7 Best Regulated Forex Brokers in Kenya
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, 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 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 CMA | MetaTrader 5 not offered |
| Selection of educational resources provided to retail traders | Spreads and commissions are not the lowest |
| Range 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-regulated | Higher spreads |
| Low minimum deposit requirement | Skrill is not offered as a payment method |
| Decent maximum leverage | Cryptocurrency trading not offered |
| Wide 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-regulated | No fixed spreads |
| Negative balance protection applied to retail accounts | |
| Hedging trading style allowed |
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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 CMA | Only two account options offered |
| Low initial deposit requirement | High 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-regulated | Multi-regulated |
| Negative balance protection | Negative balance protection |
| Fixed 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 offered | There may be some restrictions on leverage |
| Commission-free trading offered |
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