9 Best CMA Regulated Forex Brokers in Kenya

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Broker	Rating	Min Deposit	Cost of trading	Platforms	Website
FXPesa	4.9       4.9/5 Stars	$5.00	$7.00	MT4 MT5 WebTrader	Visit broker
HF Markets	4.7       4.7/5 Stars	$5.00	$10.00	MT4 MT5	Visit broker
Exness	4.7       4.7/5 Stars	$10.00	$7.00	MT4 MT5 WebTrader Exness app	Visit broker
Pepperstone	4.7       4.7/5 Stars	$10.00	$6.00	MT4 MT5 cTrader	Visit broker
Exinity	4.5       4.5/5 Stars	$5.00	$7.00	MT4 MT5	Visit broker
Windsor Brokers	4.3       4.3/5 Stars	$100.00	$8.00	MT4	Visit broker
Scope Markets	4.0       4.0/5 Stars	$20.00	$7.00	MT5	Visit broker

List of CMA Licensed Forex Brokers in Kenya

1. 1. FxPesa by EGM Securities

1. 1. HF Markets Kenya

1. 1. Exness

1. 1. Pepperstone Markets

1. 1. Exinity

1. 1. Windsor Brokers

1. 1. ScopeMarkets

1. 1. Admiral Markets

1. 1. Ingot Brokers

Update: January 16, 2023: Currently, there are 9 forex brokers regulated by CMA in Kenya as outlined in the list above.

1. FxPesa – First CMA Licensed Forex Broker in Kenya

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FXPesa is fully licensed by the Capital Markets Authority of Kenya (CMA). The forex broker obtained its CMA trading license in 2019 and began offering forex brokerage services to Kenyans on 4th May 2019.

A question that a lot of Kenyans often ask is whether FxPesa is legit, and I can confidently vouch for this broker.

To start with, EGM Securities is a subsidiary of a large group of companies called the Equiti Group. Other subsidiaries in this group include Equiti Capital UK LTD, a forex and CFDs brokerage firm that is licensed and regulated by the Financial Conduct Authority (FCA), Equiti US, and EGM Futures DMCC that is licensed and regulated in UAE.

Fx Pesa Trading Fees: Fxpesa has relatively higher trading fees compared to other CMA-licensed brokers. Spreads range from 1.5 to 1.7 pips for every standard lot such as EUR/USD. For high-volume forex traders or scalpers, the trading fee can quickly eat into their profits. For the lowest trading fees, no other broker beats HotForex.

Deposits and Withdrawals at FXPesa: Being a locally licensed broker, FXPesa supports all major local deposit options including Mpesa, Airtel Money, Bonga Points Pay, and Eazzy Pay. You can also make deposits using Skrill or Neteller in addition to bank cards and direct bank transfers. Deposits and withdrawals using mobile payment options are free at FxPesa.

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2. HF Markets

Official Website

HF Markets, which was formerly known as Hotforex is one of the best CMA-licensed forex brokers in Kenya. The company has more than 10 years of experience in the brokerage industry and is regulated by some of the top-tier financial regulators in the world.

The analysis tools offered by HFM include trading calculators, calendars, and free forex signals from the Autochartist service. High-volume traders also get to enjoy a free VPS service from HF Markets. To qualify for the free VPS service, a trader needs to have a minimum of $5000 in their trading account.

3. Exness

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Exness works in Kenya and is in fact one the best CMA-licensed forex brokers in the country. The minimum deposit at Exness stands at $10 (1200 KES), and forex traders can easily fund their trading accounts using Mpesa.

What makes Exness stand out from the other forex brokers in this list is their social trading platform. With the social trading platform, forex traders can easily make good returns on their investments by copying the trades of more experienced traders.

Exness uses Mpesa as one of the options to deposit and withdraw funds from trading accounts. This makes it one of the most convenient forex brokers in Kenya. Additionally, Mpesa deposits at Exness are instant and start at a minimum of $10.

4. Pepperstone

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Pepperstone is an international renown forex broker that’s regulated in various jurisdictions. In Kenya, Pepperstone is licensed and regulated by the Capital Markets Authority (CMA).

Among all the CMA-regulated forex brokers in Kenya, Pepperstone stands out for having the most robust trading and analysis tools. They are, for instance, the only forex brokers in Kenya who offer both the cTrader and TradingView platforms, which are known to be the very best trading platforms in the world.

Pepperstone also has some of the tightest spreads we have seen with the forex brokers that are regulated in Kenya. This is because, unlike the other forex brokers in this list, Pepperstone is a Straight Through Processing (STP) forex broker. What this means is that the broker is able to offer tighter spreads than what you’d normally get with either EGM Securities or SCFM Limited.

5. Exinity

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Exinity was awarded a trading license by the CMA in November 2020, making it the 6th CMA-regulated forex broker in Kenya.

6. Windsor Brokers

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7. Scope Markets

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In May 2019, SCFM Limited, trading under the brand name Scope Markets followed FX Pesa in the list of forex brokers regulated by CMA. The company started its operations in the country in November 2019, and has so far gone ahead to become the biggest competitor to EGM Securities.

However, unlike EGM Securities which has root abroad, SCFM Limited is a purely Kenyan company.

What Does CMA Regulation Mean to You As a Retail Trader

There’s a lot of speculation on what the CMA really wishes to achieve with its new regulation directives. Some traders anticipate that this will pave way for the taxman to begin taxing retail forex traders in Kenya. But whether this is true remains to be seen.

If it comes to pass that there will be taxes imposed on Kenyan forex traders, it will be as easy as the taxman demanding that all registered forex traders provide their KRA pin certificates at the time of registration with the CMA-regulated forex brokers.

Here are some things that will definitely change while all enforcement by CMA comes into effect

Also Read: How to Choose the Best Forex Broker in Kenya

Lowered Leverage: According to the CMA regulations, all forex brokers are capped at offering a 1:400 leverage only. This is in plain contrast with some of the favorite foreign regulated brokers that can offer leverage as high as 1:2000

Binary Options Trading Made Illegal in Kenya: According to the CMA regulations, brokers registered in Kenya cannot offer binary options trading to Kenyans. This comes as no surprise as many nations around the world banned binary options trading.

On the brighter, suing a forex broker for malpractices will be easy as the CMA has these provisions in its regulations.

All forex brokers regulated by CMA will be required to submit any trader grievances to the CMA by the 15th of this month. This is a win for traders and will keep the brokers on their toes, unless they collude with the CMA to become corrupt.

Most of the CMA licensed forex brokers will accept Mpesa as a means to deposit and withdraw money from your trading account. Although there are a few forex brokers that accept Mpesa, we will be hoping that brokers operating locally will make the process much more seamless.