Jul 26, 2025
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Trading with an unregistered Forex broker can cost you your hard earn money if the broker goes bankrupt as you wouldn't have consumer's protection from relevant authorities in Kenya.
Some unregulated brokers can also compromise your private information or financial details. Therefore, it is important that you only trade with regulated and reliable forex brokers.
Although the Capital Market Authority (CMA) of Kenya regulates online forex trading in Kenya, forex trading is still inherent with huge risks, thus the need to do adequate research
We reviewed all the CMA regulated non-dealing forex brokers, like FxPesa in Kenya; where we considered their safety, risk management tools, and other trading parameters.
Trading CFDs is risky with a nearly 80% average fail rate, & trading with any of these brokers doesn't reduce the risk of blowing your account. We considered criteria like trading cost, customer support, and local funding methods for this list.
FXPesa – Best Forex Broker in Kenya Overall
Exness – Best Forex Broker in Kenya for Beginners
HF Markets – No Minimum Deposit Forex Broker in Kenya
Scope Markets – Best Forex Broker with MPesa
FxPro – Best Forex Trading Platforms in Kenya
Equiti – Commission based regulated Forex Broker
Pepperstone – CMA Regulated Forex Broker
Admiral Markets – Good Non-dealing forex broker for trading Indices
✅ Overall Score
9.3/10
⚖ CMA License No.
107
💰 Starting Deposit
Zero
✔ KES Base Currency Accounts
No
🏦 Local Funding Methods Accepted
MPesa, EAZZYPAY, Airtel Money, MTN, VODACOM, HaloPesa, TigoPesa
💻 Website
www.fxpesa.com
EGM Securities Ltd. is a regulated by the Capital Markets Authority (CMA) Kenya, and they trade as FXPesa.
FXPesa is regulated by CMA, with dual licenses for non-dealing forex trading & derivatives trading.
FXPesa provides retail access to CFDs on 50+ Currency Pairs, 1500+ Shares, 15+ Commodities, 25+ Indices, 45 ETFs You can choose to trade with leverage up to 1:400 with FXPesa but this can be risky, you should select lesser leverage like 1:2.
2 Live Accounts + 1 Demo Account: FXPesa offers Executive and Premier Live Trading Accounts. Beginners can also practice on the Demo Account with $10k fake cash before going live.
The Executive Account has a $0 minimum deposit, is commission-free, and the cost of trading is in the spread which starts from 1.4 pips.
The Premiere Account has a $100 starting deposit, $3.5 per turn commission, but the spreads are low- starting from 0 pips.
On the Premiere Account, you can trade EUR/USD & USD/JPY most of the time without paying any spreads.
FXPesa has an android mobile app available on Google playstore with a 3.6/5-star rating, and 10k downloads. iPhone users can also download from the apple store.
MetaTrader apps are also available to choose from depending on your trading strategy.
FxPesa Platform
📱 Mobile
🌐 Web
💻 Desktop
MT4
✔
✔
✔
MT5
✔
✔
✔
Equiti Trader
✔
🗙
🗙
Deposit and Withdrawal methods available on FxPesa include MPesa, MTN Mobile Money, Netteller, Skrill, Airtel Money, EAZZYPAY, MasterCard and Visa.
All deposits and withdrawals through local methods like Mpesa are processed instantly at zero cost. However, withdrawals through international methods attract fees reaching $30.
FXPesa has an office in Nairobi, & online customer service is open 6 days of the week. There is help on live chat (with a 5 second response time), Toll-free telephone lines, and Email; plus, social media presence.
👍 FXPesa Pros
👎 FXPesa Cons
Dual licenses from CMA Kenya for forex & derivatives trading.
No KES base currency accounts so you pay currency conversion fees when you deposit/withdraw in KES
Toll-free local Kenya phone number plus physical Nairobi office location
Product catalogue does not include government treasuries
Accepts deposits and withdrawals through local Kenyan processors like MPesa.
FXPesa doesn't provide powerful trading tools & EAs for their MetaTrader platforms
Local deposit/withdrawals are instant
Inactivity fee
Education for beginners as well as a demo account
Learn more about FXPesa Trading conditions
✅ Overall Score
9.0/10
⚖ CMA License No.
162
💰 Starting Deposit
1,582 KES or $10
✔ KES Base Currency Accounts
Yes
🏦 Local Funding Methods Accepted
MPesa, Bank Cards
💻 Website
www.exness.ke
Exness operates in Kenya through an intermediary called Tadenex Limited, a CMA licensed forex broker.
Exness Kenya provides retail access to CFDs on 6 asset classes- FX, Commodities, Stocks, & Indices. Leverage varies by asset class but is limited to 1:400.
Exness has account classes to suit different traders. The Standard class is beginner-level, and the Professional class is for expert-level traders.
