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5 CMA Regulated forex brokers in Kenya for beginners

The foreign exchange market, which is the largest and most decentralized market in the world, is becoming an increasingly popular investment vehicle in Kenya.

Despite the fact that there are a lot of benefits to trading forex, the inherent risk might be significantly enhanced if you don’t utilize a broker that is regulated. The resolution of disputes in a fair manner and the protection of trader funds are both ensured by stringent laws and regulations.

Getting started in the trading industry can be difficult, but with these five CMA regulated Forex brokers, it will be much simpler for traders to do so in an environment that is safe and secure.

1. FXPesa

Overview

FXPesa is a well-known foreign exchange (Forex) and contract for difference (CFD) brokerage firm and one of the best Forex brokers in Kenya. This particular broker gives clients access to a wide range of financial instruments, some of which include forex pairings, indices, commodities, and stocks.

As a result of the fact that FXPesa provides access to a bigger number of currencies than the majority of its rivals do, it is an appealing choice for individuals interested in engaging in foreign exchange trading.

Pros and Cons

Pros

MetaTrader 4 available

Proprietary trading platform available

Good selection of trading assets

Cons

Not the tightest spreads in the industry

Features

Feature Information
Regulation CMA
Minimum deposit from $5
Average spread from 1.4 pips  
Commissions from None
Deposit/Withdrawal Fees 1% on e-wallets
Maximum Leverage 1:400
Bonuses 30% deposit bonus
Customer Support 24/5

2. FXTM

Overview

A significant portion of Kenya’s retail traders who are just starting out will profit from using FXTM, one of the best Forex brokers in Kenya.  

A Micro Account with a minimal minimum deposit is one of the benefits offered by FXTM, along with a great copy trading platform, a vast choice of training resources in both video and textual format, and a multitude of other options.

Pros and Cons

PROS CONS
Superb customer service Inactivity and withdrawal fees
High maximum leverage Limited product portfolio
Great educational tools

Features

Feature Information
Regulation CySEC, FCA, FSCA
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from No commission
Deposit/Withdrawal Fees $3
Maximum Leverage 1:500 on average
Bonuses $300 Trading Bonus
Customer Support 24/5 

3. Scope Markets

Overview

Scope Markets is an international foreign exchange (Forex) and contract for difference (CFD) broker that possesses a wide variety of licenses and is subject to a significant amount of government regulation.

Regular customers as well as institutional clients have access to the extensive range of financial products that are made available by the broker. Among other things, these products include leveraged derivatives and spot equities.

Pros and Cons

Pros

MetaTrader 5 available

Excellent educational resources

Well-regulated

Cons

Demo account not currently available

 

Features

Feature Information
Regulation CMA, CySEC, FSCA
Minimum deposit from $500
Average spread from 0.9 pips  
Commissions from Variable
Deposit/Withdrawal Fees $35 per withdrawal
Maximum Leverage 1:30 retail/1:100 professional
Bonuses None
Customer Support 24/5

4. Exness

Overview

Exness gives traders who are located in Kenya the opportunity to trade a variety of assets, including cryptocurrencies, commodities, and other currencies. 

At Exness, there is a high level of regulatory control, which, along with the efficient trading environment, encourages the development of confidence in traders of all skill levels.

Pros and Cons

PROS CONS
Well-regulated
Tight spreads
Over 130 currency pairs

Features

Feature Information
Regulation CySEC, FCA
Minimum deposit from $1
Average spread from 1.3 pips
Commissions from 3 USD and 10 USD per 1 lot for CFDs
Deposit/Withdrawal Fees None
Maximum Leverage 1:2000
Bonuses Standard +10% Bonus Programme
Customer Support 24/5 – multilingual

 

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5. Pepperstone

Overview

Traders in Kenya have the opportunity to benefit from some of the tightest spreads that do not involve a fee when they use the standard account offered by Pepperstone. This account is compatible with both MetaTrader 4 and MetaTrader 5 trading platforms.

Pros and Cons

Pros

No minimum deposit

Low trading fees for forex

No added costs for withdrawals or deposits

Cons

Limited number of instruments

No additional research tools

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from AUD200
Average spread from 0.4 pips  
Commissions from ‎$3.76 commission per lot per trade
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5
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