Forex Trading

7 Best Forex Brokers in Kenya(Updated 2024)

Online forex trading is regulated in Kenya by the CMA.The Capital Markets Authority (CMA) in Kenya is the government’s statutory body in charge of licensing forex brokers and regulating their activities.

Overall, Exness is the highest rated broker in our research on multiple factors.

The risk of trading with a broker that is not locally regulated means that you’re in danger of losing your money.

The CMA issues non-dealing forex broker licenses meaning they cannot engage in market activities. They only act as middlemen between the international forex markets and you.

Comparison of Best Forex Brokers in Kenya

💼 Broker 💰Min deposit ⚖️ CMA Regulated 💱Base currency 💻Platform 🎯 EUR/USD spread 💳Funding Register new account

10 USD Yes KES, USD, GBP, AUD, US cents, GB pence, Au cents MT4/5, Exness Mobile, Exness Web 1pip MPesa, e-Wallets, Cards, Banks, Crypto
HF Markets

700 KES Yes KES, USD, US cents, EUR, NGN, & JPY MT4/5 (with upgrade kit), HFM Mobile 1.6 pips Mpesa, eWallets, cards, banks, crypto.

None Yes USD & GBP MT4/5 (with upgrade kit), CTrader, TradingView 1.1 pips Mpesa, PayPal, Cards, banks, telex

$100 No USD MT4/5, cTrader, FxPro Web, FxPro Mobile 1.26 pips Mpesa, Bank Wire, Cards, Skrill

5 USD Yes  USD MT4/5 1.4 pips Mpesa, Eazzypay, Airtel money, Vodacom, HaloPesa, TigoPesa, eWallet, Mobile money, local banks, cards
Scope Markets

100 USD Yes KES, USD MT5 1.1 pips Mpesa, eWallets, cards, bank,

500 USD Yes USD MT4/5, FXTM Mobile 1.8 pips Mpesa, eWallets, cards, bank,

List of Best Forex Brokers in Kenya

  • Exness– Overall Best Forex Broker in Kenya
  • HF Markets -Best Forex Broker for Beginners in Kenya
  • Pepperstone – ECN Broker in Kenya with CMA License
  • FxPro -Best forex broker for cTrader users in Kenya
  • FxPesa-for quick deposits & withdrawals using MPesa
  • Scope Markets -Forex Broker in Kenya with Good Customer Support
  • FXTM– Best forex broker for commission-based trading

These brokers have something in common; they let you access leverage (borrowed funds) which you must use to trade CFD contracts on various financial instruments (without the burden of taking ownership of the instrument).

 #1. Exness – Overall Best Forex Broker in Kenya

Exness is registered with the Capital Markets Authority In kenya as Tadenex LTD (license no. 162) so their actions are closely supervised and audited by the Kenyan government. About 78.33% of retail traders lose money when trading CFDs with Exness.

Read on to see why Exness is on our list of best forex brokers in kenya.

a) Retail-oriented Account Types

The Cent Account: is ideal for beginners because it has a $10 minimum deposit, & trading on high risk instruments is diabled to protect beginner traders. Only Forex & Metal CFDs can be traded here & spreads start from 1.0 pips most of the time& commissionis zero.

The Standard Account: is still beginner/retail oriented with a $10 minimum deposit & trading all Exness instruments have been enabled. Spreads also start from 1.0 pips & no commissions are charged.

Important infiormation for beginners on Exness:

Beginner oriented account types Cent Account & Standard Account
Minimum deposit $10  (1,270 KES)
Spread 1.0 pips& above
Commissions $0
CFD Markets (Cent Account) Forex & Metals
CFD Markets (Standard Account) Forex, Stocks, Indices, Metals, Energies
Leverage 1:400
Platforms MT4, MT5, Exness Web, Exnes Mobile


b) Professional Accounts for Trading High Volumes

Professional Accounts at Exness require a $500 minimum deposit, but they offer lower trding costs only  if you are trading high volumes of CFD instruments.

Profesional Accounts have spreads from as low as 0.0 pips and 2 out of 3 of the accounts also charge additional commissions from $3.5 per side & above, each time you trade.