Exness Standard Account in KES Base Currency: With $10 minimum deposit you can trade Forex & Metals, with no commissions, and spreads start from 0.2 pips.
The Exness Standard Cent Account: doesn't have KES base currency as you trade in US Cents with spreads from 0.3 & no commissions. Your market exposure is limited to Forex & Metal CFDs only (this account is meant for beginners who want to experience how live markets work with minimal financial exposure)
The Exness Professional Raw & Zero Accounts: $500 minimum deposit with lower spreads from 0 pips, but you pay $3.5/side commissions & they feature Market Execution.
Exness Professional Pro Account: $500 minimum deposit & while other Exness accounts have market execution, the Exness Pro Account features Instant Execution with zero commissions and spreads from 0.1 pips.
Exness has provided extended swap-free trading where you can leave your positions overnight without paying holding costs.
Exntended swap-free trading on Exness is available for major/some minor currency pairs, Indices, Stocks, Cryptocurrency, & Gold CFD instruments.
Exness platforms can be accessible on mobile phone, laptop and tablet devices. Available platforms include MT4, MT5, Exness Trade App and Web Terminal.
The Exness Proprietary platform is not limited to mobile alone, it has a web terminal version for browsers which doesn't require installation on a system.
The Exness web terminal also integrates TradingView charts into its functionality so you can access a wider community of specialized chart trading.
Exness deposit/withdrawals take place 24/7 even on weekends and are free. You can fund your trading account through Mpesa and Bank Cards. The deposits process in 30 minutes, and withdrawals in 24 hours.
Exness offers a 24/7 customer support in both English and Swahili. You can reach out for support through live chat, email address and phone number
👍 Pros
👎 Cons
CMA Regulation
Instant execution Exness Pro account increases risk of losses
KES trading account currency
Low number of asset classes to trade
24/7 deposit & withdrawals at no cost
Telephone help lines are not toll free
Exness Kenya Accepts MPesa
24/7 Customer service
Physical office in Kenya
US Cent trading account helps you trade little capital while testing the live market
Hold CFD positions open overnight without paying swap fees
Free downloadable MT4 technical analysis indicators, VPS hosting, & other advanced trading tools
Exness help center also contains valuable educational videos
Learn more about Exness trading conditions in Kenya
✅ Overall Score
8.7/10
⚖ CMA License No.
155
💰 Starting Deposit
Zero
✔ KES Base Currency Accounts
Yes
🏦 Local Funding Methods Accepted
Mobile Money Bank Transfer E-Wallet Credit Cards
💻 Website
www.hfm.com/ke/en
HFM Investments Ltd formerly operated under the brand name 'HotForex', but now trades with the name HF Markets abbreviated as HFM. It is a non-dealing forex broker licensed by the CMA.
HFM provides access to CFD markets for 8 Asset Classes: Forex, Metals, Commodities, Bonds, ETFs, Energies, Indices, & Stocks. Leverage depends on the individual symbol being traded and peaks at 1:400.
HFM accounts also suit traders with different levels of expertise. All the accounts except the Zero Account are commission free.
Secondly all HFM accounts except the Pro Account have no minimum deposit requirement but the payment processors have a 700 KES or $5 minimum deposit floor.
HFM Cent Account (in US Cent Base Currency): This is a spread-only & true zero commission account. Here new traders can test the waters on MT4/5 by trading only Forex & Gold CFDs. Spreads begin from 1.2 pip in US Cent currency.
HFM Pro Account in KES Base Currency: This is a spread plus partial-commission account as only Forex is commission-free. Here minimum deposit to start is 1,300 KES and you trade all markets with spreads from 0.5 pip using MT4/5.
HFM Premium Account in KES Base Currency: This is a spread plus partial-commission account & the only account that lets you trade using HFMs mobile app.
Here you can trade all markets on the HFM proprietary mobile app & MT4/5, and spreads start from 1.2 pips. Forex trading on the Premium Account is commission-free, but you pay commissions on other asset classes.
HFM Zero Account in KES Base Currency: This is a commission plus core spread account where you trade on MT4/5 with spreads for Gold and FX starting from 0 pip.
On the HFM Zero Account, a commission of $3 per side is levied when you trade forex CFDs,
This is important: On all HF Market Accounts (except the Cent Account) you must pay a commission of:
$0.5 per side on Index CFDs
1% commission on Stock CFDs
$0.05 per side on ETF CFDs
$0.5 per side of Crypto CFDs
Swap-free trading on HFM is possible on all their account types but only major forex pairs, & few commodities (Gold & Oil) are covered.
HFM platforms can be accessible on mobile phones, laptop and tablet devices. Platforms available include MT4, MT5 and HFM App.
Deposit and withdrawal methods available on HFM include M-Pesa, Bank Transfer, MasterCard, Visa, Ipay, Skrill, Neteller and DusuPay.
