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5 Best Forex Brokers in Kenya for Beginners

Watchdog Uganda by Watchdog Uganda
3 years ago
in Entertainment, Lifestyle
1 0
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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. 

  1. 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

  1. 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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Open a Free Trading Account Now

  1. 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

  1. 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

  1. 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


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
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