We have checked and listed the CMA regulated forex brokers in Kenya. The comparison of these locally regulated Forex Brokers is based on their safety, deposit & withdrawals, trading platforms, support & more factors.
Forex trading is legal in Kenya as long as you trade with a CMA Licensed Forex broker. Forex trading is regulated in Kenya by the Capital Markets Authority (CMA). It is risky to trade with unlicensed brokers.
Six Non-Dealing Forex brokers are currently regulated by CMA in Kenya as of January 2022.
Many offshore and foreign brokers accept traders from Kenya, but if you want to trade Forex in Kenya, it is really important to use a local Forex broker who is regulated in Kenya.
When you trade via CMA-regulated brokers, they are compliant with the law and have to ensure the safety of your deposited funds, and in case of a dispute with a broker, you can get protection by filing a complaint with the CMA.
List of 6 CMA Regulated Forex Brokers in Kenya for 2022
This guide provides the list of regulated Forex brokers operating in Kenya, their license details, and trading conditions.
The 6 forex brokers that are licensed in Kenya by CMA and details about their registration and trading are described below:
The FXPesa Executive Account is commission-free, while The Premiere Account attracts commission charges of $3.5 per position lot opened, which makes $7 for a standard round turn. The charges can be up to $10 for a standard round turn when trading some future CFDs.
CMA Regulatory license No. & Company Name: FXPesa is registered as EGM Securities Limited which is authorized by the CMA as a non-dealing online foreign exchange broker in 2018. FXPesa is registered in Kenya with license number 107.
Trading Fees: FXPesa trading fees depend on the account type, while the typical spreads for majors on Executive Accounts start from 1.4 pips, Premiere Accounts start from 0.0 pips. See a benchmark of spreads for EUR/USD, GBP/USD & Gold CFD rolling on the table below:
|Pairs||Executive Account||Premiere Account|
|EUR/USD||1.4 pips||0.0 pips|
|GBP/USD||2.2 pips||0.2 pips|
|XAUUSD (Gold vs US Dollar)||0.32 pips||0.18 pips|
Non-Trading Fees: FXPesa charges zero deposit fees and zero withdrawal fees on bank/wire transfers and mobile money. FXPesa charges a 1% fee on e-wallet withdrawals, which is capped at a maximum of $30.
Deposit Methods & Time: FXPesa accepts multiple deposit methods. Deposits made via mobile payments like MPesa, debit/credit cards, and e-wallets are credited to the trading account instantly.
Deposit via local bank transfer takes 1-3 working days to the credited. The supported bank used by FXPesa for deposits is I&M Bank Limited. Traders can make deposits to the account from all commercial banks licensed by the Central Bank of Kenya (CBK).
Withdrawal Methods & Time: Supported withdrawal methods on FXPesa are e-wallets (Skrill and Netteler) and mobile payments (MPesa, MTN Money, and others) which are processed in 3 hours, and wire/bank transfers to I&M Bank Limited which takes 3-5 working days to be processed.
Minimum Deposit: The minimum deposit on FXPesa depends on the account type. The FXPesa Premiere Account accepts a minimum deposit of $100 while the Executive Account accepts a $5 minimum deposit.
Platforms: Trading platforms supported by FXPesa are:
Tradable Instruments: The tradable instruments and CFDs on FXPesa are:
|Forex||Yes||62 currency pairs (12 majors, 16 minors, and 34 exotics)|
|Commodities CFDs||Yes||8 pairs (Gold, Silver, Platinum, Brent Crude Oil and WTI Crude Oil)|
|CFDs on Indices||Yes||16 Indices (US SPX 500, US Wall Street 30, France 40, Australia 200, US Tech 100, UK 100, Hong Kong 50, etc.)|
|Shares CFDs||Yes||US Shares, EU Shares and UK shares (including, Alphabet, Apple, Barclays, Adidas, BMW, Amazon, etc)|
HotForex is licensed as HFM Investments Limited with the CMA as a non-dealing online forex broker and was approved in 2021. Their license number is 155. They are authorized to offer Forex and CFDs trading to residents of Kenya.
