Best Forex Brokers in Kenya

Our best forex broker in Kenya is Exness  basically because they are regulated by the CMA in Kenya plus several other factors we will be discussing.

CMA Kenya regulated brokers are the safest to deal with because they are mandated to have physical offices in Kenya, & their activities are audited by the Kenyan government. 

List of Best Forex Brokers in Kenya 

• Exness –  The best forex broker in Kenya  

(Exness has low spread, zero inactivity fees, KES base currency, MPesa, & a great mobile app)

• FP Markets – The best social trading platform in Kenya

(Social trading, TradingView, Low spreads, cTrader)  

• HF Markets – The best forex broker in Kenya for beginners 

(Cent Account, KES base currency, MPesa, Demo Account, MT4/5 Toolkit, Education)

• Pepperstone – Best forex broker in Kenya for trading tools

(Raw Spread, No minimum deposit, PayPal, MPesa, TradingView, cTrader)

• FXPesa – The best day trading platform in Kenya (MPesa, Welcome Bonus, Education,  

Fee Table for Best Forex Brokers in Kenya

#1. Exness – Best Forex Broker in Kenya

Exness stands out as the best forex broker in Kenya due to its competitive fee structure, diverse platforms, and strong 24/7 customer support.

Exness was founded in 2008 and is regulated by up to seven international authorities, including Kenya’s Capital Markets Authority (CMA). 

Fees & Pricing

Exness has a pricing structure for all experience levels

• Beginners can use the pricing structure in the Standard Account
• Intermediate traders (neither beginner nor professional) can use the pricing structure found in the PRO Account 
• Professional traders can use the pricing structure found in the Raw & Zero Exness Accounts 
• Exness does not charge inactivity fees
• Swap-free trading meaning no overnight fees is offered for most Currencies, all Indices (including NASDAQ), Crypto, & Gold assets. 
• Exness does not charge withdrawal fees

Platforms  

Exness has built its own apps. They built the Exness Trade Mobile App (with built-in MT5 terminal & TradingView charts), & the Exness Web Terminal which can be launched from browsers on any laptop or Desktop.

Exness also lets you use the MT4 & MT5 terminals so all you need so is download MT4/5, configure it to connect to Exness servers, and login with your Exness password & ID. 

Customer Support

The good thing about Exness support is that it is available 24/7 and via various media such as live chat, email, & Kenyan phone lines. Supported languages are English & Swahili. 

However, the bad thing is that the phone lines are not toll-free, & except you register for the Exness Premier Program, you don’t get to be assigned a Personal Account Manager. 

Visit Exness Kenya Website for detailed fee schedule & quick account opening steps

#2. FP Markets – Best social trading platform in Kenya 

FP Markets LTD Kenya has just been licensed by the Capital Markets Authority (CMA) Kenya as a non-dealing forex broker. Kenyan traders can now trade with FP Markets and have protection under Kenyan laws. 

Automated social Trading

At FP markets, social trading is offered on 3 platforms

FP Markets offers you social trading on MT4 & MT5: to start, you must open an account & fund it with the $100 AUD minimum deposit or equivalent in KES. 

FP Markets offers social trading via Myfxbook (a third-party platform renowned for social trading) but you must open an MT4 account to access it. 

FP Markets also offers social trading via Signal Start another third-party social trading platform but you need to subscribe for $25

Diversification 

FP Markets product catalogue has a variety of CFD assets: Forex, Shares, Metals, Commodities, Indices, Crypto, Bonds, ETFS, & Indices. We like the variety we found in the catalogue as it helps diversification.

Fees

FP market spreads are low with EUR/USD average spread of 1.1 pips, and GBP/USD average spread of 1.3 pips. Raw accounts attract low spread plus $3 per side commissions. Overnight swaps are applied on all accounts.

Visit FP Markets Kenya for copy trading steps and account setup 

#3. HF Markets – Best forex broker in Kenya for beginners   

HF Markets Investments LTD (which used to be Hotforex) is a CMA licensed non-dealing forex broker with lots of beginner centric features.  