Important infiormation for Professionals on Exness:

Professional account types Pro, Raw Spread, & Zero Spread
Minimum deposit $500 (63, 600 KES)
Spread As low as 0.0 pips
Commissions $3.5 per side & above
CFD Markets Forex, Stocks, Indices, Metals, Energies
Leverage 1:400
Platforms MT4, MT5, Exness Web, Exnes Mobile

c) Exness Customer Reviews

Customer reviews formed a part of our assessment of Exness. It gave us a third-party perspective from other Exness users. See below how Exness was rated by its users:

Review source Score Review focus
Trust Pilot 4.5/5 Exness as a broker
Google Play Store 4.4/5 Exness Mobile App
Apple Store 4.2/5 Exness Mobile App

Trust Pilot: On Trust Pilot Exness has a 4.5/5-star rating and 5,720 individual reviews from users.

Google Play Store: Exness Mobile App on the Google play store: had over 10 million downloads by android phone users, 128,000 user reviews, & a 4.4/5-starrating by Exness users.

Apple Store: Exness Mobile App on the Apple store: was also rated 4.2/5 by iPhone users on the Apple store.

For more info, please read our complete Exness Review

👍 Pros 👎 Cons
Retail-oriented account types A limited product portfolio which is heavy on forex instruments and less on other instruments
Demo account & Exness help center serve as a source of learning & education. No bonus on deposits
KES account currency: you can trade the markets using local KES currency  
CMA Kenya regulation  
No overnight fees on Forex, Gold, & Indices (exotic currency pairs will be charged overnight fees)  
No inactivity fees  
24/7 customer support availability  
MPesa deposit & withdrawals allowed  
ECN pricing on Raw Account  
Experienced broker: Exness has been in the forex business for more than 10 years  

Read more information about Exness Kenya on their website

#2. HFM (Hotforex) – Best Forex Broker for Beginners in Kenya

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.About73.30%of retail traders lose money while trading CFDs with HF Markets.

Read on to see why HF Markets is one of the best forex brokers in Kenya.

a) HF Markets offers multiple account types in KES base currency

The Cent Account is designed for beginners who don’t want to risk much capital. It has a $5 (around 700 KES) minimum deposit, zero commissions on Forex (but you pay commissions on other instruments), and comes with a 1:400 leverage

The HFM Zero Accounthas KES &USD base currencies, up to $3 per side commissions on all instruments traded, 700 KES minimum deposit, and a 1:400 leverage.

The HFM Premium Accountwhich has KES &USDbase currencies, 700 KESminimum deposit, zero commissions on forex (but you pay commissions on other asset classes) and leverage of 1:400.

The HFM Pro Account has KES, & USD base currencies, 100 USD or 13,000 KES minimum deposit, zero commissions on forex (but you pay commissions on other asset classes) and leverage of 1:400

The PRO PLUS Account newly is introduced to Kenya and has a 40,400 KES minimum deposit. Although forex trading is commission-free, you pay commissions on other asset classes.

HFM accepts Mpesa, & the minimum withdrawal on all HFM Accounts is 700 KES via local payment methods such as MPesa.

Read our latest HF Markets Reviewfor more understanding of various HFM Account types in Kenya.

b) Flexible fee structure with no overnight fees on forex trades

Variable Spreads: HFM does not offer fixed spreads, so the spreads fluctuate (variable spread). The Zero Account may have the lowest spreads, but you also pay commissions. See below starting spreads on all HF Markets account types:

  • HFM Zero Account: spreads from 0.1 pips
  • HFM Premium & Cent Accounts: spreads from 1.4 pips
  • HFM PRO Account: spreads from 0.5 pips
  • HFM PRO PLUS Account: spreads from 0.2 pips

Commissions: The HFM Zero Account charges commissions every time you trade Forex, Indices, Stocks, & ETFs.

The other HFM accounts (outside the Zero Account) don’t charge commissions on forex trades, but charge commissions when you trade Stocks, Indices, & ETFs.

HFMarkets commission is $3 per side on forex, 0.1% on Stocks, $0.5 per side on Indices, and $0.05 per side on ETFs.

Overnight fees: nightly swaps are waived for Popular Forex Pairs, XAU/USD, &US/UK Oil CFDs

HFM Kenya does not charge any deposit except for wire transfers below 100 USD. Withdrawal is free

However, it charges an inactivity fee of 5 USD per month for accounts that have beendormant for 6 monthsor above.

c) Customer Reviews

HF Markets as a broker received good reviews from Trust Pilot & google play store but iPhone users rated the app lower.

However, you can also trade with MT4 & MT5 which can be upgraded for efficiency using the HFM Premium Trader Tools.