Trading Fees: Trading fees on HotForex depends on the account type held by the trader. HotForex offers 6 account types to traders with different spreads and commissions. They operate a variable spreads type, and all accounts are commission-free except Zero-Spread Account. The typical spreads for all account types start from 1 pip, spreads for major currency pairs on HotForex are:
|Pairs||Micro Account||Premium Account||Zero Account||Auto Account|
|EUR/USD||1.3 pips||1.3 pips||0.1 pips||1.3 pips|
|GBP/USD||1.7 pips||1.7 pips||0.3 pips||1.7 pips|
|XAUUSD (Gold vs US Dollar)||0.25 pips||0.13 pips||0.25 pips||0.25 pips|
Non-Trading Fees: HotForex charges no deposit and withdrawals fees whenever traders deposit to their account or withdraw from it. Although payment processors may charge independent fees, deposits less than $100 through wire transfers attract a deposit fee and a 1% fee on cryptocurrency withdrawals via Bitpay.
HotForex charges dormant account fees after 6 months of inactivity.
Deposit Methods & Time: The deposit methods used on HotForex determine the time it takes for the funds to reflect in the trading account. Bank transfers/wire transfers take about 2-7 days, deposit by cards (MasterCard or Visa) and e-wallets (Skrill, Neteller, Perfect Money, and Bitpay for cryptocurrencies) take up to 10 minutes.
Deposits via MPesa are credited instantly.
Withdrawal Methods & Time: HotForex supports withdrawals via wire transfers and cards which are processed within 2-10 business days. Deposits via e-wallets and mobile payments are processed instantly or take 10 minutes, and cryptocurrency withdrawals take 2 days.
Minimum Deposit: The minimum deposit amount on HotForex is determined by account type and method used for the deposit. The minimum amount is $5 for micro-accounts.
|Micro Account||Premium Account||Zero Account||Auto Account||PAMM Account||HFCopy Account|
The minimum withdrawal amount is $5 for Visa cards and $10 for other withdrawal methods.
Platforms: HotForex supports MT4 & MT5 trader, available on the web, desktop, iOS, iPad, and Android devices.
Tradable Instruments: HotForex supports a lot of trading instruments, find details on the table below:
|Forex||Yes||53 currency pairs (15 majors & 38 minors)|
|Commodities CFDs||Yes||5 Commodities Futures|
|Energies CFDs||Yes||4 Energies Spot and Futures Energies|
|Metals CFDs||Yes||6 CFDs on Metals spot|
|CFDs on Indices||Yes||23 Indices Spot and Futures|
|ETFs CFDs||Yes||34 ETFs Spots|
|Shares CFDs||Yes||54 Shares Contracts|
|DMA Stocks||Yes||945 DMA Stocks Spot|
|Bonds CFDs||Yes||3 Bonds Contracts|
HotForex Kenya Pros
HotForex Kenya Cons
CMA Regulatory license No. & Company Name: Scope Markets Kenya is a broker regulated by the CMA, offering forex and CFDs trading.
Trading Fees: Scope Markets trading fees depends on the account type. For Silver Accounts, there is no commission fee and spreads start from 1.1 pips while Gold Account charges a commission of $3.5 per side lot (making it $7 for a round turn), and spreads for this account start from 0.2 pips. No swap fees are charged on Scope Markets.
Non-Trading Fees: Scope Markets charges zero deposit and withdrawal fees.
Deposit Methods & Time: Deposits can be made in KES from any bank account in Kenya to Scope Markets bank account and the funds will be credited immediately. Other payment methods accepted are mobile money (MPesa, Airtel Money, etc.), e-wallets, and cards.
Scope Markets have bank accounts with I&M Bank Limited, KCB, GTBank, COOP, and NCBA.
Withdrawal Methods & Time: The withdrawal methods used determines the time in which it is processed. Mobile money (MPesa, Airtel money, etc,) is processed instantly or within 1 business day, with a minimum withdrawal amount of 50 KES or $5. Withdrawals to bank accounts in Kenya require a minimum amount of $1,500 and is processed in 1-2 business days.
