6 Best Forex Brokers In Kenya

Spread & CMA regulation were major considerations for us when choosing the best brokers in Kenya & IC Markets had the lowest spread & best regulation and hence is our winner.

Other forex brokers also came very close and we reviewed the pros & cons of all of them.

These Are The Brokers We Consider Best in Kenya

1. IC Markets - The Best Forex Broker in Kenya

IC Markets is regulated by the CMA Kenya, and internationally they are also regulated by the ASIC in Australia.

Deposits are through Mpesa, Centwise, PayPal, AstroPay, Neteller, Skrill, Cards, & Crypto.

IC Markets minimum deposit is 10 KES but there is no KES account currency, so any KES deposits will be converted to USD.

IC Markets minimum withdrawal is 100 KES & processing time is instant without any withdrawal fees.

Over 2,250 CFDs can be traded including EUR/USD, NAS100, Gold, etc. IC Markets spread starts from 0.8 pips & commission is $3 per side.

Trading platforms available are MT4, MT5, cTrader & TradingView; and customer support is 24/7.

Pros & Cons

2. HF Markets - Best for Beginners

HF Markets is regulated by the CMA Kenya & overseas they are also regulated by the FCA UK.

Deposits are via Mpesa, Cards, Bank Transfer, EWallets & Crypto. HFM minimum deposit is 700 KES for entry level Premium & Cent Accounts with spread from 1.4 pips.

HFM also has a 13,000 KES minimum deposit PRO Account where spread starts from 0.6 pips & a 40,400 KES PRO Plus Account where spread starts from 0.2 pips.

The wallet currencies available in Kenya are KES & USD.

HFM minimum withdrawal is also 700 KES and there are no withdrawal fees.

Trading platforms are MT4, MT5 & HFM mobile app; customer support is 24/5 and this includes beginner education videos for learners.

Pros & Cons

3. Pepperstone - Forex Broker With No Minimum Deposit

Pepperstone is regulated by the CMA Kenya, FCA UK & ASIC Australia.

Pepperstone does not require a minimum deposit to open an account & you can deposit via Mpesa, PayPal, Bank Transfer, Cards & eWallets.

USD is the only supported account currency but you can deposit in KES then they will convert it into USD.

Pepperstone minimum withdrawal is also $0, so you can withdraw any amount, & withdrawals via Mpesa are instant & free of charge.

Pepperstone spread starts from 1 pip on the Standard Account & commission is $3.5 per side.

Trading platforms are MT4, MT5, cTrader, tradingView 7 Pepperstone Mobile App.

The customer support is 24/5 with beginner education videos for learners.

Pros & Cons

4. Exness - Low Spreads on Major Currency Pairs

Exness is another CMA regulated broker that also has licenses from FSCA South Africa & FCA UK.

Exness minimum deposit standas at $10 and deposit methods are Mpesa, Cards, Bank Transfer, Crypto, & eWallets.

Exness minimum withdrawal is $3 at zero cost and the speed is instant.

Exness spread on major fx pairs is low starting from 0.2 pips & averaging at 0.9 pips, but when trading other instruments it is high. The commission is $3.5 per side on the Raw Account.

Trading platforms available are MT4, MT5 & Exness Mobile & Web Apps.

Customer support is 24/7 and there is a help center with lots of information.

Pros & Cons

Pros	Cons
✅ CMA regulated	❌ Limited number of tradable asset classes
✅ KES account currency	❌ Spread on gold & other non-forex instruments is high
✅ No inactivity fees
✅ EUR/USD spread from 0.2 pips
✅ Accepts mpesa
✅24/7 support

5. FXPesa - CMA Regulated Broker with $1 Minimum Deposit

FXPesa is owned by EGM securities, a foreigh company that is into the forex brokerage business in different countries.

FXPesa is regulated by the CMA Kenya making it a legitimate broker to trade with.

FXPesa minimum deposit is $1 for the entry-level account with deposit methods such as Mpesa, Mobile Money, Cards, Bank Transfer & eWallets supported.

Account currency can either be KES or USD, & deposits are supported in regional currencies like TZS & UGX.

Minimum withdrawal is also $1, and there are no fees for withdrawing.

FXPesa spread is from 1.4 pips on the entry-level account which is higher than what most brokers offer. Commission for raw spread is $3.5 per side

Trading platforms are MT4, MT5 Equiti Trader while the customer support is 24/6.

Pros & Cons

Pros	Cons
✅ CMA regulated	❌ Spread from 1.4 pips is high
✅ KES account currency
✅ Accepts mpesa
✅24/6 support

FAQs on Best Forex Brokers in Kenya

What is a forex broker?

A forex broker is the registered business entity that provides the resources needed for you to connect to the online forex market & trade.

These resources include the trading app, leverage, customer support, trading instruments, etc.

Which broker is best for forex?

CMA regulated brokers are best for forex, because they are trustworthy and wont run away with your funds.

Amongst the CMA regulated brokers, IG markets, Exness, Pepperstone & HF Markets are great, reliable choices.

Which brokers accpet mpesa?

Several brokers such as Pepperstone, Exness, HFM, FXPesa, SCFM, Deriv, HeadWay, XM, FxPro, etc. accept Mpesa.

How do brokers make money?

Brokers make most of their money from charging you a transaction fee called the "spread".

If the broker says the spread on EUR/USD is 1.4 pips then it means if you trade a standard lot of EUR/USD you will be charged (1.4 pips x $10) = $14.

If you trade a micro lot of EUR/USD whose spread is 1.4 pips, then you will be charged a spread of (1.4 pips x $0.1) = $0.14.

Who supervises the activities of forex brokers in Kenya?

The Capital Markets Authority (CMA) regulates & supervises the activities of forex brokers that are physically present in Kenya. However, some forex brokers still operate remotely without the supervision of the CMA & these brokers are high risk.