Best Forex Brokers in Kenya

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Written By: Patrick Mahinge
Last Updated:
Category: Forex Brokers
Best forex brokers in Kenya reviews

Just as important in the Forex market as it is in the stock market is the choice of which Forex brokerage firm you opt for. The markets vary in that the stock market brokers have commissions to make their money but a Forex broker will use spreads to make their money.

The forex brokers listed below have been reviewed by us based on several key features. We recommend reading the forex broker reviews before making your choice on which forex broker to download & join.

[su_note]The forex brokers recommended on this page are mainly suited for intermediate and pro traders. They require slightly higher deposit amounts and they might not accept Mpesa. Click here for a list of the best forex brokers that accept Mpesa. These are beginner-friendly forex brokers.[/su_note]

Best Forex Brokers in Kenya

Here’s a list of the best forex brokers in Kenya:

  1. Exness
  2. HF Markets
  3. Pepperstone
  4. XM Forex
  5. FBS
  6. IC Markets
  7. Deriv

1. Exness – Best Forex Broker for Beginners

best ecn forex brokers in Kenya

Exness is an online broker that provides trading services in the financial markets. It offers a range of financial instruments, including currency pairs, commodities, cryptocurrencies, indices, and stocks, for individuals and institutional traders. Exness has been operating in Kenya for quite some time and has earned a good reputation as one of the best forex brokers.

One of the most important aspects to consider when choosing a trading platform is its regulatory status. Exness takes regulatory compliance seriously, holding licenses from multiple reputable regulatory authorities worldwide including CySEC and FSA. These licenses ensure transparency, security, and adherence to industry standards.

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In Kenya, Exness is regulated by the Capital Markets Authority (CMA), providing Kenyan traders with a regulated and secure platform for forex trading.

Exness offers the popular MetaTrader 4 and MetaTrader 5 platforms, which are the go-to for many traders worldwide. You can trade a variety of instruments on Exness, including forex currency pairs, metals, cryptocurrencies, stocks, indices, and energies.

With over 100 currency pairs and a plethora of other assets, you’re spoilt for choice. For traders on the go, Exness has a mobile app available, so you can manage your trades anytime, anywhere.

If you’re into affiliate marketing, Exness has an affiliate program that could be a stable source of income for you.

Exness Accounts and Spreads

Exness caters to different trading styles with various account types, including Standard and Professional accounts. The spreads and commissions are competitive, with the Pro Account offering some of the best spreads, averaging at about 0.1 pips.

One of the standout features of Exness is the instant withdrawal process, which operates 24/7, even on weekends. Plus, there are no deposit or withdrawal fees charged by Exness, although you should watch out for any fees that might be charged by your payment provider.

To conclude, Exness is a top forex broker in Kenya. I made my first trading successes and losses with it and it allowed me to get a clearer overview about Forex trading. Yet, for advanced and experienced traders I would suggest trading with other forex brokers, preferably the ECN-type ones.


2. HF Markets – Best Copy Trading Platform in Kenya

HF Markets is one of the best forex brokers in kenya with mpesa

HF Markets, formerly known as HotForex, is a multi-asset regulated broker providing trading services to both retail and institutional clients. It’s a global brand, offering its products and services to over 180 countries. HF Markets is regulated by several international financial authorities such as FSCA, FSA, DFSA, and CMA, ensuring a safe and secure trading environment.

HF Markets has proven to be a reliable and innovative broker, especially for Kenyan traders interested in copy trading.

When it comes to regulation, HF Markets doesn’t skimp. They’re authorized and regulated by several reputable financial authorities including:

  • Cyprus Securities and Exchange Commission (CySEC): HF Markets (Europe) Ltd holds a license with CySEC, which allows them to offer investment services internationally.
  • Financial Conduct Authority (FCA): In the UK, HF Markets (UK) Ltd is regulated by the FCA, a testament to their commitment to upholding the highest standards of financial conduct.
  • Dubai Financial Services Authority (DFSA): HF Markets (DIFC) Ltd is under the watchful eye of the DFSA, ensuring they adhere to the stringent regulations of the Middle East’s leading financial hub.
  • Capital Markets Authority (CMA): For Kenyan traders, this is particularly important. HF Markets is regulated by the CMA in Kenya, which means they comply with local regulations and offer a layer of protection specific to Kenyan traders.