While withdrawals can be requested at any time of the day, requests after 6 PM Kenyan time are processed on the next business day.
Minimum Deposit: The minimum deposit on Scope Markets is $100 for both Silver Account and Gold Account.
Platforms: Scope Markets uses MT5 trading application which is available on Windows, macOS, Google Play Store, and App Store.
Tradable Instruments: There are about 500 trading instruments on Scope Markets, find the details below:
|Forex||Yes||46 currency pairs (majors and minors)|
|Commodities CFDs||Yes||6 pairs (Gold, Silver, Natural Gas, Crude Oil)|
|CFDs on Indices||Yes||14 Indices (DAX30, ESP35, CAC40, AUS200, etc.)|
|Shares CFDs||Yes||434 shares (including US Shares, France Shares, German Shares and UK shares, etc)|
|ETFs CFDs||Yes||7 ETFs (Vanguard Energy ETF, S&P 500 ETF, etc)|
Scope Markets Pros
Scope Markets Cons
CMA Regulatory license No. & Company Name: PepperStone Kenya has the company name Pepperstone Markets Kenya Limited, which is regulated by the Capital Markets Authority as a non-dealing online foreign exchange broker, with license number 128.
Trading Fees: PepperStone charges trading fees based on the account type, while the Razor Account has lower spread charges and a commission of $7 round turn on each FX trade, the Standard Account charges no commission but instead, there is a 1 pip mark-up i.e. spread on FX pricing. This means that the Bid price will be 5 points lower, and the Ask price 5 points higher.
Average FX spread fees on both account types are:
|Pairs||Razor Account||Standard Account|
|EUR/USD||0.17 pips||0.77 pips|
|GBP/USD||0.59 pips||1.19 pips|
Non-Trading Fees: PepperStone charges no deposit fees, and the withdrawal fees depend on the method used. If you withdraw via bank transfer there is a $20 fee, PayPal and Mpesa withdrawals carry no fee. Withdrawals via Skrill or Neteller are $1.
Deposit Methods & Time: PepperStone accepts deposits via cards credited in 1-4 business days, bank transfers take 2-5 business days, PayPal takes 1-2 days and MPesa is credited instantly.
Withdrawal Methods & Time: PepperStone withdrawals via MPesa are credited instantly, while cards and PayPal take 1-4 business days, withdrawals made to bank accounts take about 3-5 working days for you to receive them. Traders can initiate a withdrawal at any time, withdrawal requests submitted after 9 PM (GMT) are processed in the next business day.
Minimum Deposit: PepperStone does not enforce a minimum deposit, traders can start with any amount. However, due to the margin requirements of trades, clients will generally deposit around $200.
Minimum Withdrawal: Bank transfer withdrawals require a minimum of $80 and $10 for MPesa, PayPal, Skrill, or Neteller.
Platforms: PepperStone uses MT 4, MT 5, and cTrader applications, available to traders on multiple devices (macOS, iOS, Android, Windows, and tablets).
Tradable Instruments: You can trade the following instruments on PepperStone
|Forex||Yes||62 currency pairs (7 majors, 9 minors, 17 exotics, and 29 other crosses)|
|Commodities CFDs||Yes||16 Commodities (Cocoa, Coffee, Orange Juice, Sugar, etc.)|
|Metals CFDs||Yes||5 Metals (Silver, Gold, Platinum, Copper, and Palladium)|
|Energies CFDs||Yes||3 Energies (Spot Crude oil, Spot Brent oil, Gasoline, and Natural Gas)|
|Index CFDs||Yes||23 Indices (US30, GER30, UK100, AUS200, etc.)|
|Shares CFDs||Yes||600+ shares (including US Shares, Australian Shares, German Shares and UK shares, etc)|
|ETFs CFDs||Yes||100+ ETFs (Vanguard Energy ETF, S&P 500 ETF, etc)|
|Currency index CFDs||Yes||3 currencies (US Dollar, Euro, Japanese Yen)|
Pepperstone Kenya Pros
Pepperstone Kenya Cons
CMA Regulatory license No. & Company Name: Exinity Limited is licensed by the Capital Markets Authority in Kenya as Exinity East Africa Limited, a non-dealing online forex broker. Their license number is 135.
