He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University.

He also owns Innovate Online offering digital marketing services with over 20 employees. Laura is a freelance content writer focused on financial and legal technology, decentralized finance, cryptocurrency and related topics. Prior to beginning her writing career, she worked as an international disputes lawyer specializing in finance and construction cases in Paris, New York and Dubai. She holds degrees in law from Queen Mary University of London in Paris LLM and New York University School of Law JD , as well as assorted other diplomas in Literature, French and Philosophy from New York University MA and the University of Georgia - Athens BA Hons.

He has an MBA in finance from the University of Miami Herbert Business School. Fact Checked. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

Our top pick for the best forex brokers in Kenya and the most trusted online forex trading provider is Pepperstone. Our team at Compare Forex Brokers conducted a rating process based on four elements:. Headquartered in Melbourne, Australia, Pepperstone is a multilicenced forex broker to provide Kenyan traders access to the forex market.

Pepperstone is one of only 3 brokers and the only international forex broker to hold a non-dealing Foreign Exchange Broker permit and be CMA licenced with the Capital Markets Authority of Kenya CMA. This makes Pepperstone the best choice for Kenyan traders, as they can offer global standard trading conditions legally to Kenyan traders. Pepperstone can offer competitive spreads because of its price engine, which connects to various liquidity providers using STP-style execution to achieve ECN pricing.

By comparison, the average spreads on the Razor account is 0. For a complete forex spread comparison using ECN accounts of the reviewed forex brokers, have a look at the table below:. spreads are taken from each broker's website and updated monthly. Kenyan traders have to pay a commission on every CFD trade. The commission charged by Pepperstone is competitive and when compared to other CFD brokers, the Australian-based broker comes on the top of the list.

The minimum commission starts from:. To learn which account type is right for you view our page on Pepperstone account types. Pepperstone is one of the leading forex brokers with high leverage. The leverage for currency trading is up to However, at Pepperstone forex traders from Kenya can all access different financial instruments in the form of Contract for Difference CFDs with a maximum leverage of:. Risk warning: leverage is a double-edged sword as it can magnify both your profits and your losses.

Traders will still need to meet margin requirements to open a position,. Deposits and withdrawal transactions are secure because Pepperstone uses advanced encryption technology. The forex payment methods come with no additional costs and are free of charge. Pepperstone Markets Kenya Limited holds CMA Licence No. It is a trustworthy forex broker along with offering competitive trading costs, leading customer support, fast trade execution, and other advanced trading features.

IC Markets has the best range of trading platforms for beginner to expert CFD traders. Among the best brokers in Kenya we reviewed, IC Markets is highly recommended for Forex traders who prefer using powerful trading platforms, including:. IC Markets is the trading name of International Capital Markets Pty Ltd, a financial services provider licenced and regulated by the Australian Securities and Investments Commission ASIC.

In Europe, IC Markets operates as IC Markets EU Ltd, an entity regulated by the Cyprus Securities and Exchange Commission CySEC. The platform is available as a Desktop and a Web-based version, and an app for mobile trading. One advantage of the cTrader software solution is that it allows for currency trading with ultra-low spreads.

This could favour both Scalping and High-Frequency Trading. For every single currency pair, clients can view the available volumes for each price level at any time. IC Markets place no restrictions on limit orders, with clients being able to place their Stop Loss and Take Profit orders at the closest pip distance possible from the current market price. The most popular trading platform, especially with Forex trading, has several distinctive features:.

Kenya-based traders can take advantage of:. Low-fee forex trading in Kenya aligns with the raw spread account, but beginner traders may prefer the simplicity of the standard account. You can view our details about the types of accounts on the raw spread vs standard account comparison page. In our best forex broker in Kenya review, IC Markets offers the most powerful selection of trading platforms.

Pepperstone came in second place in our scoring system, but IC Markets scored more points due to the fact it offers a greater diverse range of tradable CFDs that also include bonds and futures. Among the brokers reviewed, eToro is the best FX broker for copy trading that allows Kenyan traders to earn money by following, copying and mirroring more experienced traders.