Demo Account for experimenting

HF Markets Kenya offers a demo account you can use to develop your skills or get comfortable with the platform before transitioning to live trading.

The demo account can be accessed on the HFM mobile app or on MT4. Learning on the HFM app demo account is almost like real life trading because the app replicates live trading conditions very closely. 

Cent Account for beginners (live trading)

HF Markets Kenya has a Cent Account for beginners who have just graduated from using the Demo Account and are about to get their first real test of live trading. 

The Cent Account will not expose you to huge losses because trading big volumes has been disabled & you can’t trade above 1,000 units of an instrument. 

The Cent Account also disables trading on Indices, Stocks, Bonds, ETFs, & Energies; leaving beginners with only Forex & Gold CFDs to trade. 

Exposure to Multiple Instruments 

Although the Cent Account deactivates trading several instruments, when you open a Premium, Zero, PRO, or PRO PLUS Account you can trade more instruments. 

HF Markets lets you trade 500+ financial instruments, including Forex, Metals, Indices, Stocks, Bonds, ETFs, Commodities and Cryptocurrencies. This diversity gives beginners the opportunity to explore different markets and find trading opportunities that align with their interests and risk tolerance.

KES account base currency

Although the Cent Account is only available in US Cent base currency, other HF Markets account types come in KES base currency option. 

As a beginner if you choose to trade with these accounts, you can select KES as base currency for convenience and also to avoid paying currency conversion fees on deposits & withdrawals. 

Comprehensive Educational Resources

HFM has a lot of educational materials, including video tutorials, webinars, articles, and market analysis. These resources cover many topics, from the basics of forex trading to advanced strategies and risk management techniques. 

Through them, beginners can learn the fundamentals of trading, develop their skills, and gain a better understanding of the financial markets.

M-PESA Support

M-PESA is a popular mobile payment service in Kenya, and HF Markets’ support for this platform makes it easier for Kenyan traders, especially beginners, to deposit and withdraw funds.

Being able to use a familiar and convenient payment method like M-PESA can simplify the process of managing your trading account, allowing you to focus more on learning and improving your trading skills.

Responsive Customer Support

HFM offers 24/5 customer support through various channels, such as live chat, email, and phone. This broker has a very responsive live chat system with a wait time of 2 to 5 minutes. A Personal Account Manager is assigned to all account types including the Cent Account so beginners will get easy access to support. 

Visit HF Markets to open a Cent Account or try the Demo Account

#4. Pepperstone – Best forex broker in Kenya for Trading Tools    

Multiple Forex Pairs to Trade 

Pepperstone Markets Kenya LTD gives you access to over 90 different currency pairs to trade. This includes all the majors like EUR/USD, GBP/USD that you’re probably familiar with, but also minor pairs and exotic currencies from emerging markets. With so many choices, you can diversify your forex portfolio and take advantage of opportunities across global markets 

Competitive Pricing

Raw Pricing is available with an EUR/USD average spread of 0.1 pips on Razor Account; and on Standard entry-level Accounts EUR/USD average spread is 1.1 pips. 

Advanced Trading Tools

Pepperstone’s platforms like MetaTrader 4/5, TradingView and cTrader have advanced charting tools, technical indicators and analysis capabilities. With these you can plot trends, identify patterns and spot potential trade setups with ease. 

Pepperstone also grants access to a suite of complementary analysis tools, such as Autochartist and Smart Trader Tools.

• Autochartist can scan the markets for you and automatically identify potential trading opportunities based on chart patterns and technical analysis. It alerts you when it spots a pattern that could signal a good time to enter or exit a trade.
• Smart Trader Tools for MT4 help you customize MT4 and give it more features.

Comprehensive Research and Education Tools

Pepperstone provides traders with access to various research tools, including economic calendars, market news, and in-depth analysis reports. The platform also offers educational resources, such as trading guides and market updates, to help traders develop their skills.

