Best Forex Brokers Kenya for 2023

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

July 18, 2023

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. 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 74% and 89% 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
FOREX.com

- Excellent all-round offering
XTB - Great research and education
AvaTrade - Great for beginners and copy trading
Capital.com - Great for beginners, easy to use
XM Group - Good for algo trading
Pepperstone - Great for MetaTrader 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.

Company	Accepts KE Residents	Average Spread EUR/USD - Standard	Minimum Deposit	Overall Rating	Visit Site
IG	check	0.86	£250.00		Visit Site
FOREX.com	check	1.0	$100		Visit Site
XTB	check	1.07	$0
AvaTrade	check	0.92	$100
Capital.com	check	0.65	$20
XM Group	check	1.6	$5
Pepperstone	check	0.77	$200
OANDA	check	1.26	$0
Admiral Markets	check	0.8	$100
FP Markets	check	1.2	$100 AUD
IC Markets	check	0.62	$200
BlackBull Markets	check	0.827	$0
HFM	check	1.2	$0
FlowBank	check	N/A	$0
HYCM (Henyep Capital Markets)	check	0.6	$20
Eightcap	check	1.0	$100
Trade Nation	check	0.6	$0
Moneta Markets	check	1.27	$50
ACY Securities	check	1.2	$50
easyMarkets	check	0.9	$50
Axi	check	N/A	$0
Libertex (Forex Club)	check	N/A	$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.

securityWhy regulation is important

Choosing a reputable, well-regulated forex broker is a crucial step towards avoiding forex scams. My educational series dedicated to forex scams shows you how to identify common forex scams and provides helpful information about what to do if you've been scammed. I also explain how crypto enthusiasts and bitcoin traders can spot common crypto scams.

Article Resources

Capital Markets Authority Website, CMA List of Licenses, Wikipedia

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2023 Review Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Read our full explanation and accounting of our research and testing process to 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 Editorial Team

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.