Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. 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:Contents [show] 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. eToro - Our Recommended Forex Platform Our Rating CySEC, FCA & ASIC regulated 30 Million Users Trading Forex, Crypto, Commodities, Stocks, ETFs Free Demo Account Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller Copytrade Winning Forex Traders Trade Forex Don’t invest in crypto assets unless you’re prepared to lose all the money you invest. 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 Visit eToro 75% of retail investors lose money when trading CFDs with this provider 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. eToro - Our Recommended Forex Platform Our Rating CySEC, FCA & ASIC regulated 30 Million Users Trading Forex, Crypto, Commodities, Stocks, ETFs Free Demo Account Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller Copytrade Winning Forex Traders Trade Forex Don’t invest in crypto assets unless you’re prepared to lose all the money you invest. 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 ABCDEFGHIJKLMNOPQRSTUVWXYZ#AAustralia Forex BrokersCCanada Forex BrokersDDubai Forex BrokersFForex BrokersIIndonesia Forex BrokersMMalaysia Forex BrokersNNew Zealand Forex BrokersNigeria Forex BrokersPPakistan Forex BrokersPhilippines Forex BrokersSSaudi Arabia Forex BrokersSingapore Forex BrokersSouth Africa Forex BrokersTThailand Forex BrokersUUAE Forex BrokersUK Forex BrokersUS Forex BrokersVVietnam Forex Brokers