Review source Score Review focus
Trust Pilot 4.3/5 HF Markets worldwide
Google Play Store 3.9/5 HFM Mobile App
Apple Store 3.6/5 HFM Mobile App

Trust Pilot: On Trust Pilot HF Markets has a 4.3/5-star rating and 265 individual reviews from users.

Google Play Store: The HFM mobile app scored a 3.9/5 rating, &has been downloaded 1 million times, on the Google Play store.

Apple Store: HFM mobile app is rated 3.6/5 by iPhone users & has been reviewed 120 times.

👍 Pros 👎 Cons
CMA regulation HF Markets Inactivity fee of $5
KES base currency Live support is unavailable on weekends
Range of CFD products is extensive  
HFMarkets Kenya has a low 700 KES minimum deposit  
Demo account  
HF Markets is an experienced broker in the market for more than 10 years  
ECN type spreads with the Zero Account  
No overnight fees charged on Forex, Gold, & Oil  
HF Markets Kenya gives bonus on deposits  
HFM Kenya accepts MPesa as a means of deposit & withdrawal  

Read more information about HF Markets Kenya on their website

#3. Pepperstone – ECN Forex Broker in Kenya with TradingView Terminal

Pepperstone is available in Kenya. Pepperstone was established in 2010. Pepperstone Markets Ltd is registered with the Capital Markets Authority (CMA) Kenya and holds CMA license number 128.

About 85.3% of retail traders lose money trading CFDs with Pepperstone.Read on to see why Pepperstone is one of our best forex brokers in Kenya.

a) Pepperstone Kenya has both beginner & professional account types

Pepperstone offers youthe Standard Account and the Razor Account. The base currency for both accounts can be either USD or GBP only. Pepperstone Kenya does not have KES base currency accounts.

The Standard Accountsare beginner-oriented &don’t charge commissions.

The Razor Accountis for professionals trading high volumes &offers transparent & low ECN spread. EUR/USD average spread is 0.1 pips, GBP/USD & USD/CAD are 0.4 pips. In return you pay commissions of up to $3.5 per side when trading forex instruments only.

Pepperstone also has a Demo Account for new traders to learn the ropes of forex trading.

The available leverage on both the razor and standard account is 1.400. With Pepperstone, there is no minimum deposit for funding your account.

b) Pepperstone accepts PayPal & MPesa

Visa/MasterCard, Bank Transfers, Mpesa, and PayPalare all accepted. For telegraphic transfers, the fees are passed on to the client. Withdrawals by bank transfers can take at least 3 working days

c) Pepperstone fees are suitable for day traders

Spread:TheEUR/USD benchmark average spread charged by Pepperstone Kenya is0.1 pips on the Razor Account and 1.1 pips on the Standard Account. This means this is the lowest spread you can get with the broker.

Commission when trading on MT4/5 or TradingView terminals is $3.5 per side per lot, &when using cTrader commission is $3 per side per lot,

Overnight fees are charged, and this makes pepperstone more suitable for day traders who close positions before end of day.

d) Customer Reviews

Pepperstone had a good review on Trust Pilot & its cTrader mobile app also had a good review on Google Play Store.

Review source Score Review focus
Trust Pilot 4.5/5 Pepperstone worldwide
Google Play Store 4.1/5 Pepperstone cTrader app
Google Play Store 3.2/5 Pepperstone mobile app

Trust Pilot: On Trust Pilot Pepperstone has a 4.5/5-star rating and 2,403 individual reviews from users.

Google Play Store: We looked up the Pepperstone cTrader mobile app on the Google Play Store and saw it had 4.1/5 start rating, 4,100 reviews, & 100k downloads by android users.

However, the Pepperstone proprietary mobile app is still new so download numbers are low at 10k and it is rated 3.2/5 by android users on Google Play Store.

Pepperstone still offers the popular MT4/5 platforms and they come with support in the form of upgrade tools for MT4.

👍 Pros 👎 Cons
CMA regulated KES base currency not available on Pepperstone
You only pay commissions when trading currencies Overnight fees on all instruments (brokers like Exness & HF Markets don’t charge overnight fees on forex instruments)
MPesa & PayPal are accepted at Pepperstone Kenya Live support response can be slow & is not available 24/7
No minimum deposit  
No inactivity fees  
Pepperstone has been in the forex business for more than a decade  
You can access the TradingView platform for advanced charting using your Pepperstone account details  
ECN spreads are low. EUR/USD 1.1 pip spread is below what most brokers charge on Standard Accounts  
Demo account and education plus MetaTrader support tools.  

