Forex trading is becoming increasingly popular in Kenya today, with more than 100 000 traders estimated to be operating out of that country, a number that is steadily increasing.
For new Kenyan traders entering the Forex markets, it is imperative to begin your trading journey with a reputable Forex broker that offers excellent conditions and support. In this article, we examine the top Forex brokers in Kenya.
1. Interactive Brokers
Overview
One of the largest discount brokerages in the United States, Interactive Brokers, was established in 1978 and is headquartered there.
In addition to the US Securities and Exchange Commission and the UK’s Financial Conduct Authority (FCA), the broker is overseen by other financial regulators throughout the world (SEC).
According to various top-tier regulators, the broker is rated safe. As an established business with transparent financials listed on a stock exchange, IB appears to be a trustworthy partner.
Pros and Cons
| Pros | Cons |
| Advanced proprietary trading platform | Preferred by advanced traders |
| Highly regulated |
Features
| Feature | Information |
| Regulation | FINRA, FCA |
| Minimum deposit from | None |
| Average spread from | Variable |
| Commissions from | USD10 EURUSD benchmark |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 50% margin |
| Bonuses | None |
| Customer Support | 24/5 |
2. IG
Overview
With over 178,000 customers on five continents, a wide range of products, low fees, and a solid track record in the sector, it’s no surprise that IG is a global leader in online trading and the top provider of CFDs.
Over 80 currency pairs are available to IG clients through leveraged access. IG provides a navigable website with clearly stated services and pricing as well as easy platform options, an unwavering commitment to client education, and helpful research tools.
Pros and Cons
| Pros | Cons |
| Excellent customer support | Demo account is only available for 30 days, and not all platforms can be tested |
| Advanced suite of technical indicators | Limited range of currency options |
| Secure and well-regulated trading environment |
Features
| Feature | Information |
| Regulation | FCA, FSCA |
| Minimum deposit from | No minimum deposit |
| Average spread from | Variable |
| Commissions from | £3.00 – £8.00 per trade for all types of assets |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | None offered |
3. Saxo Bank
Overview
With Saxo Bank, one of the most cutting-edge brokers in the financial business, everyone may invest and trade.
Since they were among the first to offer online trading tools many years ago, they now provide access to a wide range of assets, including CFDs, Forex, stocks, commodities, options, ETFs, futures, bonds, ETNs (Exchange Traded Notes), and mutual funds, as well as professional-grade tools.
Pros and Cons
| Pros | Cons |
| Low trading fees on high-tiered accounts | Relatively slow account opening |
| Transparent fee structure | Very high minimum deposit |
Features
| Feature | Information |
| Regulation | FCA, ASIC, FINMA |
| Minimum deposit from | $10 000 |
| Average spread from | 0.3 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
4. Capital.com
Overview
Founded in 2016, Capital.com has now expanded its operations to more than 50 countries around the world. The broker aims to give customers the option to trade in CFDs and other derivatives on a wide range of indices, including currency pairs, equities, and commodities.
By prioritizing artificial intelligence within its platform, Capital.com works to aid with on-going educational efforts and decision-making efficiency.
Pros and Cons
| Pros | Cons |
| Tight spreads | MetaTrader not available |
| Excellent customer support | Limited account currencies |
Features
| Feature | Information |
| Regulation | CYSEC, ASIC, FCA and NBRB |
| Minimum deposit from | $20 |
| Average spread from | 0.6 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 retail/1:500 professional |
| Bonuses | Yes |
| Customer Support | 24/5 |
5. Forex.com
Overview
More than 80 currency pairings and attractive spreads are available through Forex.com’s various account options.
When it comes to online brokers, Forex.com is in the upper tier thanks to a well-organized website, fully stated services and fees, different user interfaces, education and research tools that are on pace with industry standards, and regulatory control.
Pros and Cons
| PROS | CONS |
| Low Forex fees | Limited asset portfolio |
| High number of currency pairs Well-regulated | High stock CFD fees |
Features
| Feature | Information |
| Regulation | FCA, CIMA |
| Minimum deposit from | $50 |
| Average spread from | Variable |
| Commissions from | Commissions on the commission account only |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | Variable dependent on instrument traded |
| Bonuses | 20% Welcome Bonus |
| Customer Support | 24/5 |
Also Read: How to Trade Forex without Indicators
