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.
- 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
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | AUD200 |
| Average spread from | 0.4 pips |
| Commissions from | $3.76 commission per lot per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
- 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 assets | ConsNot the tightest spreads in the industry |
Features
| Feature | Information |
| Regulation | CMA |
| Minimum deposit from | $5 |
| Average spread from | 1.4 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | 1% on e-wallets |
| Maximum Leverage | 1:400 |
| Bonuses | 30% deposit bonus |
| Customer Support | 24/5 |
- 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-regulated | ConsDemo account not currently available |
Features
| Feature | Information |
| Regulation | CMA, CySEC, FSCA |
| Minimum deposit from | $500 |
| Average spread from | 0.9 pips |
| Commissions from | Variable |
| Deposit/Withdrawal Fees | $35 per withdrawal |
| Maximum Leverage | 1:30 retail/1:100 professional |
| Bonuses | None |
| Customer Support | 24/5 |
- 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-regulated | ConsCryptos not available |
Features
| Feature | Information |
| Regulation | CMA, FSRA, FCA |
| Minimum deposit from | $20 |
| Average spread from | 0.5 pips |
| Commissions from | $2 per lot for Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | Yes |
| Customer Support | 24/5 |
