Top Forex Brokers in Kenya

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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

ProsCons
Advanced proprietary trading platformPreferred by advanced traders
Highly regulated 

Features

FeatureInformation
RegulationFINRA, FCA
Minimum deposit fromNone
Average spread fromVariable
Commissions fromUSD10 EURUSD benchmark
Deposit/Withdrawal FeesNone
Maximum Leverage50% margin
BonusesNone
Customer Support24/5

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

ProsCons
Excellent customer supportDemo account is only available for 30 days, and not all platforms can be tested  
Advanced suite of technical indicatorsLimited range of currency options  
Secure and well-regulated trading environment 

Features

FeatureInformation
RegulationFCA, FSCA
Minimum deposit fromNo minimum deposit
Average spread fromVariable
Commissions from£3.00 – £8.00 per trade for all types of assets
Deposit/Withdrawal FeesNone
Maximum Leverage1:200
BonusesNone 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

ProsCons
Low trading fees on high-tiered accountsRelatively slow account opening  
Transparent fee structure  Very high minimum deposit

Features

FeatureInformation
RegulationFCA, ASIC, FINMA
Minimum deposit from$10 000
Average spread from0.3 pips 
Commissions from‎$3
Deposit/Withdrawal FeesNone
Maximum Leverage1:200
BonusesNone
Customer Support24/5

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

ProsCons
Tight spreadsMetaTrader not available  
Excellent customer supportLimited account currencies

Features

FeatureInformation
RegulationCYSEC, ASIC, FCA and NBRB
Minimum deposit from$20
Average spread from0.6 pips 
Commissions fromNone
Deposit/Withdrawal FeesNone
Maximum Leverage1:30 retail/1:500 professional
BonusesYes
Customer Support24/5

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

PROSCONS
Low Forex feesLimited asset portfolio
High number of currency pairs Well-regulatedHigh stock CFD fees

Features

FeatureInformation
RegulationFCA, CIMA
Minimum deposit from$50
Average spread fromVariable
Commissions fromCommissions on the commission account only
Deposit/Withdrawal FeesNone
Maximum LeverageVariable dependent on instrument traded
Bonuses20% Welcome Bonus
Customer Support24/5

Also Read: How to Trade Forex without Indicators