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Best 9 Online Trading Platforms and Brokers in Kenya
Swen Keller
Best for Most Tradable Products
Matching Bonus up to $500 (restricted to some countries)
T&Cs apply
Best for Trading Education
50% of your first deposit
T&Cs apply
Best For Currency Conversion
Welcome bonus of $500 on $1000 deposits
T&Cs apply
This article lists the best Forex brokers in Kenya and considers their trading fees, pros and cons, security measures, and unique features.
To compile this list of the best Forex brokers in Kenya we got first-hand experience of each Forex trading platform, looked at user reviews on third-party platforms like TrustPilot, and considered expert opinion.
Best CFD Brokers in Kenya: Our Take
Our pick for the best Forex broker in Kenya is Exness.
Exness made it to the number one spot for its large liquidity, unlimited leverage, and 24/7 withdrawal service.
Founded in 2008, Exness is the largest retail market maker in the world with a monthly trading volume of more than $4 trillion.
The Forex trading platform made it to our list for its leverage offering. Unlike most competitors in Kenya, Exness doesn’t put a cap on the amount of leverage that experienced traders can get.
The Forex trading service offers unlimited leverage for qualified users and offers a low deposit amount of just $10.
In addition, Exness made it to our list of the top 10 Forex brokers in Kenya for its 24/7 withdrawal service including weekends.
Withdrawals are carried out without manual processing and based on our first-hand experience, are executed in seconds.
Key Features of Exness
Exness Terminal
The Exness Terminal is an online forex trading terminal that’s available only to the broker’s clients using demo or real MetaTrader 5 accounts.
It is a proprietary terminal that was created by Exness engineers.
The Exness Terminal is only accessible via the web and does not require the user to download an app to use it.
In comparison to its additional tools, the Exness Terminal is targeted at active and advanced traders as it provides access to more than 45 drawing tools and over 90 technical indicators.
Traders can also access more than 100 popular CFDs and advanced charts for analysis.
The charting feature in the Exness Terminal is offered by TradingView.
Exness Security
The Exness Forex trading platform is regulated by several governing bodies in the world including the Financial Services Authority Regulatory body of Seychelles and the Cyprus Securities and Exchange Commission (CySEC).
Aside from its regulatory status, like most Forex brokers in Kenya, Exness protects user funds by following various methods such as client funds segregation.
Exness stores users’ funds separately from its business cash to ensure that customer money isn’t used to execute business processes and that negative company events do not affect clients.
Beyond this, Exness offers email verification and phone authentication as trading account safety measures.
This includes verifying all withdrawals using a PIN Code sent to the user’s email or phone number.
Exness Fees
For its Forex trading pairs, Exness charges floating spreads that depend on the forex trading pair that you intend to use.
That said, the spreads range from 1 pip to 3.6 pip if you’re not on the Exness Zero account.
Clients on the Exness Zero account have a fixed spread that starts from 0.0 pips.
For crypto trading pairs, Exness offers different trading fees based on the pair being traded here are a few examples:
- 1INCHUSDm (Always swap-free): 39.8
- AAVEUSDm (Always swap-free): 24.3
- ADAUSDm (Always swap-free): 14.2
- BATUSDm (Always swap-free): 49.1
- BCHUSDm (Always swap-free): 4.8
- BNBUSDm (Always swap-free): 136.9
- BTCAUDm (Always swap-free): 42.8
- BTCCNHm (Always swap-free): 288.4
Pros
- Low initial minimum deposit
- Advanced security measures
- Unlimited leverage
- 24/7 automated withdrawals
Cons
- Not beginner-friendly
- Infrequent promotional offers
Review from Our team (Direct Feedback from Our Employee who Personally Uses Exness)
Exness has an appealing trading interface and deposits/withdrawals are executed almost instantly. Their customer support is also quick to respond and readily available on weekdays. However, Exness may appear intimidating to beginner traders as it offers so much at once.
OQtima Forex Broker - Best Forex Broker in Kenya for Large Selection of Assets
OQtima made it to our list of the best Forex brokers in Kenya for its low spreads that start from 0.0 pips and its large selection of assets.
