Like anywhere else in the world Forex trading is getting more and more popular in Kenya. The country has one of the fastest growing economies on the African continent and is slowly becoming a desired destination for many international brokerages. The country definitely has good potential to be one of the most important Forex trading destinations. More people are turning to Forex trading, especially the younger community. The reasons are very simple – Forex trading can be profitable for anyone. At the same time, people in Kenya still lack job opportunities. For them, trading from their homes only with their laptop and the internet is a great option to make money for living.
AvaTrade
Starting Capital
$100
Financial License
FSA, FFAJ, CySEC, CBI, BVI FSC, FSCA, FSRA
Promotion
Financial Leverage
1:400
Established
2006
Trading Software
MT4, MT5, WebTrader, AvaTradeGO
XM
Starting Capital
$5
Financial License
CySEC, FCA, ASIC
Promotion
$30, 50%+20%
Financial Leverage
1:1000
Established
2009
Trading Software
MT4, MT5, WebTrader
Plus500
Starting Capital
ZAR 1,500
Financial License
FCA, CySEC, ASIC, FSCA, FMA
Promotion
25%
Financial Leverage
1:300
Established
2008
Trading Software
MT4
RoboForex
Starting Capital
€/$ 10
Financial License
FSC
Promotion
30%
Financial Leverage
1:2000
Established
2009
Trading Software
MT4, MT5
CM Trading
Starting Capital
250$
Financial License
FSCA
Promotion
Financial Leverage
1:200
Established
2012
Trading Software
MT4, Sirix WebTrader, Copykat
Exness
Starting Capital
$10
Financial License
FCA, CySEC, FsA, FSCA
Promotion
10%
Financial Leverage
1:2000
Established
2008
Trading Software
MT4
IQ Options
Starting Capital
$10
Financial License
CySEC
Promotion
Not Available
Financial Leverage
1:30
Established
2013
Trading Software
WebTrader
EagleFX
Starting Capital
$10
Financial License
N/A
Promotion
N/A
Financial Leverage
1:500
Established
2019
Trading Software
MT4
OspreyFX
Starting Capital
$10
Financial License
N/A
Promotion
N/A
Financial Leverage
1:500
Established
2019
Trading Software
MT4
AMarkets
Starting Capital
$/€ 100
Financial License
FSA
Promotion
15%
Financial Leverage
1:1000
Established
2007
Trading Software
MT4
Forex.com
Starting Capital
$50
Financial License
FCA
Promotion
Not Available
Financial Leverage
1:200
Established
1999
Trading Software
MT4, WebTrader, custom
FXRoad
Starting Capital
250 EUR
Financial License
FSA, Seychelles
Promotion
None
Financial Leverage
1:200
Established
Unknown
Trading Software
FXRoad web and mobile platform
HotForex
Starting Capital
5 USD
Financial License
FCA, FSA, DFSA, FSCA
Promotion
100%, 30%, 100%
Financial Leverage
1:1000
Established
2010
Trading Software
MT4, MT5, WebTrader
ForexMart
Starting Capital
15 USD
Financial License
CySEC
Promotion
30%
Financial Leverage
1:500
Established
2015
Trading Software
MT4, WebTrader
Tickmill
Starting Capital
100 USD
Financial License
FSA, FCA, CySEC, FSCA, FSALM
Promotion
30% Welcome Bonus
Financial Leverage
1:500
Established
2014
Trading Software
MT4, WebTrader
FXOpen
Starting Capital
1 USD
Financial License
ASIC, FCA
Promotion
10 USD
Financial Leverage
1:500
Established
2005
Trading Software
MT4, MT5, WebTrader, TickTrader
FXTM
Starting Capital
$50
Financial License
CySEC, FCA, FSCA, FSC Mauritius
Promotion
N/A
Financial Leverage
1:2000
Established
2011
Trading Software
MT4, MT5
Oinvest
Starting Capital
$250
Financial License
FSC
Promotion
Financial Leverage
1:400
Established
Trading Software
MT4, WebTrader
FxPro
Starting Capital
$100
Financial License
FCA, CySEC, FSCA, DFSA, SCB
Promotion
Not Available
Financial Leverage
1:500
Established
2006
Trading Software
MT4, MT5, Ctrader, Custom
IG
Starting Capital
£250
Financial License
ASIC
Promotion
Not Available
Financial Leverage
1:250
Established
1974
Trading Software
MT4, custom
24Options
Starting Capital
$250
Financial License
IFSC Belize
Promotion
up to 50%
Financial Leverage
1:500
Established
2010
Trading Software
MT4
FBS
Starting Capital
$1
Financial License
IFSC Belize
Promotion
100% deposit bonus
Financial Leverage
1:3000
Established
2009
Trading Software
MT4,MT5
PrimeFin
Starting Capital
$250
Financial License
LFSA
Promotion
Financial Leverage
1:400
Established
Trading Software
WebTrader
Novox FX
Starting Capital
$200
Financial License
N/A
Promotion
N/A
Financial Leverage
1:500
Established
N/A
Trading Software
MT4
However, as anywhere else, it is not easy for local traders to find the best Forex brokers in Kenya. Since Forex trading is a very lucrative business for brokers, many take advantage of it. Everywhere, where there is FX trading, there are scam brokers. Kenya is not an exception. To avoid it, you must ensure you are trading with a broker from the list of Top Forex brokers in Kenya. At the same time, you should be aware of the regulations that are in the country. Before that, let’s take a look who are the most reliable brokers you can trade with as a Kenyan resident.
