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 In Kenya
1 FXPesa – Best Forex Broker in Kenya
FXPesa is the brand of EGM securities which is Kenya’s first non-dealing online forex broker, based in Nairobi. They are authorized by the CMA of Kenya (which is the local regulatory body), so we consider them 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.
They offer 2 trading accounts: ‘Executive’ that require $5 deposit, it is a standard account without any commission & spread from 1.4 pips. The other account is Premiere ($100 deposit), which has a lower spread from 0 pips, but there is a $7 commission per standard lot for FX.
#2 FxPro – Well-Regulated Forex Broker for Pro Traders
FxPro is a multi-regulated forex broker based in the UK that also accepts clients from Kenya. But they are not regulated with the CMA and are only regulated with foreign Tier-1 & Tier-2 regulations FCA, CySEC & FSCA.
FxPro has multiple account types & the exact fees are based on the account type. If you are trading a major currency pair like EURUSD on a MetaTrader 4 account with a market execution-based model, then the typical spreads are 1.41 pips & the minimum is 0.5 pips (depending on the market conditions).
You can also choose a commission-based low-spread trading account. For this, you can choose MT4 Raw+ or the cTrader account. The typical spread for EURUSD with a cTrader account is 0.45 pips (0.3 pips on average), plus a commission of $7 per Standard lot. This makes it on average around 1 pips for EURUSD, which is considered moderate spread.
#3 HF Markets – Low spread & Regulated forex broker
HF Markets (previously HotForex) is our recommended forex broker for Kenyan traders. HFM is regulated by CMA as a Non-dealing online forex broker with license no. 155 (regulated in 2021). They are also regulated by other Tier-1 & Tier-2 regulators such as FSCA of South Africa, DFSA of UAE, and FCA of the UK. This makes HFM a low-risk forex broker for traders in Kenya.
In terms of fees, they charge a low spread i.e. 1.3 pips on average for EURUSD with their Premium account, no deposit, and withdrawal charges. The minimum deposit required to open a Micro account is $5, while the maximum leverage offered on this account is up to 1:400 (1:400 with a Premium account for forex but depends on the trading instrument for other CFDs).
For low spreads, traders can open open Zero account with which the spreads start from 0 pips. The minimum deposit is $200 or Kes. 22,000 (depending on your account currency). The commission per lot with this account is Kes. 660 ($6) for majors & Kes. 880 ($8) for other pairs.
#4 Exness – Lowest Fees Forex Broker with CMA Regulation
Exness is a Cyprus-based broker & they are one of the largest forex & CFDs brokers in the world in terms of trading volume. They are well regulated under multiple Top-Tier regulators including CMA, FCA, FSCA, and CySEC, so we consider them a safe broker.
Given the fact that Exness is licensed with CMA in Kenya, they are considered low risk brokers. They were recently licensed under License No. 162.
Exness offers features like excellent support, low spreads, and education through tutorials, strategies, and free analysis tools.
Exness provides services for two types of accounts – Standard and Professional. The standard account has a minimum deposit of $1 with a minimum spread starting from 0.3 pips on the EUR/USD currency pair, and the Professional account requires a minimum account balance of $500. The maximum leverage offered for both accounts is 1:2000.
#5 XM Forex – Low fees, good support
XM Trading is another broker that offers low-cost forex & CFD trading. There are more than 1000 instruments to choose from including forex, CFDs on precious metals, energy, and indices.
XM is regulated by 2 top-tier regulators including CySEC & ASIC. However, they are not regulated with CMA in Kenya, so they are considered riskier brokers than others on our list. XM’s trading fees are quite competitive, and they offer straight standard spread-only trading accounts without any extra commissions. Their fees is lowest with their Ultra Low account.
Their trading accounts are quite straightforward. XM provides four account options. For Standard and Micro accounts, the required minimum deposit amount is 5 USD and gives a maximum leverage of 1:888. For the XM Ultra Low account, the required minimum deposit amount is 50 USD with similar leverage. XM also provides a Share account for equity trading, with a minimum deposit of $10,000 and no leverage.
#6 FXTM – Good ECN Broker with a low minimum deposit
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 is a Mauritius-based market maker & ECN account broker, which has features such as superfast order execution, regulated and licensed, quick client approval, and education and tutorials.
FXTM offers two broad account options – Standard and ECN, both accounts having further sub-account types. The minimum deposit needed for a Standard account is $100 and the spread starts from 1.5 pips for EUR/USD but there are no commissions on the standard account. The ECN Zero MT4 & MT5 requires a deposit of $200 which has commissions of $4 per lot on ECN MT4 and ECN MT5 Accounts. Both accounts come with a maximum leverage of up to 1:2000.
#7 Scope Markets – Low fees Online Forex broker in Kenya
Scope Markets (SCFM Limited) was the second forex broker that was granted a license by CMA in 2019. It is considered a low risk forex broker for Kenyan traders because of their regulated by CMA.
Scope Markets also operates an international broker & has been licensed by FSCA in South Africa since 2016.
Scope markets offer 2 account types – Gold and silver. The Silver account is a standard account type with no commissions, but their average fee is quite high i.e. 1.7 pips on average for a major like EURUSD. Their spread is much lower with a Gold account, but there is a commission of $7 per Standard lot for round turn.
The forex currency pairs & other CFD instruments at Scope Markets Kenya are very limited compared to other brokers like XM, Hotforex, etc. Their support is decent.
Do Kenyan banks trade forex?
Authorized banks are licensed to buy, sell, borrow, or lend in foreign currency or transact any other business involving foreign currency.
Authorized dealers are also free to facilitate payments between Kenyan residents and non-residents and engage in spot money market and derivative foreign exchange deals.
How much can I start forex trading with in Kenya?
The amount of money you need varies as it depends on the broker you opt for and the type of platform you decide to choose. It should be noted that the majority of the forex brokers in Kenya require about KSh550 in order to get started as the minimum deposit.
How much do forex traders make a month in Kenya?
KES 500,018. The estimated total pay for a Forex Trader is KES 500,018 per month in the Kenya area, with an average salary of KES 200,000 per month.
These numbers represent the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and is based on salaries collected from our users.