HF Markets offers a unique platform called HFcopy for copy trading. With copy trading, you can replicate the trades of experienced traders, which can help you learn and grow your portfolio while you’re still getting the hang of the market. This service is part of the reason why HF Markets stands out as the best broker for copy trading in Kenya. The copied trades are automatically replicated in your account, saving you time and effort.

Here’s why HF Markets stands out for copy trading:

  • Diverse Strategy Providers: HFcopy accounts are available to both Followers and Strategy Providers. This means you can diversify your investment portfolio by copying different strategy providers.
  • Accessible and Time-Saving: With HFcopy, you can follow and copy, allocate, and withdraw funds with just a few clicks. The platform automatically replicates copied trades in your account, saving you the time and effort of managing your trades.
  • Educational: As a Follower, you can observe and learn from other traders’ strategies and decisions. This can be a great way to improve your trading skills.
  • Control Over Your Account: Even though you can automatically copy the trades of a strategy provider, you still maintain full control over your trading account. You can set parameters such as the amount of capital you want to allocate and risk management settings

HF Markets offers several trading platforms, including MetaTrader 4, MetaTrader 5, Webtrader, and Mobile Trading. These platforms are powerful tools that allow traders access to the financial markets.

The HFcopy platform is available on both the Webtrader version and on Mobile Apps for Android or iOS. This means you can monitor and manage your copy trading activities on the go, making it a convenient option for busy traders.

Additionally, HF Markets has a local customer support team in Kenya that is responsive and knowledgeable, ready to assist with any account or technical queries. This local presence ensures that you can get help when you need it, in a language and time zone that suits you.

3. Pepperstone – Best ECN Forex Broker in Kenya

Pepperstone is among the best brokers in kenya
Pepperstone Kenya Review

If you’re in Kenya and looking for a broker that offers a combination of low costs, fast execution, and a secure trading environment, Pepperstone is definitely worth considering. They’ve got a solid reputation, are highly regulated, and provide a range of platforms to suit different trading styles.

Pepperstone is licensed and regulated by several top-tier authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Dubai Financial Services Authority (DFSA) in the UAE. Most importantly for Kenyan traders, Pepperstone is regulated by the Capital Markets Authority of Kenya (CMA).

Pepperstone Markets Kenya Limited, a part of the Pepperstone group of companies, is registered in Nairobi, Kenya. This local presence further strengthens Pepperstone’s commitment to providing a secure and regulated trading environment for Kenyan traders.

Pepperstone offers razor-sharp spreads, which is a fancy way of saying you get to trade with incredibly low costs. Imagine trading FX from 0.0 pip spreads on 14 pairs with their Razor account. That’s tight pricing that can make a real difference to your trading results.

But low spreads aren’t the only thing that makes Pepperstone one of the best forex brokers in Kenya. They also have a 99.99% fill rate with no requotes and no dealing desk intervention. This means that your trades are executed super fast and at the price you see, which is crucial in the fast-paced forex market.

Pepperstone is also known for its low trading fees. They offer competitive commissions on forex trading and don’t charge any fees for deposits or withdrawals. For those who prefer classic ECN trading, the Razor Account has low commissions and spreads averaging at just 0.10 pips on the EUR/USD. This competitive pricing structure can significantly reduce your trading costs, making your trading journey more profitable.

Pepperstone Trading Platforms

One of the key aspects that sets Pepperstone apart is its range of trading platforms. Pepperstone offers three powerful platforms: MetaTrader 4, MetaTrader 5, and cTrader.

Each platform is designed to cater to different trading styles and levels of experience, ensuring that there’s something for everyone.

  • MetaTrader 4 is the world’s most popular platform, offering live quotes, real-time charts, in-depth news and analytics, and a host of order management tools. If you’re looking for a platform that’s tried and tested, this is it.
  • MetaTrader 5, on the other hand, is a more advanced platform. It offers faster processing times, the ability to hedge your positions, advanced pending orders, and more tools and indicators to take your trading to the next level.
  • cTrader is designed to replicate an institutional trading environment, making it perfect for those starting their trading journey. It features a user-friendly interface that can be customized with different presets and allows you to fill orders with advanced cTrader features.

