Best Forex Brokers in Kenya 2025 [CMA]

Traders who reside in Kenya can trade with the brokers that are regulated by the Capital Markets Authority (CMA), which has oversight on Forex brokers' activities and gives them official licenses to provide currency trading services (with a maximum leverage cap of 1:400).

Brokers that offer services in this region often provide Swahili-language support paired with trading accounts that operate in Kenyan Shillings. This helps traders to deposit and withdraw funds from their brokers via local banks with no international money transfer hassles.

		IC Markets	Study Review	Sign up
		XM Group	Study Review	Sign up
		Exness	Study Review	Sign up
4		HFM	Study Review	Sign up
5		Fusion Markets	Study Review	Sign up
6		AvaTrade	Study Review	Sign up
7		Pepperstone	Study Review	Sign up
8		OctaFX	Study Review	Sign up
9		Scope Markets	Study Review	Sign up
10		Global Prime	Study Review	Sign up

Trustpilot Ratings of Forex Brokers in Kenya 

The table below helps traders compare the Trustpilot ratings of these top brokers that are favored by most Kenyan traders.

Forex Brokers in Kenya Comparison Based on Minimum Spreads

Trading fees, including commissions, spreads, swaps, currency conversions, etc. They are the most important factor that traders must consider when choosing a Forex broker. Here are the trading fees of reputable Forex brokers in Kenya:

Kenya Forex Brokers Comparison Based on Non-Trading Fees

The top Forex brokers in Kenya provide a no-fee and commission environment for traders to attract new users and fresh capital to grow thier ecosystem. Here's a comparison of non-trading fees in the well-known Forex brokers in Kenya.

Variety of Instruments in Forex Brokers in Kenya 

The availability of various tradable symbols and markets, including Forex, cryptocurrencies, metals, commodities, ETFs, bonds, stocks, indices, etc. allows traders to diversify their portfolio when trading with the brokers that offer services in Kenya.

Top 8 Forex Brokers in Kenya

Reliable Forex brokers for the Kenyan market are expected to offer competitive trading fees, flexible account structures, a wide range of trading platforms, and responsive client service. Traders in Kenya typically look for brokers that operate transparently, support local payment methods, and comply with recognized regulatory standards, whether domestic or international.

In the sections below, we take a closer look at the leading Forex brokers that serve Kenyan traders, examining their key features, trading conditions, and overall suitability for different trading styles.

Exness

Established in 2008, Exness operates as a global forex and CFD broker with multiple regulated entities, including Exness (KE) Limited, which falls under the oversight of the Capital Markets Authority (CMA) of Kenya.

Exness supports trading across major markets such as Forex, indices, commodities, cryptocurrencies, and stocks, with access to MT4 and MT5 platforms via the Exness dashboard.

The broker offers multiple account types, including Standard, Standard Cent, Pro, Raw Spread, and Zero, accommodating a wide range of trading styles and Exness deposit and withdrawal methods, including cryptocurrencies, bank cards, and electronic wallets.

Additional features such as negative balance protection, swap-free trading on selected instruments, and flexible leverage conditions contribute to its overall profile for all traders who complete the Exness registration.

Exness Pros and Cons

The table below outlines the key advantages and disadvantages of Exness for Kenyan users.

IC Markets

IC Markets KE is the entity that provides services to the Kenyan traders. The broker supports trading across Forex CFDs, Index CFDs, Commodity CFDs, Crypto CFDs, Bond CFDs, and an extensive range of Stock CFDs, exceeding 2,100 equities.

Account structures include Standard, Raw Spread, and Islamic accounts, each designed to suit different trading styles such as discretionary trading, scalping, and algorithmic strategies.

The minimum deposit is set at $200, with a minimum trade size of 0.01 lot.

Pricing varies by account type, with Standard accounts offering commission-free trading and raw spread accounts featuring spreads from 0.0 pips plus fixed commissions. Swap fees apply depending on the instrument, with defined rollover schedules. traders This broker allows traders to use the IC Markets rebate program to lower trading costs up to 3$ per lot for major Forex pairs.

Pros and Cons of IC Markets for Kenyan Users

The following pros and cons summarize IC Markets' key strengths and limitations.

XM Group

XM Group is often reviewed in roundups of the best Forex brokers in Kenya because Kenyan residents can typically access its services via the broker’s international setup, even though XM does not hold a CMA license.

Established in 2009, the broker offers multi-asset CFD coverage across Forex, commodities, indices, shares, cryptocurrency, and precious metals, with more than 55 currency pairs and 1,200-plus stock CFDs depending on the platform.