Trading Fees: Exinity has only one account type, and charges spread, swaps and a $4 commission per Forex trade lot opened and closed.
Typical spreads for FX majors are:
|XAUUSD (Gold vs US Dollar)||9 pips|
Non-Trading Fees: Exinity does not charge any non-trading fees. Deposits and withdrawals are free of charge.
Deposit Methods & Time: You can deposit to the Exinity Trader account via M-Pesa and Bank Wire which are credited immediately after it reaches the Exinity account. Transfers can be made from any bank to the Exinity bank accounts in Equity Bank and NCBA bank, as long as your bank supports Pesalink.
Withdrawal Methods & Time: Withdrawals can be made via MPesa which are processed instantly or to a local bank in Kenya and funds are received within 24 hours.
Minimum Deposit: The required minimum deposit on Exinity Limited is $50 before you start trading.
Minimum Withdrawal: There is no minimum amount on Exinity Limited, as long as there are funds in your account.
Platforms: Exinity Limited supports the MetaTrader 4 and MetaTrader 5 which is available on all devices for trading, although traders have to register their accounts on the web.
Tradable Instruments: You can trade the following financial instruments on Exinity Limited
|Forex||Yes||19 currency pairs|
|Commodities CFDs||Yes||3 Commodities (UK Brent, UK Crude, and Natural Gas)|
|Metals CFDs||Yes||3 Metals pairs of (Silver, Gold, USD, and EUR)|
|Energies CFDs||Yes||3 Energies (Spot Crude oil, Spot Brent oil, Gasoline, and Natural Gas)|
|CFDs on Stock Market Indices||Yes||11 Indices (US30, Japan225, UK100, Europe50, etc.)|
|Currency Indices CFDs||Yes||6 currencies (AUD, EUR, JPY, USD, GBP, and NZD)|
|Stocks||Yes||30 US Stocks and 16 Kenyan Stocks|
|Stocks CFDs||Yes||For 30 US Stock CFDs and 16 Kenyan Stocks CFDs|
|Share Basket||Yes||5 Shares basket (GreenID, VeganID, etc.)|
Exinity Limited Pros
Exinity Limited Cons
CMA Regulatory license No. & Company Name: Windsor Brokers Kenya has the company name Windsor Brokers Kenya Limited, which is regulated by the Capital Markets Authority as a non-dealing online foreign exchange broker, with license number 156.
Trading Fees: The standard account type named Prime at Windsor Brokers has a spread-only pricing structure. The spreads start from 1 pip while the average spread for EUR/USD is 1.5 pips. The Prime account has no trading commission.
The Zero account has spread as low as 0 pips with a fixed commission of $8 per round trade of a standard lot. This account may not be ideal for retail clients as it requires a minimum deposit of $2500.
Average FX spread fees on both account types at Windsor Brokers are:
|Pairs||Zero Account||Prime Account|
|EUR/USD||0.2 pips||1.4 pips|
|GBP/USD||0.6 pips||1.9 pips|
Non-Trading Fees: Windsor Brokers charges no deposit fees and withdrawal fees for most of the accepted methods. deposits and withdrawals through WebMoney incur a commission of 0.8%. For all other methods, deposits are free and withdrawal has a fixed commission of $3 for each withdrawal.
Minimum Deposit: The minimum deposit amount for the Prime account type is $100 and for the Zero account is $2500.
Platforms: Windsor Brokers uses MT4 trading platform that is available to traders on multiple devices (macOS, iOS, Android, Windows, and tablets).
Tradable Instruments: You can trade the following instruments on Windsor Brokers
|Forex||Yes||44 currency pairs|
|Commodities CFDs||Yes||13 Commodities|
|Metals CFDs||Yes||2 Metals (Silver, Gold)|
|Energies CFDs||Yes||2 Energies|
|Index CFDs||Yes||14 Indices|
|Shares CFDs||Yes||92 shares (including US Shares, Australian Shares, German Shares and UK shares, etc)|
Windsor Brokers Kenya Pros
Windsor Brokers Kenya Cons
You can verify regulated brokers in 3 steps, let us use HotForex Kenya for example, follow these steps to verify their license with CMA:
Step 1) You can use their registered name, or get their license number, the brokers usually display it on the footer section of their website. HotForex’s CMA license number is 155.
