In this article, we will talk about 5 best Forex Brokers for traders in Kenya.
How we choose the best forex brokers in Kenya?
To be the best forex broker in Kenya, the broker must be well-regulated and offer low fees for traders in Kenya.
Beyond regulatory compliance & fees, we’ve also compared other important factors such as customer support, trading platforms, speed of trade execution, and other key factors to identify the best forex brokers available for traders in Kenya.
The following are the five best forex brokers in Kenya, based on our research.
Each broker offers unique advantages, making them stand out in different ways.
Remember, this article is for informational purposes only, and you should always conduct research before investing.
1. Exness Broker
Assets Available | 5 Asset Classes – Forex, Commodities, Stocks, Indices and Cryptocurrency. |
Regulated By | FSA, CySEC, FCA, FSCA, FSC, FCS, CMA |
No. Of Trading Platforms | 3 Trading Platforms – MetaTrader 4, MetaTrader 5 and Exness trader app |
Leverage | Up to 1:2000 |
Spreads | From 0.0 pips |
Commission | From 0% |
Min Deposit | $10 |
Demo Account | Yes |
Education Provided | Educational videos and articles |
Methods of Payment | Bank cards, global electronic payment systems, and local payment methods |
Open Account |
Exness is great broker for traders in Kenya who offers competitive fees. Exness is founded in 2008 and is headquartered in Cyprus.
This broker is regulated by several financial authorities, including the Capital Markets Authority (CMA) in Kenya.
Exness offers four main account types for traders in Kenya. These are standard account, pro account, zero account, and raw spread account.
The commission and spreads depends on the account type. The standard account and the pro account does not charge any commission. The spreads for the standard account starts from 0.2 pips and the spreads for the pro account starts from 0.1 pip.
For the zero and raw spread account, the spreads start from 0 pips. The commission charged for zero account is from $0.05 each side per lot, and the raw spread account is up to $3.50 each side per lot.
The Exness broker provide traders in Kenya with 3 main trading platforms. These are the Exness trader app, MetaTrader 4 and MetaTrader 5 trading platform.
This broker provides a maximum leverage of more than 1:2000 for traders in Kenya, making it suitable for high leverage trading.
For customer support, Exness provides traders in Kenya with 24/7 customer support. Traders can contact Exness via phone, email, or live chat.
To begin trading with Exness, you only need a minimum deposit of $10 for the Standard account. For other account types, the minimum deposit requirement is $200.
If you are interested in learning more about the Exness broker, check our full review here or watch the video below.
2. Fusion Markets
Assets Available | 5 Asset Classes – Forex, Crypto, Stocks, Commodities, Indices. |
Regulated By | ASIC, VFSC |
No. Of Trading Platforms | 4 Trading Platforms – TradingView, MT4, MT5, cTrader |
Leverage | Up to 1:500 |
Spreads | From 0.0 pips |
Commission | From $0 |
Min Deposit | $0 |
Demo Account | Yes |
Education Provided | Educational Blog |
Methods of Payment | Credit/Debit Cards, Bank Wire Transfer, Neteller, Skrill, PayPal, etc. |
Open Account |
Fusion Markets is another great forex broker for traders in Kenya which offers low fees. The Fusion Markets broker was founded in Melbourne, Australia in 2017.
The Fusion Markets broker is a well regulated forex broker that is regulated by the Australian Securities and Investment Commission (ASIC).
This broker provides traders in Kenya with 3 main account types for live trading. These are the zero account, classic account and the fusion pro account.
For the zero account, the spreads start from 0.0 pips and the commission charged is $2.25 per side. For the classic account, the spreads start from 0.9 pips and no commission is charged.
The Fusion Markets broker provide traders 4 main trading platforms. These are TradingView, MetaTrader 4, MetaTrader 5 and cTrader trading platform.
When it comes to customer support, Fusion Markets excels by offering 24/7 assistance for traders in Kenya. Traders can contact the Fusion Markets support team via email, phone, or live chat.
The Fusion Markets broker provides traders with a leverage of up to 1:500 depending on the financial instrument you are trading.
To open an account with the Fusion Markets broker, you do not require a minimum deposit. To start trading with the Fusion markets broker, you only require a deposit of $1 depending on the payment method.
If you are interested in learning more about the Fusion Markets broker, check our full review here or watch the video below.
3. AvaTrade
Assets Available | 7 Asset Classes – Forex, Crypto, Stocks, Commodities, Indices, ETFs, bonds. |
Regulated By | ASIC, FSCA, FSA, ADGM, FRSA, ISA, CySEC, CBI |
No. Of Trading Platforms | 8 Trading Platforms – TradingView, MT4, MT5, AvaOptions, AvaSocial, DupliTrade and ZuluTrade |
Leverage | Up to 1:400 |
Spreads | Around 0.9 for Majors |
Commission | 0% |
Min Deposit | $100 |
Demo Account | Yes |
Education Provided | Trading courses provided |
Methods of Payment | Credit/Debit Cards, Bank Wire Transfer, Neteller, Skrill, WebMoney, PayPal |
Open Account |
AvaTrade is another great broker for traders in Kenya. AvaTrade broker was founded in 2006 in Dublin, Ireland.
The Avatrade broker is regulated by multiple regulators including the Central Bank of Ireland (CBI).
The AvaTrade broker offers traders with a range of trading platforms. These include the popular MetaTrader 4 and MetaTrader 5 trading platforms.
AvaTrade also offers a mobile trading platform call the AvaTrade Go for traders who prefer mobile trading in Kenya.
