forex trading companies in Kenya
With Pepperstone, which offers traders access to global markets, traders have access to a variety of financial instruments, competitive trading conditions, and choice between dynamic accounts. [ Photo / thebalance.com ]

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.

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.

PROSCONS
Strictly regulated by CMAUS clients not accepted
Selection of educational resources providedMetaTrader 5 not offered
Range of useful trading toolsSpreads and commissions are not the lowest
MetaTrader 4 offered 
Multiple financial instruments 

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

FxPesa

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

PROSCONS
Strictly regulated by CMAUS clients not accepted
Low minimum deposit requirementHigher spreads
Adequate leverage offeredMetaTrader 4 not offered
Variety of forex pairs to tradeSkrill not offered as payment method
Various non-forex instruments offeredCryptocurrency 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

PROSCONS
Regulated by CMAUS Clients not accepted
Low minimum deposit requirementOnly two account options offered
Account-opening simple and hassle-freeHigh commission fees
Demo account offeredSpreads 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

PROSCONS
Multi-regulatedUS Clients not accepted
Negative balance protectionFixed 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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