Step 2) Visit the CMA website and download the list of licensees.
Step 3) Look for the broker’s name or license number in the ‘Non-Dealing Online Foreign Exchange Broker’ section.
There you are! You have verified the broker’s license.
The first and most important reason is that the regulation makes it legal for the brokers to offer forex trading in Kenya, and it helps to avoid fraud and malpractice.
The Capital Markets Authority (CMA) was incorporated in 1989 to regulate and organize the financial markets in Kenya. However, the first forex broker acquired a license from CMA to offer forex and CFD trading services in 2017.
As of now, 6 forex brokers hold the CMA license to offer leveraged trading services on forex and other capital markets as CFDs.
Regulated Forex Brokers in Kenya are required to follow the guidelines set by CMA, and in case of unfair dealing by a broker, a trader can report to the Regulators for grievance redressal.
If a broker is not licensed then they can cheat you, run away with your hard-earned money, without any legal action possible against that broker to get your money back.
The only way to ensure that your funds are safe is to trade with one of the 6 CMA licensed Non-dealing forex brokers. We have highlighted the important details for the six brokers in this post.
With this information, you can compare the brokers’ fees, platforms, deposit, and withdrawal methods and choose the one that’s right for you.
As of now, there are a total of 7 forex brokers in Kenya that are regulated by the Capital Markets Authority (CMA). All these brokers use no dealing desk market execution technique which means they cannot take part in the trade orders placed by the clients.
Apart from CMA regulations, there are several more aspects that must be considered before opening an account with CMA-regulated forex brokers in Kenya.
Fees: Lower fees are highly advantageous for forex traders. CMA-regulated forex brokers incur trading as well as non-trading fees. Trading fees include spread, overnight charges, and trading commission while the non-trading fees can be inactivity fees, deposit/withdrawal fees, currency conversion fees, etc.
Each CMA-Regulated forex broker in Kenya incurs different fees. Traders must check and compare the fees before opening their accounts.
Trading Platform: Choosing an appropriate trading platform is important as all trading activities will be done on the platform. Traders should be comfortable with the interface, tabs, and features on the trading platform.
Most brokers use third-party trading platforms like MT4, MT5, and cTrader. Some brokers can also have their proprietary trading platform built by themselves. It is better to test the trading platforms through demo accounts before opening live accounts.
|Forex Broker||Regulation||EUR/USD Spread||Maximum Leverage||Minimum Deposit|
FSCA, CySEC, FCA
ASIC, FCA, CMA, CySEC
CMA, FSC, FSRA
0.0 pip + $4 per lot
CMA, FSC, FSRA
All the forex brokers listed in our guide accept MPesa as a payment method for deposit and withdrawal. These include HotForex, FXPesa, Scope Markets, Pepperstone & Exinity.
FXPesa is the best online forex broker in Kenya because it is regulated by CMA, has low fees, is available on all devices, offers multiple trading instruments and payment methods, with responsive customer service support and has an easy-to-use interface.
currently there are only 6 CFD brokers that are regulated under CMA to offer forex and CFD instruments with a max leverage of 1:400. The 6 CMA regulated CFD brokers in Kenya are FXPesa, Scope Markets, Pepperstone, Exinity, HotForex, and Windsor Brokers.
Yes, clients residing in Kenya can trade with a broker that is not regulated by the CMA. However, the third party risk of choosing such a broker will be higher than that of CMA regulated broker in Kenya. Non-CMA regulated brokers can be fake and it is always advisable to trade with CMA regulated brokers in Kenya.
Forex Trading is legal in Kenya if you are trading with a CMA authorized Forex Broker. There are 6 authorized Non-dealing Forex Brokers in Kenya as of January, 2022.