Best Forex Brokers Kenya for 2022

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

October 05, 2022

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:

2022 ForexBrokers.com annual review badge

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
AvaTrade - Great for beginners and copy trading
OANDA - Trusted broker, great research

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.

Company	Accepts KE Residents	Average Spread EUR/USD - Standard	Minimum Initial Deposit	Overall Rating	Visit Site
IG	check	0.86 (September 2022)	£250.00		Visit Site
Saxo Bank	check	0.9 (September 2022)	€2,000
Interactive Brokers	check	0.6 (Aug 2022)	$0		Visit Site
FOREX.com	check	1.0 (July 2022)	$100		Visit Site
XTB	check	1.07 (Q3 2022)	$0
AvaTrade	check	0.91 (Aug 2020)	$100
OANDA	check	1.26 (5/22-5/27/22)	$0
FP Markets	check	1.2 (August 2022)	$100 AUD
Admiral Markets	check	0.8 (July 2021)	$100
IC Markets	check	0.62 (August 2021)	$200
Capital.com	check	0.6 (July 2021)	$20
XM Group	check	1.6 (Aug 2020)	$5
Pepperstone	check	0.77 (September 2022)	$200
HYCM (Henyep)	check	0.6 (Sept 2021)	$100
HFM	check	1.2 (August 2021)	$5
FlowBank	check	N/A	$0.00
Vantage	check	1.22 (August 2021)	$50
Moneta Markets	check	1.27 (September 2022)	$50
Trade Nation	check	0.6	$0
BlackBull Markets	check	0.827 (August 2022)	$0
ACY Securities	check	1.2 (Sept 2021)	$50
Eightcap	check	1.0 (Aug 2022)	$100
easyMarkets	check	0.9 (as of Mar 2020)	$100
Libertex (Forex Club)	check	-1	$10

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.

Popular Forex Guides

2022 Review Methodology

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 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.

About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.