Read more information about Pepperstone Kenya on their website

4. FxPro– Best forex broker for cTrader users in Kenya

Although FxPro accepts Kenyan traders, they remain unregulated by the CMA & you trade without protection from Kenyan laws.

FxPro is regulated overseas by the Securities Commission of Bahamas, & your account is also opened under Bahamas business laws. This makes them riskier compared to other forex brokers in this list.

The parent company of FxPro broker is also licensed with FCA, which makes them tier-1 regulated. But for Kenyan traders, they are not locally licensed.

81% of retail traders lose money trading CFDs with FxPro. Please read on to see why FxPro made our list of best forex brokers in Kenya.

a) FxPro has multiple account types

FxPro has a minimum deposit of $100. The default leverage with accounts is 1:200; they offer 4 different account types, which depend on your platform.

Note: even a 1:200 leverage is still highly risky, and you should select lesser leverage when prompted.

If you like to trade without paying commissions, the FxPro Standard & Pro Accounts exclude commissions, but you pay an average EUR/USD spread of 1 to 1.5 pips.

For those who would rather pay commissions to get tighter spreads, the Raw+ & Elite Accounts were designed for that purpose; with $3.5 per side commissions and EUR/USD average spreads of 0.2 pip.

b) FxPro has numerous trading platforms available

FxPro has a web trader, a proprietary mobile app, cTrader mobile app, & MT4/5 platforms. cTrader& MT5 offer Depth of Market (DoM); cTrader & the FxPro Direct Mobile app offer live market sentiment data.

Detachable charts are also available on cTrader, FxPro Direct Mobile App, & MT5.

c) Customer Review

Review source Score Review focus
Trust Pilot 3.8/5 FxPro worldwide
Google Play Store 4.1/5 FxPro Direct Mobile App
Google Play Store 4.1/5 FxPro cTrader Mobile App
Apple Store 4.6/5 FxPro Direct Mobile App

 Trust Pilot: On Trust Pilot FxPro has a 3.8/5-star rating and 210 individual reviews from users.

Google Play Store: The FxPro Direct Mobile App is rated 4.1/5, has been downloaded 10 million times, & has 32.5k android user reviews on Google Play Store. The FxPro cTrader mobile app also has a 4.1/5 rating but 100k downloads.

Apple Store: the FxPro Direct app has a good rating on the apple store with a 4.6/5 score by iPhone &iPad users.

👍 Pros 👎 Cons
Reputed broker with more than 10 years of experience in the forex business FxPro is not regulated by CMA Kenya. This makes them a higher risk broker for local traders.
Accepts MPesa No KES base currency account
FxPro spreads are competitive. EUR/USD benchmark spread is 1.26 pips on their Standard Account which is at par with industry standards $10 inactivity fee
Multiple trading platforms with good user reviews No swap-free instruments so you keep paying overnight fees every time you leave a trade open till the next day
Good cTrader mobile app for android & iPhone/iPad  
1:200 leverage which can be set to lower  
FxPro MT5 accounts support Netting & Hedging strategies  
Extensive product catalogue  

Read more information about FxPro Kenya on their website

 5. FxPesa – for quick deposits & withdrawals using MPesa

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.

63.3% of retail traders lose money trading CFDs with FXPesa. Read on to find out why FXPesa is part of our best forex brokers in Kenya list.

a) Retail-oriented accounts

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 currency is 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 Equiti trader on all platforms.

The Premier Account has a spread from 0.0pips, a minimum deposit of 100 USD and commission of $3.5 per side. Its maximum leverage is 1:400. The only available base currency on FxPesais USD.

b) Support for local funding methods in Kenya

FxPesa accepts M-Pesa, EazzyPay, Airtel Money, Mobile money payments from Uganda (MTN & Airtel) are also accepted; as well as from Tanzania (Vodacom, Airtel TZ, HaloPesa, TigoPesa).

There is also the option of a credit card- here you can deposit or withdraw funds using MasterCard, & VISA in the local KES.

Bank transfers are also another method of making deposits. Both local and international bank transfers are allowed using KES or USD.

All deposit methods are instant however withdrawals take 1-2 working days.

Apart from international bank transfers which have a fee of 15 USD, there is no fee on all other deposit and withdrawal methods.