Traders can earn passive income by using this brokerage service, including the XM Group copy trading feature with a minimum investment amount of just $50.

Trading is MetaTrader-based through MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the XM Mobile app for all traders who have completed the XM Group verification, with features tied to MQL5 Signal Service and Expert Advisors (EAs).

Account options include Micro, Standard, Ultra Low Standard, Shares, and Demo, with a $5 minimum deposit. Maximum leverage reaches 1:1000, while margin call and stop out levels sit at 50% and 20%.

Traders who face problems during the XM Group registration process can contact the support team via live chat, email, or phone call 24/7.

XM Group Pros and Cons

Here are some of the pros and cons of trading with XM Group as Kenyan trader.

Pepperstone

Pepperstone is commonly assessed among the best Forex brokers in Kenya because it operates through a Kenya-focused arm under the Capital Markets Authority (CMA) while maintaining a broad global compliance setup.

Active traders often look at its daily flow metrics, including an average of $9.2B in daily volume and a client base exceeding 400,000, to gauge scale and liquidity conditions and decide to open an account by compliting the Pepperstone registration process..

The broker supports 10 base currencies, including AUD, USD, GBP, JPY, EUR, CAD, CHF, NZD, SGD, and HKD, which can matter for account funding and reporting.

Pepperstone provides two core account types, Standard and Razor, with access to MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView, and a proprietary platform.

Pricing differs by account type, with Razor using raw spreads from 0.0 pips plus a commission model, and Standard relying on spread-only pricing. Traders can also use the Pepperstone rebate program to decrease their trading costs.

Pepperstone Pros and Cons

The table below is the key factors that traders must consider before choosing Pepperstone as their broker.

HF Markets

HFM, also known as HF Markets, has operated since 2010 and reports more than 2,500,000 live accounts, with client support available in 27 languages.

Trading access covers Forex, metals, commodities, indices, cryptos, ETFs, bonds, stocks, and energies, with floating spreads that can start from 0.0 pips on the Zero model and commission-free Forex pricing on most other accounts.

Account choices include Cent, Zero, Pro, and Premium, alongside Islamic availability and investment features such as PAMM-style management and HFM copy trading.

Platforms include MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a mobile app, supported by tools like Autochartist, SMS market notifications, VPS, calculators, and an economic calendar are accessible after HFM registration.

Funding methods available for all the traders who have completed the HFM verification process include wire transfer, cards, e-payments, and crypto, while inactivity fees can apply after prolonged dormancy. Keu details about this broker.

HFM Pros and Cons

Like any other Forex broker, HFM also has its own pros and cons. Here are the key factors Kenyan traders must consider:

Fusion Markets

Fusion Markets is a cost-focused Forex and CFD broker founded in 2019 by Phil Horner, designed for traders who prioritize ultra-low trading expenses and fast execution.

This brokerage is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC), combining a Tier 1 and Tier 3 regulatory structure. These entities require all traders to complete the Fusion Markets verification to comply with AML and KYC laws.

Fusion Markets is widely recognized for its zero minimum deposit policy, raw spreads from 0.0 pips, and commission-free trading on Classic accounts.

It supports professional-grade platforms such as MetaTrader 4, MetaTrader 5, cTrader, and TradingView, alongside advanced features like copy trading, MAM accounts, VPS hosting, and algorithmic trading support in the Fusion markets dashboard.

With leverage up to 1:500, over 250 tradable instruments, and no deposit or withdrawal fees, Fusion Markets positions itself as a competitive option for active traders, scalpers, and cost-sensitive market participants.

Fusion Markets Pros and Cons

Before choosing Fusion Markets as your preferred Forex broker, we suggest considering the following pros and cons.

Scope Markets

Scope Markets is a multi-asset broker launched in 2014 under Rostro Group, offering 40,000-plus tradable instruments across Forex, Metals, Energies, Indices, Shares, Fractional Stocks, Futures market, and Commodities.

From a regulatory perspective, the brand operates through RS Global Ltd under the Financial Services Commission of Belize (FSC, license 000274/325) and also maintains an EU route via SM Capital Markets Ltd, regulated by CySEC.

The Scope Markets dashboard provides various features, including internal transfers, Forex market hours, deposit and withdrawal option, and and access to the ticketing system.

Leverage can reach 1:1000 under the Belize entity, while EU conditions cap leverage at 1:30, which traders must consider during the Scope Markets registration process.

The product set includes real stock investing through the Scope Invest account, where fractional shares can be accessed with a minimum budget of $50, and a cashback model via the Scope Elite account with rebates up to $8 available after completing the Scope Markets verification.

Pros and Cons of Scope Markets Broker

Kenyan traders must consider the following benefits and limitations before choosing Scope Markets as their broker.