Over the years, eToro has become famous for its social trading platform and, at present, the broker has an active trader base of over 3,, people.

As a global Forex brokerage, eToro is multi-regulated in the following jurisdictions:. We should note that CopyTrader allows eToro clients not just to replicate the trading activity of top traders, but also to join a global community of people with a shared interest — online Forex trading. Copying the portfolio performance of a leading trader is quite effortless.

Novice traders simply need to allocate a part of their available trading account balance to the trader they have chosen to copy. Deposits in a different currency than USD will be converted at the current exchange rate and will incur a conversion fee. Copy-trading does not incur any management fees or other hidden costs. Overall, eToro has claimed the first spot in our star scoring system due to its large social investment network, small account opening and financial markets available for trading.

Join the best social trading platform by clicking the button below. The best online provider for trading CFDs and cryptocurrency trading is Plus Plus Ltd is a global CFD provider, specialised in helping you trade in a range of markets for over a decade.

It is authorized and regulated in a number of jurisdictions, including:. As a globally regulated provider, Plus offers CFD products covering a wide range of markets, coupled with superior risk management tools.

It is also among the handful of Forex brokers that have a guaranteed negative balance protection policy, under which retail investor accounts cannot lose greater amounts than the initial deposit. With this risk management tool in place, Kenya-based retail clients feel more secure when trading with high risk, complex instruments known as Contracts for Difference CFDs on leverage. Plus offers CFDs on over 2, financial instruments grouped in several asset classes as follows:.

Plus offers 12 cryptocurrencies traded with a maximum leverage of and fixed spreads of Additionally, Plus also offers CFDs on the popular Crypto 10 Index traded with a fixed spread of Trading cryptocurrency CFDs have several advantages for the Kenya-based traders, including:. Grab your free demo trading account by clicking the button below. HotForex offers multiple forex trading account types with individual characteristics.

HF Markets is a global award-winning Forex and CFD broker, licenced and regulated by some of the most reputable regulatory bodies around the world. HF Markets and Hot Forex are trading names of the HF Markets Group, the parent company of:. Among the best Forex brokers we recommend to Kenyan traders, Hot Forex offers the widest range of account types. of retail customers:. The Premium Account allows for flexibility in position sizing and is suitable for retail clients with experience.

Traders can operate with up to 60 Standard lots for each position, while the minimum trade size is 0. More account details can be seen in the table below. Kenya-based clients are able to trade with ultra-tight spreads, starting from 0. More account details are presented below. The HFcopy Account offers similar parameters to the Premium Account. The difference is that the HFcopy Account is suitable for Strategy Providers and Followers who have become part of HFcopy, a leading community of traders.

At the same time, Followers are able to copy the trading activity of the Strategy Providers they have chosen to follow. The Premium Pro Account is designed to suit the financial objectives of traders categorized either as Experienced Retail Clients or as Professional Clients.

Experienced Retail Clients are considered those that meet certain criteria, including requisite experience specific trading activities conducted over the last 24 months , deep knowledge of derivative instruments proven work experience or training in the field as well as appropriate professional certificates and, last but not least, their country of residence in Poland.

Professional Clients are considered to be investors with vast knowledge and experience who have the ability to assess and manage their own risk. The broker also offers an Islamic Account, which does not charge swap or rollover fees when clients hold active positions overnight. There must be a limit stop loss order in place that protects against loss to the minimum. Remember, Trading CFDs are risky instruments as they involve a leverage.

The loss incurred may be more than the money invested. Hence, these products should be tracked and tested on demo before trading live. The traders in the financial markets lose money, as losing is one of the aspects of trading. Most traders use Technical analysis in their trading, but it is still important to learn both. Fundamentals affect the outlook of an economny. A bad economy would mean a bad currency, and vice versa.