FxPesa charges a swap fee as the cost of financing when you leave positions open overnight. For EUR/USD the swap fee is -8.335 for a long position, and 4.014 for a short position

An inactivity fee equivalent to three basis points plus the SOFR 30-day rate published for the calendar month is charged after 180 days (about 6 months) of inactivity.

Overall, the Fees on FxPesa are good. It doesn’t overcharge its traders on the platform.

c) Zero spread on major instruments for high volume traders

FxPesa spread is variable and for the major currency pairs like EUR/USD, the spread is 1.4 pips on Executive Account.

High volume traders using the Premiere Account pay zero spreads on major forex pairs like EUUR/USD & USD/JPY.

There is no commission on trading for the Executive Account. However, the Premiere Account has a commission of $3.5 per side.

d) Customer Reviews

Review source Score Review focus
Trust Pilot 3.3/5 EGM securities worldwide
Google Play Store 3.6/5 Equiti Trader mobile app
Apple Store 4.4/5 Just 28 user reviews on the mobile app


Trust Pilot: On Trust Pilot EGM securities, the parent company to FXPesa has a 3.3/5-star rating and 5 individual reviews from users.

Google Play Store: the Equiti Trader mobile app belonging to FXPesa is rated 3.6/5 and has been downloaded 50k times.

Apple store: The Equiti Trader mobile app has a 4.4/5 rating but just 28 reviews making it insufficient to get a clear idea on the popularity of the app.

👍 Pros 👎 Cons
Demo account& education for beginners No waivers on overnight fees
63.3% trader loss rate. This may seem high but when compared to other forex brokers it is low. Inactivity fees
CMA regulation FxPesa does not offer KES base currency


Quick deposit & withdrawal processing when using local funding methods like MPesa. Limited trading platformchoices with poor user reviews on the Equiti Trader mobile app (but their MT4/5 is okay)
Low spreads for high volume traders  
In the forex business for more than 10 years  
FXPesa accepts deposits in USD, KES, TZS & UGX currency  

Read more information about FxPesa on their website

#6. Scope Markets – Forex Broker in Kenya with Good Customer Support

  • CMA regulated: Yes
  • In the forex business for more than 10 years: Yes

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.

87.39% of retail traders lose money trading CFDs with Scope markets

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.

  • MPesa accepted? Yes
  • eWallet payment accepted? Yes
  • Card payment accepted? Yes
  • Bank transfer accepted? Yes
  • Cryptocurrency accepted? No

Scope Markets Fees– Scope Markets spreads are competitive. EUR/USD average spread is 1.1 pip on the Silver Account & 0.2 pip on the Raw spread Gold Account which corresponds to industry trends

Scope Markets does not charge a fee for deposits or withdrawals but after one free withdrawal per day, you will be charged 35 USD/ 35 EUR/ 35 GBP to make any additional withdrawals.

There is an inactivity fee of 10 USD after 6 months of account dormancy.Scope Markets don’t charge swap fees on major currency pairs.

  • Deposit fees? No
  • Withdrawal fees? Yes
  • Swap fees on major currency pairs? No
  • Swap fees on minor currency pairs? Yes
  • Inactivity fee? Yes

Scope Markets lets you trade CFDs on60+ Currency pairs, Shares, Indices, Commodities and Nairobi Stock Exchange (NSE) Derivatives.Scope market platforms are the MT5, Scope copy, and Scope mobile trader.

Trust Pilot review score is 4.0/5 but from few users nuking it unreliable to gauge  the sentiment of other users.

Scope Markets mobile app is unavailable on Google Play Store making it impossible to see how other users would have rated them.

👍 Pros 👎 Cons
CMA regulated High minimum deposit of 100 USD
No swap fees on major currency pairs Withdrawal fees
Competitive spreads when compared to industry averages CFD instrument menu contains fewer asset classes than competitors have
Nairobi Stock Exchange Derivatives can be traded on Scope Markets Kenya Inadequate trading platforms. Only MT5 is available
Demo Account Inactivity fees
Scope Markets has KES base currency 87.39% of retail traders lose money trading CFDs with Scope markets
Scope Markets accepts MPesa transactions  
Scope markets is good for trading Stock CFDs  

Read more information about Scope Markets Kenya on their website

How to Spot a Good Forex Broker in Kenya?

