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Ranked for Kenya · 2026

Best Forex Broker in Kenya for 2026: CMA-Licensed Brokers Compared

Written by Giles Thomas Edited by Rory Hughes Fact-checked by Tomislav Turčin Updated November 2026

Ten forex brokers holding a CMA licence in Kenya, each tested with a real account funded by M-Pesa. Exness ranks first: its Kenyan company holds the account, and our M-Pesa deposit and withdrawal each landed within the minute, free.

Affiliate disclosure. BestForexBroker may earn a commission if you open an account through links on this site. This does not influence our methodology or ratings. See how we make money.

Quick answer

Risk warning

Forex and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The brokers' own figures for retail accounts that lose money: Scope Markets 59.59%, IC Markets 76.3%, FXPesa 80%, HFM 80.83%, Pepperstone 82% and Exness 84.12%. FP Markets and AvaTrade show the 75% to 95% range of the CMA's standard risk warning (Circular No. 03/2023), and we found no percentage on XM's site or for Admirals SC Ltd's own clients (each broker's site, 23 October to 2 November 2026). Consider whether you understand how leveraged products work and whether you can afford to take the high risk of losing your money.

Our ranking at a glance

# Broker Score Stood out for Kenyan regulation Min. deposit Score
1 Exness Visit Your capital is at risk. 4.3 Joint highest overall score CMA, Kenya, Licence 162 (Exness (KE) Limited) KSh 1,500 (about USD 11.54 on 22 Oct 2026) 4.3 Visit Exness Your capital is at risk.
2 XM Visit Your capital is at risk. 4.3 Most education material we found CMA, Kenya, Licence 233 (TPXMGLOBAL Kenya Limited) USD 5 on the account cards; KSh 2,100 by M-Pesa (about USD 16) 4.3 Visit XM Your capital is at risk.
3 Pepperstone Visit Your capital is at risk. 4.3 Joint highest fees score CMA, Kenya, Licence 128 (Pepperstone Markets Kenya Limited) USD 10 (KSh 1,298 by M-Pesa on 26 Oct 2026) 4.3 Visit Pepperstone Your capital is at risk.
4 HFM Visit Your capital is at risk. 4.1 Fast, free M-Pesa payouts CMA, Kenya, Licence 155 (HFM Investments Ltd) None on Premium and Cent; M-Pesa from KSh 1,298.41 (about USD 10); we deposited KSh 1,300 (USD 10.01, 23 Oct 2026) 4.1 Visit HFM Your capital is at risk.
5 FP Markets Visit Your capital is at risk. 4.1 No-cost shilling round trip CMA, Kenya, Licence 193 (FP Markets Limited) None in practice: M-Pesa from USD 1; we deposited KSh 1,296 (USD 10.00, 26 Oct 2026) 4.1 Visit FP Markets Your capital is at risk.
6 IC Markets Visit Your capital is at risk. 4.0 Most share CFDs we recorded CMA, Kenya, Licence 199 (IC Markets (KE) Limited) None on any account type; we deposited KSh 1,300 (USD 9.89, 26 Oct 2026) 4.0 Visit IC Markets Your capital is at risk.
7 AvaTrade Visit Your capital is at risk. 3.9 Every shilling back on the round trip CMA, Kenya, Licence 262 (Ava Trade Kenya Limited) USD 50 for Kenya, a live chat agent said; the site lists USD 100 for cards and wires (2 Nov 2026). We deposited KSh 6,497 (USD 50.00) by M-Pesa (28 Oct 2026) 3.9 Visit AvaTrade Your capital is at risk.
8 FXPesa Visit Your capital is at risk. 3.9 Shilling accounts and Swahili support CMA, Kenya, Licence 107 (EGM Securities Limited) None on Standard, USD 100 on Premier; we deposited KSh 1,303 (USD 9.99, 26 Oct 2026) 3.9 Visit FXPesa Your capital is at risk.
9 Scope Markets Visit Your capital is at risk. 3.7 Tightest spreads we measured CMA, Kenya, Licence 123 (SCFM Limited) USD 10, a live chat agent said (2 Nov 2026), and the portal accepted our USD 10.00 (KSh 1,305, 26 Oct 2026); the payment page says USD 20 by M-Pesa 3.7 Visit Scope Markets Your capital is at risk.
10 Admirals Visit Your capital is at risk. 3.5 Real stocks and ETFs CMA Licence 178 (Admirals KE Limited); our sign-up was opened with Admirals SC Ltd, FSA Seychelles Licence SD073 USD 25 (Trade.MT5 and Zero.MT5), USD 1 (Invest.MT5); we deposited KSh 3,400 (USD 25.37, 29 Oct 2026) 3.5 Visit Admirals Your capital is at risk.

The brokers we tested, ranked by score

#1
Joint highest overall score

Exness

4.3
Visit Exness

84.12% of retail investor accounts lose money when trading Online Forex/CFDs with this provider (exness.ke, 2 November 2026).

Read full review →

Our highest score. Exness (KE) Limited holds the account and the money under Kenyan law, our M-Pesa deposit and withdrawal each landed within the minute at no fee, and EUR/USD was 0.8 pips on Standard with no commission. The catch is the currency: on a US dollar account the M-Pesa round trip cost about 1.9 percent.

Fees4.0
Safety4.5
Platform4.5
Assets3.5
Min. depositKSh 1,500 (about USD 11.54 on 22 Oct 2026)
RegulationCMA, Kenya, Licence 162 (Exness (KE) Limited)
Islamic accountYes: swap-free, shown as Qualified on our account
Account openingSame day: created 09:11, proof of residence verified 13:51, funded 14:17 on 22 Oct 2026

Pros

  • M-Pesa in and out within the minute, free (22 Oct 2026)
  • 0.8 pips on EUR/USD with no commission on Standard
  • Audited 2023 accounts show capital above every CMA minimum

Cons

  • About 1.9 percent lost on the shilling round trip with a US dollar account
  • All CFDs, and no crypto for Kenyan clients
#2
Most education material we found

XM

4.3
Visit XM

Retail investor accounts lose money when trading derivatives with this provider (xm.ke, 26 October 2026).