So it is important to undertand the basics of Fundamental trading. Technical analysis involves trading based on the charts, reading the patterns, using charting tools, indicators etc. to figure out the currency's movements. Traders that use technical analysis read the chart using methods like candlestick patterns, Supply Demand, trendlines, support resistance etc. Below is an example of how a trading chat looks like. A technical trader would analyse different time frames as well during analysis.

If you are just starting out, it is really important to spend as much time as you can to learn about the concepts of Forex, CFD trading; it's risks, strategies etc. Once you have learned the basics, start by opening a demo account with a broker of your choice. Trade using that demo account until you have a good strategy that works, and has been tested over a period of months minimum.

Ony once you are fully comfortable, then you can start by investing real money. Start with low capital, and trade mini lots only. Follow all the money management lessons. Enter your email to get the link to download the PDF version of this Forex Trading in Kenya PDF guide. Forex Trading in Kenya Complete Guide for Beginners. Download PDF Guide. Emmanuel — Last Updated February 11, Summary of Best Online Forex Brokers for Beginners in Kenya in Forex Broker Highlights Average Fees EURUSD Account Minimum Current Offers Learn More.

Chapter 1 What is Forex Trading? How does Forex market work? By trading in the forex market, you can exchange one currency for the other. Example of Real Life Foreign Exchange Trading Let's say you have 20 US Dollars, but you want Kenyan Shillings instead. Chapter 2 Currency Trading Terminology. In this chapter, we will cover important terms like Currency Pairs, Pips, Leverage, Spread etc.

Let's go. Currency Pairs In the forex market all currencies are traded in pairs, against each other. This essentially refers as what is the value of Euro against 1 US Dollar. Below is a breakdown of the Currency Pair types. Pips Pip is the smallest decimal value in a currency's price. Bid and Ask Prices The bid price is the maximum price at which a trader or a broker is willing to buy a forex pair.

Broker's Spread For trading in the forex market you need to trade via a broker. Forex Lot Sizes The value of your order will depend on the units of a currency traded. There are 3 Lot Sizes: Standard Lot - , units Mini Lot - 10, units Micro Lot - 1, units You will see the option to choose the number of lots that you want to trade on the brokers platform. Chapter 3 How to Open Forex Trading Account in Kenya. Start with Demo Forex Trading Account Almost all the brokers provide demo accounts.

Opening Live Trading Account Most Forex brokers have a Live Account Opening page on their website. Chapter 4 Risks of Forex Trading. In this chapter we will highlight some of the main risks that most traders ignore. Risks of Forex Trading The 4 main risks involved in forex trading are: Forex Market can be highly Volatility Forex deals with exchange rates and currency pairs.

Poor Risk Management and High Leverage In forex trading, the risks of incurring huge losses should be covered using hedging instruments like derivatives. Unpredictable markets The risk-reward ratio should be calculated before investing as the markets are volatile and an investor should be sure how much money is expected to be gained and what is the maximum loss that can be incurred. Here are some tips that Beginner traders should stick to: Always keep track of any Economic news that could affect the currency values.

Forex and CFDs are risky products and should be studied well before starting to trade. Chapter 5 Forex Trading Strategies. The following Economic indicators could impact a currency: Country's Central Bank's Interest rates decision Inflation rates GDP Unemployment data. Technical Analysis Technical analysis involves trading based on the charts, reading the patterns, using charting tools, indicators etc.

See our Best Rated Forex Brokers in Kenya for See Best Brokers! Download the PDF Guide Enter your Email ×. Enter your Email Below Submit. Fees EURUSD 0 pips lowest spread. Visit FXPesa Read FXPesa Review. HotForex Kenya. Fees EURUSD 0. Scam Forex Brokers Unregulated Forex Brokers. Nasdaq Brokers FTSE Brokers FTSE Brokers.

MT4 Brokers MT5 Brokers cTrader Brokers Zulu Trade Brokers Futures Trading Platforms Social Trading Platforms Binary Trading Platforms Best Forex Robot Traders. Cent Account Forex Brokers Micro Account Forex Brokers PAMM Account Forex Brokers Swap Free Account Brokers. FCA Regulated UK ASIC Regulated AUS CySec Regulated Cyprus CFTC Forex Brokers USA CBN Regulated NG FSCA Regulated SA. ECN Forex Brokers STP Forex Brokers NDD Forex Brokers Stock Brokers Crypto Brokers CFD Brokers ETF Brokers Binary Options Brokers Best Oil Brokers Best Gold Brokers Best Commodity Brokers.

