Best Forex Brokers in Kenya 2021 (TOP 10 List) CMA Licensed

In this article we compare only the best forex brokers in Kenya for  2021, some are regulated by CMA Capital Markets Authority of Kenya.

🏆 Top 10 Forex Brokers in Kenya

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

  1. Pepperstone KenyaBest Forex Broker in Kenya 
  2. AvaTrade –  Best Low Fees Forex Broker
  3. XM Trading – Low FX Spread & High Leverage Broker
  4. CM Trading –  Welcome Bonuses Up To $100
  5. HotForex– High Leverage 1:1000 Broker
  6. Plus500 – 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

Comparison Table of the Best Forex Brokers in Kenya

#1. Pepperstone – The Best Forex Broker in Kenya 2021


This online forex broker headquartered in Melbourne Australia is one of the best ecn forex brokers on the market today . Pepperstone forex broker is  regulated in multiple top tier countries for example United Kingdom, Germany and Australia. Pepperstone Kenya branch is CMA licensed and 100% secure  forex broker with a robust and stable forex trading platform that comes with Metatrader 4 and cTrader.

Pepperstone Kenya Pros:

  • CMA (Kenya) regulated forex broker
  • Regulation worldwide: ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN 
  • 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 only $10
  • Competitive maximum leverage
  • 24/5 Customer Support
  • Quality online education for traders
  • Metatrader 4 / MetaTrader 5 /cTrader
  • Scalping and hedging is allowed

Pepperstone Kenya Cons:

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



#2 AvaTrade – Best Low Fees Forex Broker

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 etc. 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 the Best Forex Broker in Kenya

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

1. CMA Regulation of Kenyan Forex Brokers


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.

CMA-Licensed Forex Brokers

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 forex 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. 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.


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