Read full review →

TPXMGLOBAL Kenya Limited holds the account, M-Pesa works both ways with no XM fee (our withdrawal arrived in about ten minutes), and the app's education is the deepest we saw. You pay for it in the spread: about 2 pips on EUR/USD on Standard.

Fees3.5
Safety4.5
Platform4.5
Assets4.0
Min. depositUSD 5 on the account cards; KSh 2,100 by M-Pesa (about USD 16)
RegulationCMA, Kenya, Licence 233 (TPXMGLOBAL Kenya Limited)
Islamic accountYes: swap-free on Ultra Low accounts, which are not bonus-eligible
Account openingUnder half an hour: registered 23:11, verified 23:38 on 23 Oct 2026

Pros

  • A 48-lesson video course, live beginner and advanced rooms and daily webinars
  • M-Pesa withdrawal in about ten minutes, no XM fee
  • Two-factor login and a face check on withdrawal

Cons

  • EUR/USD at 1.9 to 2.2 pips on Standard (26 Oct 2026)
  • A USD 10 monthly dormant fee and a 1.6 percent shilling round trip
  • Leverage on our account changed from 400:1 to 100:1 (26 Oct 2026); we did not capture a change of setting, and clause 32.2 lets XM change it without notice
#3
Joint highest fees score

Pepperstone

4.3
Visit Pepperstone

82% of retail investor accounts lose money when trading on margin with this provider (pepperstone.com/en-af, 2 November 2026).

Read full review →

Pepperstone Markets Kenya Limited holds the account under Kenyan law, EUR/USD was 1.0 pip with no commission on Standard, and the M-Pesa rate barely moved between our deposit and withdrawal. There is no shilling account and no swap-free account for Kenyan clients.

Fees4.5
Safety4.5
Platform4.5
Assets3.5
Min. depositUSD 10 (KSh 1,298 by M-Pesa on 26 Oct 2026)
RegulationCMA, Kenya, Licence 128 (Pepperstone Markets Kenya Limited)
Islamic accountNo: Pepperstone's swap-free page lists the countries it offers swap-free accounts to, and Kenya is not among them (pepperstone.com/en-af, 2 Nov 2026)
Account openingSign-up and Sumsub upload in about 45 minutes on 23 Oct 2026; verification quoted at up to 24 hours

Pros

  • 1.0 pip on EUR/USD with no commission, or Razor at USD 3.50 a side
  • A near-zero gap between the M-Pesa deposit and withdrawal rates
  • MetaTrader 4 and 5, cTrader and TradingView offered

Cons

  • Accounts in US dollars or pounds only
  • No swap-free account for Kenyan clients
  • We have not yet tested its live chat or phone support
#4
Fast, free M-Pesa payouts

HFM

4.1
Visit HFM

80.83% of retail investor accounts lose money when trading Online Forex/CFDs with this provider, according to HFM's own risk warning (hfm.com/ke, 23 October 2026).

Read full review →

HFM Investments Ltd opened, funded and paid out the account under Kenyan law, our M-Pesa withdrawal arrived within about two minutes at almost the deposit rate, and the Client Agreement states negative balance protection. Its documents describe its dealing role two ways, and the promotional account it shows first cost 2.3 to 2.4 pips on EUR/USD.

Fees3.5
Safety4.0
Platform4.5
Assets4.0
Min. depositNone on Premium and Cent; M-Pesa from KSh 1,298.41 (about USD 10); we deposited KSh 1,300 (USD 10.01, 23 Oct 2026)
RegulationCMA, Kenya, Licence 155 (HFM Investments Ltd)
Islamic accountYes: Every account type in the client area is marked swap free; HFM may charge fees on swap-free accounts and withdraw the status if it judges it misused (Client Agreement, 25)
Account openingAbout 20 minutes: registration from about 17:29, identity verified at 17:49 on 23 Oct 2026

Pros

  • M-Pesa withdrawal within about two minutes, free, at almost the deposit rate
  • A Nairobi office, a Kenyan line and a toll-free number
  • Authenticator-app two-factor login

Cons

  • The client area shows a promotional account first, and EUR/USD on it was wider than the "from 1.4 pips" HFM advertises
  • Agent in one document, principal and possible market maker in another
#5
No-cost shilling round trip

FP Markets

4.1
Visit FP Markets

Between 75% and 95% of retail investor accounts lose money when trading Online Forex/CFDs: the CMA's standard warning for a broker with no open retail client positions in the last 12 months, not a figure for FP Markets' own clients (fpmarkets.co.ke, 24 October 2026).

Read full review →

FP Markets Limited, the CMA licensee, holds the account as your agent, EUR/USD was 1.1 pips with no commission on Standard, and our M-Pesa round trip cost nothing in currency. Safety is held at 3.5: its 2025 accounts, from before it began trading, show a KSh 37.5m loss from an unauthorised transfer out of its bank accounts and negative equity of KSh 2.2m at the year end, against KSh 40m of share capital, followed by KSh 38.9m of new capital on 25 March 2026, and a clause allows client money to be held outside Kenya.

Fees4.5
Safety3.5
Platform4.5
Assets4.0
Min. depositNone in practice: M-Pesa from USD 1; we deposited KSh 1,296 (USD 10.00, 26 Oct 2026)
RegulationCMA, Kenya, Licence 193 (FP Markets Limited)
Islamic accountYes: Swap-Free Standard and Swap-Free Raw account types
Account openingAbout half an hour: application at 17:21, approval email at 17:49 on 24 Oct 2026

Pros

  • No measured currency cost on the M-Pesa round trip
  • MetaTrader 4 and 5, cTrader and TradingView
  • Acts as agent, not as the other side of your trade

Cons

  • A KSh 37.5m loss from an unauthorised transfer, and KSh 2.2m of negative equity at the end of 2025, in the audited accounts
  • The withdrawal waited for an Australian-time cut-off: about 14 hours
#6
Most share CFDs we recorded

IC Markets

4.0
Visit IC Markets

76.3% of retail investor accounts lose money when trading Online Forex/CFDs with IC Markets (KE) Limited (icmarkets.co.ke, 24 October 2026).

