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IC Markets
A low spread multi-asset broker authorized by the CMA Kenya
AvaTrade
AvaTrade is a CMA Kenya regulated broker with fixed spreads
HFM (HF Markets)
HFM Kenya is a CMA regulated forex broker with $5 minimum deposit, MPESA funding & KES wallet currency.
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Forex Trading Through CMA Regulated Brokers
In Kenya, we are lucky that our government is not only licensing, but also supervising the activities forex brokers operating in Kenya.
The advantage of this government oversight is that it allows forex trading to thrive in Kenya, while forcing brokers to operate in the best interest of Kenyans..
The governemnt body responsible for overseeing forex brokers in kenya is called the Capital Markets Authority (CMA) . If you have a problem with any CMA licensed broker, you can report the issue to the CMA by sending them an email or walking into their office in Nairobi to make a complaint.
Some CMA regulated & licensed brokers operating from Kenya include: Pepperstone, Exness, HFM, FXPesa, Exinity (FXTM), IC Markets and Anzo Capital.
Minimum Amount to Start Forex Trading
Some brokers will allow you start forex trading with as low as $5 USD . However, you will have to trade small volumes/lot sizes with this amount. If you want to trade bigger volumes, you will need to start with $100 USD or more.
Fund Your Forex Trading Account Using MPESA
Most forex brokers licensed in Kenya have been mandated to integrate MPESA into their payment system, so Kenyan traders can deposit/withdraw from their account using MPESA.
Other ways to fund your trading account include Kenyan bank transfer, bank cards, PayPal, mobile money and crypto.
Forex Trading On Mobile Phones
To make trading accessible to everyone, forex brokers in Kenya have created mobile versions of their trading software which run on android and apple phones.
You simply visit the google or apple online store on your phone, to download the brokers mobile trading app.
Some popular mobile trading apps deployed by CMA regulated brokers include: HFM mobile, Exness mobile, FXTM mobile, FXPesa mobile and Pepperstone mobile apps.
Trading on your mobile phone is very convenient but it has its disadvantages which include: strain on the eyes due to the small phone screen, possibility for error if you click on the wrong button (due to small phone screen size), possibility of overtrading/addiction etc.
Learning With A Demo Account
Forex brokers usually allow you open a practice account (aka demo account) which is loaded with virtual money, so you can experiment with the markets and sharpen your trading skills.
Although the money in a demoo account is not real, it is an invaluable tool for learning how to trade without risking your own money.
Learning From A Trading Community
You can benefit from the wisdom of the crowd, by joining an online group of traders to discuss trading styles.strategies.
On this website, we have a thriving community forum, where real traders post live trades, showing their profits/losses in real time.