Except for Bank Wire deposits, all other deposit methods including MPesa are processed instantly at no cost.
All HFM Kenya withdrawals are free of charge and withdrawals through local methods like MPesa are processed instantly, while card and Bank wire take above 24 hrs.
HFM offers a 24/5 support services via live chat, email and dedicated phone number
👍 Pros
👎 Cons
CMA Regulated Broker
No 24/7 support
CFDs from 8 asset classes can be traded
No Toll-free telephone lines
KES Trading Account
HFM proprietary mobile app is compatible with only the Premium Account. Users of other account types must trade on MT4/5
HF Markets kenya accepts MPesa deposit & withdrawals
Beginners using HFM Cent account pay high spreads from 1.2 pips
No deposit & withdrawal fees
Only forex CFDs are commission free at HF Markets
Swap-free CFD trading on major FX Pairs
Learn about more HFM trading conditions in Kenya
✅ Overall Score
8.0/10
⚖ CMA License No.
123
💰 Starting Deposit
$100
✔ KES Base Currency Accounts
No
🏦 Local Funding Methods Accepted
MPesa, Equitel, Airtel
💻 Website
www.scopemarkets.co.ke
SCFM Limited also known by their trading name Scope Markets holds both non-dealing forex & derivative licenses issued it by the CMA Kenya.
At Scope Markets you get exposure to trade CFDs on 5 asset classes: Forex, Shares, Commodities, Indices, and Derivatives listed on the Nairobi Stock Exchange. You can also trade Physical Shares on scope Market platforms.
Scope Markets offers two types of accounts, Silver Account and Gold Account.
SCFM Silver Account: here spreads on majors begin from 1.1 pips and there are no commissions, but margin call happens at 150%.
SCFM Gold Account: Here spreads on majors start lower at 0.2 pips, and $3.5 per side commission applies with margin call at 150%.
Scope Markets platforms can be accessible on mobile phone, laptop and tablet devices. Platforms available include MT5, Scope Copy, Scope Trader and Scope Trader App.
Deposit and withdrawal available on Scope Markets include M-Pesa, MasterCard, Visa, Airtel Money, Pesa Link, Skrill, Neteller and Equitel.
Support
Scope Markets offers 24/5 support services via live chat, email messages and a dedicated phone number
👍 Pros
👎 Cons
Dual licenses from CMA Kenya for forex & derivatives trading.
High minimum deposit of $100
150% margin call limit reduces the risk of incurring more losses
No KES base currency account
Physical office in Kenya
Account types not suitable for beginners as there is no Cent Account
Accepts local funding methods Like MPesa, Equitel, and Airtel and processing time is instant
You pay withdrawal fees
Interactive live chat with push notifications
Telephone help lines are not Toll-free
Exposure to the local Kenyan capital market via NSE derivatives
No 24/7 support
Only MT5 trading platform available
Learn more about trading conditions at Scope Markets
✅ Overall Score
7.85/10
⚖ Regulation
FCA United Kingdom, CySEC, SCB, FSCA (Not CMA regulated)
💰 Starting Deposit
$100
✔ KES Base Currency Accounts
No
🏦 Local Funding Methods Accepted
Bank Transfer, Credit Cards
💻 Website
www.fxpro.com
FxPro Global markets Ltd trading as FxPro, are an unregulated forex broker in Kenya (by CMA). They accept Kenyan clients, but onboard them under foreign regulation, so you trade with them at your own risk.
Regulators
Location
Financial Conduct Authority (FCA)
United Kingdom
Cyprus Securities and Exchange Commission (CySEC)
Cyprus
Financial Sector Conduct Authority (FSCA)
South Africa
Securities Commission of the Bahamas (SCB)
Bahamas
FxPro lets you access CFD Markets for 6 asset classes: Currencies, Spot Indices, Stocks, Spot Metals, Spot Energy, & Futures.
FxPro Accounts have a maximum leverage of 1:200 and come in USD base currency
FxPro Standard Account: trade all FxPro CFDs with average spreads on majors starting from 1.5 pips and gold from 30 cents with $100 minimum deposit.
FxPro Pro Account: a higher minimum deposit of $1,000 but you get lower spreads with average spread on majors starting from 0.6 pips, and Gold from 25 cents.
FxPro Raw Account: $1,000 minimum deposit, $3.5 per side commissions, average spreads on majors start from 0 pip and Gold starts from 15 cents
FxPro Elite Account: minimum deposit of $30k in 2 months, $3.5 per side commissions, average spreads on majors from 0.2 pips and on Gold from 15 cents
FxPro platforms can be accessible on mobile phone, laptop and tablet devices. FxPro also offers VPS hosting for automated trading at reduced latency.
FxPro cTrader: offers ultra-low spreads when you trade CFDs on Forex & Metals
FxPro MT4/5: popular and stable platform for trading CFDs and features Expert Advisors.
