Trading forex (currencies) in Kenya has become very popular among residents. Some of our recommended forex brokers below have not yet been legalized by the Capital Markets Authority (CMA). However, they still accept customers from Kenya and are the best forex brokers in Kenya.
The Capital Markets Authority is Kenya’s financial regulatory body. Website: https://www.cma.or.ke/. We recommend that residents of Kenya follow the CMA on Twitter, or you can download their app from the Play Store.
The CMA was established in 1989 and is responsible for supervising, licensing, and monitoring the activities of market intermediaries. For a historical breakdown, here’s a link to the Capital Markets Authority webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers Kenya
To help you find the best forex brokers in Kenya, we have created a list of all brokers that lisensed in Kenya. We then ranked brokers by their overall rating. In this way you will be able to choose th best broker depending your prefences.
Here is our list of the best forex brokers in Kenya.
- XM is the best overall broker and the most trusted, and it accepts M-Pesa for deposits and withdrawals.
- HotForex is the best web-based trading platform regulated by the Capital Markets Authority of Kenya.
- FxPesa – Great overall, best for beginners, and regulated by CMA.
- Doo prime – Excellent all-round offering
- Deriv.com is the best binary options broker and the only broker in the world offering popular synthetic indices.
- Deriv – The best broker for copying and crypto trading.
- AvaTrade – Great for beginners and copy-trading
Kenya Forex Brokers Comparison
Compare Kenya-authorized forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm’s benstride.com Overall ranking.
Forex Broker | Average Spread EUR/USD – Standard | Minimum Deposit | Overall | Visit Site |
---|---|---|---|---|
XM | 0.828 | $5.00 | 5 Stars | Visit Site |
FXPesa | 1.800 | $50.00 | 4.0 Stars | Visit Site |
BDSwiss | 1.100 | $100.00 | 4.5 Stars | Visit Site |
Doo Prime | 1.00 | $10-$200 | 4.5 Stars | Visit Site |
AvaTrade | 0.910 | $100.00 | 4.5 Stars | Visit Site |
Capital.com | 0.800 | $20.00 | 4.5 Stars | Visit Site |
IC Markets | 0.620 | $200 | 4.5 Stars | Visit Site |
OANDA | 1.400 | $0.00 | 4.5 Stars | Visit Site |
Pepperstone | 0.770 | $200.00 | 4 Stars | Visit Site |
FP Markets | 1.200 | $100 | 4 Stars | Visit Site |
FxPro | 0.600 | $100 | 4 Stars | Visit Site |
HFM | 1.200 | $5 | 4 Stars | Visit Site |
Vantage FX | 1.220 | $200 | 4 Stars | Visit Site |
Deriv.com | 1.220 | $10.00 | 4.5 Stars | Visit Site |
OlympTrade | 1.200 | $200 | 4 Stars | Visit Site |
IQ Option | 1.200 | $5 | 4 Stars | Visit Site |
FXTM | 1.200 | $50 | 4 Stars | Visit Site |
ExpertOption | 0.60 | $0 | 4 Stars | Visit Site |
FXPesa | 0.845 | $10 | 3.5 Stars | Visit Site |
How to Verify Brokers that are Licensed by CMA
To find a list of licensed forex brokers, you can download a list of license reports from the Capital Markets Authority website to verify if they are indeed licensed.
More Forex Guides
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- Compare Forex Brokers
Methodology
For our 2025 Forex brokers review, we rigorously assessed, rated, and ranked 39 international Forex brokers over three months.
This extensive process resulted in over 50,000 words of published research, ensuring that our recommendations are comprehensive and reliable.
Each broker is graded on 113 variables, including our proprietary Trust Score algorithm.
This innovative scoring system ranks each broker’s trustworthiness level based on factors such as licenses, regulations, and corporate structure. Read more about how we calculate brokers’ trust scores.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields less than .1% error rate each year, providing site visitors with quality data they can trust.
Risk Disclaimer
There is a very high degree of risk involved in trading securities. Concerning margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.
Disclosure: Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure. We may receive commissions on purchases made from our chosen links.
Vincent Nyagaka is the founder of Chweya and Benstrive Inc. He started using trading stocks in 2015 and has over 10 years of experience in Business, Economics, Economics and Investing. Vincent was recognized as the top 100 entrepreneur under the age of 30 by the United Nations, and his work is featured in top publications like Entrepreneur, Forbes, Inc, Business Insider, The Guardian, Wired Magazine, and more.