Comprehensive and exhaustive guide to Forex brokers in Kenya

Out of dozens upon dozens of Forex markets that we have studied up until now, Kenya Forex trading, without a doubt, has been one of the most interesting ones, mainly due to how much progress it has made. Having operated in absolute chaos for many years, Kenya has slowly, but surely, created a solid and respectable regulatory environment that allows companies to prosper fast, and is quickly becoming one of the most interesting FX destinations for many international companies. There are over 100 Forex brokers registered in Kenya, which is quite a solid number in international standards. People from all walks of life get into Forex trading there, all with the hopes of financial prosperity. With such high volatility nature of Forex, it can really become a great tool for making a lot of money quickly for the people from poor countries, making it one of the most popular investment avenues in Kenya. What makes the Kenyan Forex market so interesting, where did it start off from, and what kind of a path has the Kenyan market had up until this point?

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Our complete list of Top Forex Brokers in Kenya

After implementing a lot of positive changes, the number of Forex brokers available on the Kenyan market has increased dramatically. With so much diversity and choice out there, it can sometimes get a bit overwhelming to choose which broker to go with when starting out, or which one to switch to if you no longer like your current one. That’s why, after comparing dozens upon dozens of different brokerages, we created this list, which can help you make a more well-informed decision on your journey of Kenya Forex trading online.

XM Group

XM Group Forex Review

Minimum deposit




Maximum leverage


US Clients

No Review

Minimum deposit

100 currency units



Maximum leverage


US Clients


IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD



Maximum leverage


US Clients



Kenyan Forex Trading Regulations, and a little bit of History

The progress that Kenya has made is especially impressive when you learn, that up until several years ago, there weren’t even many Forex trading brokers in Kenya, and local people that were interested in trading had to go to the websites that were in other countries. This, of course, led to a lot of serious problems. For one, the profit that international Forex websites were making was technically being taken away from potential Kenyan companies. Additionally, due to the international nature of it all, coupled with the severe lack of regulatory environment, Kenyans had a very hard time keeping themselves safe from the potential fraudsters and various financial scams. It was essentially a total free-for-all for scammers, the situation got pretty out of hand. So out of hand, in fact, that it became a serious issue of international level, and the government was forced to making plans for action.

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Regulatory Body in Kenya

As the popularity and demand for Forex trading were increasing, the country was in dire need of actual regulation. This is around the time when CMA (Capital Markets Authority) of Kenya decided to start taking action. Based on several studies and surveys that they have conducted, some 50,000 Kenyans appeared to have been trading on overseas Forex markets. The number was absolutely huge and showed how seriously the consumers needed someone to take charge. CMA thus started introducing certain rules and regulations, and eventually paved the way for a lot of international companies to start offering services as real, legit Forex brokers in Kenya.

With actual government regulation and oversight, things started picking up really quickly for the Kenyan Forex scene. CMA was given full authority by the government to pass regulations that would significantly decrease the level of fraud, scams and illegal solicitations with unregulated Forex companies. This would manyfold increase the safety of the consumer, and, besides scams, prevent many other illegal activities like money laundering, marking the start of a great progress phase for the Kenyan Forex market.

CMA’s Implementations

After taking the charge, CMA implemented a lot of very effective rules and regulations that proved to be vitally important for the progress of the Kenyan Forex market and normalization of regulated Forex brokers in Kenya. What exactly are these rules, how do they work, and why were they so effective?

First and foremost, CMA introduced a need for a license, and anyone who wanted to offer Forex services in Kenya was obligated to obtain that license. Anyone who attempted to conduct business without a said license was subject to fines or worse punishment. This was to be a first step towards what eventually turned out to be a very successful and well-thought-out strategy for growth.

One of the main demands that CMA imposed for all Forex trading companies in Kenya is that each and every company that is offering Forex services needs to have at least $500,000 in operating capital. This rule was very effective due to multiple reasons. Firstly, it sets the bar high. With this requirement, only the legitimate companies that are very serious about this business will be allowed to operate. This ensures not only the high standard of the quality of service but consumers’ protection as well. This was actually one of the very serious issues that not only Kenya but many other developing countries have had – with some still having them to this day – for many years. This rule ensures, that the companies are there for the long run, and not just short-term profit.

In addition to the minimum capital, CMA requires all brokers to have the said capital in cash or equivalent asset in liquidity, plus five percent of whatever debts and obligations it has towards the investors.