The forex broker supports more than 1,000 assets enabling users to participate in trading CFDs, futures contracts, trading derivatives, Metals, Energies, Shares, Indices, and trading cryptocurrencies.
OQtima Forex trading platform also provides negative balance protection as well as high execution speeds averaging around 30ms.
Features
OQtima Demo
This forex trading broker, like most best Forex brokers in Kenya, offers a demo account with up to $1,000 in simulated funds that allow users to practice their trading strategies and techniques before using real funds.
The demo account supports 2 account types Demo ECN+ and Demo One. OQtima offers up to 1:500 leverage on both demo accounts and they have the same spread as their real account equivalent.
Also, OQtima like most forex brokers in Kenya offering demo accounts, simulates the real market to ensure that the price movements are as close as possible.
OQtima Security
OQtima is a fully regulated forex broker by the Financial Services Authority (FSA) of Seychelles and the Cyprus Securities and Exchange Commission (CySEC).
The Forex trading platform also offers account security measures such as email or phone login authentication, PIN codes, and password protection.
Also, by regulation, OQtima separates user funds from its business funds to prevent client money from being used for company processes.
OQtima Fees
OQtima spreads start from 0.0 pips for its ECN accounts and 1.0 pips for its One account. Besides the spread, OQtima charges a $3.50 commission per lot traded ($7 Round Turn).
Pros
- Low spreads
- Fast execution speed
- Large selection of assets
Cons
- Limited educational resources
Review from our Team (Direct Feedback from Our Employee who Personally Uses OQtima)
OQtima is an easy-to-use forex trading platform. Navigating the forex broker is seamless and there is an ample selection of assets to choose from. It also has a low initial minimum deposit making it easy to start trading right away even for newbies.
For an in-depth look at this broker’s platforms and services, read the full OQtima Review.
FxPro - Best Online Trading Platform in Kenya With Ample Selection of Trading Products
Founded in 2006, FXPro is a leading online trading platform in Kenya that stands out from other Forex brokers for its ample selection of crypto products including spread betting, algorithmic trading, Forex, stock indices, crypto CFD trading etc.
FxPro offers over 2,100 tradable instruments including more than 26 cryptocurrencies.
Plus, FxPro supports several payment and withdrawal methods including Bank wire transfer, debit card, Neteller, Skrill, etc.
The minimum initial deposit for FxPro is $100.
With over 15 years of experience in the industry, FxPro has executed over 600 million trades and has over 12 liquidity providers, 8 global sponsorships, won over 1,000 international awards, and supports 4 trading platforms.
Features
FxPro Demo Account
FxPro offers users a demo account where they can practice their trading strategies before trading in the live account.
Also, FxPro offers up to $100,000 virtual funds for trading in the demo account; you can, however, add more funds to your demo account balance if you exhaust the initial funds provided by FxPro.
FxPro allows forex traders to open demo accounts on all supported trading platforms.
That said, the MetaTrader 4 and MetaTrader 5 demo accounts have a maximum of 70 open positions.
Demo accounts are deactivated after 180 days.
FxPro Security
FxPro is registered and regulated by several regulatory bodies across the globe. It is regulated with foreign Tier 1 and Tier 2 regulators including CySEC, FCA, and FSCA. However, FxPro is not regulated by the Capital Markets Authority of Kenya.
The broker stores users’ funds in segregated bank accounts and secures its websites and applications with the highest levels of data encryption.
Users’ accounts are protected with security features like password protection, two-factor authentication, email notifications, and confirmations for changes to account details.
FxPro Fees
When compared to other brokers, FxPro charges high fees and commissions on some instruments. The fees get as high as $3.50 per lot and commissions are as high as $35 for every 1 million USD traded. FxPro also charges swap or rollover fees for overnight trades.
Pros
- Large selection of trading instruments
- It offers a demo account
- Lots of educational resources
Cons
- High fees
- No discounts for high-volume experienced traders
Review from Our team (Direct Feedback from Our Employee who Personally Uses FxPro)
From my use of the FxPro, I can state that the platform is suitable for both beginner and advanced Forex traders in Kenya interested in trading forex and crypto CFD who do not mind the high fees.
