8 Best Forex Brokers in Kenya for 2023 - Analytics Insight

Trading with an unregistered Forex broker can cost you your hard earn money if the broker goes bankrupt as you wouldn't have consumer's protection from relevant authorities in Kenya.

Some unregulated brokers can also compromise your private information or financial details. Therefore, it is important that you only trade with regulated and reliable forex brokers.

Although the Capital Market Authority (CMA) of Kenya regulates online forex trading in Kenya, forex trading is still inherent with huge risks, thus the need to do adequate research

We reviewed all the CMA regulated non-dealing forex brokers, like FxPesa in Kenya; where we considered their safety, risk management tools, and other trading parameters.

Our List of Best Forex Brokers in Kenya

Trading CFDs is risky with a nearly 80% average fail rate, & trading with any of these brokers doesn't reduce the risk of blowing your account. We considered criteria like trading cost, customer support, and local funding methods for this list.

• FXPesa – Best Forex Broker in Kenya Overall
• Exness – Best Forex Broker in Kenya for Beginners
• HF Markets – No Minimum Deposit Forex Broker in Kenya
• Scope Markets – Best Forex Broker with MPesa
• FxPro – Best Forex Trading Platforms in Kenya
• FXTM – Commission based regulated Forex Broker (Equiti)
• Pepperstone – CMA Regulated Forex Broker
• Admiral Markets – Good Non-dealing forex broker for trading Indices

1. FXPesa – Best Forex Broker in Kenya Overall

✅ Overall Score	9.3/10
⚖ CMA License No.	107
💰 Starting Deposit	Zero
✔ KES Base Currency Accounts	No
🏦 Local Funding Methods Accepted	MPesa, EAZZYPAY, Airtel Money, MTN, VODACOM, HaloPesa, TigoPesa
💻 Website	www.fxpesa.com

EGM Securities Ltd. is a regulated by the Capital Markets Authority (CMA) Kenya, and they trade as FXPesa.

FXPesa is regulated by CMA, with dual licenses for non-dealing forex trading & derivatives trading.

FXPesa provides retail access to CFDs on 50+ Currency Pairs, 1500+ Shares, 15+ Commodities, 25+ Indices, 45 ETFs You can choose to trade with leverage up to 1:400 with FXPesa but this can be risky, you should select lesser leverage like 1:2.

2 Live Accounts + 1 Demo Account: FXPesa offers Executive and Premier Live Trading Accounts. Beginners can also practice on the Demo Account with $10k fake cash before going live.

The Executive Account has a $0 minimum deposit, is commission-free, and the cost of trading is in the spread which starts from 1.4 pips.

The Premiere Account has a $100 starting deposit, $3.5 per turn commission, but the spreads are low- starting from 0 pips.

FXPesa has an android mobile app available on Google playstore with a 3.6/5-star rating, and 10k downloads. iPhone users can also download from the apple store.

MetaTrader apps are also available to choose from depending on your trading strategy.

FxPesa Platform	📱 Mobile	🌐 Web	💻 Desktop
MT4	✔	✔	✔
MT5	✔	✔	✔
Equiti Trader	✔	🗙	🗙

Deposit and Withdrawal methods available on FxPesa include MPesa, MTN Mobile Money, Netteller, Skrill, Airtel Money, EAZZYPAY, MasterCard and Visa.

All deposits and withdrawals through local methods like Mpesa are processed instantly at zero cost. However, withdrawals through international methods attract fees reaching $30.

FXPesa has an office in Nairobi, & online customer service is open 6 days of the week. There is help on live chat (with a 5 second response time), Toll-free telephone lines, and Email; plus, social media presence.   

FXPesa Pros and Cons

FXPesa Pros	FXPesa Cons
Dual licenses from CMA Kenya for forex & derivatives trading.	No KES base currency accounts so you pay currency conversion fees when you deposit/withdraw in KES
Toll-free local Kenya phone number plus physical Nairobi office location	Product catalogue does not include government treasuries
Accepts deposits and withdrawals through local Kenyan processors like Mpesa.	Equiti Trader platform is not available on web and desktop.
Local deposit/withdrawals are instant

Learn more about FXPesa Trading conditions

2. Exness (Tadenex Ltd) – Best Forex Broker in Kenya for Beginners

✅ Overall Score	9.0/10
⚖ CMA License No.	162
💰 Starting Deposit	1,455 KES or $10
✔ KES Base Currency Accounts	Yes
🏦 Local Funding Methods Accepted	MPesa, Bank Cards
💻 Website	www.exness.ke  

Exness operates in Kenya through an intermediary called Tadenex Limited, a CMA licensed forex broker.