There are several factors that traders in Kenya should consider in a forex broker. We’ve listed some important points we checked during our research below:

  1. CMA Regulation – Any forex broker you decide to trade with must be properly regulated.

Most countries have financial regulatory agencies that provide licenses for brokers to operate. For forex brokers to gain this license, they’ll have to meet certain requirements that guarantee their trustworthiness.

Regulators also ensure forex brokers’ activities are in line with accepted best practices in the industry as they deal with traders.

Trading with a licensed broker protects your investment if the broker fails to meet its obligation. Your country’s regulatory agency can hold them responsible and ensure you don’t lose out.

It also protects you from being scammed by fraudulent forex brokers as they will not be able to meet the requirements needed for licensing.

Visit the Capital Markets Authority (CMA) website and download the list of licensees.

This list is updated whenever any licensed broker changes, whether addition of new license or suspension of license.

2.Account Base Currency– In forex trading, your base currency is the currency that is allowed for use in your account. Simply put, it is the legal tender of your account, & all transactions are carried out through it.

Once you open an account and select a base currency you cannot change it. The only option is to open another trading account with a different base currency.

The base currency is very important as it determines your margin requirements and cash accounts, hence, you must ensure your forex account’s base currency is in your home country’s currency.

For example, if you’re from Kenya and the base currency of your forex account is the USD, what happens is when you make a KES deposit, it will be converted to USD, and you’ll have to pay a currency conversion fee.

This scenario will also play out when you want to make withdrawals, you’ll have to convert from USD to KES before you withdraw. The deposit and withdrawal fees can eat deeply into your trading funds and contribute to your loss.

However, if your base currency is in KES, you won’t bother about conversion fees thereby saving the funds & using that amount to trade.

Base currency is determined when opening your account.

Make sure you check if the broker has base currency in your home country’s currency. Most brokers have their base currency in USD, EUR, AUD, CAD, JPY, CHF etc. Ensure they have KES if you want to save some funds.

You can find the account currency normally under the account types listed by the forex broker. For example, FxPesa lists three account types, and they mention that all these accounts can be opened in USD or KES.

If you select KES during account opening, then KES will become the base currency for your trading account.

Note that ‘trading account’ is different from your broker account. In most cases, forex brokers allow you to have multiple trading accounts under your broker account.

  1. The number of Currency Pairs– A currency pair is a comparison of the value of two different national currencies compared against each other.

This is done during forex trading to speculate which will rise in value against the other. Currencies are expressed using currency codes e.g. USD for United States Dollar. Currency pairs are expressed this way: GBP/USD, EUR/USD, JPY/CHF, KES/USD etc.

There are major, minor and exotic currency pairs. When choosing a forex broker, choose the one that has a high number of currency pairs on offer.

A high number of currency pairs gives you the liberty to choose among varieties of currency pairs to trade. It can also help in diversifying your trading portfolio, as you get to trade different currencies across different countries and continents.

A broker with many currency pairs on offer also gives you the benefit of hedging against risk. Since some currencies are more volatile than others, you can trade the volatile pairs with high risk and hedge them with the more stable pairs.

The EUR/USD is the most liquid and highly traded currency pair in the world and has many people ready to trade it. However, pairs like the USD/KES (US dollar vs Kenyan shilling) are less liquid and highly volatile as not many people are on board to trade it.

Some other currencies like the New Zealand dollar (NZD), Australian dollar (AUD), and Canadian dollar (CAD) are called the commodity dollars, because their value depends on how much of commodities their countries can export. New Zealand exports milk, Canada exports oil, and Australia Gold.

Commodity currencies can be useful for hedging risk and navigating volatility in the forex market and are a must have before you sign with a broker.

List of brokers and the number of currency pairs:

  • Exness: 100+ currency pairs
  • HF Markets: 50+ currency pairs
  • Pepperstone: 60+ currency pairs
  • FxPro: 50+ currency pairs
  • FXPesa: 50+ currency pairs
  • Scope Markets: 60+ currency pairs
  • FXTM: 60+ currency pairs
  1. Platforms– a good broker should have multiple trading platforms that are compatible with different devices. Trading platforms such as MT4 and MT5 should be available.

Choosing a broker without finding out if they have a good mobile app could mean you are limited to trading on desktop platforms which is inconvenient when you need to trade on the run.

Most proprietary apps developed by forex brokers are extensions of the MT5 platform, but they are modified to have a more user-friendly interface than MT5. For example,HFM broker has the HFM proprietary app which is easier to use than MT5.