OctaFX 

OctaFX operates as a global Forex and CFD broker that has provided online trading services since 2011, serving millions of clients across more than 180 countries.

Traders who complete the OctaFX registration can access to multiple asset classes, including Forex, cryptocurrencies, indices, metals, energy instruments, and stock CFDs, while applying an ECN/STP execution model focused on market execution rather than dealing desk intervention.

OctaFX supports MetaTrader 4, MetaTrader 5, and its proprietary OctaTrader platform, alongside copy trading via OctaFX Copy Trading.

Account structures remain commission-free, with floating spreads starting from 0.6 pips and a relatively low minimum deposit requirement of $25. Leverage availability varies significantly by jurisdiction, ranging from EU retail limits to higher ratios under offshore entities.

Various OctaFX deposit and withdrawal methods are available to traders, including cryptocurrencies, bank cards, and electronic wallets with a minimum amount of just $50.

OctaFX Pros and Cons

Here are the benefits and drawbacks of choosing OctaFX as your primary Forex broker.

Is Forex Trading Legal in Kenya?

Forex trading is legal in Kenya, provided it is conducted under the country’s formal regulatory framework. The market is supervised primarily by the Capital Markets Authority (CMA Kenya), with additional oversight coordination from the Central Bank of Kenya (CBK).

In response to the growth of online Forex trading, these institutions have issued public notices and enforcement actions since 2020 to curb the activities of unlicensed brokers operating outside the Capital Markets Act.

Legally operating forex brokers must obtain authorization from CMA Kenya and comply with regulatory obligations tied to investor protection and financial integrity.

Which Financial Authority Regulates Forex Brokers in Kenya?

Forex brokers in Kenya operate under the supervision of the Capital Markets Authority of Kenya (CMA Kenya), the statutory regulator established by the Capital Markets Act (Cap 485A).

CMA Kenya, as a tier-2 regulatory body based on TF score, functions as an independent public agency responsible for regulating, licensing, and supervising capital market activities, including online forex trading, securities dealing, derivatives, and commodities markets.

Forex brokers offering services to Kenyan residents must either hold a CMA-issued license or operate under a regulatory structure explicitly approved by the Authority.

Investor protection is reinforced through multiple entities and systems, including collaboration with the Central Depository and Settlement Corporation (CDSC), public alerts on unlicensed entities, and anti-corruption oversight.

CMA also supports transparency through digital services, policy publications, and continuous market surveillance.

What are the Best Forex Brokers Regulated by the CMA Financial Authority?

The table below contains details about the top brokers that are licensed and regulated by the Capital Markets Authority in Kenya.

Visit the CMA Forex Broker Licensees page to see a full list of regulated brokers.

Do I Pay Taxes on My Forex Trading Gains in Kenya?

When Forex trading generates regular, recurring profits, the Kenya Revenue Authority (KRA) may classify those earnings as taxable income, especially if trading activity resembles a business or professional operation.

For Forex traders, this typically becomes relevant when profits are:

• Withdrawn consistently from Forex brokers into Kenyan bank accounts or mobile money services;
• Generated through frequent trading activity rather than occasional speculation;
• Treated as a primary or secondary source of livelihood.

In such cases, Forex trading profits may fall under individual income tax, not PAYE, but self-declared income filed through the KRA iTax system.

Traders are required to file annual income tax returns between 1 January and 30 June of the following year, even if no income was earned, in which case a NIL return applies. Here are the individual tax rates in Kenya:

What is the Maximum Leverage in Kenya?

Under the current regulatory framework, locally licensed forex brokers are generally required to cap leverage at 1:400 for retail clients.

This limit aligns with CMA’s investor protection mandate under the Capital Markets Act and applies to margin trading offered within Kenya.

Factors to Consider When Choosing the Best Forex Broker in Kenya

Considering the following factors help traders choose the best Forex trading broker based on their experience level, trading capital, and risk tolerance:

• Regulatory Authorization & Jurisdiction: Verify that the broker is licensed by credible regulators such as the Capital Markets Authority (CMA Kenya) or internationally recognized bodies like the FCA, ASIC, or FSCA;
• Market Access & Tradable Instruments: Assess the range of available markets, including Forex pairs, CFDs on indices, commodities, metals, and equities;
• Trading Platforms & Execution Infrastructure: Prefer brokers offering robust platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), or proprietary web terminals with low-latency execution, stable pricing feeds, and access to deep liquidity pools;
• Pricing Model & Trading Costs: Analyze spreads, commissions, swap rates, and execution models (STP, ECN, or hybrid);
• Account Structure & Funding Flexibility: Examine account types, minimum deposit requirements, base currency options, and funding methods. Support for local payment systems and segregated client accounts improves accessibility and financial security;
• Client Protection & Operational Transparency: Ensure the broker applies client fund segregation, negative balance protection, and internal compliance policies aligned with anti-money laundering (AML) and know-your-customer (KYC) standards;
• Education, Research & Support Services: Consider the availability of educational resources, economic calendars, market analysis tools, and responsive customer support channels.

