What is a Broker?
A broker is a person or firm who arranges transactions between a buyer and a seller. This may be done for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal.
Best Brokers For Beginners In Kenya
Exness is a global multi-asset broker founded in 2008. It is registered and regulated by the Kenyan Capital Markets Authority (CMA) with license number 162.
It is also licensed to operate by FSA Seychelles, CBC Sint Marteen, FSC British Virgin Islands, FSC Mauritius, FSCA South Africa, CySEC Cyprus, & FCA United Kingdom.
In terms of regulation, Exness has an excellent regulatory backup from the CMA Kenya as well as international bodies.
Exness Account types– Exness has the standard, standard cent, raw spread, zero, & pro account types. They come in KES, USD, GBP, AUD, USC, GBC, and AUC base currencies. All accounts come with a 1: 400 leverage. Exness also offers a demo account for practice purposes.
The minimum deposit for standard accounts is 10 USD and for raw spread, zero, and pro accounts is 500 USD
Exness Funding Methods– Bank transfers, Cards, e-wallets, and mobile money, all take 30 minutes to deposit and 24 hours to withdraw. Cryptocurrency takes 24 hours for both deposit and withdrawal to be affected.
2. HF Markets
Formerly known as Hotforex, HF Markets was established in 2010 and operates under the HFM brand name.HF Markets is licensed by the Kenyan Capital Markets Authority (CMA) as a non-dealing forex broker with license number 155.
Exness is also regulated outside Kenya by the FCA United Kingdom, DFSA Dubai, FSCA South Africa, & FSA Seychelles.
HFM Account Types– There are four account types on HF Markets. The Cent, Zero, Pro, and Premium accounts. There is also a demo account for practice.
HFM Cent account operates with the US cent base currency and is designed for beginners who don’t want to risk much capital. It has no minimum deposit, zero commissions, and comes with a 1:400 leverage
HFM Zero account has KES, USD, EUR, NGN, & JPY base currencies, zero spread, no minimum deposit, and a 1:400 leverage. However, it attracts commissions.
HFM Premium account has KES, USD, EUR, NGN, & JPY base currencies, no minimum deposit, zero commissions, and a leverage of 1:400
HFM Pro account has KES, USD, EUR, NGN, & JPY base currencies, 100 USD minimum deposit, zero commissions, and a leverage of 1:400.
FxPesa operates under the company group EGM Securities Ltd. It is a registered company in Kenya and was established in the year 2012.
FxPesa is regulated by the Capital Markets Authority in Kenya as a non-dealing online foreign exchange broker with license number 107.
FxPesa Account Types– FxPesa has two live trading account types- the Executive and Premier accounts. There is also a demo account for practice.
For the executive account, the base currencies are: KES, UGX, TZS, & USD. The minimum deposit allowed is 5 USD. There is zero commission on trades and the spread starts from 1.4pips.
The maximum leverage is 1:400. The Executive account is available on MT4, MT5, and Equity trader on all platforms.
The Premier account has a spread from 0.0pips, a minimum deposit of 100 USD, and commission of 7 USD per lot per round turn. Its maximum leverage is 1:400. The base currency can be KES, UGX, TZS, & USD.
4. Scope Markets
SCFM Limited with its trading name Scope Markets is a non-dealing online forex broker. It was established in 1997. It is regulated and licensed by the Capital Markets Authority (CMA) with license number 123.
Scope Markets Account Types– The Silver Account is a commission-free account with KES & USD base currencies and a 100 USD minimum deposit.
The Gold Account: Comes in KES & USD base currencies and a 100 USD minimum deposit. Demo Account: For beginners to learn how to trade using virtual money.
Scope Markets Funding methods– Cards, e-wallets, Mobile money channels like M-Pesa, Airtel, Equitel & PesaLink.
Pepperstone limited was established in 2010. Pepperstone Markets Ltd is registered with the Capital Markets Authority (CMA) Kenya and holds CMA license number 128.
Pepperstone is also licensed by the FCA United Kingdom, & ASIC Australia, DFSA Dubai, SCB Bahamas, BaFin Germany, and CySEC Cyprus.
Pepperstone Account Types– Pepperstone has two account types- the standard account and the razor account. The base currency for both accounts is the KES, USD, EUR, GBP and CHF.
Which broker is best for a beginner?
TD Ameritrade: Best Broker for Beginners
TD Ameritrade is our choice for the best overall broker for beginners due to its strong educational commitment and an extensive array of investment resources.