Overview
More people in Kenya are putting their money into the world’s largest and most decentralized market, Forex.
If you don’t use a regulated broker, the inherent risk of forex trading may be increased, despite the many advantages. Regulated brokers ensure that traders have a fair dispute resolution process and that their funds are safe.
In this article we explore the 5 best Forex trading brokers for Kenyans which also offer superb trading conditions and a secure trading environment.
1. Exness
Overview
Established in 2008, Exness has developed fast in the business since its inception and today boasts over tens of thousands of live customers worldwide.
Exness provides a wide range of account types and financial instruments, as well as an FCA and CySEC-licensed regulatory framework, for traders of all skill levels.
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 |
2. FXPesa
Overview
FXPesa provides Kenyan traders with great trading software that is available for both Mac and Windows operating systems. The company is particularly well-known for its highly navigable trading app, which is available for both iOS and Android devices.
Pros and Cons
| Pros MetaTrader 4 available Proprietary trading platform available Good selection of trading assets
| Cons 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 |
3. Pepperstone
Overview
One of the most comprehensive online forex trading experiences can be found at Pepperstone. Fast execution systems, many account kinds, competitive pricing, and multiple platforms (MT4, MT5, and complete cTrader capability) outshine the great majority of forex brokers globally.
Pros and Cons
| Pros
No minimum deposit Low trading fees for forex No added costs for withdrawals or deposits
| Cons
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 |
4. Scope Markets
Overview
The powerful MetaTrader 5 platform is accessible on a variety of devices with Scope Markets, and a wide range of trading instruments in a variety of asset classes are available. In order to get started, you’ll need to have at least $500 in your account, and you’ll have leverage of 1:100 if you’re a professional.
Pros and Cons
| Pros MetaTrader 5 available Excellent educational resources Well-regulated
| Cons 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 |
5. Exinity East Africa
Overview
Exinity is a great platform for any type of trader. Exinity offers a raw spreads as low as 0 pips and a commission-free trading environment that is ideal for manual traders. The Exinity Trader account offers the best trading conditions for algorithmic traders.
Pros and Cons
| Pros Full MetaTrader suite available Negative balance protection provided Multi-regulated
| Cons Cryptos not available
|
Features
| Feature | Information |
| Regulation | CMA, FSRA, FCA |
| Minimum deposit from | $20 |
| Average spread from | 0.5 pips |
| Commissions from | $2 per lot for Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