Read full review →

IC Markets (KE) Limited holds the account as agent under Kenyan law, M-Pesa works both ways at no fee, and the range runs to 7,594 share CFDs. The shilling round trip cost about 3.8 percent, the withdrawal ran to an Australian-time cut-off (about 24 hours), and we found no two-factor login.

Fees4.0
Safety4.0
Platform4.5
Assets4.0
Min. depositNone on any account type; we deposited KSh 1,300 (USD 9.89, 26 Oct 2026)
RegulationCMA, Kenya, Licence 199 (IC Markets (KE) Limited)
Islamic accountYes: For clients of Muslim faith only, chosen at registration or converted by email to support, a live chat agent said (2 Nov 2026); the terms the agent linked are a global PDF named for the FSA, not the Kenyan company's documents. Not tested
Account openingApplication in about ten minutes on 24 Oct 2026; documents then went into a manual review, and the account showed as approved by 2 Nov 2026

Pros

  • 7,594 share CFDs and 61 forex pairs
  • Acts as agent under Kenyan law and courts
  • Free M-Pesa deposits and withdrawals

Cons

  • About 3.8 percent lost on the shilling round trip
  • No two-factor login seen in the client area or apps
#7
Every shilling back on the round trip

AvaTrade

3.9
Visit AvaTrade

Between 75% and 95% of retail investor accounts lose money when trading Online Forex/CFDs with this provider, according to the risk warning on AvaTrade's Kenyan site (2 November 2026), the range used in the CMA's standard warning. Its chat quoted 64.6% the same day, and avatrade.com 65% (28 October 2026).

Read full review →

Our KSh 6,497 came back to the shilling, and EUR/USD was 0.8 pips with no commission. AvaTrade's Kenyan Terms are with Ava Trade Kenya Limited under Kenyan law, with negative balance protection. Its documents describe its service as "dealing on own account" (Terms, 2.2.1) and each trade as a contract with AvaTrade (Risk Disclosure Notice, 4.1); its CMA licence is as a non-dealing broker, and the documents do not explain how the two fit. The trading server carries the name of the group's British Virgin Islands company.

Fees4.0
Safety3.5
Platform4.5
Assets4.0
Min. depositUSD 50 for Kenya, a live chat agent said; the site lists USD 100 for cards and wires (2 Nov 2026). We deposited KSh 6,497 (USD 50.00) by M-Pesa (28 Oct 2026)
RegulationCMA, Kenya, Licence 262 (Ava Trade Kenya Limited)
Islamic accountYes: Swap-free on request by email once verified and funded, with no overnight fees for up to five days (AvaTrade's Kenyan site, 2 Nov 2026; Terms 26). Not tested
Account openingLogins at once on 24 Oct 2026; ID approved in minutes, full approval by email at 12:05 the next day

Pros

  • The M-Pesa round trip came back to the shilling (28 to 29 Oct 2026)
  • 0.8 pips on EUR/USD with no commission
  • WebTrader, app and MetaTrader 5, with the withdrawal made in the app

Cons

  • Its Terms say "dealing on own account" and its licence is non-dealing; the documents do not explain how the two fit
  • Steep fees on idle accounts, and two versions of them
#8
Shilling accounts and Swahili support

FXPesa

3.9
Visit FXPesa

80% of retail investor accounts lose money when trading online forex and CFDs with FXPesa (fxpesa.com, 27 October 2026).

Read full review →

The most Kenyan-focused broker here: shilling accounts, M-Pesa and Airtel Money through iPay, a 25-minute M-Pesa payout, Swahili support and a toll-free number. Safety is held at 3.5 because its Client Terms do not set out negative balance protection: clause 80.1 makes you liable for a negative balance, while clause 7.1 says CMA rules prevail where they conflict, and the CMA has required the protection since 2023. FXPesa's documents do not say how the two fit.

Fees4.0
Safety3.5
Platform4.5
Assets3.5
Min. depositNone on Standard, USD 100 on Premier; we deposited KSh 1,303 (USD 9.99, 26 Oct 2026)
RegulationCMA, Kenya, Licence 107 (EGM Securities Limited)
Islamic accountYes: swap-free on request, with a daily admin fee after a grace period; not bonus-eligible
Account openingApplied on the evening of Saturday 24 Oct 2026; accepted at 09:42 on Monday 26 Oct, about 37 hours later

Pros

  • Shilling accounts offered, and Swahili support
  • M-Pesa payout in 25 minutes, free
  • About 0.8 percent on the round trip even with a US dollar account

Cons

  • The Client Terms make you liable for a negative balance (80.1), while putting CMA rules first where they conflict (7.1)
  • Our chat transfer to a person after midnight on 27 Oct 2026 had not completed in our later captures
#9
Tightest spreads we measured

Scope Markets

3.7
Visit Scope Markets

59.59% of retail investor accounts lose money when trading Online Forex/CFDs, according to Scope Markets' own risk warning (scopemarkets.co.ke, 24 October 2026).

Read full review →

SCFM Limited holds the account, our M-Pesa deposit and withdrawal each landed within the minute, and EUR/USD was 0.1 to 0.2 pips plus USD 7 a lot round turn. Safety is 3.0: its Order Execution Policy says that for CFDs it "acts as principal" (19) and its Terms make it the counterparty to your trades (7.2); its CMA forex licence is as a non-dealing broker, and the documents do not explain how the two fit. Its documents give its derivatives licence as 143, where the register listed SCFM Limited at 124 (24 and 27 Oct 2026).

