The process involved with selecting a forex broker is tedious and may sometimes be overwhelming. This is as result of the number of forex brokers out there who offer their services and solutions to traders from around the world.
With trading exploding in numerous African countries, Kenyan traders may feel lost and unable to choose a broker that caters for their trading needs and objectives. The list below will provide traders with some insight into some of the best forex brokers that cater for Kenyan traders.
FXTM is a well-regulated, reputable ECN and STP broker that offers traders with more than 250 financial instruments which can be traded. There is also a range of educational materials and a variety of trading tools offered along with flexible account types.
PROS- More than 250 financial instruments, well regulated, multiple account types offered, commission free trading offered.
CONS- US clients not accepted, Restricted leverage for EU clients
EGM Securities is a broker based in Kenya, offering traders with a variety of tradable assets and the use of MetaTrader 4 through which trades can be executed seamlessly. There is also a choice in trading accounts, reliable payment methods, and competitive trading conditions.
PROS- Strictly regulated by CMA, selection of educational resources provided, range of useful trading tools, MetaTrader 4 offered.
CONS- US clients not accepted, MetaTrader 5 not offered, spreads and commissions are not the lowest.
Based in Kenya, FxPesa is the retail arm of EGM Securities which operates as a separate online broker. FxPesa offers Kenyan traders with a dynamic standard account, adequate leverage, and competitive spreads.
PROS- Strictly regulated by CMA, Low minimum deposit requirement, Adequate leverage offered, variety of forex pairs to trade.
CONS- US clients not accepted, Higher spreads, Meta Trader 4 not offered, Skill not offered as payment method.
Scope Markets (Kenya)
Scope Markets is a Kenyan-based, CMA-licensed online forex broker that offers traders with a choice in account types, competitive trading and non-trading fees, adequate leverage, and a range of markets in which Kenyan traders can trade.
PROS- Regulated by CMA, low minimum deposit requirement, account opening is simple and hassle free, demo account offered.
CONS- US clients not accepted, only two account options offered, high commission fees, spreads are not the tightest.
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Pepperstone is one of the largest online trading brokers in the industry, offering traders from around the world with comprehensive trading solutions and services. With Pepperstone, traders can trade a variety of financial instruments using the competitive trading conditions offered.
PROS- Multi regulated, negative balance protection, powerful trading platforms offered, tight spreads and low commissions.
CONS- US clients not accepted, fixed spread accounts not offered.
XM is one of the largest and most popular choices for Kenyan traders. This is due to the dynamic and unique offering that XM has. Traders have a choice in flexible accounts, a range of tradable assets, bonuses and promotions, and the use of powerful trading platforms.
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PROS- Strict regulation, negative balance protection applied to related accounts, multi-award winning, hedging and slapping allowed.
CONS- No US clients, No fixed spreads.