Trading with a broker with multiple trading platforms will enable you to monitor your trades better, because you’ll be logged in on multiple platforms. You could also use your mobile device, web and PC to monitor trades.

Check the Google Play Store to see how other users rate the mobile app of the forex broker. An app with a low number of downloads could mean a lack of confidence from users.

  1. Fees– Forex brokers charge different types of fees ranging from trading commissions, deposit and withdrawal fees, spreads, overnight swap fees etc. These fees eat into your trading capital and even profits.

For example, spread- the difference between ask and bid of a currency pair, is one-way brokers make money.

The bid price is the price the general market is willing to pay for a currency pair, while the asking price is the price the broker is selling the currency pair to you for.

Whenever you open a trading order you notice your account is in a negative, and that is because the asking price you paid your broker is always lower than the bid price the market is willing to pay. By the time you close your trade at a profit, the negative balance will clear.

The spread is the broker’s profit. For example, the bid price for EURJPY is 1.4860 and the ask price is 1.4865. The spread of 5pips is the broker’s profit which he makes for every trade you execute. When choosing a broker, choose those with tight spreads or zero spreads on the currency pairs you wish to trade the most.

Some brokers charge commissions when you trade with them. The commission is a fixed rate or percentage brokers take for their services. Check the commission a broker charges for deciding to trade with them.

Swap fees or rollover rate applies when a currency CFD trading position is held overnight. It is a result of the interest rate differencebetween the two paired currencies.

When you ‘go long’ or buy a currency pair where the quote currency has a lower interest rate than the base currency, you are credited with the interest rate difference every night.

When you go short or ‘sell’ a currency pair where the quote currency has a lower interest rate than the base currency, you will be debited every night with the interest rate differential for as long as you hold the position open.

The brokers typically add their own markup to the interest rate differential and debit or credit you accordingly. Always look up the broker’s swap rate or if they charge or not. Some brokers offer swap free accounts. Also keep an eye on central bank announcements so you know when interest rates change or are about to change.

  1. Funding Method: Any good broker should have multiple payment methods- deposits and withdrawals. Multiple deposit and withdrawal methods have their benefits.

Multiple payment options give you the freedom to choose the best and most seamless way to deposit and receive funds from your broker.

Local & indigenous payment channels like MPesa should be provided by your broker because they are usually cheaper and faster than international payment methods.

 Frequently Asked Questions – Best Forex Brokers in Kenya

Who is a retail forex broker?

A forex broker is an intermediary that facilitates trade in currencies for individuals. A retail forex broker can be an individual or organization that provides a platform for forex trading.

Is Forex trading Legal in Kenya?

Yes, Forex trading is legalized in Kenya by the government who have authorized the Capital Markets Authority (CMA) to issue non-dealing forex licenses to deserving forex brokers wanting to operate in Kenya.

What is the forex Leverage in Kenya?

The Capital Markets Authority (CMA) of Kenya has directed all forex brokers in Kenya to maintain a 1:400 maximum leverage limit. Any forex broker in Kenya offering above 1:400 leverage is not regulated by the CMA.

Who is the best forex broker in Kenya?

There is no single best forex broker, but Exness, HF Markets &FxPesaaregood forex brokers in Kenya.

All three brokers have been in the business for more than 10 years, accept deposits and withdrawals in Kenyan shillings, and allow payments local currencies.

Also, these brokers have commission and spread free account options to suit your needs. They also have a demo account for practice.

Which are the forex brokers with MPesa?

The forex brokers with MPesa are: FXPesa, Pepperstone, HFM, Exness, Scope Markets Kenya, and XM brokers.  HFM is the best forex broker in Kenya with MPesa.

Who is the best forex broker for a small account in Kenya?

HFM (formerly Hotforex) is the best forex broker for a small account in Kenya. HFM Kenya offers a Cent Account for trading micro-lots and minimum deposit is 700 KES.

How do I know if a Forex broker is licensed or legit?

To know if a forex broker is legit or licensed, go to the website of the CMA, and download the list of licensees. Any forex broker that is not listed in their list of licensees, but still accepts clients from Kenya is a high-risk broker.

Which forex broker has the lowest minimum deposit in Kenya?

HFM Kenya has the lowest minimum deposit of 700 KES.

Are there forex broker scams in Kenya? 

Yes, there are forex broker-related scams in Kenya. There have been many reported cases of brokers scamming through phishing.

Avoid any unlicensed broker to avoid scams.



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