Fees4.0
Safety3.0
Platform4.0
Assets4.0
Min. depositUSD 10, a live chat agent said (2 Nov 2026), and the portal accepted our USD 10.00 (KSh 1,305, 26 Oct 2026); the payment page says USD 20 by M-Pesa
RegulationCMA, Kenya, Licence 123 (SCFM Limited)
Islamic accountYes: Swap-free accounts on request, a live chat agent said (2 Nov 2026); not in the account dialogs, and not tested
Account openingRegistration in minutes on 24 Oct 2026; four verification steps went to a manual review, and the account showed Verified by 26 Oct

Pros

  • 0.1 to 0.2 pips on EUR/USD, plus USD 7 a lot
  • M-Pesa in and out within the minute, free
  • A named chat agent within about a minute

Cons

  • Its documents say principal on CFDs and its licence is non-dealing; they do not explain how the two fit
  • No Scope app found; MetaTrader 5 only
#10
Real stocks and ETFs

Admirals

3.5
Visit Admirals

Your capital is at risk. We found no retail loss figure for Admirals SC Ltd's own clients; the 74% shown on admiralmarkets.com is its Cyprus company's (24 October 2026).

Read full review →

Admirals holds a CMA licence through Admirals KE Limited. Our Kenyan sign-up was opened with the group's Seychelles company, Admirals SC Ltd, so we were given its terms: Seychelles law, market-maker terms and part of each deposit held by title transfer. M-Pesa worked both ways within minutes, but the rates and a 3 percent withdrawal fee cost us about 9 percent.

Fees3.0
Safety2.5
Platform4.5
Assets4.5
Min. depositUSD 25 (Trade.MT5 and Zero.MT5), USD 1 (Invest.MT5); we deposited KSh 3,400 (USD 25.37, 29 Oct 2026)
RegulationCMA Licence 178 (Admirals KE Limited); our sign-up was opened with Admirals SC Ltd, FSA Seychelles Licence SD073
Islamic accountYes: Swap-free on request; status can be revoked without reasons (Islamic account terms, 7)
Account openingProfile verified about 8 minutes after the application (24 Oct 2026); deposit limits lifted after a document review, done by 29 Oct

Pros

  • Over 4,500 real stocks and 400 real ETFs alongside CFDs
  • M-Pesa withdrawal in about 12 minutes
  • MetaTrader 4 and 5 and its own web trader

Cons

  • Our sign-up was opened with the group's Seychelles company
  • About 9 percent lost to the rate gap and the 3 percent withdrawal fee

How we chose these brokers

Every broker on this page holds a CMA licence through a Kenyan company, which we checked on the CMA register between 23 and 27 October 2026. Between 22 and 29 October we opened a real account at each, funded it by M-Pesa, placed at least one trade and withdrew back to M-Pesa. We score brokers on the categories in our methodology, with safety and regulation weighted most, and this page follows the overall scores. Exness, XM and Pepperstone all score 4.3 and HFM and FP Markets 4.1, so ties are ordered on the unrounded score. A category we have not tested is left out of a broker's score rather than counted as zero.

Read our full methodology →

CMA licences compared

The CMA licence each broker's Kenyan company holds, from our broker records. A licence covers the company that holds it, so check that your account would be opened with that company.

Broker Kenyan regulatorRegulated byAvailable in Kenya
Exness CMACMA, Kenya, Licence 162 (Exness (KE) Limited)Yes
XM CMACMA, Kenya, Licence 233 (TPXMGLOBAL Kenya Limited)Yes
Pepperstone CMACMA, Kenya, Licence 128 (Pepperstone Markets Kenya Limited)Yes
HFM CMACMA, Kenya, Licence 155 (HFM Investments Ltd)Yes
FP Markets CMACMA, Kenya, Licence 193 (FP Markets Limited)Yes
IC Markets CMACMA, Kenya, Licence 199 (IC Markets (KE) Limited)Yes
AvaTrade CMACMA, Kenya, Licence 262 (Ava Trade Kenya Limited)Yes
FXPesa CMACMA, Kenya, Licence 107 (EGM Securities Limited)Yes
Scope Markets CMACMA, Kenya, Licence 123 (SCFM Limited)Yes
Admirals CMACMA Licence 178 (Admirals KE Limited); our sign-up was opened with Admirals SC Ltd, FSA Seychelles Licence SD073Yes

Spreads and commissions compared

Spreads and commissions from our broker records, as each broker publishes them for a Kenyan account or as we measured them. A dash means not yet recorded.

Broker EUR/USD spreadGBP/USD spreadUSD/JPY spreadGold (XAU/USD) CFDFX commission
Exness 0.8 pips on Standard: Exness's published average, and what we saw on 22 Oct 20261.0 pips average (exness.ke, 3 Nov 2026)1.0 pips average (exness.ke, 3 Nov 2026)USD 0.24 an ounce average, 24 Exness pips (exness.ke, 3 Nov 2026)None on Standard, Standard Cent and Pro; Raw Spread up to USD 3.50 and Zero from USD 0.05, per lot per side
XM 2.0 pips average on Standard (XM, 26 Oct 2026); we saw 1.9 to 2.2———None on Standard, Micro, Ultra Low Standard or Ultra Low Micro
Pepperstone 1.0 pip on Standard, observed on 26 Oct 2026; Pepperstone's published Standard average is 1.1 pips (August 2026 data)1.2 pips average (pepperstone.com, August 2026 data)1.2 pips average (pepperstone.com, August 2026 data)USD 0.23 average (pepperstone.com, August 2026 data)None on Standard (a 1 pip markup); Razor USD 3.50 a side per lot, USD 7.00 round turn, on MT4/MT5 in USD
HFM About 2.4 pips on the promotional Shield 500 account when we traded (23 Oct 2026); we found no published average———None on Shield 500, Premium, Cent, Pro and Pro Plus; charged on Zero Spread (amount not captured)
FP Markets 1.1 pips on Standard when we traded (26 Oct 2026); FP Markets' published Standard average is 1.29 pips (October 2026)1.6 pips average (fpmarkets.co.ke, October 2026)1.67 pips average (fpmarkets.co.ke, October 2026)0.24 average (fpmarkets.co.ke, October 2026)None on Standard; Raw USD 3 per lot per side on forex and metals, none on commodities, indices and crypto (cTrader fees page, 26 Oct 2026)
IC Markets Published averages 0.01 pips on Raw Spread (plus commission) and 0.1 on Standard, from 0.8; not measured on a live trade———Raw Spread: USD 3.50 per lot per side on MetaTrader, USD 3 per USD 100,000 on cTrader; Standard: none
AvaTrade 0.8 pips when we traded (28 Oct 2026), no commission1.2 pips typical (avatrade.ke, 3 Nov 2026)1.3 pips typical (avatrade.ke, 3 Nov 2026)USD 0.34 typical (avatrade.ke, 3 Nov 2026)None on the CFD account we used (28 Oct 2026); AvaTrade says it is paid through the spread
FXPesa 1.4 pips typical on Standard, 0.0 on Premier plus commission; 1.3 pips seen on Standard on the MT5 web terminal (26 Oct 2026) and 0.1 on Premier in the FXPesa app (27 Oct 2026)2.2 pips typical (fxpesa.com, 3 Nov 2026)1.4 pips typical (fxpesa.com, 3 Nov 2026)0.32 typical (fxpesa.com, 3 Nov 2026)Premier: USD 3.50 per lot per side (USD 7 per lot round turn); Standard: none
Scope Markets 0.1 to 0.2 pips on a live Gold account (26 Oct 2026); Scope's published spread column is not usable———USD 7.00 per lot on forex and metals, as published without an account type; our Gold account paid USD 0.04 a side on 0.01 lots
Admirals 0.9 to 1.1 pips on Trade.MT5 when we traded (29 Oct 2026)1.3 pips typical (admiralmarkets.com, 3 Nov 2026)1.2 pips typical (admiralmarkets.com, 3 Nov 2026)0.49 typical (admiralmarkets.com, 3 Nov 2026)None on Trade.MT5 forex (commission only on single share and ETF CFDs); Zero.MT5 USD 3.0 per lot per side on forex (admiralmarkets.com, 3 Nov 2026)

