FP Markets Review Kenya 2026

FP Markets Limited holds CMA Licence Number 193 as a non-dealing online foreign exchange broker. We confirmed it on the CMA licensee register, where a search for FP Markets returns FP Markets Limited at licence 193, one of 14 non-dealing online foreign exchange brokers. Two searches of the CMA's website for warnings and enforcement against FP Markets found nothing, and FP Markets is not among the entities in the CMA's public caution of 11 September 2026. The website footer names the company, its registration number, PVT-Y2ULRJLG, and its CMA licence.

We read FP Markets' Client Agreement, Risk Disclosure, Best Interest and Order Execution Policy and Complaints Notice on 27 October 2026. By 3 November FP Markets had replaced all four on its legal documents page with new versions, which we have not yet read, so the clauses below are from the versions we read.

The company you contract with is the licensed one. The Client Agreement (last updated 22 June 2026) is with FP Markets Limited, which acts as your agent and executes orders with third-party execution venues (14.1) rather than trading against you as principal (42.1). The Best Interest and Order Execution Policy names the venue: First Prudential Markets Pty Limited (7.1), the group's Australian company, which the Client Agreement's cover lists with FP Markets Limited as FP Markets' group; its preamble also names Tominus Ltd of Cyprus, without saying what it does. The agreement is governed by the laws of "the relevant jurisdiction" (39.1), and parts of it were plainly written for other FP Markets companies, including a clause for the French regulator (17.7) and a default leverage of 1:30 on major currencies (Appendix A, 7.1), though our account ran at 1:400.

Client money is pooled. The Risk Disclosure (June 2024) says it is held in segregated accounts with an institution within Kenya, separate from FP Markets' own money (10.1), so you have no claim to a specific sum (10.2), and that FP Markets is not liable if that bank fails (10.3). The Client Agreement goes further: client money may be held with institutions within or outside the relevant jurisdiction, including a bank in a third country (20.1); if such a bank fails, the company may have only an unsecured claim on your behalf (20.6); and FP Markets keeps any interest (20.8 and 20.9). The agreement does state negative balance protection: "The client is protected by the Company against negative account balances" (18.3), as the CMA has required of licensed brokers since its Circular No. 03/2023, though the same clause says recovered funds may also come from the company's client money account, which it does not explain. None of this is compensation, and the CMA's Investor Compensation Fund does not cover online forex brokers: section 18 of the Capital Markets Act sets it up for the failure of a licensed stockbroker or dealer.

Complaints go to your account manager, then FP Markets' compliance team. The Complaints Notice promises a response within 21 working days and says an unsatisfied client can then refer the complaint to the CMA, which will only consider it once FP Markets has seen it. The Client Agreement adds the Financial Commission (38.3), which lists FP Markets as a member since 17 June 2025, with certificates for "FP Markets Limited" and "FP Markets Ltd" that do not say which country's company they cover. The Commission is a private dispute-resolution body, not a regulator: it is free to use, and its fund pays up to EUR 20,000 per client only when a member fails to pay a ruling, with no cover for trading losses or a firm failing.

FP Markets Limited publishes audited financial statements for 2025, approved on 28 April 2026, when the directors said the company had not yet started trading. The auditor's key audit matter reports that KSh 37.5 million (about USD 292,000) was transferred out of the company's bank accounts without authorisation; the company has begun legal proceedings to recover it, and wrote the full amount off. That left a loss of KSh 42.1 million for the year. At 31 December 2025 the company's share capital was KSh 40 million (KSh 30.1 million a year earlier), its total equity was minus KSh 2.2 million, and it held KSh 1.5 million in cash. The licence criteria in the 2017 Regulations set, for a non-dealing broker, a minimum paid-up capital of KSh 30 million and liquid capital of KSh 30 million or 8 percent of total liabilities, whichever is higher (reg. 5(1)(f) and (g)); the accounts do not compare the company's position with these requirements. The auditor's opinion is that the statements "give a true and fair view", and the directors say they "are not aware of any material uncertainties related to events or conditions that may cast doubt upon the company's ability to continue as a going concern". Its shareholder, Selirio Limited of Cyprus, injected KSh 38.9 million on 25 March 2026, which the statements say improved the company's liquidity and capital position. We have found no figures after that, so we cannot say where its capital stands today.

