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Best Forex Brokers in Kenya 2023

Best Forex Brokers Kenya 2021

In recent years Kenya has become a hotspot for Forex trading. Many Kenyans find it an easy way to earn money through trading forex. This article describes the different ways in which Kenyan traders can go about this business. However, there is no specific set of methods or rules that should be followed for forex trading in Kenya as opposed to other countries around the world. Hence, many forex brokers in Kenya find it easy to offer their services to Kenyans.

Best Forex Brokers in Kenya List:



We only list licensed brokers that comply with the requirements of prominent regulatory agencies.


The minimum amount you need to deposit in order to start trading.


Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.

No Bonus

Telephone: +44 28 2544 7780

  • Excellent education tools
  • Low forex fees
  • Fast account opening
  • Easy funding methods
  • No bonuses
Platforms & Devices
No Bonus

Telephone: +44 (0) 203 151 5550

  • Excellent customer service
  • Free deposit and withdrawal
  • Negative balance protection
  • Wide range of platform
  • Inactivity fee
  • High Trading Fees for some CFDs
Platforms & Devices
No Bonus

Telephone: +248 467 19 76

  • Low forex fees
  • Fast order execution
  • Analytical training materials
  • 90+ instruments
  • Slow live chat support
  • Non-EU traders don’t get investor protection
Platforms & Devices

Telephone: +35 7251 23212

  • No withdrawal fee
  • Low stock and stock index CFD fees
  • Negative balance protection
  • No inactivity fee
  • Average forex CFD fees
  • No PAMM accounts
Platforms & Devices
Up to $5000

Telephone: +501 223-6696

  • Low withdrawal fees
  • Great educational tools
  • Wide range of leverage
  • Multilingual customer support
  • Non-EU traders don’t get investor protection
  • Lack of weekend customer support
Platforms & Devices
No Bonus


  • 9 base currencies
  • 24/7 technical service
  • Direct market access
  • VPS, FIX API, copy trading
  • Superior trading conditions
  • No negative balance protection
  • Withdrawal fees
Platforms & Devices

Telephone: +44-2030978571

  • Low spread
  • Controlled by several regulators
  • Numerous deposit and withdrawal
  • Favorable trading conditions
  • Few account currencies
  • Only USD or EUR as base currencies
Platforms & Devices
No Bonus

Telephone: +61 2 9965 5830

  • Automatic insurance coverage
  • Low entry threshold
  • Fully digital account opening
  • Low forex fees
  • Limited research tools
  • Only forex and CFD trading
Platforms & Devices
up to $1000

Telephone: 1 212 858 7690

  • Outstanding research tools
  • Excellent trading platforms
  • Accepts U.S. clients
  • Superior research offerings
  • No account protection for U.S. clients
  • Monthly inactivity fee
Platforms & Devices
No Bonus

Telephone: +1786 628 1209

  • Digital account opening process
  • Seamless deposit and withdrawal
  • Attractive trading conditions
  • No inactivity fee
  • No cent account
  • Few analytical materials
Platforms & Devices

Is Forex Trading Legal in Kenya?

Kenya has not banned trading in the international currency market, and forex trading is therefore legal. However, the Bank of Kenya can suspend operations of any company found to be engaging in speculation or money laundering. Forex trading is not regulated in Kenya, with the exception of forex dealing in relation to foreign exchange contracts and currency conversion operations.

Are There Any Specific Regulations in Forex Trading in Kenya?

No, there are no specific regulations in forex trade in Kenya. However, as a member of the East African Community (EAC), Kenya has signed up to a list of directives on forex trading with other member states. The directives aim to ensure an orderly market environment for all types of trades, including exchange rates and spot transactions.

Is forex profitable in Kenya?

The Forex market is the largest financial market in the world, with over $6.6 trillion per day being traded. For some people, trading in this high-risk environment is a thrilling way to make money. But for many others, it spells disaster as 60% of traders lose more than they make. Whether Forex trading is profitable in Kenya or not depends on how you approach it and what strategies you use while trading in this risky environment.

Usually, traders build their capital and then use it to trade currencies. When you buy one currency and sell another, you make money because the price of that currency is moving up or down because of other currencies. In other words, there is no correlation between the value of your investment and the movement in currencies. It's all about supply and demand. This forces prices to move up or down, regardless of your plan for trading. This is a wonderful outcome for traders, who can make a great deal of money. The downside to Forex trading is that it is one of the riskiest types of investment there is.