Funding in KES compared

Minimum deposits and funding costs from our broker records. Where an account is held in USD, every KES deposit and withdrawal is converted; the measured M-Pesa table further down shows what that cost us.

Broker Minimum depositDeposit feeWithdrawal feeBase currenciesFX conversion fee
Exness KSh 1,500 (about USD 11.54 on 22 Oct 2026)None (M-Pesa, 22 Oct 2026)None (M-Pesa, 22 Oct 2026)USD, KESNo stated fee, but about 1.9 percent on our M-Pesa round trip on a USD account: 130.045 KES per USD in, 127.62 KES per USD out (22 Oct 2026). A KES account currency is listed (Exness Help Centre, 20 Oct 2026) but not tested
XM USD 5 on the account cards; KSh 2,100 by M-Pesa (about USD 16)None from XM (M-Pesa, 24 Oct 2026); Safaricom charged KSh 20None (M-Pesa, 26 Oct 2026)USDNo stated fee, but about 1.6 percent on our M-Pesa round trip: about 130.90 KES per USD in (24 Oct), 128.7715 out (26 Oct 2026)
Pepperstone USD 10 (KSh 1,298 by M-Pesa on 26 Oct 2026)None (M-Pesa, 26 Oct 2026)None (M-Pesa, 26 Oct 2026: KSh 1,374.00 quoted and KSh 1,374.00 received); USD 25 (GBP 15) for a withdrawal by international bank wireUSD, GBPNo stated fee: KSh 1,298.03 paid for USD 10 (about 129.80 KES per USD), and USD 10.58 quoted as KSh 1,374.00 (129.85 KES per USD) on 26 Oct 2026
HFM None on Premium and Cent; M-Pesa from KSh 1,298.41 (about USD 10); we deposited KSh 1,300 (USD 10.01, 23 Oct 2026)None (M-Pesa, 23 Oct 2026)None from HFM (M-Pesa, 23 Oct 2026); HFM charges no deposit or withdrawal fees, but payment providers' own fees may apply (Withdrawal Conditions, 3.6)USDNo stated fee; KSh 1,300 in became USD 10.01 at 129.84 KES per USD, and USD 9.74 out became KSh 1,264.56, about 129.83 (23 Oct 2026): no measurable round-trip cost
FP Markets None in practice: M-Pesa from USD 1; we deposited KSh 1,296 (USD 10.00, 26 Oct 2026)None (M-Pesa, 26 Oct 2026)None on M-Pesa and wire; 2% up to USD 30 on Neteller, 1% to 2% on Skrill (26 Oct 2026)USDNo stated fee; KSh 1,296 in became USD 10.00 (about 129.6 KES per USD, 26 Oct 2026) and USD 9.69 out became KSh 1,256.99 (about 129.72, 27 Oct 2026): no measured round-trip cost
IC Markets None on any account type; we deposited KSh 1,300 (USD 9.89, 26 Oct 2026)None (M-Pesa, 26 Oct 2026)None (M-Pesa: USD 10.82 arrived as KSh 1,369, 27 Oct 2026)AUD, USD, EUR, GBP, CHF, NZD, JPY, SGD, CAD, HKDNo stated fee, but about 3.8 percent on the M-Pesa round trip: 131.45 KES per USD in (26 Oct 2026), about 126.52 out (27 Oct 2026)
AvaTrade USD 50 for Kenya, a live chat agent said; the site lists USD 100 for cards and wires (2 Nov 2026). We deposited KSh 6,497 (USD 50.00) by M-Pesa (28 Oct 2026)None shown (M-Pesa, 28 Oct 2026)None shown (M-Pesa, 28 Oct 2026)USDNo stated fee; KSh 6,497 in for USD 50 and KSh 6,497 out for USD 50, 129.94 KES per USD each way (28 and 29 Oct 2026)
FXPesa None on Standard, USD 100 on Premier; we deposited KSh 1,303 (USD 9.99, 26 Oct 2026)None (M-Pesa, 26 Oct 2026)None (M-Pesa, 27 Oct 2026): KSh 2,531 requested and received; the Client Terms allow a reasonable administration charge on payments (51.6)USD, KESNo separate fee shown, but about 0.8 percent on the M-Pesa round trip with a USD account: 130.4 KES per USD in, 129.4 out (26 to 27 Oct 2026). The Client Terms allow conversion costs (54.2), and the March 2023 Payment Terms describe a fee of a fixed percentage. KES accounts are offered; we have not tested one
Scope Markets USD 10, a live chat agent said (2 Nov 2026), and the portal accepted our USD 10.00 (KSh 1,305, 26 Oct 2026); the payment page says USD 20 by M-PesaNone (M-Pesa, 26 Oct 2026)None (M-Pesa, 26 Oct 2026)—No stated fee, but about 1.5 percent on the M-Pesa round trip: 130.5 KES per USD in, 128.5 out (26 Oct 2026)
Admirals USD 25 (Trade.MT5 and Zero.MT5), USD 1 (Invest.MT5); we deposited KSh 3,400 (USD 25.37, 29 Oct 2026)None (M-Pesa, 29 Oct 2026)3% on our M-Pesa withdrawal (KES 100.01 on KES 3,333.57, 29 Oct 2026); up to 4.5% with too little trading (Terms of Business, 4.8.8)USD, EUR, GBP, AUD, SGD, BRL, MXN, CLP, THB, VNDAbout 6% between our deposit and withdrawal rates (134.0 and 126.08 KES per USD, 29 Oct 2026); 0.3% on share and ETF trades in another currency