Keen to understand this broker’s full potential? Our comprehensive FxPro Broker Analysis provides a deeper dive.
AvaTrade - Best Online Trading Platform in Kenya For Social Trading
AvaTrade is a leading online trading platform that is suitable for beginners, intermediate, and undercapitalized investors in need of a trading platform with competitive spreads.
AvaTrade stands out for its support for social trading, this makes it ideal for traders in need of a copy trading platform.
AvaTrade supports the trading of over 17 crypto CFDs with maximum leverage ranging between 30:1 to 400:1.
Like most Forex brokers on this list, the minimum initial deposit for AvaTrade is $100.
AvaTrade offers a deposit bonus which amounts to 20% of your overall funding.
Features
AvaProtect
This is a risk management tool that allows forex traders on AvaTrade to open trading positions with guaranteed protection against loss.
With AvaProtect, you can protect specific trades against losses of up to one million dollars over a chosen time frame.
All you need to do is define your desired period of coverage whenever you open a position and apply for protection.
If the protection ends while you still have an open position that is losing, you will be reimbursed for the losses.
AvaTrade charges a fee for the purchase of AvaProtect.
AvaTrade Security
AvaTrade is a regulated Forex broker with several security features and practices to ensure a secure trading environment and the security of user’s funds. Avatrade is currently not regulated by the Capital Markets Authority in Kenya.
Avatrade is WebTrust compliant.
It uses 256-bit SSL encryption and McAfee Secure to protect users’ cards and other data.
AvaTrade Fees
AvaTrade charges up to 0.35% in spreads.
It also charges for overnight financing and has a high inactivity fee of $100, which is higher than what most Forex brokers charge.
Pros
- Supports high leverage
- Offers Islamic accounts
- AvaProtect shields traders from certain loss
Cons
- High inactivity fees
Review from Our team (Direct Feedback from Our Employee who Personally Uses Exness)
AvaTrade is one of the best Forex brokers for beginners and intermediate traders in Kenya looking for an online trading platform that is easy to navigate and allows social trading.
FP Markets - Best Online Trading Platform in Kenya With Multiple Payment Methods
Founded in 2005, FP Markets made it to our list of top online trading platforms in Kenya for its several payment methods. Available payment methods include Apple Pay, Google Pay, Neteller, Skrill, debit card, credit card, FP Markets P2P, etc.
FP Markets also supports several fiat currencies Kenyan Shillings and offers over 60 foreign currency pairs, 400+ stocks and Shares, and 10,000+ financial instruments
It has a minimum initial deposit of $100 and offers a $30 welcome bonus.
Aside from its support for multiple payment methods, FP Markets also stands out for its zero commissions and fees included in spreads.
Features
FP Markets Forex Trading Calculator
The Forex trading calculator helps you to calculate the risks around your next trades before execution.
Also, the calculator helps you know how to effectively manage your positions; this saves time and streamlines your trading processes.
You can use the trading calculator to calculate important parameters of each trade such as the pip value, swap, required margin, trade size, and potential profit.
FP Markets Security
FP Markets is a regulated forex broker regulated by the Australian Securities and Investments Commission. It is not regulated by the Capital Markets Authority in Kenya.
FP Markets gets liquidity from top-tier financial institutions.
It offers Negative Balance Protection to users and conducts regular audits to ensure the proper management of customer funds.
FP Markets Fees
FP Markets charges 0 commissions with fees included in its dynamic spreads. It charges $60 platform fees.
Pros
- Zero commissions
- Multiple payment methods
- Supports Kenyan Shillings and other fiat currencies
Cons
- Limited cryptocurrencies available
Review from Our team (Direct Feedback from Our Employee who Personally Uses FP Markets)
In my use of FP Markets, I discovered that the trading platform targets advanced forex traders. Beginners or inexperienced traders may be unable to effectively use the platform.
IC Markets - Best Online Trading Platform In Kenya for Advance Traders
IC Markets is a global online trading platform available to users in different countries including Kenya.
The platform stands out for its high leverage. It offers a maximum leverage of 1:1000.
IC Markets supports about 65 currency pairs, over 27 crypto CFDs, stocks, and lots of complex trading instruments.
