Best Forex Brokers in Kenya 2022 (CMA Regulated)

In this article we compare the best forex brokers in Kenya. Our team has tested well over 100+ forex companies including  CMA regulated brokers with local office in Kenya.

Since the forex market in Kenya has been evolving quickly, Kenyan financial markets regulator will issue more licenses and we expect to test more forex brokers licensed by CMA Capital Markets Authority in  future. During our test, we have compared trading platforms ease of use , speed of trade execution, local depositing methods including Kenyan Shillings and much much more.
Kenyan flag

🏆 Best Forex Brokers in Kenya

The complete list of the best forex brokers that accept Kenyan traders.

  1. PepperstoneBest CMA Regulated Forex Broker in Kenya
  2. AvaTrade –  Overall Best Forex Broker in Kenya
  3. CM Trading –  Welcome Bonuses Up To $100
  4. XM Trading – Low FX Spread & High Leverage Broker
  5. HotForex– High Leverage 1:1000 Broker
  6. Skilling – Best Forex Demo Account
  7. OANDA – Top Islamic Account
  8. – Best for Research & Tools
  9. IQ Option – One Stop Shop For Trading
  10. IC MARKETS – ECN Broker & Lowest Spreads

1) Pepperstone


pepperstone logo

Pepperstone is one of the best ultra low spread fx brokers on the market today .

Pepperstone forex broker is  regulated in multiple top tier countries for example United Kingdom, Germany and Australia. Pepperstone is CMA regulated forex broker in Kenya. It is CMA licensed and therefore 100% secure online broker with a robust and stable forex trading platform that comes with Metatrader 4 and cTrader.

Peperstone offers competitive trading costs, fast trade execution, leading customer support, and other useful features. They will also give you the opportunity to educate yourself about the trading and provide you the trading tools like economic calendar, live webinars, video tutorials, etc.

Pepperstone Kenya Pros:

  • CMA Kenya regulated forex broker
  • Ultra Low Spread Trading Fees starting from 0.0 Pips (Razor Account)
  • Local Kenya deposit funding  available
  • Kenya telephone customer support line
  • Offices located in Nairobi Kenya
  • Minimum deposit  $0
  • Competitive maximum leverage
  • 24/5 Customer Support
  • Quality online education for traders
  • MT 4 / MT 5 /cTrader + TradingView
  • Scalping and hedging is allowed

Pepperstone Kenya Cons:

  • Shilling base account currency not available yet
  • No welcome bonuses


2) AvaTrade

AvaTrade is an Irish brand founded in 2006 is regulated in multiple top tier financial watchdogs like Central Bank of Ireland, FSA Japan, FSCA South Africa, ASIC Australia. AvaTrade is the best forex broker in Kenya. You can rest assured your money is safe since AvaTrade is considered safe and reliable forex broker trusted by thousands forex traders from all around the world.

When you sign up with AvaTrade you will get access to a wide range of trading platforms with access to algorithmic trading and social trading.

AvaTrade Pros:

  • AvaTrade offers access to 1000+ financial markets not only forex
  • Minimum deposit $100
  • Fixed Forex Spreads (Low fees)
  • Maximum leverage 1:400
  • Best forex trading platforms Kenya: Ava Webtrader, MT4, MT5

AvaTrade Cons:

  • Shilling base account currency not available yet
  • No welcome bonuses


How To Choose Kenyan Forex Broker

First of all, you need to asses your current forex trading knowledge and most importantly your trading style! 

1. CMA Regulation

capital market authority

More and more middle class people start with forex trading in Kenya. Therefore the local finance market cleanup from unscrupulous companies was inevitable.

Capital Market Authority (CMA) is the state finance markets watchdog located in the capital Nairobi established in 1989 by Ministry of Finance. If anyone opens up a new local forex company, they must get the local license from CMA office. In order to obtain a CMA license a company must have a minimum capital of Sh50 million. Maybe due to this, or given the fact that  Kenyan market is relatively small, there are hardly any CMA regulated fx brokerages, but the situation is quite different when we compare to other African countries where market is more mature like South Africa or Nigeria where local people have much wider choice.

Perhaps due to fact that the final regulatory framework existing in Kenya is not yet finalised (for example Capital Markets Act signed in 80’s) like in other African countries, there are many shady brokerages fishing for newbie Kenyan traders who can easily fall victims to a Ponzi scam scheme. Recently in 2017 the CMA has cracked down on thousands of illegal forex companies in Kenya which is a good sign indeed. We strongly advise you to trade with regulated forex brokers, just as an example all companies which you can find in our comparison review table on this page are 100% secure and trusted by thousands of Kenyan forex traders.

The most trusted regulatory agencies are british FCA, Cyprus CySEC and Australian ASIC. These government agencies force forex companies to implement strict security standards such as segregated accounts (where your money is safe in a first class bank account like Barclays, completely separated from the funds that broker’s own money that they use to fund the operations) some even force to offer Negative Balance Protection (meaning you will never owe more money than you deposit) to protect even those clients who are from outside of the E.U. That being said, if you open a forex trading account with forex brokerage regulated by any of these agencies, there is a high chance that your money will be safe.

High quality Australian forex broker Pepperstone has recently obtained a CMA license and operates in the country under the name Pepperstone Markets Kenya Limited . It is the broker with the strongest reputation out of all four CMA licensed brokers. With offices around the world, ultra tight spreads on currency pairs starting at 0.0 Pips,

2. Forex Trading Fees & Commisions

Whether you are an intermediate trader or just a newbie you need to carefully inspect the fees structure, because that will make you or break you.

Remember, the lower the fees, the better!

Trading related fees:

  • Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
  • Swaps – the fee you pay in order to keep the contract open over night.
  • Commisions per LOT – you don’t see this very often, usually only with the top class.

Other fees:

Deposit fees, Withdrawal fees, Fees for Inactivity.

3. Forex Trading Account Types

Depending on your budget and your own trading style, you can choose between Micro (trading Micro Lots), Mini and Standard accounts for the most serious trading activity. If you are a newbie then we recommend you to start small with Micro or Mini if possible.

Is Forex Trading Legal in Kenya?

Yes, Kenya’s Forex trading is legal. There are many CMA-licensed forex brokers to choose from. It is important to note that while Forex trading is legal, there are still some risks involved.


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