Another rule that they introduced requires that anyone that desired to be among the licensed Forex brokers in Kenya needed to employ a CEO that is fully qualified and fit for the job and has no less than 5 years of experience in the financial market in buying, selling and dealing Forex assets.

as you may have guessed by now, these requirements are all, directly or indirectly, aimed at creating the best possible conditions for companies to grow, all the while prioritizing the well-being and security of the investors. It’s exactly to these and many similar similar rules by CMA that allowed the creation of such a secure and robust trading market, in contrast to what it was in the past. Thanks to the CMA, legally registered Forex brokers in Kenya are now following all the necessary safety and security protocols, allowing the market to be safe for everyone, including both the investors and the brokers as well. If you are looking for a broker that guarantees your safety and lets you trade without with peace of mind, check out XM, one of the most highly-respected brokers in Kenya.

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Bonuses and Promotions

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You will probably agree, that when comparing different Forex brokers – and in this case, more accurately, different countries – one of the most important aspects is what opportunities for bonuses and promotions each one of them has. This is pretty much universally agreed-upon by everyone, as these bonuses can really make a world of difference for traders, especially the newer ones. To take this further, for the countries like Kenya that don’t have particularly strong and stable economies, these bonuses are absolutely ideal, as they let the traders act with more confidence, and lets them gain invaluable experience that they otherwise would have lacked the boldness to go for. There are several types of bonuses that are usually given out to Kenya Forex traders. There isn’t a whole lot of difference between them, but each of them does work better in their own specific scenarios. Let’s discuss each one of them below, so you may better understand what bonuses usually are the most appropriate for you, and how to make the maximum out of them.

First-time deposit bonus

Probably the most common bonus that is given out by brokers in Kenya is the first deposit bonuses. After you create your account and make your first deposit, many brokers will give you a welcoming gift, usually a fixed percentage of your deposit with a maximum cap. While nothing extraordinary, these are definitely a nice addition to your balance, especially for the experienced traders who are very skilled and could put the money to better use. On the other hand, beginners are also very fond of this bonus, as it helps them take the first step after joining a broker.

No-deposit sign-up bonus

These bonuses are given to all new members who sign-up, and as you may guess from the name, there aren’t any deposit requirements to obtain them. These bonuses are perfect for beginners who are interested in starting out but are still a bit hesitant. The no-deposit bonus is an almost free way to make a profit at Forex trading sites in Kenya, making it one of the most popular and sought-out bonuses. Although you are obviously not allowed to withdraw the deposit money without first making any actual winnings with them, there’s no reason not to just sign-up and try out your luck. Lots of traders win a lot of money with these types of bonuses, sometimes multiplying them manyfold. It should be noted, that these bonuses have a restriction with withdrawal. To ensure that the bonus doesn’t get abused and exploited, traders aren’t allowed to take the bonus out without first opening a position with it. If you use the bonus and, let’s say, win at least as much as the bonus amount, then you are free to take it out.

Reload bonus

Redeposit bonuses are also for the returning traders, as they are given after each consecutive re-deposit. These bonuses are usually given out periodically and are intended as an encouragement for trading and investing more frequently. Usually, when looking forward to a nice little bonus every now and then, it’s much easier to keep returning to the brokers. Kenya Forex brokers know this quite well, and that’s why Reload bonuses are one of the most common ones that are being offered by almost all Forex brokers. If you are looking for a website to give you the best tart with a great, bonus, check out XM’s promotional offers for all new players.

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How much money does it take to get started with Forex in Kenya?

One definite advantage of Forex over other forms of investing is the fact that you have almost complete freedom in how much you want to start with. Whether you are interested in starting out small with a little budget, or if you are interested in cutting to the chase straight away by opening big positions, it’s completely up to you.

Different Forex trading platforms in Kenya usually have some kind of minimum deposit requirements, but these are usually reasonably small. The exact amount depends entirely upon the broker with whom you are trading, but it can be as little as $5 or as large as $250, and usually not more. Though you may be tempted in going with the one that has the smallest allowed entry, it doesn’t always make sense to do so. Sometimes, a more effective approach would be to consider other factors as well, like how solid their website is, how many and what kind of bonuses are available, what level their customer service is at, and many more.

There’s no “right way” of choosing a broker, as it depends on your own personal goals and preferences. With that being said, you now know exactly how the Kenyan Forex market works, and what are its characteristics. if you always prioritize safety and security by ensuring that your broker is fully licensed and is adhering to all legal requirements, you are already way ahead of the curve when it comes to making the right decision. With that being said, if you now have a more clear picture of what Kenya has to offer you for your success in Forex, check out XM, one of the top brokers operating in Kenya right now.

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What can we conclude about Forex trading in Kenya?

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Forex trading online in Kenya is one of the most intriguing success stories on the global Forex market. Having started off as one of the worst and less-trusted markets due to its huge number of scams, there’s a definite stark contrast between its current and older states. As of today, Kenya strives to maintain a market condition that encourages maximum growth, and most importantly, with the maximum security measures. The total 180 on its approach towards safety and regulation, and making it one of the safest Forex markets, Kenya is definitely a success story. Whether you are a beginner or an experienced veteran, you should be definitely giving Kenya a try!