The 5 Best Forex Brokers & platforms in Kenya – Comparisons and reviews

If you are based in Kenya and looking to lower your forex trading costs, you should be dealing with user-friendly brokers.

See the list of the best Forex Brokers in Kenya:

Forex Broker:
Review:
Regulation:
Spreads:
Assets:
Advantages:
Open account:
1. RoboForex
RoboForex logo
IFSC
Starting 0.0 pips & $ 4.0 commission per 1 lot traded
9,000+
(50+ currency pairs)
+ Huge variety
+ Micro accounts
+ Free bonus program
+ Leverage up to 1:2000
+ ECN accounts
+ MT4/MT5/cTrader
Live-account from $ 10(Risk warning: 79% of retail CFD accounts lose money)
2. Capital.com
Capital.com logo
CySEC, FCA, ASIC
Starting 0.0 pips variable & no commissions
3,500+
(70+ currency pairs)
+ Best platform
+ TradingView charts
+ MT4
+ Best education
+ Personal support
Live-account from $ 20(Risk warning: 79% of retail CFD accounts lose money)
3. BlackBull Markets
BlackBull Markets logo
FSPR, FSCL
Starting 0.0 pips & negotiable commission per 1 lot
500+
(64+ currency pairs)
+ ECN Broker
+ Deep pool execution
+ High liquidity
+ Best execution
+ Leverage 1:500
+ MT4/MT5
Live-account from
$ 200(Risk warning: 79% of retail CFD accounts lose money)
4. Pepperstone
FCA, ASIC, DSFA, SCB
Starting 0.0 pips & $ 3.5 commission per 1 lot
1,000+
(40+ currency pairs)
+ Fast execution
+ Large FX Broker
+ Good service
+ MT4/MT5/cTrader
+ TradingView Charts
Live-account from
$ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
IQ Option logo
Not regulated
Starting 0.1 pips variable & low commission
300+
(25+ currency pairs)
+ Easy to use
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
+ Low spreads on main trading hours
Live-account from $ 10(Risk warning: Your capital might be at risk.)

This article will introduce you to 5 user-friendly brokers.

They are:

  1. RoboForex
  2. Capital.com
  3. BlackBull Markets
  4. Pepperstone
  5. IQ Option

We present an overview of each below:

1. RoboForex

The official website of the Forex Broker RoboForex

Overview:

  • Minimum deposit – $10
  • License – IFSC.
  • Spreads – starts from 0.0 pip on ECN accounts. 1.3 pips average on a standard account. 
  • Leverage – 400:1 
  • Platforms – MT4, MT5, cTrader, RTrader. 
  • Payment method – Visa, MasterCard, PerfectMoney, Skrill, Bank wire, advCash, and Neteller.

RoboForex is among the most credible brokers with low fees, accepting Kenyan traders. The company is based in Belize and has offices in Europe, including Cyprus, Gibraltar, and New Zealand. 

The company holds licenses from its home country’s IFSC (International Financial Service Commission of Belize).

RoboForex is an award-winning brokerage firm offering access to over 12000 assets in the financial markets.

Kenyan traders can choose from several account types depending on their level and trading style.

RoboForex account types are: 

  • Pro Standard
  • Pro cent
  • Prime
  • ECN
  • RstockTrader

These accounts are offered on RoboForex’s user-friendly proprietary platform, along with the MetaTrader and cTrader.

Traders enjoy low trading costs, with bonuses and rebate programs for high-volume traders. 

RoboForex cons

  • Withdrawal fees apply

Traders have to pay withdrawal fees with this broker. Many competitors do not charge customers for deposits and withdrawals.

(Risk Warning: Your capital can be at risk)

2. Capital.com

The official website of the forex broker Capital.com

Summary:

  • Minimum deposit – $20
  • License – CySEC, FCA, NBRB.
  • Spreads – from 0.6 pips
  • Leverage – 200:1
  • Platforms – MT4, Capital.com app.
  • Payment methods – PayPal, Apple Pay, SoFort, Visa, MasterCard, Maestro, and Bank wire.

Capital.com is a London-based forex and CFD broker established in 2016.

The brokerage company offers the opportunity to trade various instruments, such as forex pairs, indices, commodities, cryptocurrencies, stocks, and CFDs.

Capital.com is regulated in the United Kingdom by the Financial Conduct Authority, FCA. The broker also holds a license from the Cyprus regulatory authority, CySEC, and the National Bank of Belarus, NBRB. 

