Best Forex Brokers in Kenya

This is a list of 7 of the Best Forex Brokers in Kenya. All brokers mentioned have low trading fees, low spreads and have considerable minimum deposits.

Best Forex Brokers in Kenya

What is Forex Trading in Kenya ?

Forex trading (Foreign exchange trading) is the act of buying and selling currencies with the aim of making a profit from the fluctuations in exchange rates. The forex market is the largest financial market in the world, with an estimated daily trading volume of over $6 trillion.

Forex traders can trade a variety of currency pairs, such as EUR/USD, USD/JPY, and GBP/USD, among others using a trading platform provided by a forex broker. Forex trading can be risky and requires a sound understanding of market dynamics, risk management techniques, and trading psychology.

Below is a list of 13 of the best Forex Brokers in Kenya.

1. FX Pesa

FX Pesa is one of the best regulated brokers in Kenya. It is a product of EGM Securities and the minimum deposit allowed is $5 or KES 665. FX Pesa has a maximum leverage of 1:400 and over 50 currency pairs. Deposits and Withdrawals can be done swiftly using MPESA. For more information, contact the following number.

FX Pesa Contacts

+(254) 799 45 90 34

2. XM Markets

XM is the best MPESA forex broker in Kenya. Withdrawing from the platform is as easy as deposting. XM is well regulated and has a maximum leverage of 1:1000. Spreads on all types of accounts start from as low as 0.1 pips, this is dependent on the currency you are trading and the trading time.

XM is available in platforms such as MT4 and MT5. Currently, XM is regulated by ASIC (Australian Securities & Investments Commission) and Cyprus Securities and Exchange Commission (CySEC). Deposits and Withdrawals can be done fast using MPESA.

XM Contacts

The best way to contact XM is via live chat support@xm.com

3. Exness

Founded in 2008, Exness is a trading platform that allows Kenyans to trade across different Forex markets with the most reliable and stable pricing in the industry. Deposits and Withdrawals can be made using Mpesa at zero charges. Other forms of payments accepted include Neteller, Perfect Money, Bitcoin and Bank Card.

When it comes to trading instruments, Exness supports Forex, Stocks, Indices, Energies, Metals, and Cryptocurrencies. Last but not least, traders can either open a Standard or Professional Account.

Standard Accounts have a spread of from 0.3 and the leverage is unlimited while Professional Accounts have spreads of from 0.0. The minimum deposit for the Standard account $10 is while the minimum deposit for Professional account is $500.

Exness Contacts

support@exness.com

4. Scope Markets

With more than 20 years of experience, Scope Market is a trading platform that offers retail and institutional trading services to traders worldwide. The company offers a 50% bonus of all first time deposits and its main platforms are Metatrader 5 and Scope Copy.

Scope Markets has its offices in Westside Towers, 4th floor, Lower Kabete Road, Nairobi. It is CMA regulated, and MPESA deposits and withdrawals are accepted. Minimum deposits is $20.

Scope Markets Contacts

+(254) 719 03 44 01

+(254) 111 19 37 01   

5. PepperStone Markets

Pepperstone Markets is an award winning global CFD and FX broker. The trading platform is regulated and licensed by the CMA (Capital Markets Authority). In Kenya, it is located in the Oval, 2nd Floor, Ring Road, Nairobi. Pepperstone Markets supports trading in platforms such as MT4, MT5, Trading View and cTrader. Deposits and Withdrawals can also be done fast using MPESA.

PepperStone Markets Contacts

020 3893547

6. FBS

FBS is an international Forex broker that accespts deposits and withdrawals via MPESA. Deposits take less than 40 minutes while withdrawals are processed within less than 24 hours. FBS supports trading instruments such as precious metals, natural gas, oil, stocks, indices, currencies and commodities.

FBS Contacts

Send feedback or ask your queries via support.fbshelp.com/hc/en-us

7. HFM

Also known as Hot Forex, HFM is a forex broker that offers its traders more than 50 currency pairs to trade. It is regulated by CMAFSC, FSCA and CySEC. HFM also supports trading in desks or platforms such as MetaTrader 4 and MetaTrader 5, and HFM Trading App. Deposits and withdrawals can be made using MPESA.

Other Regulated Forex Brokers Using MPESA

  1. CM Trading
  2. SuperForex
  3. LiteFinance
  4. Axi
  5. RoboForex
  6. JustMarkets

10 Advantages of Forex Trading

Forex trading (foreign exchange trading) offers numerous benefits to traders, including:

  1. High liquidity: The forex market is the most liquid financial market in the world, with a daily trading volume of over $6 trillion making it easier for traders to buy and sell currencies.
  2. Accessibility: Forex trading is accessible to anyone with an internet connection and a computer or mobile device making it easy to start trading.
  3. High leverage: Forex brokers offer leverage which allows traders to control larger positions with a smaller amount of capital.
  4. Diversification: Forex trading provides traders with the opportunity to diversify their investment portfolio by trading a variety of currency pairs and other financial instruments, such as commodities and indices.
  5. 24/5 trading: Forex trading is a 24-hour market, with trading sessions in different time zones, providing traders with the flexibility to trade at any time of the day or night.
  6. Low transaction costs: The transaction costs in forex trading are low compared to other financial markets, with most brokers offering commission-free trading.
  7. High potential for profit: Forex trading provides traders with the opportunity to profit from the frequent fluctuations in exchange rates.
  8. Risk management tools: Forex brokers offer risk management tools, such as stop-loss orders, to help traders manage their risk exposure.
  9. Educational resources: Forex brokers offer educational resources, including tutorials, webinars, and trading tools, to help traders develop their trading skills and knowledge of the market.
  10. Regulation: Forex trading is regulated in most countries, providing traders with a certain level of protection and ensuring that brokers follow industry standards and best practices.

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