FxPro App: proprietary mobile app developed in-house by FxPro where can open accounts on the app and manage them. Manage fund transfer and connect to TradingView charts.
Deposit and withdrawal methods available on FxPro include Bank Transfer, Broker to Broker, Bank Cards, Skrill & Neteller and they are free of charge.
FxPro offers 24/5 support services via live chat, email address and international phone number.
👍 Pros
👎 Cons
Accepts MPesa transactions
No domestic CMA regulation in Kenya (but there is international regulation from the Uk)
MetaTrader, cTrader, TradingView, & Proprietary trading platforms are all available
Inactivity fee
Free deposits & withdrawals
Customer support not available on weekends
Research & MT4 plugins provided by Trading Central
High starting deposit required
No ETF, Soft Commodity, & Bond CFDs on the menu
Learn more about trading conditions at FxPro
You should only trade with CMA regulated forex/CFD providers as these are under watch by the Kenyan market regulator.
Trading with unregulated non-CMA brokers is at your own risk so check if they hold foreign licenses from Tier-1 jurisdictions like United Kingdom (but this is not encouraged).
There are only nine CMA regulated non-dealing foreign exchange brokers. Only these brokers are legally licensed to operate & accept traders from Kenya. All other brokers cannot onboard Kenyan traders legally.
Technical traders depend on tools like charts, indicators, etc. to analyze the market so platforms with good technical tools should be explored.
Algorithmic traders use trading robots or Expert Advisers; and these work well on MetaTrader platforms. If you also require API, then select a broker that has full support for automated trading.
Back testing of historical data can be done with Demo Accounts or MT4/5 so if you hope to back test these platforms should be on the menu.
These are some of the factors to consider when checking if a broker's platform meets your needs.
You should check if the cost of trading is affordable to you by looking at the broker's fee structure. Payable fees include commission, spread, and swap rate. You should also factor in the minimum starting deposit. You can compare the cost of trading across different brokers.
You should check if the support channels of the broker are visible and available.
Support channels could be live chat, email address, phone number, contact information and social media presence. You should also check the response time of the channels and the availability hours/days.
💼 Broker
⚖️ Regulation
💵 KES Base Currency
💵 Starting Deposit
💵 EUR/USD Average Spread
💵 Gold Average Spread
FXPesa
CMA
No
0
1.4
2%
Exness
CMA
Yes
1,582 KES
1
20 pips
HF Markets
CMA
Yes
0
1.2
$0.28 USD
Scope Markets
CMA
No
$100
1.1
14 to 200 pips
FxPro
FCA, CySEC, FSCA, SCB
No
$100
1.37
30 cents
🏦 Lowest starting deposit
50 KES
⚖️ Regulations of Forex Brokers in Keya
CMA, FCA UK
💱 Lowest commission
$3 per side at HFM
💵 Lowest overall spread (Standard Accounts)
0.3 pips on standard account at Exness
✅️ Highest number of forex pairs
100+
🌐 Available platforms
MT4/5, cTrader, Proprietary mobile app
🏆 Best forex broker in Kenya
FXPesa
Yes, the government of Kenya through the Capital Markets Authority (CMA) have licensed online forex brokers to operate in Kenya.
If any dispute arises between you & a CMA regulated forex broker, you can complain to the CMA and steps will be taken to resolve it.
You don't get this privilege of Kenyan government protection when you trade with non-CMA brokers who hold offshore licenses.
The safest & best brokers for forex trading in Kenya are CMA authorized & licensed forex brokers like FXPesa, Exness, HF Markets, etc.
Visit the CMA's website for a full list of CMA approved licensees which includes forex brokers too.
Register with a CMA licensed forex broker by downloading their app & uploading photos of relevant documents. Watch out for scam brokers and see authentic list of CMA forex brokers.
Fund your trading account with the required minimum deposit or higher. Only make deposits through payment methods specified by your broker to avoid scams.
Place your first trade. Remember forex trading has a high loss rate, so only trade with spare cash at your disposal, place stop-loss orders, & avoid using excessive leverage.
As per our research on CMA regulated forex brokers, FXPesa is best forex broker in Kenya overall but when you go into specifics, Exness is best for low spreads/new traders, HF Markets is best for low commission, etc.
HF Markets and FXPesa have zero minimum deposit requirements on their entry level accounts.
The forex brokers FXPesa, Exness, HFM, FxPro & Scope Markets accept MPesa for deposits. You can also withdraw using this method. There are no extra charges with any of these four brokers for funding & withdrawals.
Overall, based on comparison of spreads for EUR/USD, GBP/USD & five other currency pairs, Exness has the lowest spreads but for specific instruments, FxPro has lowest spreads for Gold
HF Markets Kenya has lowest commissions at $3 per side.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
