Forex Brokers in Kenya
Forex trading in Kenya is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Kenya as clients, forex brokers in Kenya are required to become authorised by the Capital Markets Authority (CMA). The Capital Markets Authority of Kenya, also known as CMA, is a government financial regulatory entity responsible for supervising, licensing and monitoring the activities of the capital markets within Kenya.
Best forex brokers Kenya
To find the best forex brokers in Kenya, we created a list of all the forex brokers that can accept residents of Kenya and then ranked them based on our overall rating. You can see our list of our top forex brokers for Kenya below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
CMA forex brokers in Kenya
Forex trading is legal in Kenya and the country has its own regulatory body, the Capital Markets Authority, which oversees brokers based in, and operating from, Kenya itself. Numerous brokers around the world have the required regulations and authorization to offer their services and solutions to Kenyan traders.
The Capital Markets Authority of Kenya, also known as Capital Markets Authority (CMA) in short, is an independent government financial regulatory agency responsible for supervising, licensing and monitoring the activities of market intermediaries, including the stock exchange, and the central depository and settlement system and all the other persons licensed under the Capital Markets Act of Kenya.
The Capital Markets Authority provides regulation for the financial services sector by providing guidelines for the asset allocation. Capital markets are a category of markets that facilitate the buying and selling of securities with medium-term and long-term maturity. Instruments traded in capital markets include derivatives, treasury bills and bonds, corporate bonds, and commercial papers, among others.
To start trading forex online in Kenya, you just need to find an online forex broker that accepts clients from Kenya. You can open a forex account with that broker for trading forex. You can then make a deposit using a payment method accepted by the broker or start trading on a demo account until you build up enough confidence and start seeing results on a consistent basis.
How to verify CMA regulated brokers in Kenya
It is important to note that there have been several scam brokers operating in Kenya, and the few CMA licenced brokers are greatly restricted in the trading conditions they can offer. The safest brokers for trading Forex CFDs in Kenya are going to be those that are also well regulated in other jurisdictions.
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the CMA website to confirm if the forex broker is regulated in Kenya to provide online forex trading products and services.
Some Kenya forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.
Is forex trading legal in Kenya?
In Kenya, retail FX and CFD trading has significantly increased in tandem with the expansion and stability of the national economy. Younger demographics, more reliable and accessible internet access, a larger mobile footprint, and stricter regulations have all been major reasons. When the CMA established a legislative regulatory framework to cover online forex trading in August 2017, Kenya became the second nation in Africa to fully authorize currency trading. Therefore, forex trading is allowed in Kenya.
However, forex trading in Kenya is still in its early phases, a time when fraud can strike many people who are new to the trade. Although the internet is more affordable and telecommunications networks are better, traders still need to be more aware of the hazards involved, watch out for obvious frauds and pyramid schemes, and learn how to handle leverage carefully. The CMA has currently authorized a leverage of 1:400.
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