National Bank of Belarus logo

The broker offers easy-to-use trading platforms suitable for both novice and skilled traders. Its low minimum deposit and competitive fees make the company attractive to Kenyan traders. 

Trading accounts are commission-free here. There are no deposit or withdrawal charges. Swap fees only apply to the leverage offered, not the trader’s investment. 

Capital.com offers quality education and market research materials valuable for good trading decisions. Its support service is ever available on weekdays. Traders can reach them by phone, email, or live chat on its website. 

Capital.com demerits

  • No free VPS service

Capital.com does not provide free VPS for its active traders as its competitors do.

(Risk warning: 79% of retail CFD accounts lose money)

3. BlackBull Markets 

The official website of the Forex Broker BlackBull Markets

Summary:

  • Minimum deposit – $200
  • License – FMA, FSA.
  • Spreads – start from 0.1 pip on the prime account.
  • Leverage – 400:1
  • Platforms – MT4, MT5, WebTrader.
  • Payment method – Visa, MasterCard, Fasapay, Skrill, Neteller, Unionpay, and Bank wire.

BlackBull Markets is a trusted and respected forex and CFD broker based in New Zealand. The company has offices in the United Kingdom, New York, Jakarta, and Malaysia. 

BlackBull Markets operate with a license from the New Zealand Financial Markets Authority (FMA) and the Financial Service Authority of Seychelles (FSA).

The company is an authentic ECN broker, offering traders direct access to a large liquidity pool. The implication is that orders are matched with the best prices and executed with great speed. 

The broker offers a zero spreads account with a highly competitive commission. Traders enjoy a selection of useful trading tools, including free VPS and copy trading. 

BlackBull Markets provide dedicated account managers to each customer. Its support service is available round the clock on weekdays. Traders in some parts of the world have a toll-free line to reach customer service. Support is also available via live chat and email. 

The disadvantage of BlackBull Markets

  • The minimum deposit is high

The minimum deposit could be lower, as many reputable brokers allow customers to trade with much lower funds.

(Risk Warning: Your capital can be at risk)

4. Pepperstone

The official website of the Forex Broker Pepperstone

Overview:

  • Minimum deposit – $0
  • License – FCA, ASIC, CySEC, FSCA, CMA.
  • Spreads – Average spread is 0.9 pips on the Razor account. 
  • Leverage – 400:1
  • Platforms – MT4, MT5, cTrader 
  • Payment method – PayPal, Bank wire, Mpesa, BPol, Visa, MasterCard, Neteller, Skrill, and POLi.

Pepperstone is a globally recognized broker offering forex and CFD trading services. The company was founded in 2010 in Australia and now has a presence in many parts, including Kenya.

The company is among the most trusted and well-regulated in the industry. It holds several licenses from top-rated and globally recognized financial bodies. Pepperstone is also approved and licensed by Kenya’s Capital Markets Authority, CMA.

Pepperstone offers ECN trading services on various markets, such as currencies, commodities, shares, and indices.

The broker’s fees are among the most competitive, combined with world-class trading services offered on the MetaTrader and cTrader.

The average spread on its standard account is 1.0 pip on major crosses. An attractive offer for a multi-regulated ECN broker. 

Research and education content on its platform are well-structured to help all levels of traders succeed. Its support service is among the best, and Kenyans can seek in-office service from Pepperstone. 

Pepperstone drawback

  • Relatively limited time for the free demo

The broker offers 30-day access to its free demo. Other reputable brokers offer an extended time longer than this.

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

5. IQ Option

The official website of the forex broker IQ Option

Overview:

  • Minimum deposit – $10
  • Spreads – Average spread is 1.4 pips on majors.
  • Leverage – 1:500
  • Platforms – IQ Option app
  • Payment method – Bank wire, Visa, MasterCard, Mpesa, WebMoney, Bitcoin, advCash, PerfectMoney, Skrill.

IQ Option is based in Saint Vincent and the Grenadines, offering forex and binary options trading services.

The brokerage firm appeals to beginners because of its extremely user-friendly platform and low minimum deposit. 

The IQ Option app provides access to binary options and other financial instruments on the same interface. Traders can invest as low as $10 for a start. 

Disadvantages of trading with IQ Option

  • 2% withdrawal fee starting from the 2nd withdrawal per month
  • Limited education content

The broker provides ONLY a few video tutorials with no research content. Traders have to seek more information for their analyses outside its platform.