It also stands out from other regulated forex brokers in trading fees as it offers commission-free trading and industry average spreads.
That said, IC Markets requires a high maximum initial deposit of $200.
Features
Algorithmic Trading
Algorithmic trading is also known as algo trading, machine learning, or automated trading.
IC Markets allows algorithmic or automated trading which ensures efficient execution of trades and the elimination of human emotion or error from the trading process.
With IC Markets’ algorithmic trading, traders have access to common strategies like index fund rebalancing, arbitrage opportunities, and trend-following strategies.
Algorithmic trading on IC Markets is available on the desktop version of MetaTrader and cTrader suite.
IC Markets Security
Through our extensive hands-on analysis, we found that IC Markets is a regulated forex broker that is subject to external audits to ensure full regulatory compliance.
Users’ funds are held in segregated bank accounts and all electronic payments are encrypted and processed using SSL technology.
IC Markets Fees
IC Markets offers zero-commission trading.
It applies a Raw spread mark-up of 1 pip over the average Raw interbank prices gotten from their liquidity providers.
This varies according to the account type.
Pros
- High maximum leverage
- Zero commissions
- Up to 65 currency pairs
- A sizeable selection of crypt CFDs and tradable instruments
Cons
- Higher minimum initial deposit
Review from Our team (Direct Feedback from Our Employee who Personally Uses IC Markets)
IC Markets offers a large selection of trading instruments and currency pairs and is suitable for beginners.
Vantage Markets - Best Online Trading Platform for Educational Material
Founded in 2009, Vantage Markets is a global Forex broker headquartered in Sydney, Australia. It made it to this list of top online trading platforms in Kenya for its large selection of crypto CFDs.
Vantage Markets supports over 40 crypto CFDs, this is higher than what is available on most forex brokers.
It also offers low fees and tight spreads.
Vantage Markets is suitable for both beginners and advanced traders. Plus, it also has several educational resources and tools.
Features
Vantage Demo Account
Vantage Markets offers traders a demo account with $100,000 in virtual funds which they can use to practice their trading strategies before trading in the actual market.
The demo account is available on the MetaTrader 4 and MetaTrader 5 trading platforms.
Except on request, each Vantage demo account lasts for 30 days, after which the login will expire.
That said, If you have a live trading account on Vantage, you have unlimited access to the demo account.
Vantage Security
Vantage Markets is a regulated forex broker and web-authorized Financial Service Provider supervised by several international regulatory bodies.
Vantage holds users’ funds in a segregated bank account and protects users’ accounts with fingerprint lock and pattern lock.
Vantage Markets does not offer two-factor authentication.
Vantage Fees
Vantage Markets charges zero commission for CFDs with spreads ranging from 0.0 to 1.6 pips.
That said Vantage charges up to $2 in RAW account commission charges.
Pros
- Large selection of crypto CFDs
- Low fees and tight spreads
- Lots of educational tools and resources
- Suitable for beginners and advanced traders
Cons
- Restrictive leverage imposed on a certain amount ($5,000)
Review from Our team (Direct Feedback from Our Employee who Personally Uses Vantage Markets)
I can state that it is one of the best Forex brokers for Kenyan traders interested in trading crypto CFDs as it offers some of the largest selections of crypto CFDs in the region.
Oanda - Best Online Trading Platform In Kenya With Currency Conversion Features
Founded in 1996, Oanda stands out for its currency conversion features.
It offers several features including individual and Corporate FX payments, Exchange Rates API, and currency converters.
Oanda supports over 12 cryptocurrencies and 68 major and minor currency pairs.
Oanda offers a welcome bonus of $500 on a $1,000 deposit. It does not have any minimum initial deposit.
Features
Oanda Currency Converter
The Oanda Currency Converter allows you to check the latest foreign exchange rates and convert all major world currencies.
The Currency Converter supports over 200 currencies in the Forex market including Kenyan Shillings and the currency converter is easy to use.
All rates displayed on the currency converted are exchange rates compiled from leading forex market data contributors.
The Oanda Currency Converter can access data dating as far back as 1990 for over 38,000 FX pairs.
Oanda also has an exchange rates API that is suitable for reliable international money transfer solutions for businesses.
