This page collects the figures most often asked about forex trading in Kenya. Every figure links its primary source and states the period it covers. Where no reliable primary source exists, we say so rather than estimate. That is deliberate: much of what circulates online about Kenyan trader numbers and volumes comes from broker-sponsored articles with no named source, and we leave those out.
Headline figures, with period and source
| Statistic | Figure | Period | Source |
|---|---|---|---|
| Online forex brokers licensed by the CMA | 16 | As at 23 Oct 2026 | CMA list of licensees |
| Active online forex trading accounts | 152,110 | 2025 | CMA, via Kenyan Wall Street |
| Gross client trading losses | KSh 7.12 billion (about US$54.8 million) | 2025 | CMA, via The Kenya Times |
| Share of accounts that lost money | 77.58% | 2025 | CMA, via The Kenya Times |
| CMA public caution naming unlicensed firms | 15 firms in one notice | 11 Sep 2026 | CMA notice |
How many people trade forex in Kenya?
The firmest figure is the CMA's count of active online forex trading accounts: 152,110 in 2025, down 46.2% from 282,836 in 2024. These are accounts with CMA-licensed brokers, not individual people, and many traders hold more than one account.
Older estimates put the market at around 90,000 retail traders in early 2021 and about 50,000 before the 2017 regulations, but these come from a 2021 Finance Magnates report that names no source or method for them, so we flag them as estimates rather than measured counts.
| Period | Accounts | What is counted | Source |
|---|---|---|---|
| Early 2021 | ~90,000 (estimate) | Retail traders | Finance Magnates (no source named) |
| 2024 | 282,836 | Active accounts with licensed brokers | CMA, via Kenyan Wall Street |
| 2025 | 152,110 | Active accounts with licensed brokers | CMA, via Kenyan Wall Street |
Do Kenyan traders make money?
The CMA's data is blunt on this. In 2025, 77.58% of active accounts lost money, and gross client losses reached KSh 7.12 billion (about US$54.8 million). The loss rate improved from 90.91% in 2024, but most accounts still lost. This is the single most important figure on the page: trading these products, most Kenyan retail accounts lose money.
| Period | Accounts that lost money | Gross client losses | Source |
|---|---|---|---|
| 2024 | 90.91% | KSh 4.86 billion | CMA, via The Kenya Times |
| 2025 | 77.58% | KSh 7.12 billion | CMA, via The Kenya Times |
Trading volumes
No reliable primary figure for Kenyan online forex trading volumes is published. Industry articles refer to an "over 80%" rise in volumes since the 2017 regulations took full effect, but attribute it only to unnamed "industry data", so we do not publish a volume figure here. If the CMA publishes a volume series in a future statistical bulletin, we will add it with its source.
How traders fund their accounts
Mobile money, above all M-Pesa, is central to how Kenyans move money, and broker testing confirms M-Pesa is the standard way to fund and withdraw from a Kenyan forex account (see our Exness review, where an M-Pesa deposit and withdrawal were measured). We have not found a reliable primary source that quantifies the share of deposits by method, so we do not publish a percentage split. We would rather show the gap than repeat an unsourced number.
Who trades: demographics
Kenya has a young population, and forex trading skews young, but we have not found a trader-level breakdown by age or gender from a named survey or the CMA. Population-level claims (for example that about 75% of Kenyans are under 35) are not the same as a breakdown of who actually trades, so we leave this section open until a sourced survey is available.
What the CMA's data shows
The CMA licenses online forex brokers in Kenya under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017, publishes its list of licensees, and reports market data including active accounts and client outcomes. As at 23 October 2026, 16 companies hold a CMA online forex broker licence: 14 non-dealing and 2 dealing. A further 3 hold an online forex money manager licence.
The CMA also issues public cautions about unlicensed firms: its notice of 11 September 2026 named 15 entities operating without a licence.
| Licence | Companies | As at | Source |
|---|---|---|---|
| Non-dealing online foreign exchange broker | 14 | 23 Oct 2026 | CMA list of licensees |
| Dealing online foreign exchange broker | 2 | 23 Oct 2026 | CMA list of licensees |
| Online foreign exchange money manager | 3 | 23 Oct 2026 | CMA list of licensees |
Sources and how to cite this page
We use primary sources wherever they exist: the CMA's own publications and register, and named industry reports where a figure is attributed. Press reports are used only to point to a primary source, never in place of one. Figures attributed to the CMA but reached through a news outlet are marked as such, and we link the CMA original where available.
To cite a figure, link to this page and name the original source we give for it: "BestForexBroker, Kenya forex trading statistics, 2026". Spot an error or a newer figure? Contact us.
Sources
- CMA list of licensees, read on 23 October 2026.
- CMA account and loss figures for 2024 and 2025, as reported by Kenyan Wall Street (27 July 2026) and The Kenya Times (26 July 2026). We have not yet found the CMA's own publication of them.
- Historical trader estimates: Finance Magnates, Report on State of Kenya's Online Forex Trading Industry in 2021 (16 March 2021).
- CMA Public Caution Against Investment Scams, 11 September 2026.
- Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.
Frequently asked questions
How many people trade forex in Kenya?
How many forex brokers are licensed in Kenya?
Do most Kenyan forex traders make money?
BestForexBroker is an informational broker comparison site. We do not provide financial advice or investment recommendations, general or personal. Trading forex and CFDs carries a high risk of losing money, and most retail accounts lose money.