Platforms compared

A dash means we have not confirmed the platform yet, not that the broker lacks it.

Broker MT4MT5cTraderTradingViewDemo account
Exness YesListed on exness.ke, with MetaTrader 4 mobile and the MT WebTerminal. Not testedYesOffered to download. Not testedNoNot among the platforms listed on exness.ke (3 Nov 2026)PartialTradingView charts inside the Exness Terminal; trading from TradingView itself not testedYesMT5 Standard, USD 10,000 practice balance
XM YesOffered when opening an account. Not testedYesOur accounts are MT5 Standard accounts; the MetaTrader 5 platform itself not tested—PartialTradingView charts inside the XM web terminal and app; trading from TradingView itself not offeredYesOpened in the app: MT5 or MT4, Standard or Ultra Low, USD 10,000
Pepperstone YesOffered. Not testedYesDesktop and web terminal tested: four EUR/USD trades placed and closed on 26 Oct 2026YesOffered. Not testedYesOffered. Not testedYesOffered in MetaTrader 5 and from the client area
HFM YesMT4 web terminal opened; not tradedYesOur live account, MT5 Shield 500 on HFMarketsKE-Live2 at 1:400: one EUR/USD trade placed in the HFM app on 23 Oct 2026——YesDemo Premium on MT5 (500+ instruments) or MT4 (150+), USD 100,000, 60 days
FP Markets YesLaunched from the FP Markets app. Not testedYesMT5 web terminal on the FPMarketsKE live server: a EUR/USD trade placed and closed on 26 Oct 2026YesOffered at sign-up; we opened a cTrader account and used the app, but did not trade on itYesOffered at sign-up. Not testedYesMT5, cTrader or TradingView, US dollars, leverage up to 1:400
IC Markets YesOffered. Not testedYesWeb terminal and app: an AUD/SGD trade placed and closed on 26 Oct 2026YesOffered; our deposit landed in a cTrader account. No trade on cTraderNoNot among the platforms on icmarkets.co.ke, though IC's global site offers it (3 Nov 2026)YesMetaTrader 5, MetaTrader 4 or cTrader, with a chosen balance and leverage up to 1:400
AvaTrade YesListed on the website. Not testedYesThe same account in MetaTrader 5 desktop, on the Ava-Real 1-MT5 serverNoNot among the platforms on avatrade.ke (3 Nov 2026)NoNot among the platforms on avatrade.ke; its TradingView offer is for AvaTrade's separate futures business (3 Nov 2026)YesOne click from the portal: USD 100,000 of virtual funds on the Ava Demo 1-MT5 server
FXPesa YesOffered on the live account form. Not testedYesWeb terminal: a EUR/USD trade with a stop loss and take profit on 26 Oct 2026NoNot offered: fxpesa.com lists MetaTrader 4, MetaTrader 5 and Equiti Trader only (3 Nov 2026)PartialTradingView charts in the Equiti Trader app; no trading from TradingView itself (fxpesa.com, 3 Nov 2026)YesMetaTrader 5 or 4, Standard or Premier, with USD 10,000 of simulated money; expires after 90 days unused
Scope Markets NoNot offered: the account dialogs showed MetaTrader 5 only, and a live chat agent said on 2 Nov 2026 that Scope offers only MT5YesWeb terminal: a EUR/USD trade placed and closed on 26 Oct 2026NoNot offered: Scope lists MetaTrader 5 and Iress only (scopemarkets.co.ke, 3 Nov 2026)NoNot offered: Scope lists MetaTrader 5 and Iress only (scopemarkets.co.ke, 3 Nov 2026)YesUSD 10,000, expires after 30 days; ours was a Scope Invest demo at 1:1
Admirals YesOffered when opening the account. Not testedYesMetaTrader 5 desktop terminal on the AdmiralsSC-Live server: a EUR/USD trade placed and closed on 29 Oct 2026NoNot offeredPartialTradingView charts inside the Admirals platform; no trading from TradingView itself (admiralmarkets.com, 3 Nov 2026)YesNo identity check needed

Spreads and all-in trading cost

The headline spread is the figure to trust least second-hand: it moves with liquidity and differs by account type.

This table is for EUR/USD readings from our own funded accounts, one session each, so they are single observations, not averages. A broker we have not measured says so.

