Forex Brokers Kenya Reviews

Forex trading in Kenya has seen significant growth, with more traders accessing global markets via online platforms. As a result, international brokers have established strong presences in the region, offering tailored services for Kenyan clients. This article provides comprehensive reviews of the most trusted forex brokers in Kenya, focusing on regulation, deposit options, platform features, and local support.

If you’re a Kenyan trader looking for safe, reliable, and competitive brokers, this guide will help you compare your options based on real-user experience and institutional trust.

What Makes a Forex Broker Suitable for Kenya?

CMA (Capital Markets Authority) Regulation or Tier-1 offshore licensing
MPesa and Kenyan mobile payment options
ZAR or KES base currency support
Education and support for beginners
Low minimum deposits and micro-lot trading

Top Reviewed Forex Brokers in Kenya

Exness Kenya

Regulation: CMA (via Exness Africa Ltd, licence No. 162)
Minimum Deposit: $10 (KES or USD accepted)
Payment Methods: MPesa, Airtel Money, Equitel, local bank
Platform: MT4, MT5
Key Strengths: Instant MPesa withdrawals, 24/7 support, ultra-low spreads
Kenyan Trader Feedback: Highly trusted and widely used across Nairobi and Mombasa

FXPesa (EGM Securities)

Regulation: CMA-regulated (licence No. 107)
Minimum Deposit: KES 500
Payment Methods: MPesa, bank transfer
Platform: FXPesa App, MT4
Key Strengths: Kenya-first broker with local education, events, and training
Kenyan Trader Feedback: Ideal for beginners and funded account seekers

HFM Kenya (HotForex)

Regulation: FSCA and global, CMA licence pending
Minimum Deposit: $5
Payment Methods: MPesa, local bank deposits
Platform: MT4, MT5
Key Strengths: Low deposits, multiple account types, trading bonuses
Kenyan Trader Feedback: Popular for its local campaigns and micro-account variety

FXTM Kenya

Regulation: CMA application submitted; FSCA and FCA regulated
Minimum Deposit: $10
Payment Methods: MPesa, card, bank
Platform: MT4, MT5
Key Strengths: Strong African footprint, regional support team
Kenyan Trader Feedback: Favoured for cent accounts and mobile-friendliness

Deriv Kenya

Regulation: Offshore (Malta, Labuan, Vanuatu), not CMA-regulated
Minimum Deposit: $5
Payment Methods: MPesa, Airtel Money, Perfect Money
Platform: SmartTrader, DTrader, MT5
Key Strengths: Synthetic indices, low entry, 24/7 market access
Kenyan Trader Feedback: High risk/reward for experienced traders in synthetic assets

IC Markets

Regulation: ASIC, CySEC; not regulated in Kenya
Minimum Deposit: $200
Payment Methods: Skrill, Neteller (no MPesa direct)
Platform: MT4, MT5, cTrader
Key Strengths: ECN model, ultra-tight spreads
Kenyan Trader Feedback: Used by prop and EA traders despite higher capital need

XM

Regulation: IFSC, CySEC; not CMA-licensed
Minimum Deposit: $5
Payment Methods: MPesa (via third-party gateways)
Platform: MT4, MT5
Key Strengths: High leverage, robust training resources
Kenyan Trader Feedback: Common among beginners; verify payment routes before deposit

Key Takeaways

Kenyan traders favour brokers offering MPesa deposits, KES-denominated accounts, and localised education.
Exness and FXPesa stand out for their CMA regulation, ease of use, and trusted reputation.
Deriv and IC Markets attract advanced traders seeking unique markets or ECN pricing.
For true regulatory safety, CMA registration is preferred over offshore licences.
Beginners benefit from low minimum deposits, micro lots, and demo trading platforms.

Frequently Asked Questions

Are forex brokers legal in Kenya?

Yes, forex trading is legal and regulated under the Capital Markets Authority (CMA) in Kenya. Only CMA-licensed brokers can operate locally.

Which forex brokers accept MPesa in Kenya?

Exness, FXPesa, FXTM, and Deriv support MPesa deposits and withdrawals.

What is the best forex broker for beginners in Kenya?

FXPesa is ideal for beginners due to its local support, KES accounts, and low KES 500 deposit.

Is it safe to use offshore forex brokers in Kenya?

While many offshore brokers are regulated globally, they don’t offer CMA protection. Choose FSCA or FCA-licensed brokers if using offshore options.

Can I open a forex account in KES?

Yes, brokers like FXPesa and Exness allow KES-based accounts, making deposits and withdrawals easier for Kenyan clients.

Forex Brokers Kenya Reviews

What Makes a Forex Broker Suitable for Kenya?