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 |