Day Trading Strategies Crypto Day Trading Platforms. Forex Brokers in the UK Forex Brokers in South Africa Forex Brokers in the USA Forex Brokers in Nigeria Forex Brokers in Germany Forex Brokers in Australia Forex Brokers in New Zealand.

Best Forex Brokers on Instagram Best Forex Brokers on Twitter Best Forex Brokers on Youtube Best Forex Brokers on Facebook. Forex Brokers Accepting Mobile Money Forex Brokers Accepting PayPal Forex Brokers Accepting Credit Cards Forex Brokers Accepting Cheques Forex Brokers Accepting Bitcoin. Avatrade 2. Exness 3. JustMarkets 4.

Oanda 5. BDSwiss 6. Tickmill 7. Pepperstone 8. FBS 9. OctaFX FP Markets. Exness 2. Avatrade 3. HFM 4. Forextime 6. CM Trading 7. Go Markets 8. Alpari Easy Markets. OctaFX 2. Bdswiss 3. Axiory 4. Pepperstone 5.

Plus 6. Exness 8. Go Markets 9. com Oanda 2. com 4. TD Ameritrade 5. ATC Brokers 6. Nadex 7. com 8. ACY 9. NinjaTrader Best CFD Trading Strategies What is CFD Trading? Top CFD Forex Brokers. What is Bitcoin? Bitcoin Trading Bitcoin Trading Tips and Strategies Bitcoin Mining Bitcoin Forex Brokers Quotes from Bitcoin Believers Bitcoin Halving Bitcoin Brokers Best Bitcoin Trading Apps Bitcoin Trading Bots Cloud Mining.

Ultimate Guide to Cryptocurrency Cryptocurrency Pairs Cryptocurrency Brokers Cryptocurrency Exchange Platforms Cryptocurrency Blockchains. Litecoin Ethereum Ripple Bitcoin Cash. Global Impact of Crypto Trading Worldwide Currency Report Cryptocurrency Cap Crypto Transaction Speeds Crypto Diversity Worldwide Crypto Readiness Report Crypto Opportunity Cost Crypto Spending Top Anti-Crypto Countries Crypto Regulation Index Global Investment Report.

How to Invest Money How to Invest in ETFs How to Invest in Index Funds How to start Forex Trading How to Pick Shares How to Report a Forex Broker How to be Consistent in Forex. The Top 10 Best Forex Brokers in Kenya revealed. We have rated and reviewed the best Forex Brokers accepting Kenyan Traders. This is a complete listing of The 10 Best Forex Brokers in Kenya. In this in-depth write-up you will learn:. The Kenyan shilling KES is the official currency of the Republic of Kenya. Prices often include the abbreviation KSh , whereas KES is the foreign exchange FX trading symbol.

Selected CMA Regulated Brokers in Kenya may offer KES-based trading accounts. Overall, Exness can be summarised as a trustworthy and worthwhile broker that is very competitive in terms of its trading fees against major currency pairs.

The spread is also very low and offers a sign-up bonus for 1st-time traders. Rated 2 of Recommended FX Brokers. Minimum Deposit. Islamic Account. Trading Fees. Overall, Avatrade can be summarised as a safe and trustworthy broker with a user-friendly copy trading platform. Rated 1 of Recommended FX Brokers. Overall, Pepperstone can be summarised as a credible and trustworthy broker.

Pepperstone is considered low-risk to medium-risk. Pepperstone offers competitive trading fees and pip spreads which gives it an overall trust score of 92 out of Rated 10 of Recommended FX Brokers. Overall, Exinity can be summarised as a credible and trusted broker that offers regional services plus local regulation by the CMA in Kenya. Exinity provides Contracts for Difference CFDs and low spreads on multiple trading instruments. Rated of Recommended FX Brokers. Overall, Scope Markets is very competitive in terms of its trading fees and spreads.