Exness Kenya provides retail access to CFDs on 6 asset classes- FX, Commodities, Stocks, & Indices. Leverage varies by asset class but is limited to 1:400.

Exness has account classes to suit different traders. The Standard class is beginner-level, and the Professional class is for expert-level traders.

Exness Standard Account in KES Base Currency: With $10 minimum deposit you can trade Forex & Metals, with no commissions, and spreads start from 0.3 pips.

The Exness Standard Cent Account: doesn't have KES base currency as you trade in US Cents with spreads from 0.3 & no commissions.

The Exness Raw & Zero Accounts: $500 minimum deposit with lower spreads from 0 pips, but you pay $3.5/side commissions & they feature Market Execution.

Exness Pro Instant Execution Account: $500 minimum deposit & while other Exness accounts have market execution, the Exness Pro Account features Instant Execution with zero commissions and spreads from 0.1 pips.

Exness platforms can be accessible on mobile phone, laptop and tablet devices. Available platforms include MT4, MT5, Exness Trade App and Web Terminal.

The Exness Proprietary platform is not limited to mobile alone, it has a web terminal version for browsers which doesn't require installation on a system.

The Exness web terminal also integrates TradingView charts into its functionality so you can access a wider community of specialized chart trading.

Exness deposit/withdrawals take place 24/7 even on weekends and are free. You can fund your trading account through Mpesa and Bank Cards. The deposits process in 30 minutes, and withdrawals in 24 hours.

Exness offers a 24/7 customer support in both English and Swahili. You can reach out for support through live chat, email address and phone number

Exness Kenya Pros and Cons

Pros	Cons
CMA Regulation	Instant execution Exness Pro account increases risk of losses
KES trading account currency	Low number of asset classes to trade
24/7 deposit & withdrawals at nocost	Telephone help lines are not toll free
Exness Kenya Accepts MPesa
24/7 Customer service
Physical office in Kenya
Diverse platforms
US Cent trading account currency helps you trade little capital while testing the live market

Learn more about Exness trading conditions in Kenya

3. HF Markets – No Minimum deposit Forex Broker in Kenya

✅ Overall Score	8.7/10
⚖ CMA License No.	155
💰 Starting Deposit	Zero
✔ KES Base Currency Accounts	Yes
🏦 Local Funding Methods Accepted	Mobile Money Bank Transfer E-Wallet Credit Cards
💻 Website	www.hfm.com/ke/en

HFM Investments Ltd formerly operated under the brand name 'HotForex', but now trades with the name HF Markets abbreviated as HFM. It is a non-dealing forex broker licensed by the CMA.

HFM provides access to CFD markets for 8 Asset Classes: Forex, Metals, Commodities, Bonds, ETFs, Energies, Indices, & Stocks. Leverage depends on the individual symbol being traded and peaks at 1:400.

HFM accounts also suit traders with different levels of expertise. All the accounts except the Zero Account are commission free.

Secondly all HFM accounts except the Pro Account have no minimum deposit requirement but the payment processors have a 700 KES or $5 minimum deposit floor.

HFM Cent Account in KES Base Currency: here new traders can test the waters on MT4/5 by trading only Forex & Gold CFDs with spreads from 1.2 pip in US Cent currency.

HFM Pro Account in KES Base Currency: here minimum deposit to start is 1,300 KES and you trade all markets with spreads from 0.5 pip using MT4/5.

HFM Zero Account in KES Base Currency: here you trade on MT4/5 with spreads for Gold and FX starting from 0 pip. Commission of $3 per side is levied when you trade forex CFDs, and $7 per side for Gold CFDs.

HFM Premium Account in KES Base Currency: here you can trade all markets on the HFM proprietary mobile app & MT4/5, and spreads start from 1.2 pips.

HFM platforms can be accessible on mobile phones, laptop and tablet devices. Platforms available include MT4, MT5 and HFM App.

Deposit and withdrawal methods available on HFM include M-Pesa, Bank Transfer, MasterCard, Visa, Ipay, Skrill, Netteller and DusuPay.

Except for Bank Wire deposits, all other deposit methods including MPesa are processed instantly at no cost.

All HFM Kenya withdrawals are free of charge and withdrawals through local methods like MPesa are processed instantly, while card and Bank wire take above 24 hrs.