Oanda Security
Oanda is a well-regulated and trusted Forex broker with several measures in place to ensure the security and privacy of customers.
It partners with several industry-leading security firms and has a security team that constantly monitors the platform and users’ accounts.
Users’ accounts are protected with two-factor authentication.
Oanda Fees
When compared to other online trading platforms, Oanda charges high spreads on common currency pairs.
Spreads start from 1 pip while commissions start from 1% on CFDs.
Pros
- Supports several fiat currencies
- Offers currency conversions
- High welcome bonus
- Well-regulated and reputable
Cons
- Limited crypto CFDs
- High spreads on common currency pairs
Review from Our team (Direct Feedback from Our Employee who Personally Uses Oanda)
Oanda is a trusted online trading platform with decades of good record of service. Its currency conversion services make it the best Forex broker for Kenyan traders who are interested in trading in different currencies apart from the Kenyan shillings.
Deriv Forex Broker - Best Forex Trading Platform in Kenya for Low Minimum Initial Deposit
Deriv made it to our list of the best Forex brokers in Kenya for its low initial minimum deposit, which is just $5.
This allows Kenyan users at all levels to easily begin trading Forex on Deriv.
Also, unlike most Forex brokers in Kenya, Deriv offers a large selection of deposit methods including cryptocurrency, which makes it seamless to fund your forex trading account.
The forex trading platform is also one of the most reputable and long-standing forex brokers in the industry as it was founded in 1999 and has had no major controversies since its launch.
Like a lot of forex brokers in Kenya, Deriv supports automated trading and even has its trading bot that comes with prebuilt trading strategies.
Features
Deriv Trading Bot
The Deriv trading bot, unlike some bots offered by most forex brokers in Kenya, can be built and programmed without coding and even comes with 3 prebuilt strategies embedded with support for more than 50 assets.
The Deriv trading bot or DBot is used to trade forex on the forex market. It is also used to trade other financial markets including stock, indices, synthetic indices, Forex, commodities, and derived indices.
Building your Deriv trading bot only involves inputting various parameters such as asset to be traded, purchase conditions, restart conditions, an asset to be traded, etc.
Deriv Security
As with most secure forex brokers, Deriv is regulated by several regulatory bodies across the world including the Malta Financial Services Authority, the British Virgin Islands Financial Services Commission, the Vanuatu Financial Services Commission, and the Labuan Financial Services Authority.
In line with its regulation, Deriv holds users’ assets in a segregated account in financial institutions that it has verified as secure.
The Forex trading platform does not use client funds to facilitate the business processes of the company following governmental regulations.
Concerning account security, Deriv offers standard security measures such as two-factor authentication and password login.
Deriv Fees
Deriv charges both a spread and commission for Forex trading but not for cryptocurrency trading (only spread).
The spreads for Forex trading start at 0.5 pips for currency pairs such as USD/JPY, GBP/USD, and EUR/USD. For minor pairs, Deriv charges from 1.0 pips to 3.0 pips.
The forex trading commission is $1.
Pros
- Low minimum initial deposit
- Supports automated trading
- Regulated forex broker
- Two-factor authentication available
Cons
- Low selection of crypto CFDs
- High fees
Review from Our team (Direct Feedback from Our Employee who Personally Uses Deriv)
Deriv is easy to use even for a beginner and its execution speed is fast. It also has a robust Forex trading platform that allows for automation and advanced trading strategies.