See our guide to the Capital Markets Authority.

Safety signals

Opening was fully online and quick. Step 1 takes your email, name as on your ID, gender, account type (individual, joint or corporate), country, nationality and phone, then a one-time code sent by email. Step 2 asks for your date of birth, address and national ID number, then employment, occupation, annual income band and source of wealth. Step 3 sets up the trading account: MetaTrader 5, cTrader or TradingView; Standard, Raw, Swap-Free Standard or Swap-Free Raw; US dollars, the only currency offered; and leverage from 1:10 to 1:400. Step 4 is a short questionnaire on trading experience and how you would react to losing the money, with a declaration accepting the Terms, Privacy Policy, Client Agreement, Best Interest and Order Execution Policy and Conflicts of Interest Policy.

Identity is then checked by Sumsub: an ID card or passport and a liveness selfie, which we completed on the phone. We started at 17:21 on 24 October 2026 and the approval email arrived at 17:49. The FP Markets app then said our identity had been verified electronically, confirming name, date of birth and address, but that further ID verification may be required for future withdrawals. The client portal also requires a static PIN, with a security question to reset it.

We traded on a Standard account and did not open a Raw account.

1. 1
   Personal details

   Email, name as on your ID, gender, account type, country, nationality and phone, then a one-time code sent by email.

2. 2
   Further information

   Date of birth, address and national ID number, then employment, occupation, annual income and source of wealth.

3. 3
   Configure the account

   MetaTrader 5, cTrader or TradingView; Standard, Raw or their swap-free versions; US dollars; leverage from 1:10 to 1:400; and a password.

4. 4
   Declare and answer the questionnaire

   Trading experience and how you would react to losing your money, then accept the Terms, Privacy Policy, Client Agreement, Best Interest and Order Execution Policy and Conflicts of Interest Policy.

5. 5
   Verify with Sumsub

   An ID card or passport and a liveness selfie; our account was approved the same evening.

The deposit page lists M-Pesa, instant with no fee and a minimum of USD 1, bank wire from USD 20, and Neteller and Skrill from USD 5, all free, with crypto wallets alongside. It notes that instant funding runs from USD 100 to USD 50,000, and that a deposit in a different currency from the account may be processed manually; our smaller shilling deposit still credited at once.

We deposited KSh 1,296 by M-Pesa on 26 October 2026. The M-Pesa prompt asked us to pay FP Markets Limited, against our trading account number, and USD 10.00 showed in the account at once, about 129.6 KES per USD, with no fee. FP Markets' email at 19:30 marked the payment approved, with USD 10.00 at MT5, KES 1,296.00 at the payment processor and an instant MT5 balance update. We then moved the money to a second MT5 account with the portal's transfer tool, which warns that transfers between MT5 accounts can take up to 24 hours; the money was there when we came to trade.

Withdrawals go back the way the money came. For M-Pesa, FP Markets processes the request at once and the provider takes 1 to 10 working days, with no fee and a USD 1 minimum; wire is free, Neteller costs 2 percent up to USD 30 and Skrill 1 to 2 percent. We asked for the full USD 9.69 at about 21:31. The portal accepted it with a warning that requests after 12PM Australian Eastern Standard Time, 05:00 in Nairobi, are processed the next day, and an email at 21:36 said it would be actioned within one business day. The money reached M-Pesa at 11:17 the next morning, 27 October, about 14 hours after we asked: KSh 1,256.99 from FP MARKETS LIMITED, the licensed Kenyan company, so both legs ran through it. No separate fee was taken on either leg.

Because the account is in US dollars, both legs are converted. The deposit converted at about 129.6 KES per USD and the withdrawal at about 129.72, slightly better: USD 9.69 at the deposit rate would have been KSh 1,255.82, and we received KSh 1.17 more. So on our test the currency round trip cost nothing. That is one round trip a day apart, and while your money sits in dollars it moves with the exchange rate.

