Investment in the world’s largest and most decentralized market, foreign exchange, is becoming more popular in Kenya.
If you don’t use a regulated broker, the inherent risk of forex trading may be increased, despite the many advantages. Strict rules and regulations assure fair dispute resolution and the safety of traders’ funds.
These five Forex brokers registered by the CMA will make it easier for traders to begin their trading career in a safe and secure atmosphere says Louis Schoeman from Forexbrokers.ke.
1. Pepperstone
Overview
When compared to other CFD brokers, Pepperstone has received the most positive feedback about its client service.
When using Pepperstone’s basic account, which is compatible with both MetaTrader 4 and MetaTrader 5, traders in Kenya can take advantage of some of the smallest no-commission spreads available.
Pros and Cons
| Pros No minimum deposit low trading fees for forexNo added costs for withdrawals or deposits | Cons A limited number of instruments. No additional research tools |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | AUD200 |
| Average spread from | 0.4 pips |
| Commissions from | $3.76 commission per lot per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
2. Exness
Overview
Those who live in Kenya can trade currencies, commodities, and cryptocurrencies at Exness. Confidence is built in traders of all skill levels due to the high level of regulatory oversight and the efficient trading environment at Exness.
Forex market participants have the option of trading on MT4 or MT5 platforms, as well as a navigable online platform and mobile execution.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
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3. Scope Markets
Overview
Scope Markets is a global forex and CFD broker that holds a diverse range of licenses and is subject to a high level of government regulation.
Regular and institutional customers can take advantage of the broker’s vast choice of financial products, which include leveraged derivatives and spot equities, among other things.
Pros and Cons
| Pros | Cons | |
| MetaTrader 5 availableExcellent educational resources well-regulated | Demo account not currently available |
Features
| Feature | Information |
| Regulation | CMA, CySEC, FSCA |
| Minimum deposit from | $500 |
| Average spread from | 0.9 pips |
| Commissions from | Variable |
| Deposit/Withdrawal Fees | $35 per withdrawal |
| Maximum Leverage | 1:30 retail/1:100 professional |
| Bonuses | None |
| Customer Support | 24/5 |
4. Forextime
Overview
Forextime, or FXTM, will be beneficial to a large number of novice traders in Kenya. FXTM offers a Micro Account with a low minimum deposit, an excellent copy trading platform, and a wide range of educational resources in both video and written formats, among other features.
Through its daily market research, you may learn about the Forex market’s real-world impact on news events, as well as where trading opportunities may exist in the future.
Pros and Cons
| PROS | CONS |
| Superb customer service | Inactivity and withdrawal fees |
| High maximum leverage | Limited product portfolio |
| Great educational tools |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission |
| Deposit/Withdrawal Fees | $3 |
| Maximum Leverage | 1:500 on average |
| Bonuses | $300 Trading Bonus |
| Customer Support | 24/5 |
5. FXPesa
Overview
FXPesa is a well-known Kenyan forex and CFD brokerage firm. Forex pairings, indices, commodities, and stocks are just a few of the financial instruments available through this broker.
FXPesa also offers access to a greater number of currencies than many of its competitors, making it a compelling option for prospective foreign exchange traders.
Pros and Cons
| Pros | Cons |
| MetaTrader 4 available Proprietary trading platform available Good selection of trading assets | Not the tightest spreads in the industry |
Features
| Feature | Information |
| Regulation | CMA |
| Minimum deposit from | $5 |
| Average spread from | 1.4 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | 1% on e-wallets |
| Maximum Leverage | 1:400 |
| Bonuses | 30% deposit bonus |
| Customer Support | 24/5 |
