The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.
Trading forex (currencies) in Kenya is popular among residents. While recommended, forex brokers are not required to become authorised by the Capital Markets Authority (CMA) to accept residents of Kenya as customers, unless based in Kenya.
The Capital Markets Authority is the financial regulatory body in Kenya. Website: https://www.cma.or.ke/. We also recommend that residents of Kenya follow the CMA on Twitter: https://twitter.com/cmakenya.
The CMA was established in 1989 and is responsible for supervising, licensing, and monitoring the activities of market intermediaries. For a historical breakdown, here's a link to the Capital Markets Authority webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers Kenya
To find the best forex brokers in Kenya, we created a list of all brokers that list Kenya as a country they accept new customers from. We then ranked brokers by their Overall ranking.
Here is our list of the best forex brokers in Kenya.
- IG - Best overall broker, most trusted
- Saxo Bank - Best web-based trading platform
- Interactive Brokers - Great overall, best for professionals
- FOREX.com - Excellent all-round offering
- XTB - Great research and education
- eToro - Best for copy and crypto trading
- AvaTrade - Great for beginners and copy trading
Kenya Forex Brokers Comparison
Compare Kenya authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.
|Forex Broker||Accepts KE Residents||Average Spread EUR/USD - Standard||Minimum Deposit||Overall||Visit Site|
|Interactive Brokers||Yes||0.600||$0||Visit Site|
|FP Markets||Yes||1.200||$100 AUD||N/A|
|HFM (HF Markets)||Yes||1.200||$5||N/A|
|BDSwiss||Yes||1.500||$100-$5000 (depending on account type)||N/A|
|ACY Securities||Yes||1.200||$50||Visit Site|
How to Verify CMA Authorisation
To find a list of authorized forex brokers, residents can download the list of licenses report from the Capital Markets Authority website to verify the authorisation of a broker.
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For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.