Best Forex Brokers That Accept Traders in Kenya

Top and the best forex brokers in KenyaAll over the world, Forex trading is now considered as a lucrative online business, and Kenya has not been left behind. It’s because of this reason that the Kenyan market has experienced an influx of Forex brokers – both regulated and unregulated. The only downside is that lots of merchants are still unable to find the best broker to handle their trading needs. So to help you out, we’re going to give you some insightful tips on how to choose the best Forex broker. Read on!

1. Regulation

Choosing a regulated broker should always be at the top of your Forex trading agenda. Regulation is very important to help secure your investment against unscrupulous companies operating in this financial market. In Kenya, the CMA (Capital Market Authority) is the main financial watchdog established by the Ministry of Finance in 1989. But because the Kenyan market is still relatively small, it can be difficult to find lots of CMA regulated brokerages.
However, the best Forex brokers Kenya are licensed and regulated by some of the world’s leading regulatory bodies such as the Australian ASIC, Cyprus CySEC, and the British FCA. Therefore, if you open an account with a regulated FX broker, chances are that your investments are safe.

2. Trading Fees and Commission

Whether you’re a seasoned or a newbie trader, you need to keenly inspect your broker’s fee structure. After all, this is what any serious business person should do. The general rule is to always go for a broker with the lowest fees as possible. Some of the trading fees that you should look out for include:

  • Swaps: This is the fee you’re supposed to pay to keep your contract open overnight.
  • Spreads: This is the difference between buying and selling price in points (pips). You should avoid anything over 3 pips when trading liquid EUR/USD. Also, keep in mind that spreads are of 2 types – fixed or variable, depending on the account type.
  • Other fees such as deposit, withdrawal, and inactivity fees.

Keep in mind however that more expensive FX brokers offer higher service levels including market analysis and research, customer service and support, latest platforms, trading tools etc. Therefore, it’s safe to say that you’ll always get what you pay for in this regard.

3. Currency Pairs On Offer

While you might find a huge number of world currencies available for FX trading, few of them can trade with the highest liquidity. To help you out, the major currency pairs that you should look for include the EUR/USD, USD/CHF, GBP/USD, and USD/JPY. In conclusion, your preferred FX broker might offer you a wide collection of currency pairs, but the aforementioned ones are sure to receive a lot of attention in the market.

4. Trading Platform

The trading platform is definitely your link to the FX market. And as a result, you should make sure that the platform is easy-to-use, visually appealing, and updated. Don’t also forget to look for a platform that offers you lots of trading tools and educational materials such as webinars, articles, videos, seminars, etc. Additionally, a good trading platform should have clearly labeled buy and sell buttons, with some even incorporating a “panic” button to help you close all open positions.

Most reputable brokers also offer free forex demo accounts to help their clients sharpen their FX trading skills before opening a live account. This way, the chances of losing most of your investments are greatly reduced.

Forex Brokers That Offer Demo Account for Kenya Traders

BrokerInfoBonusOpen Account
new logo FBS Markets inc Min Deposit: $1
Spread: From 0 Pips
Leverage: 3000:1
Regulation: CySEC, IFSC
$100 No-Deposit Bonus, 100% Deposit BonusVisit Broker
OCTAFX forex broker Min Deposit: $5
Spread: From 0.2 Pips
Leverage: 500:1
Regulation: FSA (Saint Vincent and the Grenadines), CySEC
50% Deposit Bonus, Real contest 1st prize Luxury car BMW X5 M, Copy trading, Trade&Win.Visit Broker
xm best forex broker Min Deposit: $5
Spread: From 0 Pips
Leverage: 500:1
Regulation: ASIC, CySEC, FCA (UK), IFSC Belize
“50% +20% deposit bonus up to $5,000, Loyalty Program BonusVisit Broker
exness forex broker review Min Deposit: $1
Spread: From 0 Pips
Leverage: 2000:1
Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN
35% of the account DepositVisit Broker Gain Capital review USA Min Deposit: $50
Spread: Starting 0 Pips
Leverage: up to 400:1
Visit Broker
No Deposit Bonus Instaforex Broker Min Deposit: $1
Spread: Fixed Spread From 3 Pips
Leverage: Up to 1:1000
Regulation: CBR, CySEC and FFMS
30% Forex Deposit bonusVisit Broker
Pepperstone review best forex broker in Australia Min Deposit: $200
Spread: Starting 0 Pips
Leverage: 500:1
Regulation: ASIC Australia, FCA UK
Visit Broker
iq option best binary options brokers Min Deposit: $10
Regulation: CySEC
-Visit Broker
etoro best forex broker USA Min Deposit: $200
Spread: From 3 Pips
Leverage: 400:1
Regulation: NFA, FCA, CySec
Visit Broker
City Index forex broker Min Deposit: $100
Spread: Starting 0 Pips
Leverage: up to 500:1
Regulation: FCA UK, ASIC Australia, MAS Singapore
Visit Broker

5. Customer Service

Brokers may vary widely when it comes to the type of services they offer their clients. You’ll find some of them presenting themselves as “full-service” brokers who offer access to different markets, services, and trading platforms. On the other hand, some might come in the form of discount brokers who offer more basic service. All in all, you’ll have to consider the type of customer support you’ll get at any time with your broker. It’s also important that you can speak to a live person in case of a problem, instead of the time consuming and frustrating auto attendant.

6. Dealing Desk Vs. No Dealing Desk

This is also another crucial factor to consider. In fact, you might find some brokers offering both of these services. First forward, Dealing Desk brokers make their money via spreads as well as providing liquidity to their merchants.

Dealing Desk Brokers typically create a ready market for their clients. This means that they are often on the other side of their client’s trade. The main benefit of dealing with a dealing desk broker is that you’ll get more predictable and fixed spreads. But the discretionary nature of filling orders might restrict your opportunity for gains.

On the other side, No Dealing Desk Brokers don’t pass their client’s orders via a dealing desk. In simple terms, they simply act as a link between two parties. With this kind of traders, you’ll actually get access to the real market prices. On the flipside, you’ll get exposed to thin liquidity and variable spreads. So you’ll have to choose wisely between these two types of brokers.

7. Margin

If you’re a novice trader, it’s definitely a wise idea to review the vast amount of margin offered by rival brokerage firms. A margin is a form of loan that a broker can offer to allow you to leverage your initial capital. So if you trade smart, you can multiply the profit amount you get from any given trade.

However, the amount of margin you’ll get will most likely depend on the maximum amount set by the broker’s financial regulator. Merchants may find brokerage firms offering leverage ratio up to 50:1, 400:1, with some going as high as 1000:1. Just be careful not to be tempted by the huge amount of leverage as this can multiply your losses, and eventually put you out of the game.

Related: High Leverage Forex Brokers

8. Deposits and Withdrawals

It’s obvious that you’ll need to withdraw your earnings from time to time. And because of this reason, you should settle for a broker who allows you to make deposits and withdrawals in a seamless manner. Moving on, I would advise you to choose a broker who can offer 3-5 business days to make withdrawals. Also, your broker should be able to support a wide array of deposit and withdrawal platforms. I’m sure you wouldn’t want to get associated with a broker who keeps giving you excuses any time you want your money transferred, do you?

The Takeaways

It’s obvious that you can make some extra cash via online Forex trading, but you can only do this if you pick the right broker. If you keenly follow the aforementioned tips, you can be sure to get the perfect Forex broker to help you succeed. Just make sure that your preferred broker is regulated before looking at the other crucial factors.

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