Scope Markets can be summarised as a safe and well-regulated broker with a trust score of 90 out of High Trust. Scope Markets. Overall, FXPesa can be summarised as a trustworthy broker that provides Forex and CFD trading to retail traders in Kenya.

It is regulated by the Capital Markets Authority of Kenya. Overall, Windsor Brokers is very competitive in terms of its trading fees and spreads.

Windsor Brokersindsor bro can be summarised as a safe and well-regulated broker with a trust score of 90 out of High Trust. Overall, EGM Securities can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. EGM Securities has an overall trust score of 69 out of Rated 76 out of 76 Recommended FX Brokers. EGM Securities. Hotforex is regulated by Tier 1 and Tier 2 Trading Bodies.

Hotforex has a high trust score of 90 out Rated 6 of Recommended FX Brokers. FXTM can be summarised as a credible and trusted broker that is very competitive in terms of its trading fees against major currency pairs.

You can trade forex via any licensed FX broker. In Kenya, there are 6 non-dealing forex brokers licensed by the CMA. We have researched trustworthy and independent reviews of Forex brokers in Kenya. Compare the brokers based on our reviews, fees comparison, regulatations to make your decisions. We have also created beginner forex guides to help you get started. Parent company EGM Securities is licensed by CMA.

Regulated with CMA. Regulated with ASIC. In this step-by-step guide we wil explain everything you need to know about Online Foreign Exchange trading in Kenya as a beginner trader. Forex trading is trading in different currency pairs with the aim to earn profit from the difference in the value of the currency pair due to market movements.

KES is a not a strong currency like USD. Hence if we buy USD then we have to pay , KES. Now suppose the value of KES increases in the market. In that case, we have to pay less KES for every USD bought. That would also mean that for every USD you sell, you would receive more KES than you paid.

This difference between the KES paid and received is the profit that you earn. Forex trading is a profitable only if you know how to study the currency pairs and when to invest in which currency pair. Let's say you have 20 US Dollars, but you want Kenyan Shillings instead. Then you can convert your US Dollar into Ksh. via a regulated exchanger or bank.

They will convert your Dollar into Kenyan Shilling at the latest exchange rates. In this above example, the exchange or bank will also charge a markup fees, to process your forex transaction. This fees is generally by offering you a sell rate higher than the buy rate. Let's say buy rate for 1 USD would be Ksh.

then the sell rate would be or lower, depending on your bank which is participating in the FX market on your behalf to exchange your currency. If you are trading forex, then you will come across some terms that you should remember if you want to be an active trader. In the forex market all currencies are traded in pairs, against each other.

Pip is the smallest decimal value in a currency's price. It is generally the last decimal in the quote. The movement from 1. This is effective because it leaves the extra money with the investor with which other investment options can be tried or can be kept for personal use. Leverage is given by CFD brokers. Since forex trades generally take place in standard lots, which is , units of currency, we assume we are buying 1 lot of EUR.

Leverage is calculated by dividing the total trade value by the margin required. This would give us a leverage of In case the EUR value appreciates by pips to 1. Hence, we are able to trade and profit more with less capital but high leverage. Most investors look for high leverage offerings but one should understand that high leverage also increases the risks of high losses in case of negative trades. For CFD instruments other than forex, you should strictly use leverage of no more than Also Read: Our guide on What is Leverage in Forex Trading.

The bid price is the maximum price at which a trader or a broker is willing to buy a forex pair. The ask price is the minimum price at which a trader or broker is willing to sell a forex pair. One thing to note here is, the bid and ask prices operate differently for brokers or market-makers and price takers or regular investors.

Market-makers buy at the bid price and sell at the ask price. Price takers buy at the ask price and sell at the bid price. The concept of the bid and ask prices is similar to the buying and selling prices of groceries from the perspective of a shopkeeper. As a shopkeeper, the wholesaler's selling price is equal to your buying price. Similarly, when you are selling the same groceries to your customers, your selling price will be equal to your customers' buying prices.

