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Best Kenya Forex Brokers for 2020

Are you based in Kenya and looking to trade forex online? Read our in-depth guide to find a forex broker in Kenya.
Kane Pepi
Author: Kane Pepi
Last Updated: 16 July 2020

If you’re located in Kenya and looking to find an online forex broker that supports your country of residence, you’ll be pleased to know that you’ve got heaps of platforms to choose from.

As such, you need to think about what you are looking for in a broker. Is your main priority low trading fees, or are more concerned with finding a platform that supports Paypal?

Either way, here we present our top five forex brokers in Kenya. We also discuss the many factors that you need to look out for prior to joining a new trading platform – such as spreads, commissions, tradable pairs, and more.

On this Page:

    Our Recommended Kenya Forex Platform

    Our top-rated Kenya forex broker is listed below. If you don’t have the time to research it yourself, the platform hosts dozens of forex pairs, lots of everyday payment methods, and industry-leading fees. To get started, simply click on the link below, open an account, deposit funds, and place your first trade.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    Best Kenya Forex Broker Sites of 2020

    Below we discuss our top five rated Kenya forex brokers. With hundreds of online platforms now accepting Kenyan residents, the end-to-end review process required countless hours of research. We personally tested our short-listed platforms out, which is the only way that we can ensure you are accustomed to the very best forex brokers in the space.  Be sure to read through each broker to ensure you choose one that is closely aligned with your needs.

    Note: Although the following five brokers accept traders from Kenya, you won’t be opening an account that is denominated in the Kenyan shilling. Instead, you’ll be automatically placed on a USD account.

    1. eToro - Forex Broker with $200 Minimum Deposit

    Our top-rated Kenya forex broker is that of eToro. The online broker is home to thousands of financial instruments - all of which you can trade on a 24/7 basis. This includes traditional equities, cryptocurrencies, CFDs, and of course - forex pairs. One of the standout points of using a broker like eToro is that it is catered to newbie traders.

    It's super-easy to open an account and deposit funds, with the processing rarely taking more than a few minutes. Minimum deposits start at $200, and you'll get to choose from a debit/credit card, e-wallet (Paypal, Neteller, Skrill), or a bank wire. There is no charge to deposit funds, although a small withdrawal fee of $5 applies. In terms of trading costs, eToro does not charge any commissions.

    As such, it's just the spread that you'll pay - which is the difference between the buy and sell price of your chosen pair. If you're still a complete novice in the online forex space, eToro's Copy Trading feature allows you to copy the trades of other users. It also offers a top-notch education department that comes packed with 'how-to' guides. Finally, eToro holds a number of regulatory licenses - including the UK's FCA, ASIC in Australia, and CySEC.

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay

    OUR RATING

    • Social trading leader
    • Best mobile trading site
    • Paypal accepted
    • Limited technical analysis tools
    • Not well-suited for the more advanced investor
    75% of retail investors lose money when trading CFDs with this provider

    2. Plus500 - Multi-Regulated Broker with 0% Commissions

    Based in the UK, Plus500 is a forex and CFD broker with an international presence. It holds licenses with heaps of tier-one regulators - such as the FCA, ASIC, CySEC, and MAS. Moreover, the parent company is publically listed on the UK stock exchange. In terms of the platform's forex offering, you'll have access to just under 60 pairs. This covers all majors and minors, and a number of exotics.

    The good news is that much like eToro, you won't pay any trading commissions when buying and selling forex at Plus500. You will, however, need to keep an eye out on the spread. This averages around 1.9 pips on major pairs, and much more on minors/exotics. The broker utilizes its own trading software, so there's no support for MT4/MT5. The software is highly rated though, and perfectly suitable for both newbie and seasoned traders.

    Plus500 accepts a number of everyday payment options. This includes the usual offering of debit/credit cards and bank transfers, as well as Paypal. It costs nothing to get money in and out of the broker, although you will need to meet a minimum deposit of $100. Finally, Plus500 is a notable option if you're looking to trade while out of the house, not least because it offers a native mobile app on both Android and iOS devices.

