Top 10 Best Forex Brokers in Kenya
Here is a list of the Top 10 Best Forex Brokers in Kenya. All of these brokers are regulated by The Capital Markets Authority (CMA). Also, these brokers are reputable and offer traders a wide range of instruments or currency pairs such as EUR/USD, USD/CHF and NZD/USD
In no particular order, here is a list of the Top 10 Forex Brokers in Kenya.
FXPesa
FXPesa is arguably one of the Best Forex Brokers in Kenya with Mpesa. The company has a physical office that can be found along Waiyaki Way on the 12th floor of Tower 2 Delta Corner Towers.
One of the best things about this forex broker is that it offers a leverage of 1:400. Primarily, this means that traders can trade as much as $400 for every dollar that they deposit.
Another good thing about FXPesa is that deposits take a very short time to reflect and withdrawals are instant.
The Minimum deposit for FXPesa is KES 500
FX Pro
FXPro is a forex broker in Kenya with Mpesa. Its minimum deposit is KES 2,000. At the moment, it is one of the Best Brokers in Kenya because it offers traders a choice of more than 70 trading instruments and 100+ contract for differences (CFDs)
Another good thing about FXPro is that it that is has a leverage of 1:500. This means that traders can trade $500 for every deposited dollar.
FXPro is located in London, England, United Kingdom .
PepperStone
PepperStone is a regulated and licensed forex broker with Mpesa. It offers traders a chance to trade with a leverage of 1:400 for Forex. Asides from being regulated by CMA, it is also regulated by the Financial Conduct Authority (FCA) in London and The Australian Securities and Investments Commission (ASIC)
Generally, PepperStone is one of the Best Forex Brokers in Kenya because its Lowest EUR/USD Spread is 0.6
Another good thing about PepperStone is that it offers traders a chance to trade more than 60+ currency pairs and over 400+ CFDs
XM Forex
XM Forex is one of the most popular Forex Brokers in Kenya. This brokers offers traders a chance to trade more than 57 currency pairs and over 1,000 CFD’s. Amazing, right?
XM Forex is also an outstanding forex broker with Mpesa because it offer trades low spreads of 0.8 pips.
XM Forex is not regulated in Kenya but it is regulated by the Cyprus Securities and Exchange Commission and The Australian Securities and Investments Commission (ASIC)
Minimum deposit at XM Forex is $5 and the leverage is 1:888
Scope Markets
Scope Markets is an Mpesa Forex Broker that has a physical address in Kenya. The broker can be found on the fourth floor of Westside Towers along Lower Kabete Road.
At the moment, this broker offers traders a chance to choose 96 currency pairs and over 30+ other CFDs on metals, indices to trade.
Another amazing thing about Scope Market is that it is regulated by the The Capital Markets Authority (CMA) and it has a leverage of 1:400
On the downside, Scope Markets has high spreads of up to 1.1 Pips.
Exness
Exness was founded in the year 2008 by Petr Valov, and Igor Lychagov. The financial broker is regulated by The Capital Markets Authority (CMA), Cyprus Securities and Exchange Commission, and The Financial Conduct Authority (FCA)
One outstanding thing about Exness that makes it one of the Best Forex Brokers in Kenya is that it offers traders a high leverage. Upon checking their website, Exness has a leverage of 1:2000
Having a leverage ratio has its own risks but the benefits are unmatched!
A ratio of 1:2000 can increase your profits by great margins even if you have a small investment.
Point to Note: Ensure you exercise discipline and caution while trading with a broker that offers high leverage ratios as an increase profits may also mean increased risks.
FXTM
FXTM is a regulated forex broker in Kenya. It is regulated by the CMA and it accepts payments using means such as Mpesa.
FXTM is an acronym or abbreviation for the words ForexTime.
The minimum deposit for FXTM is $10 (Cent account). However, the standard account requires one to deposit at least $100.
One of the best things about this broker is that account opening is very easy and fast. On average, it takes less than 10 minutes to open an account, start trading and make money.
On the downside, FXTM has very high spreads. It has a spread of 1.5 pips for the EUR/USD currency pair. Another con is that FXTM has high trading fees and there is no local phone number that is dedicated for Kenya.
Hot Forex
Hot Forex is among the Best Forex Brokers in Kenya because it has one of the lowest spreads. To be specific, it has a spread of 0.1 Pips. Amazing, right?
Another good thing about Hot Forex is that it is regulated by multiple forex brokers. Hot Forex is regulated by The Capital Markets Authority (CMA), The Financial Conduct Authority (FCA), The Financial Sector Conduct Authority, and The Cyprus Securities and Exchange Commission.
The bare fact that this forex broker is regulated by multiple brokers is a clear sign that Hot Forex is a reputable and credible forex broker.
When it comes to currency pairs and CFDs, Hot Forex offers traders a chance to choose over 53 pairs and over 100 CFDs
AvaTrade
AvaTrade was founded in the year 2006 by Sari Hemmendinger. It provides traders with a chance to trade CFDs on FX, Stocks, Commodities, Crypto, Indices & Options.
According to Trust Pilot, this forex broker has a rating of 4.6 after more than 8,000 Google Reviews. One of the main pros about AvaTrade is that it offers traders tight spreads, no commissions and instant execution.
On the downside, AvaTrade has very high inactivity fees. After 3 months of dormancy, traders are charged $50
Fusion Markets
Fusion Markets is an Australian Forex Broker that is regulated in Kenya. It has a physical office that can be found along 33 Muthithi Road.
Generally, Fusion Markets is among the Best Forex Brokers in Kenya because it offers zero spread trading, has no minimum deposits and offers traders over 100 products to trade.
