4 Best REGULATED forex brokers in Kenya (2022)

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Forex trading has become increasingly popular in Kenya, allowing local investors to grow their wealth on the largest, decentralised market on the world. 

While Forex trading offers many benefits, inherent trading risk can be exacerbated when not trading with a regulated broker. Brokers with sound regulation provide traders with a secure trading environment, due recourse in the case of disputes, and protection of funds. 

In this article, forexbrokers.ke examine the four best Forex brokers which are licensed to operate by the CMA. 

  1. Pepperstone

Overview

Pepperstone has received the most customer service awards of any CFD provider. Pepperstone offers a variety of customer service options, including worldwide contact centers, live chat, and e-mail.

For Nigerian forex traders, Pepperstone’s standard account, which is compatible with both MetaTrader 4 and MetaTrader 5, has some of the tightest no commission spreads available.

When compared to other leading brokers, the commission-free spreads offered by Pepperstone are substantially more competitive.

Pros and Cons

Pros
No minimum depositLow trading fees for forexNo added costs for withdrawals or deposits
Cons
Limited number of instrumentsNo additional research tools

Features

FeatureInformation
RegulationFCA, ASIC
Minimum deposit fromAUD200
Average spread from0.4 pips  
Commissions from‎$3.76 commission per lot per trade
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
BonusesNone
Customer Support24/5
  1. FXPesa

Overview

Kenyan forex and CFDs broker FXPesa is a popular choice for many traders. In addition to currency pairs, indexes and commodities, the broker also offers shares and other financial products. As such, it has more currency options than many of its rivals, making it a good option for new FX traders.

FXPesa Trader is a desktop trading platform for PCs that works in conjunction with the FXPesa web platform, both of which are available directly from the broker’s platform.

Pros and Cons

ProsMetaTrader 4 availableProprietary trading platform availableGood selection of trading assetsConsNot the tightest spreads in the industry

Features

FeatureInformation
RegulationCMA
Minimum deposit from$5
Average spread from1.4 pips  
Commissions fromNone
Deposit/Withdrawal Fees1% on e-wallets
Maximum Leverage1:400
Bonuses30% deposit bonus
Customer Support24/5
  1. Scope Markets

Overview

Scope Markets is a global FX and CFD broker with multiple licenses and regulatory oversight. Leveraged derivatives and spot equities investment products are offered to consumers and professional clients by the broker, which was founded in Kenya. 

Free MT5 access, competitive trading conditions, and multilingual, round-the-clock customer service are all included with each account. 

ProsMetaTrader 5 availableExcellent educational resourcesWell-regulatedConsDemo account not currently available

Features

FeatureInformation
RegulationCMA, CySEC, FSCA
Minimum deposit from$500
Average spread from0.9 pips  
Commissions fromVariable
Deposit/Withdrawal Fees$35 per withdrawal
Maximum Leverage1:30 retail/1:100 professional
BonusesNone
Customer Support24/5
  1. Exinity East Africa

Overview

Exinity’s ECN pricing structure, industry-renowned platforms, and swap-free, Islamic trading make for a competitive trading environment.

Among the broker’s many security features are negative balance protection and personal account managers, both of which are provided at no extra charge.

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms are both available through Exinity. Both are well-known trading platforms that can be downloaded for free to PC desktops and are compatible with all major online browsers for trading.

Pros and Cons

ProsFull MetaTrader suite availableNegative balance protection providedMulti-regulatedConsCryptos not available

Features

FeatureInformation
RegulationCMA, FSRA, FCA
Minimum deposit from$20
Average spread from0.5 pips  
Commissions from$2 per lot for Forex
Deposit/Withdrawal FeesNone
Maximum Leverage1:200
BonusesYes
Customer Support24/5