HFM offers a 24/5 support services via live chat, email and dedicated phone number

HFM Kenya Pros and Cons

Pros	Cons
CMA Regulated Broker	No 24/7 support
8 Asset classes can be traded	No Toll-free telephone lines
KES Trading Account	HFM proprietary mobile app does not have a web version and the app is compatible with only the Premium Account
Accepts MPesa deposit & withdrawals
Beginners using HFM Cent account pay high spreads from 1.2 pips
No deposit & withdrawal fees

Learn about more HFM trading conditions in Kenya

4. Scope Markets – Best Forex Broker in Kenya with MPesa

✅ Overall Score	8.0/10
⚖ CMA License No.	123
💰 Starting Deposit	$100
✔ KES Base Currency Accounts	No
🏦 Local Funding Methods Accepted	MPesa, Equitel, Airtel
💻 Website	www.scopemarkets.co.ke

SCFM Limited also known by their trading name Scope Markets holds both non-dealing forex & derivative licenses issued it by the CMA Kenya.

At Scope Markets you get exposure to trade CFDs on 5 asset classes: Forex, Shares, Commodities, Indices, and Derivatives listed on the Nairobi Stock Exchange. You can also trade Physical Shares on scope Market platforms.

Scope Markets offers two types of accounts, Silver Account and Gold Account.

SCFM Silver Account: here spreads on majors begin from 1.1 pips and there are no commissions, but margin call happens at 150%.

SCFM Gold Account: Here spreads on majors start lower at 0.2 pips, and $3.5 per side commission applies with margin call at 150%.

Scope Markets platforms can be accessible on mobile phone, laptop and tablet devices. Platforms available include MT5, Scope Copy, Scope Trader and Scope Trader App.

Deposit and withdrawal available on Scope Markets include M-Pesa, MasterCard, Visa, Airtel Money, Pesa Link, Skrill, Neteller and Equitel.

Support

Scope Markets offers 24/5 support services via live chat, email messages and a dedicated phone number

Scope Markets Pros and Cons

Pros	Cons
Dual licenses from CMA Kenya for forex & derivatives trading.	High minimum deposit of $100
150% margin call limit reduces the risk of incurring more losses	No KES base currency account
Physical office in Kenya	Account types not suitable for beginners as there is no Cent Account
Proprietary scope trader app is also available on web bypassing the need for installation on your device	No MT4 platform
Accepts local funding methods Like MPesa, Equitel, and Airtel and processing time is instant	Telephone help lines are not Toll-free
Interactive live chat with push notifications	No 24/7 support

Learn more about trading conditions at Scope Markets

5. FxPro – Best Forex Trading Platforms in Kenya

✅ Overall Score	7.85/10
⚖ Regulation	FCA United Kingdom, CySEC, SCB, FSCA (Not CMA regulated)
💰 Starting Deposit	$100
✔ KES Base Currency Accounts	No
🏦 Local Funding Methods Accepted	Bank Transfer, Credit Cards
💻 Website	www.fxpro.com

FxPro Global markets Ltd trading as FxPro, are an unregulated forex broker in Kenya (by CMA). They accept Kenyan clients, but onboard them under foreign regulation, so you trade with them at your own risk.

Regulators	Location
Financial Conduct Authority (FCA)	United Kingdom
Cyprus Securities and Exchange Commission (CySEC)	Cyprus
Financial Sector Conduct Authority (FSCA)	South Africa
Securities Commission of the Bahamas (SCB)	Bahamas

FxPro lets you access CFD Markets for 6 asset classes: Currencies, Spot Indices, Stocks, Spot Metals, Spot Energy, & Futures.

FxPro Accounts have a maximum leverage of 1:200 and come in USD base currency

FxPro Standard Account: trade all FxPro CFDs with average spreads on majors starting from 1.5 pips and gold from 30 cents with $100 minimum deposit.

FxPro Pro Account: a higher minimum deposit of $1,000 but you get lower spreads with average spread on majors starting from 0.6 pips, and Gold from 25 cents.

FxPro Raw Account: $1,000 minimum deposit, $3.5 per side commissions, average spreads on majors start from 0 pip and Gold starts from 15 cents

FxPro Elite Account: minimum deposit of $30k in 2 months, $3.5 per side commissions, average spreads on majors from 0.2 pips and on Gold from 15 cents

FxPro platforms can be accessible on mobile phone, laptop and tablet devices. FxPro also offers VPS hosting for automated trading at reduced latency.  

