Regulated Forex Brokers in Kenya – Which One To Choose

Tap into emerging trends in Kenya Forex Market.

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SEC

Best Regional Regulator

Established 1989

KES

National Currency

Kenyan Shilling

40+

Licensed FX Brokers

10%

Tax on Capital Gains

Although the market is still in developing stages in Kenya, numerous people are showing increasing interest in Forex trading. The country has its regulatory agency for the Forex trading market, called Capital Markets Authority, simply CMA.

However, international Forex brokers are not required to get licensed by the regulatory body to be able to offer services to local traders. Because there is no need for a local license, the majority of the Kenyan Forex brokers are internationally well-known and acclaimed online brokerages.

Because there still is huge room for growth in the Kenyan Forex trading market, there are a lot of Forex brokers around the world that are rushing into the local Forex trading market to become leaders in the country.

These international Forex brokers are highly reputable, which means that local traders in the country can trade with brokers with the highest standards of safety in the market.

But, before getting started, there are some things that local traders should know. As much as the market is very profitable and attractive, there also are several challenges and risks associated with Forex trading.

The risks increase when the local regulators do not require international players to get licensed in the country. This opens the doors for not only acclaimed Forex brokers but for scammers as well. Because of this, it is very important to do thorough research about the companies that you plan to trade with before deciding to use their services.

Top 5 Forex Brokers in Kenya

The Forex trading market is constantly changing and developing in Kenya. However, local traders are still having a hard time finding trustworthy brokers. Understanding the challenges that the locals face, we have decided to do extensive research of the local trading market in the country and managed to find 5 top Kenyan Forex brokers.

Although these brokers are different from one another, they all adhere to the highest standards of safety, which make all of them safe and secure brokerages to trade with. Check out our list of the best Forex brokers in the country below and see which one fits your needs the best.

XM

Trading Platform:

MT4, MT5

Max Leverage:

1:1000

Instruments:

Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.

Regulation:

CySEC, ASIC, IFSC

Min. deposit:

$5

Open an account

Exness

Trading Platform:

MT4, MT5, App

Max Leverage:

1:Unlimited

Markets:

Forex, CFDs, Crypto

Regulations:

FSA, CySEC, FCA, FSCA, CBCS

Min Deposit:

$10

Open an account

VT Markets

Trading Platform:

MT4, MT5

Max Leverage:

500:1

Markets:

Forex, CFDs, Crypto

Regulations:

ASIC, CIMA

Min Deposit:

$100

Open an account

XM

XM is one of the leading brokerages in Asia which offers a secure and transparent trading experience. It is one of the best options for the best Asian Forex traders for a number of reasons. First of all, the broker is regulated by reliable regulatory authorities including Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, Financial Conduct Authority, and the International Financial Services Commission. Even though XM does not hold an Asian license at the moment, all four regulatory bodies, CySEC, ASIC, FCA, and IFSC are cooperating with Asian regulators such as FSA in Japan and DFSA in Dubai.

Furthermore, XM offers Islamic trading account types for Muslim traders from Asian countries. The XM Islamic account frees its clients from paying interest rates, such as swap fees or rollover charges on overnight positions. This account type is in full compliance with Shariah laws. Moreover, XM Islamic account has won an award for the best Islamic account of 2020.

The website of the broker, as well as the customer support, is available in multiple languages including Chinese, Arabic, Japanese, and South Korean. In addition to it, the broker also supports various base currencies for traders from Asia and allows them to establish an account in Japanese yen (JPY).

XM

Min deposit: $5

Deposit to Qualify

€600

XM

Deposit Bonus, Live Education

Sponsorships Remaining

10

Open an account

XM is one of the top Forex brokers in Asia for its dedication to the best customer service. The broker offers a 30 USD no deposit bonus for all new registering clients from Asian countries without any investment requirements. Furthermore, Asian traders can start trading with XM for just a 5 USD minimum deposit.

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume.

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commission Compensation Fund and keeps clients’ money in segregated accounts.

Exness

Min deposit: $10

Deposit to Qualify

$800

ECS

EAs discounts

Exness

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

What makes Exness stand apart from the competition is the speed of execution. You don’t need to go through the lengthy process of registration, deposits and withdrawals. Withdrawals with this broker are instant and the customer support is always ready to help.

Exness group offers a full set of MetaTrader platforms and easy-to-use, custom-built Exness Terminal. In order to suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general are very reasonable. The maximum leverage offered by the broker is unlimited. In order to be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system.

In case you have already decided to open a trading account with Exness, keep in mind that Exness Group does not accept clients from several countries including the USA.

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions.

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker.

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms.

VT Markets

Min deposit: $100

Deposit to Qualify

$800

ECS

EAs discounts

VT Markets

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency.

The Bottom Line for Kenyan FX Brokers

In recent years, Kenyan online Forex trading brokers have developed a lot. However, looking for the best FX broker in the country is still considered to be quite a tiring process. The main reason for this is that the market is still at its developing stages in the country.

Although Kenya has a local regulatory agency for Forex trading, the brokers in the country are not required to be registered with the regulator. While this might be a bit risky for local traders, it also opens up a lot of doors for internationally well-known brokerages.

A huge majority of Kenyan FX trading brokers are internationally well-known players that are highly reputable and respected in the market. Although this might be true, there still are a lot of things that Forex traders have to keep in mind while looking for the best Forex brokers in Kenya.

One thing that every trader should know is how to identify legit Forex brokers. One way to do so is to only trust Forex brokers that are licensed and regulated by top-tier regulatory agencies. All of the Forex brokers that we have discussed today are regulated by top-tier agencies globally.

To help you get started in the market in Kenya, we have prepared a top 5 list of Kenyan Forex brokers. All of the Forex brokers that we have discussed above are very well-known in the market and offer a very high standard of safety and security.

FAQs on Kenya Forex Brokers

Which is the best forex broker in Kenya?

One of the best Forex brokers in Kenya is AvaTrade. This Forex broker is available in numerous countries around the world and is regulated in several jurisdictions. Being established in 2006, AvaTrade has managed to become one of the best Kenyan Forex brokers. However, this is not the only high-quality Forex broker in the country. Numerous others offer services to local traders in Kenya. Among the legit Kenyan, Forex brokers are XM, HYCM, Monfex, and Milton Prime.

Is forex trading legal in Kenya?

Yes, Forex trading is legal in Kenya. The main regulatory body of the financial markets in Kenya is the Capital Markets Authority, CMA. However, although the country has a regulator, Forex brokers are not required to get licensed locally to be able to offer Kenyan traders their services. Not only legal, but it is also actually very popular among the residents of the country. The number of Forex trading brokers in Kenya is also increasing very fast.

Where can I trade Forex in Kenya?

Numerous Forex brokers are available in Kenya. Among the best Forex brokers in the country are XM, HYCM, Monfex, Milton Prime, and AvaTrade. All of these five brokers are among the best and regulated Forex brokers in Kenya known for offering competitive services to local traders.

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