Pepperstone’s customer service is also top-notch. They provide quick and relevant answers, ensuring that you’re never left in the dark when you have questions or need assistance. This level of customer support is crucial, especially for beginner traders who may need help navigating the forex trading landscape.

4. XM Forex

XM is one of the best forex brokers in kenya with low minimum deposit
XM Forex Kenya Review

XM Forex isn’t new to the game. They’ve been around since 2009 and have built a reputation for being a serious player in the forex brokerage space. What’s really impressive is their commitment to regulation. They’re not just regulated by any random bodies; we’re talking about top-tier financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). This means that your funds are safe and secure with XM Forex.

But that’s not all. XM Forex also secures clients’ funds in segregated accounts with tier-1 investment-grade banking institutions. This means that your money is kept separate from the company’s own funds, providing an extra layer of protection. Moreover, XM Forex is a member of the Investor Compensation Fund, which compensates covered clients in case the company fails to fulfill its obligations. This is a significant safety net that ensures you won’t lose your money if something goes wrong.

One of the most appealing aspects of XM Forex is its low minimum deposit requirement. You can start trading with just $5 (approximately 570 Kenyan shillings). This makes XM Forex an affordable option for those on a tight budget, especially beginners who are just starting their trading journey.

Additionally, XM Forex offers a variety of bonuses and promotions. For starters, they provide a $30 no-deposit bonus to all new account holders. This means that as a new trader, you get a $30 trading capital boost without having to deposit any of your own money.

And in addition to the no-deposit bonus, XM Forex also offers a deposit bonus scheme. Under this scheme, you can get a 50% bonus on your first deposit, up to a maximum of $500. For any subsequent deposits, you can get a 20% bonus. This means that if you deposit $100, you will receive an additional $50 as a bonus, giving you a total of $150 to trade with.

XM Forex also runs special promotions from time to time. For instance, from 14th December 2023 to 15th January 2024, they ran a promotion specifically for African clients, offering a 100% deposit bonus, allowing traders to double their deposits up to $500.

XM also has some of the best trading conditions with variable spreads, which means the spread value constantly changes based on the current liquidity market conditions and volatility. As such, spreads tend to be narrower under normal market conditions. This is a significant advantage as it allows traders to maximize their profits.

XM Forex Education & Support

XM Forex doesn’t just provide a platform for trading; it also offers a wealth of educational resources. You get free access to forex market research, daily forex webinars, video tutorials, and daily forex trading signals. This is a fantastic feature, especially for beginner traders in Kenya who are still finding their footing in the forex trading landscape.

Additionally, when you’re dipping your toes into the forex waters, you want to know there’s someone there to catch you if you stumble. XM Forex offers 24/5 customer support that’s both professional and prompt, ensuring you’re never left in the dark. Whether you prefer live chat, email, or a good old-fashioned phone call, they’ve got you covered.

And although XM doesn’t have a physical office in Kenya, they’ve tailored their services for Kenyan traders. You can make deposits and withdrawals using M-Pesa, which is super convenient.

5. FBS

FBS is one of the best broker for forex trading in kenya
FBS Kenya Review

FBS is one of the best trading brokers in Kenya. It is known for its competitive pricing, low minimum deposit, and a variety of account options. It offers a range of trading instruments, including forex, metals, indices, and energies, with floating spreads starting from 0.7 pips. As an international forex broker, FBS operates in 190 countries and has been in the market for over 10 years.

FBS is regulated by several top-tier authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the International Financial Services Commission (IFSC) of Belize, and the Financial Sector Conduct Authority (FSCA) of South Africa. This multi-jurisdictional regulation provides a layer of security for traders, as these regulatory bodies enforce strict standards to protect investors.

One of the key features that make FBS stand out is its educational support. The broker provides a wealth of educational materials, including courses, which can be particularly beneficial for new traders. FBS also offers 24/7 customer support, available in multiple languages, which can be accessed via live chat or popular messengers.

Another of the standout features of FBS is its integration with M-Pesa, a popular mobile money service in Kenya. This integration allows Kenyan traders to deposit and withdraw funds conveniently, making FBS one of the best forex brokers in Kenya that accept M-Pesa.

