The Top 10 Best Forex Brokers in Kenya revealed. We have rated and reviewed the best Forex Brokers accepting Kenyan Traders. This is a complete listing of the 10 Best Forex Brokers in Kenya.
In this in-depth write-up, you will learn:
- Who is the best-suited broker for Beginners?
- Pros and Cons of Forex in Kenya.
- Kenyan Shilling-based Accounts and their low minimum deposit.
- KES Costs of Trading Forex with M-Pesa.
- Who are CMA-licensed and regulated forex brokers?
Capital Markets Authority (CMA) – A Definition
- In Kenya, stock exchanges, central depository systems, settlement systems, and Forex Brokers are subject to CMA oversight, licensing, and monitoring.
10 Best Forex Brokers in Kenya in 2025 – A Comparison
10 Best Forex Brokers in Kenya (Updated 2025*)
- ☑️Avatrade – Overall, Best Forex Broker in Kenya.
- ☑️Exness – CMA Regulated Forex Broker.
- ☑️Pepperstone – High Kenyan Trust Score.
- ☑️FXTM – Best Global Regulated Broker.
- ☑️XM – Provides flexible leverage options.
- ☑️ScopeMarkets – Competitive trading Fees and Spreads.
- ☑️FXPesa – Licensed by the CMA of Kenya.
- ☑️FBS – Known for its innovative promotions.
- ☑️HFM – Provides an array of educational resources.
- ☑️IC Markets – Leading ECN forex broker.
1. AvaTrade
- Overall, AvaTrade is a safe and trustworthy broker with a user-friendly copy trading platform. The company offers 0% commission and has a trust rating score of 94 out of 99.
Features
Asset Classes
Pros and Cons
Our Findings
With AvaTrade, Kenyan traders have a reliable broker with an average spread of 0.8 pips and no commissions. Though it is not regulated by Kenya’s CMA, it has licenses from other authorities like the FSCA of South Africa.
Does AvaTrade offer accounts denominated in Kenyan Shillings (KES)?
No, AvaTrade does not support KES as a base currency. Supported currencies include USD, EUR, GBP, CHF, and AUD.
What deposit methods are available for Kenyan traders?
Kenyan traders can deposit funds via bank wire transfer, credit/debit cards, and e-wallets such as Skrill and Neteller.
2. Exness
- Overall, Exness can be summarised as a trustworthy and worthwhile broker that is very competitive in terms of its trading fees (against major currency pairs).
- The spread is also very low and offers a sign-up bonus for 1st-time traders.
Features
Asset Classes
Pros and Cons
| ✅ Pros | ❌ Cons |
| Highly Regulated | No multi-currency accounts available |
| Client funds kept in segregated accounts | Training resource section only available in English |
Our Findings
Exness is among the most renowned brokerage companies in Kenya, and it provides clients with four types of accounts: Standard, Pro, Zero, and Raw Spread.
Kenyan traders can benefit from high-leverage options, up to 1:2000, depending on the instrument, which enables more elasticity in trading.
Does Exness have a physical office in Kenya?
Yes, Exness has an office located at Courtyard, 2nd Floor, General Mathenge Road, Westlands, Nairobi.
How long do withdrawals take to process?
Withdrawals via M-Pesa are typically processed instantly, with 95% of transactions completed in under a minute. However, processing times may vary depending on the payment method used.
3. Pepperstone
- Overall, Pepperstone can be summarised as a credible and trustworthy broker. Pepperstone is considered low-risk to medium-risk.
- Pepperstone offers competitive trading fees and pip spreads, which gives it an overall trust score of 92 out of 99.
Features
Asset Classes
Pros and Cons
| ✅ Pros | ❌ Cons |
| Account opening is fast and fully digital | Only Forex, CFDs, and crypto |
| Majority clients belong to a top-tier authority | High bank withdrawal fee outside EU/Australia |
| Low Forex and equity index CFD fees | High financing rate for CFDs |
| Low non-trading fees | Basic news flow, no fundamental data |
| No deposit fee | Does not hold a banking license |
| Great customer service | Not listed on the stock exchange |
| Seamless and free deposit and withdrawal | Financial information not publicly available |
Our Findings
Pepperstone was founded in 2010, and it is a forex and CFD broker that has an international existence. In Kenya, it is regulated by the Capital Markets Authority (CMA), holding license no. 128.
