Following our in-depth review and ranking process, here are the best forex brokers in Kenya;
Table Of Contents
Best Forex Brokers in Kenya
- IC Markets
- IG
- HotForex
- Pepperstone
- XM
1. IC Markets
IC Markets is a global leading online broker, as well as one of the largest forex & CFD providers (by trade volume) in the world. It offers CFDs on a wide variety of global markets including forex, stocks, commodities, indices, cryptocurrencies, bonds and futures, with over 1780+ instruments to trade.
IC Markets offers an excellent trading solution suitable for beginner and professional traders, along with adequate support for all trading styles and strategies (such as scalping, hedging, algorithmic trading etc). In addition, all clients can enjoy a plethora of top-notch trading services, some of which includes; consistent ultra-low spreads from 0.0 pips, fast trade executions, deep liquidity, advanced trading platforms & tools, transparent pricing and low trading fees, and great customer support service available 24/7.
IC Markets Overview
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, CYSEC |
| Forex Pairs | 61 |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 (or currency equivalent.) |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF. |
| Payment Methods | Bank Wire Transfer, Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking. |
Pros
- Hassle-free account registration process.
- Strong regulatory framework.
- Over 180,000+ clients across 190 countries worldwide.
- Strong global presecence and reputation among traders.
- Deep liquidity.
- Negative balance protection.
- Clients funds are segregated.
- Industry-standard trading platforms available for mobile and desktop devices.
- Provides support for algorithmic ( such as Expert Advisors).
- Over 61 currency pairs to trade including major, minor and exotic currency pairs.
- Flexible leverage from 1:1 to 1:500.
- Low latency and ultra-fast trade execution.
- Supports all trading styles and strategies.
- Low spreads (starting from 0.6 pips) with zero commissions on the standard account.
- Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
- Multiple fast and secure payment methods, with fast deposit and withdrawal processing times.
- Demo account with unlimited usage duration.
- No inactivity fee.
- Dedicated and friendly multi-lingual customer support service available 24 hours a day, 7 days a week.
Cons
- Product offering limited to CFDs.
- No proprietary trading platform.
2. IG
IG is a highly reputable global online broker established by IG Group plc; a publicly-traded company listed on the London Stock Exchange. IG offers CFD trading across a wide variety of asset classes including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rate, sectors and ETFs with over 17,000+ instruments available to trade.
IG offers an exceptional brokerage service, with trading solutions suitable for retail (beginners and professionals) and institutional clients (such as hedge funds, family offices, private investment vehicles, asset managers, brokers, banks and introducing brokers). Also, traders can get access to an extensive list of great brokerage services including deep liquidity, superior trade execution, volume-based rebates, industry-standard trading platforms (proprietary & third-party), competitive spreads, expert customer support service, and much more.
IG Overview
| Broker | IG |
|---|---|
| Regulation | CFTC (U.S.), FCA (U.K.), ASIC (Australia), FCA (United Kingdom), FINMA (Switzerland), FMA (New Zealand), MAS (Singapore), FSA (Japan), FSCA (South Africa), DFSA (UAE), BMA (International) |
| Forex Pairs | 81 |
| Trading Platforms | ProRealTime, L2 Dealer, MetaTrader 4 |
| Minimum Deposit | $300 (or currency equivalent) |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:200 |
| Account Currencies | USD, GBP, AUD, EUR, SGD, HKD. |
| Payment Methods | Bank Wire Transfer, Credit/Debit Cards, Paypal |
Pros
- Strong regulatory framework.
- Listed on the stock exchange.
- 45+ years of industry experience.
- 313,000+ clients worldwide.
- Deep liquidity.
- Negative balance protection.
- Volume-based rebates.
- Industry standard trading platforms available in web, mobile and desktop versions.
- Competitive spreads from 0.6 pips on major currency pairs.
- Fast and secure payment methods.
- No minimum deposit for bank transfer.
- Excellent eductional offering for beginner, intermediate and advanced traders.
- Outstanding research offering.
- Great customer support service.
Cons
- Inactivity fee charged (after 2 years of inactivity).
- No support for copy trading and social trading.
- High financing rate.
- Limited product portfolio in some countries.
- No support for social trading and copy trading.
3. HotForex
HotForex is a global award-winning broker established and operated by HF Markets Group; a globally renowned fintech brand that strives to meet and exceed the highest standards of online trading. It offers CFD trading across a variety of global markets including forex, commodities, indices, cryptocurrencies, bonds, stocks DMA, ETFs and shares with over 1000+ instruments to trade.
HotForex provides a phenomenal trading service suitable for both beginner and professional retail clients. It also offers various unique account types with great account options, which clients can select to enjoy a tailored trading experience that perfectly suits their needs. Coupled with great account conditions and a range of advanced trading tools, HotForex caters to all trading styles and strategies including scalping, hedging and algorithmic trading (such as EA trading), copy trading and much more.
In addition, traders can enjoy exceptional trading conditions including deep liquidity, superior trade execution, negative balance protection, low trading cost, ultra-low spread from 0.0 pips, multiple tailored account types, multiple fast and secure payment methods, great market research offering, quality educational offering and a multi-lingual customer support team available via phone, email and live chat.
