# 7 Best Regulated Forex Brokers in Kenya
Published: 2021-09-03
Category: Opinion
Category URL: https://business.express/category/opinion/
Meta Title: 7 Best Regulated Forex Brokers In Kenya
URL: https://business.express/7-best-regulated-forex-brokers-in-kenya/

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## Overview

With forex trading increasing in the rest of Africa, there have been more forex traders who are emerging in Kenyan markets as well.

Kenyan forex traders who are looking for the best regulated forex brokers who accept Kenyan traders need not look further than the list below.

While looking for the perfect broker, Kenyan traders are urged not to make use of unregulated brokers as their funds may be compromised.

It is imperative to look out for [Capital Market Authority (CMA) regulation](https://www.cma.or.ke/index.php?option=com_phocadownload&view=category&id=57&Itemid=194), and others such as FCA, CySEC, FSCA which is indicative of licensed forex brokers.

## EGM Securities

### Features

Based in Kenya, [EGM Securities is a forex broker](https://forexsuggest.com/egm-securities-review/) that offers Kenyan traders a wide range of tradable instruments along with a competitive minimum deposit, access to several financial markets, tight spreads, and dynamic trading accounts suited for beginner traders and professionals.

### Pros and Cons

**PROS****CONS**Regulated by CMAMetaTrader 5 not offeredSelection of educational resources provided to retail tradersSpreads and commissions are not the lowestRange of useful forex trading tools

## FxPesa

### Features

Based in Kenya, FxPesa is the retail trading arm of EGM Securities which operates as a separate entity under CMA regulations. FxPesa offers traders one standard retail account that has competitive trading conditions.

### Pros and Cons

**PROS****CONS**Well-regulatedHigher spreadsLow minimum deposit requirementSkrill is not offered as a payment methodDecent maximum leverageCryptocurrency trading not offeredWide range of currency pairs to trade

## XM

### Features

XM is one of the most trusted international brokers who make adequate provision for Kenyan traders who trade in a range of financial markets including forex. While offering competitive spreads, XM is also known for commission-free trading options and allowing any trading style and strategy.

XM is a broker for beginners, advanced, and professional traders alike. There are several types of accounts with a decent, reasonable initial deposit, making it easier for forex traders to enter the foreign exchange market among others.

### Pros and Cons

**PROS****CONS**Well-regulatedNo fixed spreadsNegative balance protection applied to retail accountsHedging trading style allowed

You might like: [What is forex trading?](https://wealthtribune.com/what-is-forex-trading/)

## SCFM Limited (Scope Markets Kenya)

### Features

SCFM Limited also referred to as Scope Markets, is a CMA-regulated online broker operating from within Kenya. When trading with Scope Markets, Kenyan traders can expect tight and competitive spreads, low initial deposits, and a wide range of financial assets in which to trade.

### Pros and Cons

**PROS****CONS**Regulated by CMAOnly two account options offeredLow  initial deposit requirementHigh commission fees

Pepperstone

### Features

Pepperstone is one of the largest online brokers in the industry which offers access to several financial markets worldwide. Kenyan forex traders are provided with a range of tradable assets, competitive trading conditions, and a choice in retail trading accounts.

Pros and Cons

**PROS****CONS**Multi-regulatedMulti-regulatedNegative balance protectionNegative balance protectionFixed spread accounts not offered

## FXTM

### Features

FXTM is not only a popular broker but also a trusted provider of a variety of financial instruments. FXTM is also known for offering a choice in trading accounts, a plethora of trading tools and opportunities, and flexible funding methods.

### Pros and Cons

**PROS****CONS**Multiple account types offeredThere may be some restrictions on leverageCommission-free trading offered

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