Overview
Kenya is one of the most active African regions where forex trading is concerned, with an estimated 90,000+ forex traders who participate in the forex market daily. Forex trading is legal in Kenya, and it is strictly overseen and regulated by the Capital Markets Authority of Kenya (CMA).
There may be many offshore brokers who offer their services to Kenyan forex traders, but traders are advised to make use of CMA-regulated forex brokers such as the ones on the list below.
XM
XM is one of the largest and most popular forex and CFD brokers in the industry that accepts Kenyan traders. When dealing with XM, Kenyan traders are given a choice in dynamic account types, a range of bonuses and promotions, and competitive trading conditions.
Pros and Cons
| PROS | CONS |
| Well-regulated by several entities | Fixed spread accounts are not offered |
| Negative balance protection on all accounts | |
| Award-winning brokerage | |
| Range of trading strategies allowed |
Pepperstone (Kenya)
Alongside XM, Pepperstone is another large and reputable forex and CFD broker that has a strong global presence and accepts Kenyan traders.
Pepperstone offers traders with comprehensive trading solutions, trusted funding methods, a large range of tradable instruments, and a suite of powerful trading platforms through which trades can be executed at reliable speeds.
Pros and Cons
| PROS | CONS |
| Multi-regulated by several entities including CMA | Fixes spreads are not offered |
| Negative balance protection applied to accounts | |
| Powerful trading platforms | |
| Tight spreads and low commissions |
Scope Markets (Kenya)
Scope Markets is a Kenyan-based, CMA-regulated forex and CFD broker which offers comprehensive, tailor-made trading solutions to Kenyan traders, regardless of whether they are professionals or beginners.
Scope Markets is also well-known for its transparent and competitive trading and non-trading fees, decent leverage ratios, and a wide range of tradable financial instruments spread across several asset classes.
Pros and Cons
| PROS | CONS |
| CMA regulation | Only two retail account options |
| Low initial minimum deposit requirement | Commissions fees are not the lowest |
| Simple and hassle-free account registration process | Spreads are not the tightest |
| Demo account provided |
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EGM Securities
Based in Kenya, EGM Securities is a reputable and trusted CFD and forex trading provider that offers traders with a range of instruments which can be traded through the popular, powerful, and versatile MetaTrader 4 trading platform on web, desktop, and mobile devices.
EGM Securities also offers a choice in account types, reliable and fast payment options, and competitive trading conditions suited to both beginners and professionals.
Pros and Cons
| PROS | CONS |
| Well-regulated by CMA | MetaTrader 5 not offered |
| Educational materials provided | Spreads are not the tightest |
| Range of useful, advanced trading tools offered | Commissions are not the lowest |
| MetaTrader 4 supported across devices |
FXTM
FXTM is a reputable and well-regulated STP and ECN CFD and forex provider that grants Kenyan traders access to more than 250 tradable financial instruments. With FXTM, Kenyan traders also have access to helpful educational materials, a range of useful trading tools, and a choice in flexible, dynamic account types.
Pros and Cons
| PROS | CONS |
| Range of tradable instruments | Restrictions on leverage |
| Well-regulated | |
| Multiple account types | |
| Commission-free trading offered |