HotForex Overview
| Broker | HotForex |
|---|---|
| Regulation | CySEC (Cyprus), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius) |
| Forex Pairs | 50+ |
| Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader. |
| Minimum Deposit | $5 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:1000 |
| Account Currencies | USD, EUR, PLN, ZAR, NGN |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards (VISA Secure, VISA, Mastercard, Maestro), Skrill, Neteller, Union Pay, BitPay, Web Money, VLOAD, Fasapay, Cryptocurrency. |
Pros
- Strong regulatory framework.
- Strong global presecence.
- Beginner friendly.
- Hasle-free account registration process.
- Deep liquidity.
- Superior trade execution.
- Negative balance protection.
- Demo account with unlimited usage duration.
- Low required minimum deposit.
- Multiple tailored account types.
- Over 50+ currency pairs including, major, minor and exotic currency pairs.
- Supports all trading styles and strategies.
- Flexible and high leverage from 1:1 to 1:1000.
- Multiple fast and secure payment methods.
- Low cost trading.
- Ultra-low spreads from 0.0 pips.
- Offers copy trading.
- Quality educational offering including forex education/ e-courses, training courses videos and webinars.
- Great market research offering.
- Multi-lingual customer support service available 24/5 via phone, email and live chat.
Cons
- Limited product offering.
- Does not offer a propritary trading platform.
- Inactivity fee charged, after 6 months of account inactvity.
4. Pepperstone
Pepperstone is a global award-winning online broker established and operated by the Pepperstone Group. It offers Forex trading, spread betting and CFDs across a variety of global markets including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments to trade.
Pepperstone offers top-notch trading solutions which accommodate both beginner and professional retail traders, and also supports all trading styles and strategies (such as scalping, and algorithmic trading and others). In addition, all Pepperstone clients can enjoy deep liquidity, low-cost trading, competitive spreads, superior trade execution, multiple industry-standard trading platforms, volume-based rebates, fast & secure payment methods, great research & educational offering and a dedicated customer support team available 24/7 etc.
Pepperstone Overview
| Broker | Pepperstone |
|---|---|
| Regulation | ASIC (Australia), FCA (United Kingdom), DFSA (Dubai) |
| Forex Pairs | 61 |
| Trading Platforms | MetaTrader4, Metatrader5 and cTrader |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, GBP |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal and Poli. |
Pros
- Strong regulatory framework.
- Beginner friendly.
- Easy account registration process.
- Deep liquidity and no requotes.
- Low latency and fast order execution.
- Supports all trading styles and strategies.
- Multiple account base currencies.
- Negative balance protection.
- Over 61 currency pairs, including major, minor and exotic pairs.
- Tailored account types with great trading conditions, competitive pricing and advanced tools.
- Secure payment methods, with fast deposit and withdrawal processing times.
- Industry-standard trading platforms (proprietary and third-party) available for mobile and desktop devices.
- Support for expert advisors.
- Zero commissions and consistently low spreads (from 0.6 pips ) on the standard account.
- Ultra-low spreads on major currency pairs from 0.0 pips on the Razor account.
- Active Trader Program to reward high volume trading with cash rebates which is paid daily.
- No inactivity fee charged.
Cons
- Demo account duration limited to only 30 days.
- Limited product offering.
5. XM
Established by Trading Point Group, XM is a multi-award-winning online broker, as well as one of the biggest forex and CFD providers (by trade volume) in the world. It connects traders to a wide variety of global markets including forex and CFDs on stocks, commodities, equity indices, precious metals, energies and shares with over 1000+ instruments to trade.
XM offers a well-established brokerage solution for both beginner and professional retail traders. It is also suitable for all trading styles and strategies and offers different account types with great account options, which traders can choose from to enjoy a tailored trading experience that perfectly suits their trading needs. In addition, traders can also gain access to multiple industry-standard brokers, deep liquidity, tight spreads, fast order execution, negative balance protection, a dedicated multilingual customer support service, and much more.
XM Overview
| Broker | XM |
|---|---|
| Regulation | CySEC (Cyprus), DFSA (United Arab Emirates), ASIC (Australia), IFSC (Belize), FCA (United Kingdom), BaFin (Germany), CNMV (Spain), MNB (Hungary), CONSOB (Italy), ACPR (France), FIN-FSA (Finland), KNF (Poland), AFM (Netherlands) and FI (Sweden). |
| Forex Pairs | 55 Currency Pairs. |
| Trading Platforms | MetaTrader 4, MetaTrader 5 |
| Minimum Deposit | $5 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:888 |
| Account Currencies | USD, EUR, GBP, JPY, CHF,AUD, HUF, PLN, RUB, SGD, ZAR |
| Payment Methods | Wire Transfer, Internet Banking, Local Bank Transfer, Credit/ Debit Cards, Neteller, Neteller VIP, Skrill, UnionPay, RapidPay, POLI |
Pros
- Strong regulatory framework.
- Easy account registration process.
- Supports over 30 languages.
- Beginner friendly.
- Deep liquidity.
- Fast order execution
- Multiple tailored account types.
- Offers swap-free account.
- Ultra low spreads from 0.0 pips on the Zero account.
- Low minimum deposit.
- Industry-standard third-party trading platforms available for mobile and desktop devices.
- Supports all trading styles and strategies.
- Support over 11 account base currencies.
- Multiple fast and secure deposit and withdrawal methods..
- Quality education & research offering.
- Great customer support service.
Cons
- No proprietary trading platform.
- Average forex trading fees on standard account.