Forex trading in Kenya is a booming venture currently providing great earning opportunities for online traders. Despite the Forex market being highly volatile, it is fetching fortunes for Kenyans who decided to take the risks. So do you want to know the best brokers to work with when running Forex trading in Kenya?
You are in the right place!
In this post, we are going to review the top best Forex brokers in Kenya that we found to be very reliable for Kenyan Forex traders. Read till the end to also know what top Forex trading earners are getting in Kenya.
Let’s start with the basics.
Top 6 best Forex brokers in Kenya
Fxtm (Forex Time)
Fxtm is a global Forex and CFD broker that has been offering online trading services since it was developed in 2011. The minimum deposit is $10 and you can trade with several account types and currency pairs. Opening an account is simplified and trading can be done on the highly effective MT4 and MT5 trading platforms.
This broker is regulated by FCA, FSCA and Cysec in the international arena, but in Kenya, it is regulated by CMA. Trading with this broker is definitely very safe.
The maximum leverage for this platform is 1000×, meaning that you stand a chance of making very high returns even with lower investments.
There is a $5 cashback anytime you trade with any FXTM accounts. There is also a loyalty program that on qualifying to join, you will get higher chances of getting better rewards.
FXTM trading charges are average and for a standard account, a minimum of 1.5 pips is charged.
You can read full FXTM Review here
IG is a reputable Forex broker established in the UK in 1974. It is regulated by the Financial Conduct Authority (FCA). The minimum deposit is $250 and popular deposit/ withdrawal methods are accepted here.
The average spread for a standard account is around 0.7, meaning that the trading fees are average. The maximum leverage is 50× for this broker.
There is no deposit bonus or promotion, but there is a referral program that you can earn rewards by inviting other people to join the platform.
Avatrade is a highly regarded Forex broker in Kenya. Established in 2006, Avatrade has grown to offer around 250 trading instruments currently. This broker is regulated by the reputable CySEC. The high level of security it provides to all traders is perhaps its most perking feature.
The minimum deposit is $100 and the trading fees are lower compared to other brokers. Here, you can get up to a $10,000 bonus on making your first deposit. The maximum leverage offered is 400×.
InstaForex is a top-rated platform and a safe broker to trade within Kenya. This platform became operational in 2006 and is regulated by top agencies such as CySEC and ASIC.
There are over 200 instruments to trade on and you can get leverage up to 1000×. You can trade through MetaTrader 4 and 5 platforms with this broker.
Instantforex offers a decent welcome bonus of up to 250%. The transaction fees are very low, but there are quarterly and annually inactivity fees.
XM is a globally renowned Forex broker and a nice option for Kenyan traders. XM Group was founded in 2009 and is regulated by top firms, including ASIC and CySEC.
The minimum deposit is $200 and you can run your trades on MT4 and MT5 platforms. XM is considered the best broker when it comes to pricing and transaction fees. This platform offers up to 50% on deposits. The deposits have no added costs.
The XM leverage stretches up to 500×.
With its great design and premium brokerage services, eToro is worth giving a try. eToro was founded in 2007 and is regarded as a low-risk broker thanks to its sufficient regulation from top agencies such as ASIC and FCA.
eToro works with a variable spread that averages at 1pip. Generally, the transaction costs on this platform are low.
You can get a bonus of up to $500 when you trade on crypto worth $5000. The maximum leverage for this platform is 30×.
Is Forex legal in Kenya?
Yes, Forex trading is a legalized venture in Kenya and is regulated under the Capital Markets Authority (CMA) since 2018. Before you strike a deal with a Forex broker in Kenya, you must ensure that they are regulated by CMA or other reputable regulating agencies if the broker is operated internationally.
This is the only way you will have an assurance that your funds and personal information are safe when running your trades.
How to start Forex trading in Kenya?
If you want to run successful Forex trading in Kenya, you must start outright. Here are the steps to follow when you want to do profitable Forex trading in Kenya:
- Learn the basics-If you are a novice Forex trader in Kenya, use online courses, physical schools and online tutorials to learn about the fundamentals of successful Forex trading.
- Raise good capital to start trading- Let the minimum deposit amount, level of risk involved and the profit you want to make guide you to know the starting capital you need.
- Choose a reputable Forex broker- A good Forex broker should be satisfactorily licensed and must provide premium Forex brokerage services, trading tools and educational material to traders.
- Open a demo account- Many Forex brokers offer a demo account and you can use it as a tool to perfect your trading skills.
- Open a real trading account and start trading- Once you are confident that you have perfected your trading skills, you can open a real trading account, fund it and start trading.
This said we can now look at the brokers you can trust for all your Forex trading needs in Kenya.
Top Richest Forex traders in Kenya
Forex trading in Kenya is not a new thing and it has gone to the level of even producing millionaires. People are already fetching decent amounts with Forex trading and it not a wonder to see a good number of Kenyans doing Forex trading as their full-time occupation. Here is a list of swift Forex traders who, considering the amount they make from this digital occupation, can be termed as the richest in Kenya:
This breakdown includes the year these people started trading and their current net worth.
1. Patrick Mahinge- (2014) $750,000
2. Ken Githaiga- (2008) $96,000
3. Paul Mugenda (2014) $100,000
4. Silah Obegi (2012) network is private
5. Sylvia Muchai (2014) networth is private
From this list, it is evident that Forex trading is a lucrative occupation in Kenya and if done right, it can bring sufficiently good returns on money invested.
Hopefully, you now know the best brokers to turn to when you want to do Forex trading in Kenya. The secret of making good returns with Forex trading is starting now and letting go of all the uncertainties dragging you away from this digital earning strategy. If you want to be among the best earners list next time we update this post, use the Forex brokers given here and exploit every brokerage service, trading tools and advice they offer.