Which are the best Forex Brokers in Kenya?
The forex brokers discussed in this post can be trusted because they are;
- Legitimate CMA licensed forex brokers in Kenya
- Forex brokers in Kenya with Mpesa payments, deposits, and withdrawals support
- Best forex brokers in Kenya with a low minimum deposit
If you are curious or in a hurry, out of this list of forex brokers in Kenya, the most recommended two are; Exness Kenya and Pepperstone Kenya.
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Factors to Consider When Choosing Forex Brokers in Kenya
I) Must Be Licensed
The forex broker must be licensed by Capital Markets Authority (CMA), which is the body that oversees all trading activities in Kenya.
After a broker is licensed, they are issued with a Retail Foreign Exchange Dealer (RFED) number, which they clearly write on their website mostly on the homepage near the footer.
If you do not see that information anywhere on their website, most likely they are not licensed.
Has Some Users
A simple keyword research tool like the Google Chrome Extension Keyword Everywhere will tell you how many people search for the name of the broker site on Google.
If the broker domain name gets more than 2000 searches, then it can be trusted.
Alternatively, you can use a tool like Similarweb to analyze the traffic of the broker site. If they are not getting any traffic, that means no one is using the site.
Easy & Flexible Registration
The forex broker must provide alternative ways of creating an account like via Google Email, Facebook, or USSD among other methods.
The process of registration should be simple, and straightforward without any time wastage to keep away any distractions and boredom of getting started.
Mobile App Availability
Most people are always looking for ways to make money online with their mobile phones because that is where we do most of our things.
A good forex broker must have an iOS app for iPhone devices and also one for Android phones.
Demo Account Availability
Not everyone starts out as an expert in the forex trading job.
Some people get started as total beginners who do not have the confidence of spending money on live trading accounts.
Such users can practice with demo accounts until they are ready to go live.
Before you trade with a live account, you must deposit some money into it.
A good forex broker must provide several live account options to cater to the financial differences of different groups of people.
For example, the minimum deposit for the lowest account can be $50, while for the highest is $3000.
A trustworthy forex broker must have a “contact us” page where they provide an email, phone number contacts, online form, and any other means of communication.
Good forex brokers have a live chat service where users can get instant help via messaging or calls.
You must be able to cash out instantly without any manual processes like filling out forms among others.
Withdrawals should be available both weekdays and weekends on a 24/7 schedule at the click of a button.
Traders must also be able to withdraw their funds using multiple payment wallets and gateways like Bitcoin, bank card, Mpesa, Skrill, PayPal, WebMoney, and wire transfer among others.
Multiple Instruments of Trade
Forex is just one of the many instruments of trade.
A good forex broker is one that is able to offer other instruments of the trade like metals, cryptocurrencies, energies, stocks, indices, and more.
3 Best Licensed Forex Brokers In Kenya
Apart from being a forex trader only, Exness is a multi-asset broker where clients can also trade in metals, indices, stocks, crypto, and currencies.
Traders are able to trade in all these assets through the Exness MT4 (MetaTrader4) platform using the contract for differences (CFDs) formula.
They have three main types of accounts: demo, standard and professional. The last two are all live accounts, which you must put a deposit to trade with.
The minimum deposit for demo accounts is 0, the one for standard accounts depends on the payment methods and the one for professional accounts is $500.
The Exness app is available on Google Play for Android phones and the Apple Store for iOS devices.
They offer 24/7 instant withdrawals to Bitcoin wallet, Mpesa, Bank card, skrill, Webmoney, Neteller, Tether, and Wire transfers from as low as $10.
Apart from being loved by forex brokers, HotForex is loved by retail clients and institutional facilities because it allows them to trade in commodities.
They offer two types of accounts; demo and live.
The six live accounts (Micro, Premium, Zero, HFcopy, PAMM, and Islamic) give flexibility to different types of traders in terms of minimum deposit and instruments of trade.
For example, the minimum deposit for a Micro account is $5, for a premium account is $100 and for the Zero account is $200.
If you do not want to be a broker, you can make money through affiliate marketing by promoting your HotForex affiliate link.
Initially in 2010, when Pepperstone was created, it was regulated by Australian Securities and Investments (ASIC) because its headquarters were based in Melbourne Australia.
Currently, this company operates globally. For example, it was introduced into the Kenyan market in 2021, and now it’s fully licensed by CMA.
Unlike the two companies above which are relatively new and small, this one will offer you four main benefits;
- They have the widest multi-asset CFD market with more than 120 trade instruments to choose from their MetaTrader 4, MetaTrader 5, and CTrader platforms.
- High commissions from $3.5 per trade upwards.
- Instant, fast, and 24/7 customer support, which will help you with anything.
- Three registration options; email, Facebook, and Google.
The downside is that you must verify your identity by providing legal documents like a national ID, driver’s license or passport because you can start trading successfully on this site.