However, FBS doesn’t stop at M-Pesa integration. It also offers several bonuses to its Kenyan clients. For starters, FBS offers a sign-up bonus of $140 (16,780 KES) when traders first register a retail account. In addition, FBS offers a 100% deposit bonus after account verification and a first deposit. There’s also a $100 quick-start bonus for clients who use the FBS Trader. This bonus is aimed at novice traders and provides a plethora of educational information and tools.

FBS allows Kenyan traders to open a live account with a minimum deposit of just $1, which is equivalent to approximately 140 Kenyan Shillings (KES) at the current conversion rate. This low minimum deposit makes FBS accessible to traders with varying budget sizes.

While FBS offers several advantages, it’s not without its downsides. One of the main drawbacks is that FBS charges a commission on withdrawals. The exact amount varies depending on the withdrawal method used, but it’s something you should be aware of when considering FBS as your forex broker.

FBS Regulation in Kenya

FBS is not regulated by the Capital Markets Authority in Kenya. While this doesn’t automatically mean that FBS is unsafe, it does raise certain security-related questions.

Additionally, while FBS is regulated by reputable authorities and has robust safety measures in place, it’s important to note that the level of protection you’re eligible for differs based on the entity you’re trading with. For instance, clients in the EU and Australia have access to segregated funds and negative balance protection, while clients outside of these regions trading with the FBS Markets Inc. entity do not have the same level of protection.

FBS onboards Kenyan clients under the entity FBS Markets Inc., which is regulated by the International Financial Services Commission (IFSC) of Belize. The IFSC is known to be a less stringent regulator compared to top-tier regulators like the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). This means that while FBS is a legitimate broker for Kenyan traders, the level of investor protection may not be as high as it is under jurisdictions with stricter regulations.


6. IC Markets

IC Markets is one of the forex trading brokers in kenya
IC Markets Review

IC Markets is a well-established forex broker that has been in operation since 2007. It is based in Australia and is regulated by several top-tier authorities, including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA).

For Kenyan traders, IC Markets is a popular choice, despite not having a local license. It operates legally in Kenya under its Seychelles-based entity, which is regulated by the FSA. This means that Kenyan traders are onboarded through this entity, providing them with the same level of service and protection as traders from other jurisdictions.

IC Markets offers a variety of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms are available for desktops, web browsers, and mobile devices. The broker provides a wide range of trading instruments, including over 60 currencies, 10+ cryptocurrencies, and over 1,600 CFDs including gold, silver, stocks, indexes, bonds, and more.

The broker is known for its tight spreads and competitive commissions, particularly in the Raw Spread account. This makes it an attractive option for active, short-term traders.

It also offers a demo account for newcomers to practice their trading strategies.

IC Markets has a high level of transparency and is considered trustworthy due to its substantial operating history and regulatory compliance. However, it’s important to note that while IC Markets segregates all client funds from the company’s operating capital, it does not offer negative balance protection for traders in Kenya.

The minimum deposit at IC Markets for Kenyan traders is $200, and the broker accepts Kenyan clients. Customer service is reportedly quick and efficient, although there is no Kenyan phone support or trading desk available.


7. Deriv

best time to trade on Deriv

Deriv is a reputable online broker that offers a wide range of financial instruments for trading, including forex, commodities, indices, and synthetic indices. It is regulated by several top-tier authorities, including the Malta Financial Services Authority (MFSA), the British Virgin Islands Financial Services Commission (BVI FSC), and the Labuan Financial Services Authority (LFSA).

For Kenyan traders, Deriv is a popular choice due to its user-friendly trading platforms, competitive trading conditions, and a wide range of payment options.

The broker offers two proprietary trading platforms, DTrader and DMT5, which are available for web, desktop, and mobile devices.

Deriv is known for its innovative products, such as the Binary Options and Multipliers, which allow traders to speculate on the future price movements of various assets.

The broker also offers a variety of educational resources, including webinars, tutorials, and a comprehensive help center, to help traders improve their trading skills.

The minimum deposit at Deriv for Kenyan traders is $5, and the broker accepts Kenyan clients. Customer service is available 24/7 via live chat, email, and phone, and there is a dedicated support team for Kenyan traders.