Forex brokers in Kenya and their licensesWhen the Forex trading industry started to raise in Kenya, the regulatory body of the country imposed new laws and regulations on the brokers. For a long time, Kenya did not have authorized brokerages and money managers since they simply did not have a legal framework and licenses for the companies that were providing investments and other financial services to the Kenyan community. This made the country a haven for scammers and finding a reliable Kenyan Forex broker became impossible. In 2015 the number of brokerages in the country was approximately 87, that was just a fraction of the companies that were offering various investments to the residents of the country. Despite the fact that now the Forex market is regulated by the local financial watchdog, Capital Markets Authority (CMA) is trying hard to clean the country from the unregulated brokers, cases of Forex frauds and scams are still very common. This is why it is very important to trade with a broker that is on the best Forex brokers in Kenya list.
Best Forex brokers in KenyaUsually, I never advise anyone to trade with offshore brokers that are not licensed by the local authority. In this case, there is no guarantee or legal mechanism to get back your investments if the company goes bankrupt or turns out to be a scam. The situation is a bit different for Kenya, as the local authority introduced broker license in 2016. Here are some of the most reliable international brokerages that offer their service to the Kenyan community. These are the best FX brokers in Kenya based on their reliability, records, reviews and customers’ opinions.
AvaTrade
Starting Capital
$100
Financial License
FSA, FFAJ, CySEC, CBI, BVI FSC, FSCA, FSRA
Promotion
Financial Leverage
1:400
Established
2006
Trading Software
MT4, MT5, WebTrader, AvaTradeGO
XM
Starting Capital
$5
Financial License
CySEC, FCA, ASIC
Promotion
$30, 50%+20%
Financial Leverage
1:1000
Established
2009
Trading Software
MT4, MT5, WebTrader
Plus500
Starting Capital
ZAR 1,500
Financial License
FCA, CySEC, ASIC, FSCA, FMA
Promotion
25%
Financial Leverage
1:300
Established
2008
Trading Software
MT4
RoboForex
Starting Capital
€/$ 10
Financial License
FSC
Promotion
30%
Financial Leverage
1:2000
Established
2009
Trading Software
MT4, MT5
CM Trading
Starting Capital
250$
Financial License
FSCA
Promotion
Financial Leverage
1:200
Established
2012
Trading Software
MT4, Sirix WebTrader, Copykat
Exness
Starting Capital
$10
Financial License
FCA, CySEC, FsA, FSCA
Promotion
10%
Financial Leverage
1:2000
Established
2008
Trading Software
MT4
IQ Options
Starting Capital
$10
Financial License
CySEC
Promotion
Not Available
Financial Leverage
1:30
Established
2013
Trading Software
WebTrader
EagleFX
Starting Capital
$10
Financial License
N/A
Promotion
N/A
Financial Leverage
1:500
Established
2019
Trading Software
MT4
OspreyFX
Starting Capital
$10
Financial License
N/A
Promotion
N/A
Financial Leverage
1:500
Established
2019
Trading Software
MT4
AMarkets
Starting Capital
$/€ 100
Financial License
FSA
Promotion
15%
Financial Leverage
1:1000
Established
2007
Trading Software
MT4
Forex.com
Starting Capital
$50
Financial License
FCA
Promotion
Not Available
Financial Leverage
1:200
Established
1999
Trading Software
MT4, WebTrader, custom
FXRoad
Starting Capital
250 EUR
Financial License
FSA, Seychelles
Promotion
None
Financial Leverage
1:200
Established
Unknown
Trading Software
FXRoad web and mobile platform
HotForex
Starting Capital
5 USD
Financial License
FCA, FSA, DFSA, FSCA
Promotion
100%, 30%, 100%
Financial Leverage
1:1000
Established
2010
Trading Software
MT4, MT5, WebTrader
ForexMart
Starting Capital
15 USD
Financial License
CySEC
Promotion
30%
Financial Leverage
1:500
Established
2015
Trading Software
MT4, WebTrader
Tickmill
Starting Capital
100 USD
Financial License
FSA, FCA, CySEC, FSCA, FSALM
Promotion
30% Welcome Bonus
Financial Leverage
1:500
Established
2014
Trading Software
MT4, WebTrader
FXOpen
Starting Capital
1 USD
Financial License
ASIC, FCA
Promotion
10 USD
Financial Leverage
1:500
Established
2005
Trading Software
MT4, MT5, WebTrader, TickTrader
When trading with these brokers you can be sure that your funds are safe and secured. At the same time, you can enjoy the wide selection of trading assets, reliable platforms, and high-quality service.