Which payment methods are available for depositing funds into a Pepperstone account from Kenya?
Kenyan traders can deposit funds using various methods, including M-Pesa, Visa, Mastercard, and bank transfers.
Does Pepperstone offer customer support in Kenya?
Yes, Pepperstone has a local office in Nairobi and provides customer support to Kenyan traders. You can contact their Nairobi office at +254 2038 93547/8/9.
4. FXTM
- Overall, FXTM can be summarised as a credible and trusted broker that is very competitive in terms of its trading fees (against major currency pairs).
- The spread is also very low and is considered a low-risk trading environment. FXTM is considered safe because the FCA regulates it.
Features
Asset Classes
Pros and Cons
Our Findings
FXTM is a well-known broker that started its operations in 2011 and accepts as low as a $50 minimum deposit, and also accepts M-Pesa.
It operates under license number 135 issued by Kenya’s Capital Markets Authority (CMA).
What is the minimum deposit required to open an account with FXTM in Kenya?
FXTM offers different account types with varying minimum deposits. For the Advantage and Advantage Plus accounts, the minimum deposit is $500 (approximately KES 65,500).
What deposit and withdrawal methods are available for Kenyan traders?
M-Pesa: Deposits and withdrawals in KES are processed instantly. Visa, MasterCard, and Maestro are accepted, with deposits processed within 2 hours.
5. XM
- XM is among the top forex brokers in Kenya because they have relatively good spreads, a large number of trading instruments, and also provide M-Pesa local payments.
- Since this broker provides an extremely easy–to-use platform, comprehensive education, and competent support, traders from Kenya will have all the possibilities to be successful.
Features
Asset Classes
Pros and Cons
Our Findings
XM is one of the most popular Forex brokers in Kenya, offering ultra-low spreads, very high leverage, and a wide range of trading instruments.
It’s good for Kenyan traders, with reliable customer support, local payment options such as M-Pesa, and strong educational resources.
Does XM offer an Islamic account?
Yes, XM provides swap-free Islamic accounts that comply with Sharia law, ensuring no interest is charged or earned on overnight positions.
What educational resources does XM provide for Kenyan traders?
XM offers a range of educational resources, including webinars, video tutorials, market analysis, and free e-books, helping Kenyan traders improve their skills and knowledge.
6. Scope Markets
- Overall, Scope Markets is very competitive in terms of its trading fees and spreads.
- Scope Markets can be summarised as a safe and well-regulated broker with a trust score of 90 out of 100 (High Trust).
Features
Asset Classes
Pros and Cons
Our Findings
ScopeMarkets offers a comprehensive trading platform regulated by CySEC, providing access to CFDs, forex, and commodities.
It features competitive spreads, multiple account types, educational resources, and responsive customer support, catering to traders globally.
What trading platforms does ScopeMarkets offer?
ScopeMarkets provides access to MetaTrader 4 (MT4), MetaTrader 5 (MT5), and their proprietary web platform, suitable for various devices, including mobile apps.
Does ScopeMarkets offer an Islamic (swap-free) account?
Yes, ScopeMarkets offers Islamic accounts for Muslim traders, which are swap-free.
7. FXPesa
- Overall, FXPesa can be summarised as a trustworthy broker that provides Forex and CFD trading to retail traders in Kenya. It is regulated by the Capital Markets Authority of Kenya.
Features
Asset Classes
Pros and Cons
Our Findings
FXPesa is a popular forex and CFD broker among Kenyan traders, offering competitive spreads, local payment methods like M-Pesa, and regulation by the Capital Markets Authority (CMA), ensuring a secure and reliable trading environment.
Is FXPesa regulated in Kenya?
Yes, FXPesa is regulated by the Capital Markets Authority (CMA) of Kenya, ensuring compliance with local laws and offering a secure trading environment.
What are the spreads on FXPesa?
FXPesa offers competitive spreads starting from 0.7 pips for major forex pairs like EUR/USD, depending on the account type.
8. FBS
- FBS is a popular broker among Kenyan traders for its competitive spreads, local means of deposit and withdrawal, like M-Pesa, and high leverage of up to 1:3000. It provides an easy trading experience within a CMA-regulated environment.