Forex trading isn't like any other investment you have made in Kenya. If you are investing in a stock, you are buying an asset based on its value and hoping it goes up in the long term. When you buy stocks or bonds, you are looking for a long-term investment that will increase in value and make you a profit. The stock market is mostly about educated guesses about how the economy is going to perform — things that are fairly easy to predict.

But things aren't as simple when you start trading via forex brokers in Kenya. You never know what's going to happen next, and it's easy to lose a lot of money if you don't have a solid plan of action. So, we can say that the forex is profitable in Kenya if you have a concrete strategy.

How do I Join Forex in Kenya?

6 Steps to start forex trading in Kenya for beginners:

  1. Learn basics of Forex Trading & Forex Market

The first step to starting online forex trading in Kenya is to get some basic knowledge about the topic. You should understand what you will do, where you will be playing, and the risks associated with it.

  1. Understand the key Currency Trading Terminology

Understanding key currency trading terms will help you understand how your accounts work and how they compare with other products available in the market. It will enable you to use the tools and software provided by your trading account without facing any problems. Below is a list of the most important currency trading terms:

Know the meaning of these terms:

  • Bid Price – The lowest price a trader is willing to sell.
  • Ask Price – The highest price a trader is willing to pay for a currency pair.
  • Spread – Difference between the bid and ask price available for a forex pair. The spread is important as it will directly impact your return on investment (ROI). The smaller the spread, the better!
  • Range – The difference between the highest and lowest spread available for a currency pair.
  • Bid Size – The maximum number of units you can buy or sell at the asking price.
  • Ask Size – The minimum number of units you can buy or sell at the bid price.
  • Bid/Ask Spread – The difference between the bid and ask prices.
  • Volume – The number of units a trader is willing to buy or sell at the asking price or the asking volume
  • Trade quantity – The maximum number of units you can trade during a single session (e.g., per currency pair).
  1. Learn Kenyan Forex Market Basics

The third step to starting online forex trading in Kenya is getting basic knowledge about the Forex industry and the products available in it. You need to understand the basics of:

  • Spot Market
  • The forex market is where currency pairs are traded. A currency pair can be thought of as a bet between two currencies (for example, USD/CAD). If the US Dollar rises in value against the Canadian Dollar, it means that the CAD has fallen in value against the USD and vice-versa.
  • Currencies are bought and sold at a bid price, and an ask price. The bid price is the price you must pay, while the asking price is the price you must offer to others to sell or buy in that currency pair.
  1. Open a Demo Forex Trading Account

The third step to starting online forex trading in Kenya is to open a demo forex trading account. While opening a demo account, make sure you choose one of the best trading brokers in Kenya. Demo accounts give you an environment in which you can trade without risking any money. You can learn currency trading strategies, create your own trading strategies and also learn how to read online forex signals.

  1. Understand the Risks of Forex Trading

It is important to understand that all investments carry certain risks. The risk associated with trading in the Forex market is the possibility of a loss of capital. You should always ensure that you have at least 30% funds in your demo account. As a result, you can make it a habit and implement it in real accounts.

  1. Start Trading

The last step to starting online forex trading in Kenya is to start trading. You can now able to create an account with online trading platforms in Kenya of your choice and start trading in the currency market. However, you may also convert your demo account to a live account.

There are hundreds of licensed forex brokers in Kenya are available on the web, but not all are worth their salt. Some offer fake demo accounts, while others have extremely high spread rates that will consume your profits big time!

So, we recommend you pick from the Kenya forex brokers list mentioned in this article.

How Much Do You Need to Start Forex in Kenya?

The minimum you need to start forex trading is a trading account and enough money to buy a few hundred dollars of currency. However, the minimum amount depends on the regulated forex brokers in Kenya. But it is recommended to start with $100 worth of currency.

A lot of people don't think about the costs associated with starting a new forex trading in Kenya. The minimum you need from the trading account is typically called a "margin," and it ranges from 10-20% of the position size.

For example, if someone has $2,000 in their margin account, they can buy up to $4,000 USD worth of EURUSD (or any other currency pair). The Euro and the U.S. Dollar are known as the "base" currency or "counter currency." The Euro is quoted in terms of Dollars. So, to buy $4,000 worth of EURUSD, you would purchase 4,000 * 1.2575 = $5,281 worth of Euros. If you have got the cash in your margin account, it doesn't actually have to be Euros. It could be dollars that have been converted into Euros ($5,281 USD * 0.7920 = €4,059).