FxPro cTrader: offers ultra-low spreads when you trade CFDs on Forex & Metals

FxPro MT4/5: popular and stable platform for trading CFDs and features Expert Advisors.

FxPro App: proprietary mobile app developed in-house by FxPro where can open accounts on the app and manage them. Manage fund transfer and connect to TradingView charts.

Deposit and withdrawal methods available on FxPro include Bank Transfer, Broker to Broker, Bank Cards, Skrill & Neteller and they are free of charge.

FxPro offers 24/5 support services via live chat, email address and international phone number.

FxPro Pros and Cons

Pros	Cons
Variety of trading platforms	No CMA Regulation
Easy fund management with FxPro wallet	No MPesa
VPS hosting for Expert Advisors	25% margin call level is risky
Low Gold trading spreads	No FxPro web trader
Free deposits & withdrawals	Customer support not available on weekends
Market or Instant execution options when trading major FX Pairs	High trading cost

Learn more about trading conditions at FxPro

How to Choose the Best Forex Broker in Kenya?

1. Is the broker duly licensed in Keya?

You should only trade with CMA regulated forex/CFD providers as these are under watch by the Kenyan market regulator.

Trading with unregulated non-CMA brokers is at your own risk so check if they hold foreign licenses from Tier-1 jurisdictions like United Kingdom (but this is not encouraged).

There are only nine CMA regulated non-dealing foreign exchange brokers. Only these brokers are legally licensed to operate & accept traders from Kenya. All other brokers cannot onboard Kenyan traders legally.

2. Do broker platforms suit your intended strategy?

Technical traders depend on tools like charts, indicators, etc. to analyze the market so platforms with good technical tools should be explored.

Algorithmic traders use trading robots or Expert Advisers; and these work well on MetaTrader platforms. If you also require API, then select a broker that has full support for automated trading.

Back testing of historical data can be done with Demo Accounts or MT4/5 so if you hope to back test these platforms should be on the menu.

These are some of the factors to consider when checking if a broker's platform meets your needs.

3. Is the cost of trading affordable?

You should check if the cost of trading is affordable to you by looking at the broker's fee structure. Payable fees include commission, spread, and swap rate. You should also factor in the minimum starting deposit. You can compare the cost of trading across different brokers.

Are the support channels easily accessible?

You should check if the support channels of the broker are visible and available.

Support channels could be live chat, email address, phone number, contact information and social media presence. You should also check the response time of the channels and the availability hours/days.

Comparison of Forex Brokers in Kenya

Broker	Regulation	KES Base Currency	Starting Deposit	EUR/USD Average Spread	Gold Average Spread
FXPesa	CMA	No	0	1.4	2%
Exness	CMA	Yes	1,455 KES	1	20 pips
HF Markets	CMA	Yes	0	1.2	$0.28 USD
Scope Markets	CMA	No	$100	1.1	14 to 200 pips
FxPro	FCA, CySEC, FSCA, SCB	No	$100	1.37	30 cents

Facts about Forex Trading in Kenya

🏦 Lowest starting deposit	50 KES
⚖️ Regulations of Forex Brokers in Keya	CMA
💱 Lowest commission	$3 per side at HFM
💵 Lowest overall spread (Standard Accounts)	0.3 pips on standard account at Exness
✅️ Highest number of forex pairs	100+
🌐 Available platforms	MT4/5, cTrader, Proprietary mobile app
🏆 Best forex broker in Kenya	FXPesa

Frequently Asked Questions- Forex Brokers in Kenya

Who is the best broker in Kenya?

As per our research on CMA regulated forex brokers, FXPesa is best forex broker in Kenya overall but when you go into specifics, Exness is best for low spreads/new traders, HF Markets is best for low commission, etc.

Which broker has the lowest starting deposit in Kenya?

HF Markets and FXPesa have zero minimum deposit requirements on their entry level accounts.

Which brokers accept MPesa in Kenya?

The forex brokers FXPesa, Exness, HFM & Scope Markets accept MPesa for deposits. You can also withdraw using this method. There are no extra charges with any of these four brokers for funding & withdrawals.

Which broker has the lowest spread in Kenya?

Overall, based on comparison of spreads for EUR/USD, GBP/USD & five other currency pairs, Exness has the lowest spreads but for specific instruments, FxPro has lowest spreads for Gold

Which forex broker has the lowest commission forex in Kenya?

HF Markets Kenya has lowest commissions at $3 per side.