Funding methods

On the MetaTrader 5 Standard account the symbol tree held 64 forex pairs (8 majors, 22 minors and 34 exotics), 16 indices, 17 metals, 5 commodities and 6 soft commodities, 12 cryptocurrencies, about 647 share CFDs (408 US, 118 European, 104 Hong Kong and 17 UK), 2 bonds and 55 ETFs on 26 October 2026, and FP Markets' website advertises more than 10,000 instruments across its platforms. We traded EUR/USD only. Every instrument is a CFD, including the shares and crypto, so there is no ownership of the underlying.

On the Standard account we used, the cost of a trade is the spread, with no commission: EUR/USD was quoted at 1.11910 and 1.11921 when we traded on 26 October 2026, a spread of 1.1 pips, or about USD 0.11 on our 0.01 lot ticket. That is one observation; FP Markets' own average for the Standard account is 1.29 pips (October 2026, read on 3 November 2026). Its cTrader fees page puts the Raw account at USD 3 per lot each way on forex and metals, with commodities, indices and crypto priced in the spread, and the website advertises raw spreads from 0.0 pips, a minimum rather than a typical cost.

Swap-free versions of both accounts are offered at sign-up. Our trade was closed the same evening and paid no swap. Deposits are free, M-Pesa and wire withdrawals are free, and Neteller and Skrill withdrawals cost up to 2 percent. Our own M-Pesa round trip lost nothing to conversion: KSh 1,296 went in at about 129.6 KES per USD on 26 October, and USD 9.69 came out at about 129.72 on 27 October. We found no inactivity or dormancy fee in the Client Agreement, which says only that withdrawal fees "may apply from time to time" (19.12).

FP Markets offers MetaTrader 5, cTrader and TradingView at sign-up, and its app launches MetaTrader 4, MetaTrader 5 or cTrader. We traded on the MT5 web terminal, on FP Markets' Kenyan live server: a EUR/USD market order with a stop loss and take profit, opened and closed without problems. The client portal manages several live and demo accounts across platforms, moves money between them, and offers trading tools: Trading Central, Autochartist, TradeMedic, Trader Toolbox, an Intelligence page and a forex calculator. We did not test MetaTrader 4, TradingView or a Raw account.

We used two apps. The FP Markets app (version 2.4.0) manages the account: balances, deposits, withdrawals, transfers and statements, a six-digit PIN with biometric login, a switch for screenshot recording, and an in-app MT5 web trader; its Trade tab launches MetaTrader 4, MetaTrader 5 or cTrader. We used the cTrader app for prices and the in-app MT5 trader for charts, and opened a demo account in the app. We saw no stability problem.

FP Markets serves Kenya through FP Markets Limited, a CMA-licensed company with a Nairobi office, and M-Pesa deposits are instant and free, paid straight to an FP Markets Limited account; our withdrawal came back from the same company. The gaps are the currency, since the account is in US dollars, and the timing, since withdrawals run to a cut-off set by Australian time: our evening request reached M-Pesa about 14 hours later. Swap-free versions of both account types are offered at sign-up.

FP Markets says its support is available 24/7. Its Kenyan contact page gives a phone line, +254 711 082188, live chat, a call-back request and email support, and the website footer gives supportke@fpmarkets.com. We used live chat twice. On 26 October a named agent answered and sent the link to register. On 27 October we asked about withdrawal cut-off hours, and a human agent answered within about two minutes, going by the times of our screenshots, since the chat shows none: withdrawals "are processed 24/5 basically everyday except weekends". Asked to put us through to an agent, they said they were "a live agent a real human". The answer was quick but less precise than the portal, which warns that requests after 12PM Australian Eastern Standard Time are processed the next day. We did not call the phone line or test email.

The client portal's trading tools include Trading Central, Autochartist, TradeMedic, Trader Toolbox and a forex calculator, and the dashboard lists upcoming economic events. We saw these but did not work through them, or through any structured course.