Best Forex Brokers in Kenya - 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.
On the Premiere Account, you can trade EUR/USD & USD/JPY most of the time without paying any spreads.
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. | FXPesa doesn't provide powerful trading tools & EAs for their MetaTrader platforms |
| Local deposit/withdrawals are instant | Inactivity fee |
| Education for beginners as well as a demo account |
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 | 1,582 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 0.2 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. Your market exposure is limited to Forex & Metal CFDs only (this account is meant for beginners who want to experience how live markets work with minimal financial exposure)
The Exness Professional Raw & Zero Accounts: $500 minimum deposit with lower spreads from 0 pips, but you pay $3.5/side commissions & they feature Market Execution.
Exness Professional Pro 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 has provided extended swap-free trading where you can leave your positions overnight without paying holding costs.
Exntended swap-free trading on Exness is available for major/some minor currency pairs, Indices, Stocks, Cryptocurrency, & Gold CFD instruments.
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 no cost | Telephone help lines are not toll free |
| Exness Kenya Accepts MPesa | |
| 24/7 Customer service | |
| Physical office in Kenya | |
| US Cent trading account helps you trade little capital while testing the live market | |
| Hold CFD positions open overnight without paying swap fees | |
| Free downloadable MT4 technical analysis indicators, VPS hosting, & other advanced trading tools | |
| Exness help center also contains valuable educational videos |
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 US Cent Base Currency): This is a spread-only & true zero commission account. Here new traders can test the waters on MT4/5 by trading only Forex & Gold CFDs. Spreads begin from 1.2 pip in US Cent currency.
HFM Pro Account in KES Base Currency: This is a spread plus partial-commission account as only Forex is commission-free. Here minimum deposit to start is 1,300 KES and you trade all markets with spreads from 0.5 pip using MT4/5.
HFM Premium Account in KES Base Currency: This is a spread plus partial-commission account & the only account that lets you trade using HFMs mobile app.
Here you can trade all markets on the HFM proprietary mobile app & MT4/5, and spreads start from 1.2 pips. Forex trading on the Premium Account is commission-free, but you pay commissions on other asset classes.
HFM Zero Account in KES Base Currency: This is a commission plus core spread account where you trade on MT4/5 with spreads for Gold and FX starting from 0 pip.
On the HFM Zero Account, a commission of $3 per side is levied when you trade forex CFDs,
This is important: On all HF Market Accounts (except the Cent Account) you must pay a commission of:
- $0.5 per side on Index CFDs
- 1% commission on Stock CFDs
- $0.05 per side on ETF CFDs
- $0.5 per side of Crypto CFDs
Swap-free trading on HFM is possible on all their account types but only major forex pairs, & few commodities (Gold & Oil) are covered.
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, Neteller 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 |
| CFDs from 8 asset classes can be traded | No Toll-free telephone lines |
| KES Trading Account | HFM proprietary mobile app is compatible with only the Premium Account. Users of other account types must trade on MT4/5 |
| HF Markets kenya accepts MPesa deposit & withdrawals | Beginners using HFM Cent account pay high spreads from 1.2 pips |
| No deposit & withdrawal fees | Only forex CFDs are commission free at HF Markets |
| Swap-free CFD trading on major FX Pairs |
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 |
| Accepts local funding methods Like MPesa, Equitel, and Airtel and processing time is instant | You pay withdrawal fees |
| Interactive live chat with push notifications | Telephone help lines are not Toll-free |
| Exposure to the local Kenyan capital market via NSE derivatives | No 24/7 support |
| Only MT5 trading platform available |
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 |
| Accepts MPesa transactions | No domestic CMA regulation in Kenya (but there is international regulation from the Uk) |
| MetaTrader, cTrader, TradingView, & Proprietary trading platforms are all available | Inactivity fee |
| Free deposits & withdrawals | Customer support not available on weekends |
| Research & MT4 plugins provided by Trading Central | High starting deposit required |
| No ETF, Soft Commodity, & Bond CFDs on the menu |
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 | 1,582 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, FCA UK |
| 💱 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 |
Is forex trading legal in Kenya?
Yes, the government of Kenya through the Capital Markets Authority (CMA) have licensed online forex brokers to operate in Kenya.
If any dispute arises between you & a CMA regulated forex broker, you can complain to the CMA and steps will be taken to resolve it.
You don't get this privilege of Kenyan government protection when you trade with non-CMA brokers who hold offshore licenses.
The safest & best brokers for forex trading in Kenya are CMA authorized & licensed forex brokers like FXPesa, Exness, HF Markets, etc.
Visit the CMA's website for a full list of CMA approved licensees which includes forex brokers too.
How do I trade forex in Kenya?
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Register with a CMA licensed forex broker by downloading their app & uploading photos of relevant documents. Watch out for scam brokers and see authentic list of CMA forex brokers.
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Fund your trading account with the required minimum deposit or higher. Only make deposits through payment methods specified by your broker to avoid scams.
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Place your first trade. Remember forex trading has a high loss rate, so only trade with spare cash at your disposal, place stop-loss orders, & avoid using excessive leverage.
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, FxPro & 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.
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