Investing in the world’s largest and most decentralized market, Forex, has become increasingly popular in Kenya.
While there are many advantages to trading forex, the inherent risk of doing so might be increased if you do not use a regulated broker. Due process in the event of disputes and the protection of funds are provided to traders by brokers with strong regulation.
We’ll take a look at four of the best CMA regulated Forex brokers in this article, allowing Kenyan traders to embark on their trading journey in a safe and secure trading environment.
1. Exinity East Africa
Overview
Launched in June 2021, Exinity joins sibling firms Alpari and FXTM as part of the well-known Exinity Group. High leverage and a superb price environment make it suitable for both beginners and scalpers.
The broker’s Exinity World mobile app and the MetaTrader 4 and MetaTrader 5 trading platforms for PC and mobile let customers trade on more than 10,000 different financial instruments, including forex, stock indices, currency indices, share baskets, commodities, and shares (CFDs and Non-CFDs).
Exinity World, Exinity Trader, and Exinity Trader Pro are the three basic account kinds available to customers.
When it comes to commissions, there is no difference between Exinity World and Exinity Trader Pro accounts, however the Exinity Trader accounts are commission-free with significantly higher spreads. In addition, there are free trial and swap-free Islamic accounts accessible.
Pros and Cons
| Pros
Full MetaTrader suite available Negative balance protection provided Multi-regulated
|
Cons
Cryptos not available
|
Features
| Feature | Information |
| Regulation | CMA, FSRA, FCA |
| Minimum deposit from | $20 |
| Average spread from | 0.5 pips |
| Commissions from | $2 per lot for Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | Yes |
| Customer Support | 24/5 |
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2. Scope Markets
Overview
Scope Markets is a global forex and CFD broker with a number of licenses and a high level of regulatory supervision.
A variety of financial products, including leveraged derivatives and spot stocks, are made available to both retail and institutional clients by the broker.
Each account comes with free MT5 access, competitive trading conditions, and multilingual, round-the-clock customer care as standard.
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 |
3. FXPesa
Overview
FXPesa is a multi-platform exchange that allows clients to trade using both Windows and Mac operating systems.
In light of the fact that mobile trading has surpassed desktop trading in terms of popularity, it isn’t surprising that FXPesa delivers an extremely dependable mobile service to users in Kenya.
New clients who are unsure of how to trade with these products can take use of instructive trading videos and guided tutorials to get them up to speed.
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 |
Also read: Is Forex Trading Legal in Kenya
4. Pepperstone
Overview
In comparison to other CFD providers, Pepperstone has received the most number of customer service accolades.
When it comes to no commission spreads, Pepperstone’s basic account, which is compatible with both MetaTrader 4 and MetaTrader 5, has some of the tightest no commission spreads accessible for Kenyan forex traders.
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 |