    Assets: CFDs

    Demo Account: Yes

    Educational Material: No

    Fees: $10 Inactivity Fee, $0 withdrawal fees

    Minimum deposit: $100

    MT4/MT5: No

    Special Features: 2,000 trading instruments

    Regulation: CySEC, FCA, ASIC, MAS

    Payment methods: Credit/debit card, Paypal, Bank transfer

    • Minimum deposit of $100
    • Over 2,000 trading instruments
    • Mobile app available
    • No education material
    • No education material
    75% of retail investors lose money when trading CFDs with this provider.

    3. Forex.com - Trusted Broker That Specializes Exclusively in Forex

    As the name suggests, Forex.com is an online trading platform that specializes in one asset class - forex. In fact, you'll be able to buy and sell more than 80 different currency pairs at the platform. This covers the usual offering of majors and minors, as well as dozens of exotics.

    This is great if you're looking to create a diversified portfolio across lots of different pairs. Forex.com is also notable for the sheer number of regulatory licenses it holds. For example, this includes licensing bodies in the US, Canada, Australia, UK, Singapore, and even Hong Kong. It rarely takes more than 5 minutes to open an account with the broker, and you can deposit funds with a bank wire or debit/credit card.

    When it comes to fees, major spreads start at 1.2 pips, and you'll need to be trading during standard hours to get this. We also like the fact that you can get started with a deposit of just $50, which is perfect if you're looking to trade with low stakes. There are no deposit fees, although non-US bank wire withdrawals are charged at $40.

    Assets: Forex

    Demo Account: Yes

    Educational Material: Highly extensive forex research department and technical indicator tools

    Fees: 1.2 pips on major pairs, $40 wire withdrawal fee, $15 monthly inactivity fee

    Minimum deposit: $50

    MT4/MT5: MT4

    Regulation: Regulated by authorities in the US, UK, Australia, Japan, Canada, Hong Kong, Singapore, Cayman Islands

    Payment methods: Credit/debit card, Bank wire

    OUR RATING

    • Spreads from just 1.2 pips
    • Regulated by US bodies
    • More than 80 pairs
    • $40 wire withdrawal fee
    • $15 monthly inactivity fee

    4. AVATrade - Regulated Forex Broker with Spreads Starting at 0.9 Pips

    AVATrade is an online forex broker that ticks most boxes. First and foremost, the broker is heavily regulated. with licenses issued in South Africa, Australia, Ireland, and Japan. You'll have access to dozens of currency pairs 24/7 hours per day.

    The spreads offered by AVATrade are very competitive, with the likes EUR/USD starting at just 0.9 pips. If you've got an appetite to trade other financial instruments, AVATrade supports thousands of CFD products. To get started, you'll need to deposit $100 or more, which you can do via a debit/credit card or bank wire. No e-wallets are supported, which is a shame.

    What we also like about AVATrade is that it supports both MT4 and MT5. While this might not mean much to you if you're a newbie trader, these two software platforms are highly sought-after in the forex space. Nevertheless, the only pitfall with AVATrade is that its research department is somewhat below-par.

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: Both

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    • Spreads from just 0.9 pips
    • Multiple licenses
    • Both MT4 and MT5 supported
    • No research features
    • Does not offer 2FA login
    • Only 56 forex pairs supported

    5. IG - Some of the Lowest Spreads in Forex

    If you find yourself trading large volumes throughout the month, then it's crucial that you keep your trading costs to an absolute minimum. As such, the likes of IG offer some of the best spreads and commissions in the space.

    Regarding the former, IG offers spreads of just 0.6 pips on EUR/USD and 0.9 pips on GBP/USD. And the former - IG does not charge any trading commissions, period. You will, however, need to fund your account with at least $300 to get started, which is more than the other Kenya forex brokers we've listed so far.

    Moreover, the platform charges a 1% and 0.5% deposit fee when using Visa or MasterCard, respectively. Nevertheless, IG is one of the most trusted platforms in the brokerage arena, with a track record that dates all the way back to 1974. Therefore, it will come as no surprise to learn that it holds heaps of licenses with bodies like the FCA, ASIC, MAS, and BaFin.

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300

    MT4/MT5: MT4

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Regulated by heaps of notable licensing bodies
    • Highly customizable and easy to use trading platforms
    • Advanced charting features and tools such as the alert system for specific indicators and sentiment readings
    • Spreads much higher outside of standard trading hours
    • No e-wallet support

    How to Choose a Forex Broker in Kenya

    If you’re looking to perform a bit of research on your chosen broker before taking the plunge, this is good – as it will ensure that the platform is right for your investment goals. To help you along the way, we’ve listed some of the main factors that you need to explore before opening an account.