In general, I had a pleasant experience while trading with Deriv in Kenya. While it offers speedy trade execution and tight spreads, you might get a higher slippage during highly volatile market conditions. However, the size of the slippage is not that critical and it does not occur every time. While the application procedure for an account might be somewhat annoying, it is being offset by an advanced client service and well-thought trading platforms.


How to Choose the Best Forex Broker in Kenya

Having made the necessary sacrifices and effort to gather the initial capital to invest, it is quite natural that you wish to invest in an intelligent manner, maximizing your potential profits while, at the same time, keeping your risk levels as low as possible.

You have most probably taken the time to learn the workings of a profitable trading strategy and garnered as much information about the financial markets as possible before investing your money. You have experienced the pain of losses and also the joys of success and by now should have a better idea of exactly what you should be doing and how to go about doing that.

Now, you are finally ready to begin trading properly. You wish to start trading for real and generating a second source of income, no matter whether it is your primary or secondary income source. It is time for you to watch you initial investment pay off and your profits begin to grow.

The only thing you need to do now is to choose a forex broker and a trading platform to work with. Unfortunately, there is such a multitude of brokers in Kenya. Each one of these offers its own welcome bonuses, trading platforms, and unique features. The realization that trading does not involve simply understanding a trading strategy comes suddenly and you begin to experience doubts.

The most challenging questions then become:

  • Which forex broker should I work with
  • Who should I trust with my money
  • Which forex trading platform will meet my needs and desires

Answering questions like these is not easy, and you will have to sift through a sea of information in order to find the right answers. And if you stumble and make the wrong decision, you might find yourself losing a great deal of potential profit or even suffering from losses due to certain important factors you might have forgotten to include in your decision-making process.

At Kenya Forex Firm, however, our professionals are totally immersed in the world of finance and trading. We completely understand your feelings and the worries that you must be experiencing at the moment. Rest assured that you are hardly the only trader to feel this way.

Our aim, therefore, is to aid you in choosing the best forex brokers in Kenya. We can help you make sense of information that seems chaotic and without order, and also reduce the chances that you will commit any errors. We have taken the time to review every active broker in detail, and analyzed their various trading platform, conditions, and other features that each one offers clients.

Our standards are exacting and our main focus is on the efficiency and profitability offered by a broker. Using the information that we have gathered, we present you with a summarized report of what we feel are the best forex brokers in Kenya, and who will offer you the best terms and potential profits currently available.

Emphasis has been placed on the main factors that you should consider when making your decision. With the extensive information we place at your disposal, you will be able to choose the broker, trading platform, and trading conditions that suit your needs and trading style best.

Besides saving valuable time and money, more importantly, you will be more assured that your decisions are the right ones. This will allow you the greatest potential for success.

All that is left for you to do is to make your choice of one of the recommended brokers above, register on their site, and start trading, confident that you have made the best decision possible.

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How to Choose a Forex Broker in Kenya

Finding a Forex Broker that cater to your specific needs as a trader can be a daunting task to say the least. There are a massive number of brokers around and they all differ vastly in how they operate and what they offer.

A novice trader has to be very vigilant not to fall into the honey traps some Forex brokers set up to attract unsuspecting aspiring traders.

It doesn’t matter what kind of trader you are, the first thing that any trader have to pay attention to when choosing a Forex broker is the reputation of the broker. If the broker has bad reputation then there is no need to look any deeper at that broker.

Some Forex brokers are very good and take good care of their clients while others are very close to being considered scammers. Some are even down right criminal but these types of brokers are not that common anymore since regulation in the Forex industry is pretty good nowadays. Regulation is of course not perfect but a broker located in US and especially EU has quite a few rules to obey before they can start accepting clients.

When choosing a Forex broker is can be a good idea to look at where the Forex Broker has its seat, in other words which jurisdiction the broker is incorporated.

EU is definitely preferred simply because the EU requires the client funds to be in segregated accounts. This means that if the broker goes bankrupt he will not take your trading funds with him in the fall. That’s why even a lax jurisdiction like Cyprus, which is a EU member, is preferable to USA.

Besides we all know what regulatory scandals have surfaced in the US lately, most recently the Madoff scandal. Such a scandal couldn’t happen in the EU since the accounts of the clients are separated from the brokers assets.

