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4 Best CMA-licensed Forex Brokers in Kenya

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Due to the risks involved with traders using unregulated brokers, Kenya’s financial regulator, the Capital Markets Authority (CMA), has formulated a plan to provide a legal framework for online forex trading.

This is is being done through amendments to the Capital Markets Act. The Act dictates that any person or business which wishes to conduct business as an online broker must be have an online forex broker’s licence granted by the authority. The Capital Markets Authority has strict requirements that applicants must fulfil before they are granted with such a certificate.

The forex market is the largest financial market in the world. In recent years, it has experienced traders emerging from developing countries. The forex market in Africa has surged with more brokers welcoming traders from African countries, even Exness, which is one of the biggest forex marketers in the world opened an office in Seychelles.

For Kenyan traders who are looking for brokers regulated by the CMA, the list will provide valuable insights. Traders can evaluate and see whether any of these brokers meet their trading needs or objectives.

EGM Securities

EGM Securities is an online trading broker based in Kenya, offering traders with a variety of financial instruments which can be traded along with MetaTrader 4, a variety of trading account options, a range of trading instruments, and a variety of reliable payment methods through which deposits and withdrawals can be made.

Strictly regulated by CMA US clients not accepted
Selection of educational resources provided MetaTrader 5 not offered
Range of useful trading tools Spreads and commissions are not the lowest
MetaTrader 4 offered  
Multiple financial instruments  

Also See >> The Basic Principles of Technical Analysis in Forex Trading


FxPesa is a Kenyan-based broker which is also the retail arm of EGM Securities, operating as an online broker under the same CMA regulation. FxPesa offers traders with a standard account and maximum leverage of up to 1:400. The spreads that traders can expect start from 1.6 pips and traders have access to trade more than 60 forex pairs.

Pros and Cons

Strictly regulated by CMA US clients not accepted
Low minimum deposit requirement Higher spreads
Adequate leverage offered MetaTrader 4 not offered
Variety of forex pairs to trade Skrill not offered as payment method
Various non-forex instruments offered Cryptocurrency trading not offered

SCFM Limited (Scope Markets Kenya)

SCFM Limited, also known as Scope Markets, is a CMA-licensed online forex broker which operates in Kenya. When trading with Scope Markets, traders can expect spreads from 1.1 pips EUR/USD on the Silver Account, fairly low minimum deposit requirements, adequate leverage, and a variety of financial instruments which can be traded.

Pros and Cons

Regulated by CMA US Clients not accepted
Low minimum deposit requirement Only two account options offered
Account-opening simple and hassle-free High commission fees
Demo account offered Spreads are not the tightest
Reasonable selection of financial instruments  
MetaTrader 5 offered  

Pepperstone Kenya

Pepperstone is one of the largest online trading brokers which offers traders worldwide access to global markets. Traders have access to a variety of financial instruments, competitive trading conditions, and choice between dynamic accounts.

Pros and Cons

Multi-regulated US Clients not accepted
Negative balance protection Fixed spread accounts not offered
Powerful trading platforms offered  
Tight spreads and low commissions  
Social trading offered  

See Also >> How to Choose the Best Online Forex Trading App

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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