Forex trading is a thrilling and potentially lucrative endeavour. The opportunities which the vast and volatile Forex market provide have resulted in a surge of Forex trading in Kenya.
For beginner traders, the most crucial first step is finding a reputable Forex broker that provides competitive, user-friendly trading conditions.
In this article, we list the 5 best Forex brokers that provide beginner traders in Kenya with excellent trading and conditions, and which are all regulated by the CMA.
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Pepperstone
Overview
When traders in Kenya utilize the standard account that is provided by Pepperstone, they have the option to take advantage of some of the most competitive spreads without additional account fees, making it one of the best Forex brokers in Kenya.
This trading account is suitable for use with the MetaTrader 4 as well as the MetaTrader 5 trading platforms.
Pros and Cons
| Pros
No minimum deposit Low trading fees for forex No added costs for withdrawals or deposits |
Cons
Limited number of instruments No additional research tools |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | AUD200 |
| Average spread from | 0.4 pips |
| Commissions from | $3.76 commission per lot per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
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Exness
Overview
Traders in Kenya who use the platform offered by Exness have access to a wide range of assets, including cryptocurrencies, commodities, and other currencies, making it another one of the best ECN Forex brokers.
Exness provides a high level of regulatory supervision, which, in conjunction with the company’s user-friendly and productive trading environment, helps traders of varying degrees of expertise to cultivate a sense of confidence.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
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FXPesa
Overview
The foreign exchange (Forex) and contract for difference (CFD) brokerage firm known as FXPesa is widely regarded as one of the most successful Forex brokers in Kenya.
This particular broker provides customers with access to a comprehensive selection of financial instruments, some of which are FX pairs, indices, commodities, and stocks.
Pros and Cons
| Pros
MetaTrader 4 available Proprietary trading platform available Good selection of trading assets |
Cons
Not the tightest spreads in the industry |
Features
| Feature | Information |
| Regulation | CMA |
| Minimum deposit from | $5 |
| Average spread from | 1.4 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | 1% on e-wallets |
| Maximum Leverage | 1:400 |
| Bonuses | 30% deposit bonus |
| Customer Support | 24/5 |
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Scope Markets
Overview
Scope Markets is a global broker dealing in contract for difference (CFD) and foreign exchange (Forex) that is licensed by numerous authorities and subject to stringent oversight.
The broker offers a wide variety of financial solutions to both retail and institutional clients. Leveraged derivatives and spot equities are two examples of such instruments.
Pros and Cons
| Pros
MetaTrader 5 available Excellent educational resources Well-regulated |
Cons
Demo account not currently available |
Features
| Feature | Information |
| Regulation | CMA, CySEC, FSCA |
| Minimum deposit from | $500 |
| Average spread from | 0.9 pips |
| Commissions from | Variable |
| Deposit/Withdrawal Fees | $35 per withdrawal |
| Maximum Leverage | 1:30 retail/1:100 professional |
| Bonuses | None |
| Customer Support | 24/5 |
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FXTM
Overview
FXTM is one of the best Forex brokers in Kenya, and it is used by many novice Kenyan retail traders.
FXTM has numerous advantages, including a Micro Account with a low minimum deposit, a fantastic copy trading platform, a wide variety of training tools in both video and text format, and much more.
Pros and Cons
| PROS | CONS |
| Superb customer service | Inactivity and withdrawal fees |
| High maximum leverage | Limited product portfolio |
| Great educational tools |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission |
| Deposit/Withdrawal Fees | $3 |
| Maximum Leverage | 1:500 on average |
| Bonuses | $300 Trading Bonus |
| Customer Support | 24/5 |
Related News: Forex Trading for Beginners – Ugandan Guide
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