Here are the costs you will need to cover when you open a forex account in Kenya:

  • Initial deposit: It could be $300-$500 for the initial deposit. Again, it is up to you and the broker. But this amount is recommended for a decent start. However, if forex brokers in Kenya ask for an initial deposit of bigger than $500 USD, this is an indication that they may charge a monthly or annual fee.
  • Transaction fee: You can count $20 to $50 USD per month as transaction fees. This is an unavoidable fee. It's how licensed forex brokers in Kenya keep the lights on and your account running. It may include deposit and withdrawal charges by the broker or payment channels.

Apart from these, you may need to cover the commission for moving money around. This is usually about 0.5% - 1.5% of the total amount of money you move around, but it can be more. For example, if you have a $10,000 USD account and you are moving that money to another currency, you could pay $100 USD (or more) in transaction fees. This makes it difficult to maintain your forex account if you don't trade often enough to avoid these fees. For less trading fees, you should begin with forex brokers in Kenya with MPesa.

What Is the Best Time to Trade Forex In Kenya?

Usually, a Kenyan forex trader's best hour to trade is 12PM to 5PM. It is especially during the London and New York trading sessions, as this overlap provides the most volatility. The next best time is from 5PMto 10 PM, as these are the international sessions. So, any time between 12PM to 10PM is perfect for forex trading in Kenya.

Nevertheless, the worst time to trade is during the weekend, when liquidity is at its lowest. This can be to for Fridays too. And amateur traders tend to trade on weekends peacefully as market moves slowly in the weekend.

Kenya Forex Trading Strategies

The methods of forex trading in Kenya are varied, and they include the following.

Best forex brokers in Kenya: Trade on the spot forex

This represents a trade that is settled immediately, and it involves making an exchange rate against another currency. The idea behind this method is that you will be able to buy a foreign currency at its current rate or sell one at its current rate. So, you can make some profits as long as your prediction about the value of the foreign currency changes.

Best trading platform in Kenya: Trade using options trading

This involves buying or selling an option in the market. This will enable you to make a purchase at a specific future date, which will, in fact, be a business. This is done by buying or selling an individual with the power to control interest rates, exchange rates, and other factors that affect the value of a foreign currency.

Foreign exchange option trading

This is similar to options trading, except that it involves options based on currencies rather than options based on securities. The idea behind this is that you will be able to buy the foreign currency at a specific future date at the value determined by your financial adviser.

Best forex brokers in Kenya Futures trading

This involves speculating on the pricing of a specific asset in another country at a later date. The idea is that you will be able to sell or buy an asset at a particular future date. It means you can make some profits if the value has increased or decreased since this point in time.

Online trading platforms in Kenya: Inflationary trading

This involves selling a futures contract on an index of your country's wholesale prices. This can help you make some profits as it allows you to buy a commodity at a specific price in the future, and this will, of course, change based on the inflation rate in the country.

Cross currency-interest rate differential trading

It is taking advantage of interest rate differentials between two countries by borrowing from one currency and repaying with another higher-yielding one.

Volatility trading

This involves speculating on the expected level of volatility in a stock market. You make money based on this by buying an option that will enable you to buy or sell an asset in the future, provided that its market value has risen above the price specified by your financial adviser.

Foreign exchange swaps trading

This involves selling to buy an option that will enable you to receive the current value of a currency in exchange for agreeing to cash a certain amount of your currency. In this case, you make money if the value of your currency increases.

Online trading platforms in Kenya: Trade using arbitrage trading

This involves buying an option that will enable you to buy a foreign currency at a certain price and selling another one that will allow you to sell the same currency at a higher price. It is an easy method of earning money. Because it involves exploiting the price difference between two options in different exchanges, and this is caused by differences in the prices of assets on different exchanges.

Do Forex Traders Pay Tax in Kenya?

Kenya has a progressive tax system. It means when one pays income tax beyond a certain income level, and they pay progressively more than those with lower incomes. Forex traders who make over a certain amount per year normally have to pay taxes on their trading profits.

One of the advantages of trading in Kenya is that they will report your trading income to the Inland Revenue and then pay you a tax on top of your normal salary. However, there are some disadvantages.

For example, they can only pay the tax after you have earned a minimum income from trading. At this point, the Inland Revenue will want to know how much you paid for your trading license and will want to know how many contracts you traded on.

Who Is the Best Forex Trader in Kenya?

The top five Kenyan forex traders are-

  • Patrick Mahinge.
  • Ken Githaiga.
  • Paul Mugenda.
  • Silah Obegi.
  • Sylvia Muchai.

Final Words

Forex trading in Kenya has seen a recent boom in popularity. However, it is getting more difficult to conduct business in Kenya because the financial industry is evolving and opening up. So, forex trading in Kenya using MPesa could be one of the best ways to invest money.

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