Forex Brokers Supporting M-PESA in Kenya

M-PESA is a mobile money ecosystem introduced in Kenya in 2007 by Safaricom, designed to facilitate peer-to-peer transfers, merchant payments, and access to digital financial services via mobile phones. Due to its nationwide agent network and integration into daily financial activity, M-PESA has become a practical funding channel for online Forex trading in Kenya.

Forex Brokers Supporting M-PESA in Kenya:

• HFM: Operates with local payment options in Kenya, allowing M-PESA transactions alongside access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms;
• Scope Markets (Kenya): Supports M-PESA payments through its local operations and holds regulatory authorization from the CMA;
• FXPesa: A Kenya-based broker regulated by the Capital Markets Authority of Kenya (CMA), offering M-PESA as a core local payment method;
• XM: While XM does not maintain a CMA-licensed Kenyan entity, it facilitates M-PESA transactions for Kenyan traders through regional payment processors and alternative local transfer solutions.

How to Begin Trading Forex in Kenya?

Entering the Forex market in Kenya requires a structured approach that aligns with local regulation, market infrastructure, and individual risk tolerance.

Below is a practical, step-by-step framework designed for Kenyan residents who want to start trading currencies in a compliant and informed way.

#1 Understand the Regulatory Framework

Begin by familiarizing yourself with Kenya’s regulatory environment. Forex trading activities are overseen by the Capital Markets Authority of Kenya (CMA Kenya) under the Capital Markets Act.

Awareness of rules related to leverage limits, client protection, and licensed intermediaries helps you avoid unregulated platforms and potential fraud.

#2 Select a Suitable Forex Broker

Evaluate brokers based on regulatory authorization, execution model (STP, ECN, or hybrid), available trading instruments, and operational transparency.

#3 Open and Verify a Trading Account

Complete the account application process through the broker’s official website. This stage typically involves Know Your Customer (KYC) verification, including identity and proof of residence checks, in line with Anti Money Laundering (AML) standards.

#4 Use a Demo Trading Environment

Before risking capital, practice in a demo account that mirrors real market conditions. Demo platforms, often powered by MetaTrader 4 (MT4) or MetaTrader 5 (MT5), allow you to understand order execution, spreads, margin, and risk management tools without financial exposure.

#5 Fund Your Account via Local Payment Systems

Choose a funding method that fits your needs, such as bank transfers, cards, or mobile money solutions like M-PESA. Local currency funding in Kenyan Shillings (KES) can simplify transactions and reduce conversion costs.

#6 Develop a Trading and Risk Management Plan

Define your trading strategy, position sizing rules, stop loss placement, and profit objectives. Consistent risk control, rather than trade frequency, is the foundation of long-term participation in the Forex market.

What Are Forex Trading Hours in Kenya?

Forex trading hours in Kenya are synchronized with the global Forex market and follow East Africa Time (EAT), which is UTC+3. Trading activity moves across major financial centers, with each session contributing different liquidity and volatility characteristics.

• Sydney Session: 2:00 AM to 11:00 AM EAT
• Tokyo Session: 4:00 AM to 1:00 PM EAT
• London Session: 10:00 AM to 7:00 PM EAT
• New York Session: 3:00 PM to 12:00 AM EAT

Forex Trading in Kenya Compared to Other Countries

Forex trading in Kenya operates within a rapidly evolving regulatory framework that strikes a balance between market accessibility and effective oversight. Unlike tightly controlled financial hubs, the Kenyan market places greater weight on broker authorization, local compliance, and transparency practices, while offering broader flexibility in leverage and account structures for active traders.

The table below provides a comparison of the trading conditions in Kenya, including leverage, investor protection, negative balance protection, and other relevant factors, with those of other countries and regions.

Conclusion

Based on TradingFinder’s expert reviews, Exness, IC Markets, XM Group, and Pepperstone are some of the best brokers in Kenya.
Traders must consider trading costs, deposit and withdrawal methods, maximum leverage, and the regulatory status of each broker before choosing a suitable one to trade Forex in Kenya.

Every broker receives a weighted score based on essential metrics like trading costs, regulatory status, and account variety, as detailed within our Forex methodology framework.