Generally, the bid prices are lower than the respective ask prices. This is because the sellers try their best to make a profit off a trade. It is good for you if your broker has a lower spread, which would mean lower fees for a trade. For trading in the forex market you need to trade via a broker. The broker's Bid price would be quoted as something like 1. The difference between this is the broker's fees called the spread. The lower the spread, the better it is for trader. This is because it will allow you to retain more profit or a lower loss.

as these can make the overall fees higher even if the spread is low. For ex. And there is Broker B, that has 1. The overall fees would likely be lower with broker B, depending on your trading volume. The value of your order will depend on the units of a currency traded.

Generally these units are referred to as lots. You will see the option to choose the number of lots that you want to trade on the brokers platform. Most brokers allow to trade custom number of lots, for example you can trade 5 Mini Lots, or even 5. Brokers like FxPesa, Exness etc. that offer MetaTrader have this option. Capital Markets Authority CMA of Kenya has made online forex trading in Kenya more regulated now. To trade forex in Kenya via a locally regulated broker, you need to open an account with any of the forex brokers regulated and licensed by CMA.

There are six such brokers who are regulated by CMA: EGM Securities, PepperStone Kenya, ForexTime Exinity Group , HotForex, Windsor Markets and Scope Markets. There are also global foreign regulated forex brokers accepting traders from Kenya - that are regulated with foreign regulators like Financial Conduct Authority FCA , Financial Sector Conduct Authority FSCA , Australian Securities and Investments Commission ASIC and the likes.

It is recommended that you choose the only brokers that are licensed by CMA. Only this will ensure that you are trading forex legally.

Almost all the brokers provide demo accounts. Demo accounts are like real trading accounts, and your can trade and understand the nuances of trade just like real trading account without risking your real money.

But it is still a good place to learn trading. Most Forex brokers have a Live Account Opening page on their website. Live this example from FxPesa's website. Generally, the steps involved are the same.

You need to fill your 'Account Information' details, your Financial Adequacy information. Then you need to submit your 2 KYC documents i. For the KYC, it is essential that you submit valid documents as this will prevent any issues during withdrawals. For ID proof you can submit copy of your Passport or any other National ID. For Address proof, you can submit your phone or any other Utility Bill.

ECN Electronic Communications Network brokers is where the investors directly get connected to the other investors in the Forex Markets and the fee is calculated by the volumes traded by the clients that pass through the ECN environment. STP or Straight Through Processing is where the broker passes the trades to liquidity providers for execution and gives access to interbank market structure.

Even though having DMA gives you wider access to markets with higher rewards and risks, but finding true brokers providing DMA is difficult and tricky. You should avoid brokers that are market makers as these brokers take position against you.

So any loss that you make with a market maker forex broker is the profit of that broker. All the CMA licensed online forex brokers are 'Non-Dealing' which means they don't operate a dealing desk.

So, they are not market maker brokers. If you are a beginner, you should choose brokers with standard spread accounts only where the broker preferably offers STP accounts like in case of Hotforex.

The expert traders can go for ECN type account. These have low fees but commission is charged as per the trading lots. With Zero Account it is 0. So, if you are a trader trading high volume, it would be right decision to open your trading account with Zero Account for saving on the broker's trading fees. Many brokers offer a lot of options when it comes to opening accounts with them.

All these accounts require a minimum account balance. This would ensure that a sizeable position could be taken in trading and a good profit could be earned on positive market movements. However, it should be kept in mind that a position would depend on the balance maintained and the leverage offered by the broker.

Advertisement Advertisement. Check for reviews on the historical spread, commissions for various accounts on offer as well as minimum deposit and withdrawal fees. Australian Stock Exchange. Eight years ago, after failing to secure a formal employment, he started looking into online forex trading. Today, Forex is by no means his full-time job, taking up a very small portion of his day-to-day life.

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