Forex regulations in KenyaI have already mentioned a couple of things about the regulations in Kenya. Let’s get more in depth with it. The regulatory body that oversees the Forex trading market in Kenya is the Capital Market Authority (CMA). It was established in 1989 as an agency responsible for licensing, supervising and monitoring the activities of market intermediaries. This also included the Forex trading market.
One of the main objectives of the CMA is to protect the interest of the investors. It automatically includes creating a safe enviroment for the investors in Kenya by licensing the brokerages and monitoring their activities. However, as mentioned above, the CMA began licensing brokers only recently in 2016, therefore all the claims of the supposedly best Forex brokers in Kenya were null, but the population didn’t know about it. Only in 2016, the regulator understood that losing money was a devastating experience for Kenyan traders and decided to develop a regulatory framework for the Forex brokers operating in the country.
According to their report, at that time over50,000 Kenyan investors were trading with foreign regulated Forex brokers. The regulator started working on protecting Kenyan traders by introducing clear laws and rules within the domestic jurisdiction.
Forex brokers that want to get the license to provide their services to the residents of Kenya, need to comply with the following:
Forex scams in KenyaThe examples of Forex scams in Kenya emphasize the need for investigating the broker before you decide to open an account with it. The list of Forex brokers in Kenya is not very long, but there are still a lot of brokerages you need to choose from. It does not matter what your intentions with Forex trading are, whether you want to have it as a source of additional income, as a hobby or if you want to trade Forex for a living. In any case, you need to ensure that the brokerage you are dealing with is not a fraud or a scam and will not disappear with your investments.
This is exactly what happened in 2014 in Kenya. The company VIP Portal, which first appeared in 2013 in Limuru lured over 13.000 investors into investing in Forex trading. He promised high returns on investments and was even promoting his investment firm through television. He was offering his services to the people in Nairobi, Nakuru, Nyeri, Kisumu, and Kisii. The owner of the fraudster company was telling customers that VIP Portal was a Kenyan office of the global investment firm that was based in island St Vincent and the Grenadines. What the investors thought to be one of the best Forex brokerages in Kenya, appeared to be leading a scheme similar to a pyramid. He was asking the investors to bring other people and promised five percent commission per new investor. At the same time, he was promising up to 60 and 80 percent profits in four months.
When the four months passed and there were no profits given the investors started to question the legitimacy of the VIP Portal and approached the authorities. After the investigation, the police revealed that the VIP portal received approximately Sh1.08 billion in 11 months until the scam was revealed. Unfortunately, it was already late as all the money was transferred on the offshore bank accounts.
Read our top Kenya Forex Brokers reviews to avoid forex scams in Kenya:
How to choose the best Forex broker in KenyaWhile searching for the best Forex broker in Kenya it is very important to get full information about the brokerage and make a decision based on that. It is an unwritten law of the Forex trading that if something seems too good to be true, it is not true. Do not get excited when someone is offering high profits on your investments, usually, it is just an empty promise to make you invest all your money.
Read the reviews of the brokers and choose the one that is reliable worldwide, like the Forex brokers mentioned above. check the features of the brokers and choose the one that complies with your Forex trading goals the most. This way you will be able to choose the right broker for you from the list of top Forex brokers in Kenya and keep your funds safe.