AvaTrade’s customer support team is available five days a week, providing dependable assistance through email, phone, and WhatsApp.
The AvaTrade broker provides traders with 2 main account types. These are the retail trader account and professional trader accounts.
For the retail account, the AvaTrade broker does not charge a commission and the spreads are around 0.9 pips for the Major currency pairs.
The maximum leverage provided by the AvaTrade broker is up to 1:400 for traders.
To start trading with the AvaTrade broker, you require a minimum deposit of $100.
If you are interested in learning more about the AvaTrade broker, check our full review here or watch the video below.
4. BlackBull Markets
Assets Available | 6 Asset Classes – Forex, Commodities, Indices, Shares, ETFs, Cryptocurrency. |
Regulated By | ASIC, FCA, CySEC, DFSA, CMA, SCB, and BaFin |
No. Of Trading Platforms | 5 Trading Platforms – TradingView, MT4, MT5, Pepperstone trading platform, cTrader. |
Leverage | Up to 1:500 |
Spreads | From 0.0 pips |
Commission | From 0% |
Min Deposit | $0 |
Demo Account | Yes |
Education Provided | Guide for beginners |
Methods of Payment | Visa, Mastercard, Bank transfer, BPay, PayPal, Neteller, Skrill |
Open Account |
BlackBull Markets, established in 2014 and headquartered in Auckland, New Zealand, is a top choice for traders in Kenya.
The BlackBull markets broker is regulated by several financial authorities, including the Financial Markets Authority (FMA) in New Zealand.
BlackBull Markets offers traders with a range of trading platforms to suit various needs. These include TradingView, MetaTrader 4 and 5, cTrader, BlackBull Copy Trader, and BlackBull Invest.
BlackBull Markets offers traders three primary account types. These are ECN Standard, ECN Prime, and ECN Institutional.
The ECN Standard account provides spreads starting from 0.8 pips without any commission charges.
For those opting for the ECN Prime account, spreads begin at 0.1 pips, with a commission of $6 per lot.
The ECN Institutional account offers the tightest spreads, starting from 0.0 pips, and charges a commission of $4 per lot.
Each account type is tailored to meet different trading needs, ensuring a variety of spread and commission structures to accommodate individual preferences.
When it comes to customer service, the BlackBull markets broker provides 24/7 customer support. You can contact the BlackBull markets broker through, phone, email and live chat.
The BlackBull markets broker provide traders with a leverage of up to 1:500 for traders in Kenya.
To open an account with the BlackBull markets broker, you don’t require a minimum deposit.
If you are interested in learning more about the BlackBull Markets broker, check our full review here or watch the video below.
5. IC Markets
Assets Available | 7 Asset Classes – Forex, Commodities, Indices, Bonds, Crypto, Stocks, Futures |
Regulated By | ASIC, CySEC, FSA |
No. Of Trading Platforms | 4 Trading Platforms – MetaTrader 4, MetaTrader 5, cTrader and TradingView. |
Leverage | Up to 1:500 |
Spreads | From 0.0 pips |
Commission | From 0% |
Min Deposit | $200 |
Demo Account | Yes |
Education Provided | Trading courses provided |
Methods of Payment | Credit Card/Debit Card, PayPal, Neteller, Skrill, Wire transfer, BPay, Broker to Broker, RapidPay and Klarna |
Open Account |
The IC Markets broker is also another great broker for traders in Kenya. The IC Markets broker was founded in, Sydney, Australia in 2007.
The IC Markets broker is regulated by several financial authorities, including the Australian Securities and Investment Commission (ASIC).
The IC Markets broker provides 3 different account types for live trading. These are the raw spread cTrader/TradingView, raw spread MetaTrader and standard account.
For the Raw spread accounts the spreads starts from 0.0 pips but for the standard account the spreads starts from 0.8 pips.
For the standard account, there are no commissions charged. For the raw spread cTrader/TradingView account, the commission charged is $3 per lot per side and for the raw spread MetaTrader account, the commission charged is $3.5 per lot per side.
This broker offers a range of trading platforms. These are, MetaTrader 4, MetaTrader 5, cTrader and TradingView trading platform.
The IC markets broker provides traders with 24/7 customer support. Similar to the previous brokers, you can contact the IC markets support through phone, email and live chat.
This broker provides a maximum leverage of up to 1:500. To start trading with the IC Markets broker, traders require a minimum deposit of $200.
Our Evaluation Methodology
We assess brokers through a comprehensive rating system that involves examining more than 100 data points across key categories. Our approach includes the following:
- Trust and Regulation – We verify each broker’s regulatory status and licenses to ensure they operate under the supervision of credible financial authorities, ideally tier 1 regulators.
- Cost Analysis – We scrutinise trading fees and compare them against industry standards by setting up and trading within live accounts.
- Platform Performance – We evaluate the trading platforms’ functionality, user interface, and available tools by conducting hands-on testing.
- Instrument Availability – We assess the diversity and range of tradable assets offered by each broker.
- Customer Service – We test the accessibility and competence of customer support by reaching out via various channels.
- Transaction Methods – We review the deposit and withdrawal options, focusing on fees and processing times.
- Account Variety – We analyze the different account types, considering their features, minimum deposit requirements, and execution methods.
- Educational Resources – We examine the quality and breadth of educational materials provided to help traders improve their knowledge and skills.
Conclusion
In this article, we talked about 5 different brokers that are great for traders in Kenya. All these brokers are regulated and provide great features for traders in Kenya.