EUR/USD spread, measured on our own funded accounts
BrokerSpreadCommissionBasis
Exness0.8 pipsNoneStandard account, 22 Oct 2026
XM1.9 to 2.2 pipsNoneStandard account, 26 Oct 2026
Pepperstone1.0 pipNoneStandard account, MT5 desktop, web and app, 26 Oct 2026
HFM2.3 to 2.4 pipsNoneShield 500 (promotional) account, 23 Oct 2026
FP Markets1.1 pipsNoneStandard account, 26 Oct 2026
IC MarketsNot measuredOur live trade was AUD/SGD; 0.9 pips seen on a demo account, 26 Oct 2026
AvaTrade0.8 pipsNoneCFD account, AvaTrade WebTrader, 28 Oct 2026
FXPesa1.3 pipsNoneStandard account, MT5 web terminal, late on 26 Oct 2026 (4.4 pips just after midnight)
Scope Markets0.1 to 0.2 pipsUSD 7 per lot round turnGold account, 26 Oct 2026
Admirals0.9 to 1.1 pipsNoneTrade.MT5 account, 29 Oct 2026

To see what a pip is worth in KES on your own position size in the meantime:use the pip calculator

Funding by M-Pesa and bank transfer

Whether you can fund a forex account by M-Pesa or bank transfer, and what each route costs, is worth checking before you open one. So is the account currency: a deposit converted from KES on the way in and back on the way out is charged twice, and no spread table shows it.

M-Pesa deposits and withdrawals on our own funded accounts
BrokerDepositWithdrawalShilling round tripWhen
ExnessInstant, freeSame minute, freeAbout 1.9% (USD account)22 Oct 2026
XMIn the minute we paid, no XM feeAbout 10 minutes, no XM feeAbout 1.6%24 to 26 Oct 2026
PepperstoneAbout 2 minutes, freeAbout 2 hours 20 minutes, freeNear zero (129.80 in, 129.85 quoted out)26 Oct 2026
HFMInstant, freeWithin about 2 minutes, freeNone measurable23 Oct 2026
FP MarketsInstant, freeAbout 14 hours (after the cut-off), freeNone measured26 to 27 Oct 2026
IC MarketsWithin minutes, freeAbout 24 hours (after the cut-off), freeAbout 3.8%26 to 27 Oct 2026
AvaTradeAbout 4 minutes, no fee shown22 hours 44 minutes, no fee shownNone: KSh 6,497 each way28 to 29 Oct 2026
FXPesaWithin a minute, free25 minutes after acknowledgement, freeAbout 0.8% (USD account)26 to 27 Oct 2026
Scope MarketsWithin the minute, freeWithin the minute, freeAbout 1.5%26 Oct 2026
AdmiralsA minute or two, freeAbout 12 minutes, 3% feeAbout 6% rate gap, plus the fee29 Oct 2026

Are online trading platforms regulated in Kenya?

Yes, when the broker behind them is licensed: the Capital Markets Authority (CMA) licenses forex brokers in Kenya. The Central Bank of Kenya (CBK) supervises banks, payment providers and the shilling, but does not license brokers. A CMA licence covers the company that holds it, so check that the company your client agreement names is the licensed one.

CMA
Capital Markets Authority

Licenses and supervises online forex brokers and other capital-markets intermediaries.
CBK
Central Bank of Kenya

Supervises banks, payment service providers and the shilling. It does not license forex brokers.
FRC
Financial Reporting Centre

Kenya's financial intelligence unit: anti-money-laundering reporting by banks, brokers and other reporting institutions.

Always verify a broker's legal entity and licence number on the regulator's public register before depositing funds.

What to check when comparing brokers in Kenya

  1. Regulation first: find the company your client agreement names, and check its CMA licence on the register.
  2. Total cost, not the headline: spread, commission and overnight financing together.
  3. Funding: whether the account is held in KES or USD, whether you can deposit and withdraw by M-Pesa or bank transfer, and what converting costs each way.
  4. Withdrawals: read the withdrawal rules before you deposit, and try a small withdrawal first.
  5. Platform fit: MT4 or MT5 for expert advisors, cTrader or TradingView for charting, or the broker's own app.
  6. Leverage: at most 1:400 on any currency pair or underlying asset under the CMA's rules (reg. 19(1)). Leverage magnifies losses as much as gains.
  7. Demo account: it trades virtual money on the same platform, but demo prices and fills can differ from a live account's.

Kenya-specific considerations

The licence and the account

A broker can hold a CMA licence through one company and open your account with another. Check the company your agreement names, not the brand.

KES or USD account

Accounts may be held in KES or in USD. If yours is in USD, every KES deposit and withdrawal is converted, so check the conversion rate as well as the spread.

M-Pesa and bank funding

M-Pesa and bank transfer are the funding routes worth checking first: whether the broker takes them for Kenyan clients, the fees and limits, and how long a withdrawal takes to arrive.

Leverage limits

At most 1:400 on any currency pair or underlying asset (reg. 19(1) of the 2017 Regulations). The CMA can revise it by circular, and none had when we checked on 24 October 2026. Check the limit on your own account.

Investor compensation

None by statute. The CMA's Investor Compensation Fund covers the failure of a licensed stockbroker or dealer (Capital Markets Act, section 18), not an online forex broker. Segregated client money is kept apart from the firm's own, but it is not compensation.

Tax on trading gains

We found no tax rule written for forex or CFD trading, in the Income Tax Act or in KRA guidance, when we checked on 3 November 2026. The Act taxes gains or profits from any business (section 3(2)(a)), so regular trading profits are most likely taxable as business income, at the resident rates of 10% to 35% (KRA bands in force since 1 July 2023). This is general information, not tax advice.

Standout results from our tests

Fastest M-Pesa withdrawalExness

Requested and received in the same minute, free (22 Oct 2026). Scope Markets was as fast.

Every shilling back on the round tripAvaTrade

KSh 6,497 in and KSh 6,497 out (28 to 29 Oct 2026).

Shilling account and Swahili supportFXPesa

Accounts can be held in shillings, and support speaks English and Swahili.

Most education material we foundXM

A 48-lesson video course and live beginner rooms in the app.

Tightest EUR/USD spreadScope Markets

0.1 to 0.2 pips on the Gold account, plus USD 7 a lot round turn (26 Oct 2026).

What opening an account with a CMA-licensed broker involves

  1. 1
    Check the CMA licence

    Check the company on the CMA register, and match it to the company your client agreement names.

  2. 2
    Open the account yourself

    Apply on the broker's own website or app, not through a link someone sends you.