    • Licensing

    Regulation is the most important metric that you need to consider prior to joining a Kenya forex broker. This should be from at least one tier-one licensing body such as the UK’s FCA or ASIC in Australia. All of the Kenya forex brokers recommended on this page are licensed by heaps of regulatory bodies, which ultimately ensures your funds remain safe at all times.

    • Forex Pairs

    Have you thought about the specific currency pairs that you wish to trade – such as GBP/USD or TRY/EUR? If so, you should check the broker’s website to ensure it supports it. You don’t need to have an account to do this. 

    • Payment Methods

    You also need to explore what the payments department is like at your chosen broker. At a minimum, brokers typically offer the option of debit/credit cards or a bank wire. With that said, more and more Kenya forex brokers are now supporting popular e-wallets like Paypal. Either way, be sure to check account minimums and deposit/withdrawal fees.

    • Spreads

    All currency pairs come with a spread, as this is how brokers guarantee that they make money regardless of which way the markets go. To calculate the spread, you simply need to assess the number of ‘pips’ that separate the buy and sell price of the pair. Essentially, the tighter the spread, the less it costs you to trade.

    • Commissions

    You also need to check the commission policy of the broker in question. Some of the recommended brokers we have listed on this page offer zero-commission trades. Those that do charge a commission will typically offer tighter spreads. As such, try to find a broker that offers tight spreads and low commissions.

    • Trading Tools and Research

    Those that consistently make money in the forex space will do so with the assistance of research tools. This includes technical indicators that allow you to analyse historical pricing charts, so make sure your chosen site offers lots of tools. You should also check whether or not the broker offers fundamental news in real-time.

    • Customer Support

    Explore what customer service channels the Kenya forex broker offers – such as live chat or telephone support. Crucially, check to see what hours the support team works – especially if your chosen broker operates on a different timezone.

    Leverage at Kenya Forex Brokers

    Although Kenya’s Capital Markets Authority (CMA) has sought to clamp down on retail clients applying high levels of leverage, regulation is yet to come into force. As such, there are no caps on how much leverage you can apply on your forex trades.

    Instead, this will be decided by the broker that you sign up with. Interestingly, although a number of our recommended brokers are headquartered in Europe, you won’t be bound by the same limits as EU traders.

    For those unaware, this amounts to 25:1 on majors and 20:1 on minors. This means that you’ll be able to apply as much leverage as the platform is willing to offer you. Take note, leverage is an extremely high-risk trading tool, so do tread with caution.

    Conclusion

    In summary, by reading our guide all of the way through, you should know which Kenya forex broker you want to sign up with. We’ve presented the moot points that you need to be made aware of – such as regulation, fees, spreads, customer support, and tradable currencies.

    As such, these pre-vetted brokers should appeal to most of you. If they don’t, then we’ve also explained the many factors that you need to consider prior to choosing a new broker. Just remember, you won’t be limited in how much leverage you can apply as a Kenyan, so always install appropriate stop-loss orders to mitigate your risks.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    FAQs

    Are Kenya forex brokers safe?

    You should have no concerns if the Kenya forex broker is regulated by tier-one licensing bodies like the FCA, ASIC, or CySEC.

    What leverage limits do Kenya forex brokers offer?

    There are no laws in place that dictate how much leverage Kenyans can apply to their forex trades. As such, this will be determined by the broker.

    Do Kenya forex brokers ask for ID?

    Yes, all of the Kenya forex brokers listed on this page will ask you to provide a copy of your passport or driver's license. This is to ensure the broker complies with its licensing bodies.

    What is the minimum deposit amount at Kenya forex brokers?

    Although this will vary from platform-to-platform, the likes of Forex.com allow you to get started from just $50.

    What payment methods do Kenya forex brokers support?

    Popular payment methods offered by Kenya forex brokers include a debit/credit card, e-wallet, and bank wire.

    Forex brokers by country

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    Remember, all trading carries risk. Past performance is no guarantee of future results.
    Kane Pepi

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of publications in the online space.

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