Best Forex Brokers in Kenya 2021 (TOP 10 List) CMA Licensed

Read the comparison of TOP 10 list containing the best forex brokers in Kenya for year of 2020.


One of the best and most trusted  forex trading brokers on African continent. Fully regulated. They are 100% secure and with a robust and stable trading platform that comes with Metatrader 4.

  • Welcome BONUS up to $150 for new forex traders from Kenya
  • You can deposit to trading account directly in local currency
  • Local Kenya deposit methods
  • First minimum deposit required $250
  • Maximum leverage is 1:200
  • 24/5 Support
  • Quality education for traders
  • Metatrader 4
  • Scalping and hedging is allowed



Who Regulates Forex Brokers in Kenya ?

More and more middle class Kenyans invest in forex trading. Therefore the local finance market cleanup from unscrupulous companies was inevitable.

Capital Market Authority (CMA) is the state finance markets watchdog located in the capital Nairobi established in 1989 by Ministry of Finance. If anyone opens up a new local forex company, they must get the local license from CMA office. In order to obtain a CMA license a company must have a minimum capital of Sh50 million. Maybe due to this, or given the fact that  Kenyan market is relatively small, there are hardly any CMA regulated fx brokerages, but the situation is quite different when we compare to other African countries where market is more mature like South Africa or Nigeria where local people have much wider choice.

Perhaps due to fact that the final regulatory framework existing in Kenya is not yet finalised (for example Capital Markets Act signed in 80’s) like in other African countries, there are many shady brokerages fishing for newbie Kenyan traders who can easily fall victims to a Ponzi scam scheme. Recently in 2017 the CMA has cracked down on thousands of illegal forex companies in Kenya which is a good sign indeed. We strongly advise you to trade with regulated forex brokers, just as an example all companies which you can find in our comparison review table on this page are 100% secure and trusted by thousands of Kenyan forex traders.

The most trusted regulatory agencies are british FCA, Cyprus CySEC and Australian ASIC. These government agencies force forex companies to implement strict security standards such as segregated accounts (where your money is safe in a first class bank account like Barclays, completely separated from the funds that broker’s own money that they use to fund the operations) some even force to offer Negative Balance Protection (meaning you will never owe more money than you deposit) to protect even those clients who are from outside of the E.U. That being said, if you open a forex trading account with forex brokerage regulated by any of these agencies, there is a high chance that your money will be safe.

CMA licensed forex brokers

Pepperstone is one of recommended CMA licensed forex brokers. With offices around the world, tight spreads on currency pairs starting at 0.0 Pips, Pepperstone is one of the most popular brands across the World and now also regulated in Kenya.

How To Choose a Forex Brokerage as a Kenyan trader

First of all, you need to asses your current knowledge and trading style. If you are a beginner and know nothing about currency trading, we encourage you to stay away of Metatrader4 and just start out with some webtrader that doesnt need to be downloaded.

Kenyan forex traders have to decide, whether they choose CMA regulated fx company or go with some of the world’s most trusted currency brokerage. Unfortunately as stated in the section about regulation there are currently no big brands phycically located in Kenya. If you go with CMA licensed, you will have to deposit only through broker’s ledger (not via Skrill), which allows the Kenyan government to track capital flows in and out of country, and Kenya Revenue Authority (KRA) would be able to tax trader based on their income from currency trading.

Trading Fees & Commisions

Whether you are an intermediate trader or just a newbie you need to carefully inspect the fees structure, because that will make you or break you. The lower the fees, the better.

Trading related fees:

  • Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
  • Swaps – the fee you pay in order to keep the contract open over night.
  • Commisions per LOT – you don’t see this very often, usually only with the top class.

Other fees:

Deposit fees, Withdrawal fees, Fees for Inactivity.

Account Types

Depending on your budget and your own trading style, you can choose between Micro (trading Micro Lots), Mini and Standard accounts for the most serious trading activity. We encourage you to start small with Micro or Mini if possible.

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