Forex Brokers in Kenya

Richard Montana | November 24, 2022

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.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

CBA, CMA, DMM, FCA, FSA, JSC, SCA

$500

2008

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

CMA, CySEC, DFSA, FCA, FSC, LFSA

$50

2010

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

CMA, CySEC, FSA, IFSC, JSC

$100

1988

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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