If you are a US resident you have little choice though as the IRS is hunting down anyone that is hiding any money outside the US and not declaring it. Although the number of US based Forex brokers are not that great there are some good ones. It will take a little more work to find one that will suit your specific trading needs if you decide to go with a US based broker. If you know what you are doing it can be better to select a EU based one as these are safer. Just make sure you keep friends with the IRS.

Types of Forex Brokers in Kenya

Next up in your broker research should be what type of broker you want. There are many types of Forex brokers available. You can even trade directly with some Forex exchanges as well which can be a quite refreshing affair if you are used to the usual run-of -the-mill.

Depending on your trading style it is wise to go with a broker that is in line with that style.

For example if you are a High Frequency trader or a so called Algorithmic Trader then an ECN forex broker is the best choice. Otherwise a Market Maker or a STP (Straight Through Processing) broker can be just as good as long as the spreads are low and the broker reputable.

If you are just making say a couple of trades a week (aka Position Trader) the cost of each trade is (or at least should be) low in comparison to the profit you make.

Trading daily or 4H bars gives a much higher average profit than trading 1M bars so in that respect the costs of trading are not that important for a Position Trader.

Of course the spreads must be reasonably low – I mean who wants to pay extra even if we are just talking about a few bucks in most cases. If you are a High Roller with very large account trading, say, 100 standard lots then over time trading costs accumulate and can amount to thousands of dollars. Better to spend that money on a necklace for you wife – right?

For those of you that love Algorithmic Trading (aka fully automatic trading) there are not that many choices. The reason for this that the trading costs have to be really low.

We also don’t want to get involved with Market Makers since these are too slow and thus not at all suitable for Algorithmic Strategies. The best choice here is definitely an ECN broker and not an STP due to the way a STP broker works.

A STP broker is basically just a Market Maker without a Dealing Desk. A true ECN Forex broker on the other hand only makes money from the commission, nothing else. A true ECN broker has an interest in helping you since he wants your long-term business – that is not the case with other brokers.

However, there are ECN brokers that are not true ECN but rather STP posing as ECN. Can be difficult to sniff out these brokers but if the broker is reputable it shouldn’t be a problem at all.

To summarize what we have been discussing in this article the most important thing is to find a legit forex broker that suits your trading needs. That requires some research on your part or you can always have a look at the reviews on this site and decide for yourself. Most of the brokers here are more geared towards Position Traders than Algorithmic Traders since most aspiring traders are using discretionary trading systems and not automatic software.

To be an Algorithmic Trader you have to have quite a bit of knowledge about programming, which most traders don’t. That doesn’t mean you cannot make a very good income trading discretionary – you certainly can. The difference is that an Algorithmic Trader have more freedom since the execution of all the trades are handled by the program and there is no reason for the trader to sit glued to the screen.

How Forex Brokers Make Money

Forex brokers act as intermediaries between you, the trader, and the vast, fast-paced forex market. They facilitate your trades, helping you buy and sell currencies from around the globe.

But, of course, these services aren’t free. Forex brokers have several ways of earning their keep.

Spreads and Commissions

The primary way forex brokers make money is through spreads and commissions. A spread is the difference between the bid price (the price you’ll receive for selling a currency) and the ask price (the price you’ll pay for buying a currency). Brokers add a mark-up to the spread, which forms a significant part of their income.

Commissions, on the other hand, are fees charged per trade. Some brokers charge a fixed commission regardless of the trade size or value, while others may charge a variable commission based on the trade’s value. For instance, some brokers charge around $2.50 to $3 per 100,000 unit trade.

Dealing Desk and Non-Dealing Desk Brokers

Forex brokers can be categorized into dealing desk brokers (also known as market makers) and non-dealing desk brokers. Dealing desk brokers create an internal market for their clients, taking the other side of their trades. They make money through the spreads they set and by potentially trading against their clients.

Non-dealing desk brokers, on the other hand, only act as intermediaries, linking traders with liquidity providers like banks. They make money by charging a commission on the trades they facilitate.

Additional Revenue Streams

Forex brokers also have other ways of making money. Some brokers earn interest on traders’ margin funds. Others charge fees for additional services like premium services, withdrawal fees, and inactivity fees. Moreover, some brokers engage in affiliate marketing, earning extra cash by referring new traders to their platform.

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