| TRADING APP | MIN. INITIAL DEPOSIT | MAXIMUM LEVERAGE | PROMOTION | TRADING FEES | CRYPTOS AVAILABLE | PAYMENT METHODS |
|---|---|---|---|---|---|---|
| Exness | $10 | 1:unlimited | Occasional deposit bonus | Spread from 0.0 for professional accounts and 0.3 pips for standard accounts, up to $3.5 commission each side per lot for professional accounts | 26+ | Electronic Payment Systems (EPS), Bank debit cards and credit cards (MasterCard, Visa, and JCB), Exness Bitcoin wallet, mobile banking, bank cashier |
| OQtima | $100 | 1:1000 | Matching Bonus up to $500 (restricted to some countries) | Spread from 0.0 pips, commission of $3 Per Lot Traded ($6 Round Turn) | 45 | Credit card, Revolut, debit card, Skrill, Neteller, Bank transfer, Wise, cryptocurrencies |
| FxPro | $100 | 1:500 | N/A | Commission fee of 35 USD for every 1 million USD traded (FX and Metals), | 26+ | Bank wire transfer, PayPal, Neteller, Skrill, crypto debit card, and credit card |
| AvaTrade | $200 | 1:1000 | N/A | $7 per standard lot find turn, 1 pip above the Raw inter-bank prices | 27+ | Bank transfer/wire transfer, Paypal, credit card, debit card, Skrill, Neteller, UnionPay, Bpay, FasaPay, and Poli |
| FP Markets | $100 | 1:500 | $30 welcome bonus | 0 commissions with fees included in spreads, $60 platform fees | 4+ | Credit card, debit card, online banking and bank wire transfer, Thunderxpay, FPMarkets P2P, Google Pay, Apple Pay, XPay, Mybux, Rapid Transfer, Dragon Pay, e-payment wallets |
| IC Markets | $200 | 1:1000 | N/A | $7 per standard lot find turn, 1 pip above the Raw inter-bank prices | 27+ | Bank transfer/wire transfer, Paypal, credit card, debit card, Skrill, Neteller, UnionPay, Bpay, FasaPay, and Poli |
| Vantage | $200 for Standard Account and $500 for RAW account | 1:500 | 50% of your first deposit | No commission for CFDs (spreads), 0.0 to 1.6 pips in spreads, up to USD 2 in RAW account commission charges | 40+ | China Union Pay, Neteller, Wire transfer, credit card and debit card (Visa and MasterCard), Skrill, AstroPay, Thailand Instant Bank Transfer, FasaPay, Broker-to-Broker Transfer, JCB, Domestic EFT, Domestic Fast Transfer (Australia), International EFT |
| Oanda | No minimum deposit | 1:200 | Welcome bonus of $500 on $1000 deposits | Spreads starting from 1 pip and commissions starting from 1% on CFDs | 12+ | Credit card and debit card, bank transfer, Skrill, and Neteller |
| Deriv | $5 | 1:1000 | N/A | Commission-free trading with spreads starting from 0.1 pips | 6 | Credit card, debit card, Skrill, Neteller, FasaPay, AdvCash, PerfectMoney, WebMoney, PaySafe, AstroPay, Trustly, Pay Livre, Boletol, SticPay, Airtm, Instant Bank Transfer, ZingPay, PayTrust, Banxa, XanPool, Changelly, Cryptocurrencie |
Which Online Forex Broker has the Lowest Fees?
When compared to other Forex brokers, OQtima has the lowest fees with spreads on its ECN accounts starting at 0.0 pips.
What is an Online Brokerage Account and How Does it Work?
An online brokerage account or Forex broker account is a web/mobile platform that allows users to trade financial instruments such as crypto CFDs, stocks, energies, commodities, forex, etc. in exchange for spreads and commissions.
Which is the Best Online Broker to Trade with Shillings?
Exness is one of the best forex brokers to trade with the Kenyan Shillings for its unlimited leverage and local funding methods such as MPesa.
What to Consider when Choosing an Online Forex Broker?
As a forex trader, before picking a Forex broker you need to consider the following:
- Fees and spreads applicable
- Ease of use
- Financial instruments available
- Local payment methods supported
- Trading platforms available
Final Thoughts
This article evaluates the top Forex brokers in Kenya. By assessing user feedback, expert opinions, and firsthand experiences, Exness stands out for its robust offerings and high liquidity.
To further enhance your trading experience, consider exploring our article about the best crypto cards in Kenya.
FAQ
Most frequent questions and answers
Trading involves the buying or selling of financial assets for short-term gains while investing deals with the buying or selling of financial assets for long-term profits.
Exness is the best online trading platform in Kenya for its support for local payment methods and access to unlimited leverage.
OQtima is best for beginners in Kenya due to its ease of use.
No, all trading operations must be done via registered and regulated Forex brokers.
Yes, Forex traders in Kenya must pay Capital Gains Tax on profits made.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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