(Risk warning: Your capital might be at risk.)

What are the financial regulations in Kenya?

Kenya is among the African countries where forex trading is well accepted and popular. So far, the country estimates that nearly 100,000 of its citizens trade forex online with different brokers.

Indeed, the market is attractive for brokers as more people seek ways to increase their income and are learning about forex.

As forex trading grows more popular, the head Financial authority now sees a need to regulate the sector properly.

The Capital Markets Authority (CMA) regulates financial institutions such as forex and CFDs trading services.

CMA logo

The body requires forex brokers to obtain their license before operating WITHIN the country. 

Though brokers operating from outside Kenya do not need this license to accept Kenyan traders.

Kenyan traders are, therefore, not allowed to trade with any unregulated broker within the country.

The CMA also cautions online forex traders against unregulated brokers outside Kenya. Warning them of the risk of losing their funds. 

An important part of CMA’s new regulations is that Kenyans and forex traders based in Kenya can only access leverage up to 1:20. Brokers are not allowed to offer more than this to Kenyan traders.

Security for Kenyan traders

Many brokers accept Kenyan traders from all over the world, including Kenya.

If Kenyans wish to trade with a broker present in the country, they must ensure this broker holds a CMA license. Pepperstone is among the CMA-licensed brokers in Kenya.

Traders who prefer brokers outside Kenya must seek ones with a license from a well-known financial body. That way, they protect themselves from fraud.

Some of these financial bodies are:

  • FCA, United Kingdom.
  • FSCA, South Africa.
  • ASIC, Australia. 
  • FMA, New Zealand. 
  • FSA, Seychelles. 

A broker with these licenses operates under strict regulations and best practices. Traders’ funds are safe with these.

Is it legal to trade forex in Kenya?

Yes, it is absolutely legal. If trading with a broker inside Kenya, the customer must ensure the broker holds a CMA license.

(Risk warning: 79% of retail CFD accounts lose money)

How to trade forex in Kenya – A detailed guide

To trade forex in Kenya, you need first to get reliable internet service and an internet-enabled device. It can be an Android phone, if not a computer.

After this, you have to choose a reputable broker. Remember that your broker must have a license from the CMA if they have an office in Kenya.

A reputable broker must have the following:

  • One or more licenses from a globally known financial body.
  • Competitive trading fees
  • 24-5 reachable customer support service.
  • Free demo.
  • Popular payment methods are available in Kenya.

Look out for these major details before signing up with the broker. 

Kenya Flag

Below are easy steps to trading forex in Kenya:

1. Open an account for Kenyan traders

RoboForex registration

Visit the broker’s website to get a forex trading account. The web address should take you to a site for Kenyan traders since you are based in Kenya.

Click on the Signup tab on the broker’s landing page and fill out the form that appears. Your name and email may be required at first.

Once you enter these two pieces of information, the broker sends a verification link to the email you provided within minutes. 

Clicking on this link verifies that the name and email are accurate. The link also redirects you to a page where you may have to input further details the broker requires.

The broker might request that you upload an ID and proof of address to complete the registration. 

2. Start with a demo or real account 

Real or demo account

Many brokers offer a free demo account so that new customers can test their platforms before starting. 

All the brokers we recommend offer free demo accounts for at least 30 days.

You can practice trading with these accounts if you’re new. You can also test your strategies on the demo if you’re switching brokers.

It is advisable for new traders to always practice with a demo before starting live trades. It lets them know what the forex market is like before diving in.

After testing with a demo account, you can then proceed to the next stage.

3. Deposit funds in the trading account 

Depositing funds with RoboForex

The broker should provide easy payment methods that are available in Kenya.

Some recommended brokers in this article accept payments through MPESA. This method is widely used to ease Kenyans’ deposit and withdrawal process. 

Other popular payment methods available in Kenya are PayPal, Visa, MasterCard, and bank transfers. 

Respected brokers usually assign support personnel to new clients to help them initially. The staff will help you through your first deposit. 

The money you transfer should be credited to your account within minutes. Brokers hardly charge a deposit fee. But the payment service provider may take a small fee for their service.

Notice:

The payment methods depend on your country of residence. Forex Brokers offer all kinds of methods separately for each country.

4. Use analysis and strategies 

RoboForex analysis center

Traders have to conduct market analysis and plan their approach before trading.

Conducting market analysis on the pair you wish to trade will help you understand its price history and current direction. It would help you make better trade decisions and profit from the pair.