Features
Asset Classes
Pros and Cons
Our Findings
FBS is an internationally recognized Forex and CFD broker that offers Kenyan traders some of the best spreads, leverage as high as 1:3000, and the convenience of local deposit options like M-Pesa. It provides education, bonuses, and ease of trading.
Does FBS accept M-Pesa for deposits and withdrawals?
Yes, FBS accepts M-Pesa as a payment method, allowing Kenyan traders to deposit and withdraw funds conveniently.
Are there any fees for deposits and withdrawals?
FBS does not charge fees for deposits. However, withdrawal fees may apply depending on the payment method used.
9. HFM
- HFM is a well-known broker among Kenyan traders, and with the competitive spreads of forex and CFD trading, local payment options like M-Pesa, and security with an entity regulated by the Capital Markets Authority, one can understand why.
Features
Asset Classes
Pros and Cons
Our Findings
Among Kenyan traders, HFM is a reputable broker that provides CMA regulation, tight spreads, and local payment options such as M-Pesa. It offers various account types, educational tools, and customer support to ensure smooth trading.
Is HFM regulated in Kenya?
Yes, HFM Investments Ltd is authorized by the Capital Markets Authority (CMA) in Kenya as a non-dealing online foreign exchange broker.
What trading instruments does HFM offer?
HFM provides CFD trading on forex, commodities, stocks, cryptocurrencies, and indices, offering a broad range of over 50 forex pairs.
10. IC Markets
- IC Markets is a popular forex and CFD broker among Kenyan traders, offering tight spreads, high leverage up to 1:500, and access to global markets. It provides local payment options like M-Pesa and supports MetaTrader platforms.
Features
Asset Classes
Pros and Cons
Our Findings
IC Markets is a reputable Forex and CFD broker offering tight spreads, leverage of up to 1:500, and local payment options like M-Pesa for Kenyan traders.
Fast execution speed and support for MetaTrader and cTrader round out the offerings.
Is IC Markets (KE) regulated in Kenya?
Yes, IC Markets (KE) is regulated by the Capital Markets Authority (CMA) of Kenya, ensuring compliance with local financial regulations.
What account types does IC Markets (KE) offer?
IC Markets (KE) provides two main account types:
- Raw Spread Account: Offers raw inter-bank spreads with a commission of $7 per standard lot round turn.
- Standard Account: Features no commission charges but includes a spread markup of 0.8 pips above the raw inter-bank rate.
Tadenex Limited / Tradesense Limited
As of May 2025, two additional firms have received a Forex Trade Licence and will fall under the Capital Markets Authority (CMA) license.
Tadenex Limited has been licensed to operate as a non-dealing online foreign exchange trading broker, while Tradesense Limited will operate as a money manager.
Conclusion
The best forex brokers in Kenya offer competitive spreads, local payment options such as M-Pesa, and regulatory compliance with the CMA.
Brokers like FXPesa, IC Markets, and FBS are popular due to their user-friendly trading platforms, leverage options, and robust customer support, making them top choices for Kenyan traders seeking a solid and secure place to trade.
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Frequently Asked Questions
Is forex trading allowed in Kenya?
Yes, forex trading is allowed in Kenya; however, Kenyan traders should take note that forex brokers in Kenya are not obliged to be authorized and regulated by the Capital Markets Authority in the country.
Who are the regulated forex brokers in Kenya?
The brokers provided on this list are some of the most reputable and well-regulated brokers in Kenya who offer forex trading services for the residents of that country.
Can beginners trade in forex?
Yes. Anyone can start trading forex by starting with the basics, which involves basic education on what forex is, how it works, and several other topics.
Do these forex brokers offer demo accounts?
Yes. Most of these brokers offer traders the option of registering a demo account.
Are these forex brokers regulated and safe to use?
Yes, these forex brokers are well-regulated by reputable regulatory entities, therefore, client fund safety is assured when dealing with these brokers.
What are the KES Costs of Trading Forex with M-Pesa?
Trading forex with M-Pesa in KES comes with a few costs to keep in mind. Your broker may charge a spread or commission on each trade. M-Pesa might also add a small transaction fee, and if you hold trades overnight, rollover or swap fees could apply.