have certain tax obligations toward the Kenyan Revenue Authority.

Traders should also bear in mind that they are responsible for filing tax forms, and any delays or avoidance can lead to undesirable fines and complications. I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader. Everything you find on BrokerTested is based on reliable data and unbiased information.

Read more about our methodology. Your email address will not be published. Save my name, email in this browser for the next time I comment. Broker Reviews. BlackBull Markets. CMC Markets. All Reviews. Broker Categories. Brokers by Type. ECN Forex Brokers. Zero Spread Forex Brokers. Cryptocurrency Brokers. MT5 Forex Brokers. Day Trading Platforms. High Leverage Forex Brokers. Forex Brokers for Beginners. All Broker Types. Brokers by Country. Forex Brokers New Zealand.

Forex Brokers Australia. Forex Brokers UK. Forex Brokers USA. Forex Brokers Canada. Forex Brokers South Africa. Forex Brokers Kenya. Other Countries. BrokerTested Awards Broker Comparison. XM vs IC Markets. XM vs Pepperstone. eToro vs Trading IC Markets vs Pepperstone. Trading vs Plus All comparisons. B2B Directory Listing. Liquidity Provider. White Label Provider. Technology Provider. Platform Provider. Market Data. Copy Trading. Payment Provider.

Turnkey Solution. Back Office Systems. License for Sale. Brokerage for Sale. Other directories. About us. Best Forex Brokers Kenya Post author By George Rossi Post date June 17, No Comments on Best Forex Brokers Kenya CMA Regulation Kenyan Best FX Brokers Kenyan Brokers List Verify CMA Brokers Brokers accept M-Pesa ECN Brokers Kenya MT4 Brokers Kenya High Leverage Brokers Kenya Lowest Spread Broker Kenya.

CMA-Licensed Forex Brokers in Kenya Forex brokers in Kenya are authorised by the Capital Markets Authority CMA to operate in Kenya. Some of the key highlights of trading with CMA regulated brokers: 🏦Kenya Regulator Capital Markets Authority CMA 📊Max. Pepperstone — Best Overall Forex Broker in Kenya FXTM — Best Forex Trading Platform Kenya FXPesa — Best Forex Broker for Beginners in Kenya Scope Markets — Best MT4 Broker Kenya Best Overall Forex Broker in Kenya We picked Pepperstone as the overall best forex broker in Kenya.

Email address. Tradeable instruments: PepperStone offers trades and CFDs on shares, forex over 60 currency pairs , indices, and commodities. Click here to visit IC Markets ». Scope Market is a local forex broker headquartered in Kenya. In this in-depth write-up you will learn: Who is the Best Suited Kenyan Broker for Beginners? XM vs Pepperstone.

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