Successful traders are always carrying out analyses and devising effective strategies with them.

Below, we explain two crucial analyses that should precede trading:

Fundamental analysis 

Fundamentals in forex refer to economic factors that affect the currencies’ price. These include the country’s gross domestic product, interest rate, inflation, political condition, etc. The trader has to examine these elements and understand how they cause the price to rise or fall.

Technical analysis 

Brokers provide technical indicators that show trading opportunities based on patterns in the market. Traders use these tools to identify these price patterns so that they can see the best entry and exit points in the market. Technical analysis requires knowledge of how to use these indicators. Fortunately, there’s a wealth of information on the internet explaining various trading tools. Most brokers also offer educational materials on this to help their clients.

After conducting these analyses, the trader should research different effective techniques to trade the market successfully.

There are various trading strategies, and all have different time frames. The trader needs to first determine their trading style before selecting an approach. 

Consider how often you want to trade the market and how long you wish to engage in forex trading each day when choosing a strategy.

RoboForex tools

Popular forex trading strategies:

Scalping

Scalping is a day trading approach in which the trader tries to profit from tiny price movements in the market.

The trader opens and closes trades often with this style because transactions must be completed within minutes.

This strategy requires the trader to dedicate a specific time of day and stay glued to their system to monitor trades. But the traders get to carry out several transactions in a day. The profit for each trade is usually tiny. However, if all are successful, the money can accumulate to something reasonable at the day’s end.

Positional trading strategy 

Positional trading is a long-term trading approach. The trader seeks to benefit from trends that go on for long periods. So they conduct deep fundamental analysis and can anticipate the price directions within the periods they choose to hold their trades. Positional trading only works for long-term trends. It requires leaving the trade open for extended periods, between a few weeks to months. 

News release trading

Trading news releases involves paying close attention to the news and placing trades based on released information. The idea is that the market reacts to every new information, causing prices to shift in a specific direction.  

Traders using this strategy must understand how market sentiments change with new information. That is how they can anticipate the next price direction and place winning trades.

RoboForex calendar

5. Make a profit

The sole goal of forex trading for most people is to make a profit, just like other business ventures. So, the trader must combine the most effective strategy with timing and good low-cost brokerage service to achieve this goal. Many traders start earning within a few weeks of trading. Some add the profits to their capital to trade bigger contract sizes. 

Withdrawing the profit is another option. If you wish to withdraw, it is advisable to use the payment method you credited your trading account with. 

Withdrawals should be straightforward, depending on the broker. And you should receive your funds in your account between a few hours to 2 days at most. It all depends on the broker and how quickly they process the transfer.

Note that the broker may further delay your withdrawal if your registration process is incomplete. 

(Risk warning: 79% of retail CFD accounts lose money)

Final thoughts: The best Forex Brokers are available in Kenya

Forex trading is legal in Kenya, and the sector is well-regulated. Customers based here should seek regulated brokers to trade safely. We recommend choosing a flexible broker that suits your style at competitive pricing. It should be easy to make the best choice with our list above.

  1. RoboForex
  2. Capital.com
  3. BlackBull Markets
  4. Pepperstone
  5. IQ Option

FAQ – The most asked questions about Forex Broker Kenya:

Is forex trading possible for traders in Kenya?

Yes, traders in Kenya can trade forex without second thoughts. The regulating agencies in Kenya allow traders to trade forex and several other underlying assets to help them make money. The traders can enjoy many features on the forex trading platform operating in Kenya. The five brokers discussed offering top-notch trading facilities to traders.

How long does fund withdrawal take from my forex trading account in Kenya?

The time required for fund withdrawals varies from brokerage to brokerage. Mostly, the brokers take 2 days to process your withdrawals. For fast withdrawals, Kenyan traders can choose one of these five brokers. They have a processing time of fewer than 24 hours. Besides, the type of withdrawal method you choose also decides the duration for which a trader has to wait to receive his funds. 

Do Kenyan forex brokers provide a demo account?

You can access a demo account if you sign up with BlackBulls Markets, IQ Option, Pepperstone, RoboForex, and Capital.com. The FX demo account is offered for 30 days. You won’t be charged any money by these firms to utilize the forex demo account. Rather, they offer you $10,000 in virtual currency in your demo accounts. Beginner forex traders can use this virtual currency to build trading basics.

Last Updated on March 3, 2023 by Arkady Müller