Visit Pepperstone Kenya to see description of Smart Trader Tools & Open an Account 

#5. FXPesa – The Best day trading platform in Kenya    

Day traders aim to profit from short-term price changes and close all trades before the market closes for the day. FXPesa can be the best platform for that as it possesses certain features like:

MT4/5 platforms

Access FXPesa MetaTrader on mobile or web browser. The FXPesa Premiere Account EUR/USD spread is 0.0 pips meaning no spread is charged when you trade EUR/USD (you only pay a flat commission of $3.5/side)

This is good for day traders especially if you hope to execute automated trading strategies that require raw spread accounts. The minimum deposit is $100 for the Premiere Account which many day traders use. For Standard Accounts there is no minimum deposit. 

Support for local & regional funding methods

• For KES currency transactions, you can fund your account via MPesa, EazzyPay, & Airtel Money at no cost.
• For UGX currency transactions, MTN & Airtel Uganda is accepted at no cost
• For TZS currency transactions, Vodacom, Airtel TZ, HaloPesa, & TigoPesa are accepted by FXPesa. 
• Master/Visa Credit Cards are also accepted in USD, KES, TZS, & UGX currencies. Note credit card withdrawals can take up to 15 days.

24/6 Customer support 

Customer support is available 24/6 and can be reached via live chat, email or through their local toll-free line. 

Visit FXPesa to view fees for day traders & account opening information

Trading Platforms Listed by Best Forex Brokers Kenya

For the table below, we need to point out that although Exness does not have a TradingView subscription for its users, you can access TradingView charts on the Exness mobile app. Click on settings and switch to TradingView terminal to view the charts. 

Trustable tips to choose a forex broker in Kenya

When choosing a forex trading platform in Kenya, some things you need to consider include:

Regulation

Regulation is important when selecting a trading platform. This is because regulated brokers are required to maintain and follow certain ethical trading practices.

In Kenya, the Capital Markets Authority (CMA) regulates forex trading activities. This typically involves monitoring and enforcing compliance with financial regulations and ensuring that the broker adheres to specific standards and practices to protect investors.

Exness is one of the most heavily regulated brokers, overseen by 8 international authorities, including Kenya’s CMA. 

Customer service

Look for platforms that offer responsive and knowledgeable support through multiple channels like live chat, email, and phone.

Some have local phone support that is toll-free like FXPesa or hours extending into the weekend like Exness, to offer prompt assistance whenever you encounter technical issues or have trading-related queries. 

Personal Account Managers are assigned by some trading platforms such as HF Markets Kenya to help you with day-to-day queries and this is also a plus. 

Account types & fees

Different traders have different needs. Choose a platform that offers account types and fee structures that suit your trading style and budget. 

Let’s say you’re a seasoned Forex trader looking for a premium account with tight spreads and advanced features. The Pepperstone Razor account, with spreads starting from 0 pips, could be an attractive option. 

However, if you’re just starting out and want to test the waters with a smaller investment, a platform like HF Markets may suffice. It has up to 5 account types as well as a demo account and requires a minimum deposit starting from 700 KES.

Compare the trading costs, including spreads, commissions, and any additional fees, to ensure they align with what you can afford and trading volume.

Number of forex pairs

If you are primarily interested in forex trading, consider the number of currency pairs offered by the platform. 

A diverse selection of major, minor, and exotic pairs provides more opportunities for diversification and capitalizing on market movements across different regions.

A platform like Pepperstone, offering over 90 currency pairs, including exotic pairs, could be a great fit. 

Trading software

The trading platform’s software is your gateway to the markets, so it should be user-friendly, reliable, and feature rich. Additionally, mobile trading apps can be convenient for monitoring positions and executing trades on-the-go.

Regulated brokers like Pepperstone and FP Markets check all the boxes for having MetaTrader 4/5 platforms, TradingView, cTrader, mobile apps and WebTrader.  

In conclusion, there is no one-size-fits-all solution, so take the time to research and choose a platform that aligns with your trading goals, risk tolerance, and preferences.

Commonly Asked Questions – best forex brokers in Kenya