  3. 3
    Verify your identity

    A Kenyan national ID card or passport, and at most brokers a proof of address such as a utility bill or bank statement, usually no older than three to twelve months. When Exness rejected ours, its chat agent suggested a KRA PIN certificate instead.

  4. 4
    Funding the account

    Check whether the account is held in KES or USD, whether you can pay in by M-Pesa or bank transfer, and what each route costs.

  5. 5
    The demo account

    Demo trades use virtual money. Demo prices and fills can differ from a live account's, and a demo shows nothing about deposits or withdrawals.

  6. 6
    The risk of loss

    Forex and CFDs are leveraged, so losses can be rapid, and most retail CFD accounts lose money. A stop loss does not guarantee the exit price.

  7. 7
    Try a withdrawal early

    Withdraw a small amount soon after funding, so you know how long it takes and what it costs before you need it.

Risk & disclosure. Trading forex and CFDs carries a high risk of losing money rapidly because of leverage, and most retail investor accounts lose money. Almost everything the brokers here offer is traded as a CFD, so you do not own the underlying; the exceptions in our reviews are Admirals' real stocks and ETFs, Scope's fractional stocks and AvaTrade's FX options. Rankings are editorial and based on our independent methodology. BestForexBroker may earn a commission from some brokers we review. See how we make money. This is not investment advice. Always verify a broker on the relevant regulator's public register before depositing. Read our full risk disclaimer.

Who actually holds your account

A broker can hold a CMA licence through its Kenyan company and still open some clients' accounts with a company abroad. Your protections, and the regulator you can complain to, follow the company that holds your account, not the brand.

Each review on this site names the licensed company and its CMA licence number, and the company our own Kenyan account was opened with, from the client agreement and the account itself. At nine of the ten brokers here it was the licensed Kenyan company; at Admirals it was Admirals SC Ltd in Seychelles.

The Capital Markets Authority explained

How to check a forex broker's CMA licence

The name on a broker's website is not always the name on your agreement. Check the company itself:

  • Find the exact company name in the broker's client agreement, suffix and all.
  • Open the CMA's register yourself, not through a link the broker sends you. Our guide to the CMA explains the regulator and links to its register.
  • Search for that company and match the licence number.
  • Check what the licence permits, and that it is current.

If the company is not on the register, or the details do not match, do not deposit.

Broker warning list

Forex market hours in Kenyan time

The forex market trades around the clock on weekdays. By the usual convention the week runs from 17:00 New York time on Sunday to 17:00 on Friday: in East Africa Time (EAT), from 01:00 on Monday to 01:00 on Saturday while New York is on standard time, and from 00:00 on Monday to 00:00 on Saturday while it is on daylight saving time. Your broker's own server hours may differ.

Spreads on the major pairs are usually tightest while London and New York are both open. When both are on standard time (about November to mid-March) that overlap runs from 16:00 to 20:00 EAT; when both are on summer time (late March to late October), from 15:00 to 19:00 EAT; in the weeks between their clock changes, from 15:00 to 20:00 EAT.

Session hours in EAT (UTC+3), taking each centre's trading day as 08:00 to 17:00 local time. Kenya does not change its clocks. New York changes on the second Sunday of March and the first Sunday of November, London on the last Sundays of March and October, and Sydney on the first Sundays of April and October, so in March, April, October and November some rows sit between the two columns.
SessionDecember to FebruaryMay to SeptemberMain currencies
Sydney00:00 to 09:0001:00 to 10:00AUD, NZD
Tokyo02:00 to 11:0002:00 to 11:00JPY
London11:00 to 20:0010:00 to 19:00GBP, EUR, CHF
New York16:00 to 01:0015:00 to 00:00USD, CAD

Frequently asked questions

Is forex trading legal in Kenya?
Yes, through a licensed broker: the Capital Markets Authority (CMA) licenses forex brokers in Kenya. A firm without a CMA licence gives you no CMA complaints route and none of the licence's protections, and the CMA publishes cautions against unlicensed firms, which our warning list collects.
Which is the best forex broker in Kenya?
On our tests, Exness: its licensed local company holds the account, M-Pesa went in and out within the minute at no fee, and EUR/USD was 0.8 pips with no commission. XM and Pepperstone score the same, 4.3 out of 5: XM has the most education material we found, and Pepperstone shares our highest fees score.
Are all the brokers on this page licensed by the CMA?
Each holds a CMA licence through a Kenyan company, which we checked on the CMA register. At nine of them our account was opened with that licensed company. At Admirals, our sign-up was opened with the group's Seychelles company, Admirals SC Ltd, which is licensed by the Seychelles FSA.
Does the Central Bank of Kenya regulate forex brokers?
No. The CBK supervises banks, payment providers and the shilling. Forex brokers are licensed by the Capital Markets Authority (CMA).
Can I fund a forex account with M-Pesa?
Yes, at all ten brokers on this page: we deposited by M-Pesa at each and withdrew back to M-Pesa. Deposits arrived within minutes; withdrawals took from under a minute (Exness, Scope Markets) to about a day (IC Markets, AvaTrade). Only Admirals charged a fee, 3 percent on the withdrawal. Check the route on your own account before you rely on it.
Should my trading account be in KES or USD?
Accounts may be held in KES or in USD. If yours is in USD, each KES deposit and withdrawal is converted, so compare the conversion rate as well as the spread: on our tests the round trip cost from nothing to about 9 percent. FXPesa offers KES accounts and Exness lists KES as an account currency; we held US dollar accounts at all ten.
Is my money protected if a broker fails?
Not by a compensation scheme. The CMA's Investor Compensation Fund covers the failure of a licensed stockbroker or dealer (Capital Markets Act, section 18), not an online forex broker. Segregated client money is not the same as compensation.
Giles Thomas

Giles Thomas

Executive Director, FOE Global

Giles Thomas is Executive Director at FOE Global, a UAE-based family office and private equity advisory firm. He leads the broker research for BestForexBroker and writes its reviews, checking each broker against the CMA's licensee register and its client agreement rather than its marketing.

Written byGiles Thomas
Edited byRory Hughes
Fact-checked byTomislav Turčin
Last reviewed3 November 2026

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