Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best Crypto Brokers in Kenya for 2024. Five companies that enjoy huge popularity in Kenya were selected and compared between each other.
1
Exness - Best in Kenya for 2024
Due to an expanded range of trading accounts, Exness is suitable for both professionals and novice traders with little or no experience. The former trade on Pro accounts, and the latter trade on standard and cent accounts. Occasionally, Exness pays bonuses to its new and existing clients.
Not every broker can compete with the range of trading instruments offered by Exness. The company provides 5 classes of CFDs. Commodities can be split into two more groups — metals and energies. The choice of currency pairs is one of the widest on the market. There are over 100 pairs, including majors, minors, and exotics. Leverage is up to 1:2,000 on all account types. Further, active traders can use unlimited leverage subject to requirements for the number of traded lots. The requirements for standard and professional account types are 5 lots, for the cent account, it is 500 lots. The swap-free option is available for all account types.
Market execution is available for trades with currency pairs, indices, stocks, and commodities. Trades on the Pro account are executed instantly. This rule doesn’t apply to cryptocurrencies. Only market execution is available when trading those. Trading conditions on one account type on different platforms are similar. That is, swaps and spreads for Standard account types on MT4, MT5, or Exness in-house platforms are the same.
2
Eightcap - Best in Kenya for 2024
The minimum deposit for most brokers is determined by the account type. That is, in order to trade with real money, you need to deposit a certain amount. For example, from $10 or $1,000. With Eightcap, the minimum deposit is $100 regardless of the account type. Thus, traders need to deposit at least this amount when opening a live account. Further, traders can focus only on their own preferences and the minimum trade volume, which is a standard lot of 0.01. Leverage also does not depend on the account type but on the asset. The highest trading leverage, which is always relevant for currency pairs, is 1:500. This is more than enough to increase the profit potential, although the risk increases proportionally. The broker's technical support is ready to respond promptly by phone, email, or live chat. An important plus is that multilingual support works 24 hours a day, but not on weekends.
3
TeleTrade - Best in Kenya for 2024
TeleTrade offers its clients rather enticing trading conditions. The minimum trade volume is 0.01 lots for all trading accounts, and the minimum spread is 0.2 pips. The minimum deposit is $10. The company's clients can trade on three types of real accounts, as well as copy trades of experienced traders. The broker offers wide range of financial instruments: in addition to currency pairs, you can trade indices and cryptocurrencies.
4
MEXC - Best in Kenya for 2024
On the MXC.com website, 127 cryptocurrencies are available to clients. For each pair, BTC, ETH, and USDT are available. Clients can work with leverage, the maximum size of which is 1:10. The company offers both trading and P2P exchange.
5
Binance - Best in Kenya for 2024
Binance offers some of the lowest fees in the cryptocurrency market due to its high liquidity. Nevertheless, the trading terms should be classified as mid-market.
Binance provides favorable conditions for withdrawing money.
Binance US is a cryptocurrency exchange that became available to traders from the United States in 2019. A detailed review of Binance US is here.
TU Expert Review for the best Crypto Brokers in Kenya
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best Crypto Brokers in Kenya is posted below.
Exness - TU Expert Review
Exness has been providing its services since 2009. Over this period, the company has opened its representative offices worldwide, obtained licenses from many regulatory authorities, and provided in-house platforms for active and passive trading. Its client investments are protected by the Compensation Fund of the Financial Commission. Additional security measures, such as holding client funds in segregated accounts, ensure their safety and blocking from unauthorized use. Today, Exness is one of the biggest European and global brokers with a monthly trading volume of $4.44 trillion. This data is provided on the company’s website in the public domain. Also, there are reports of independent audits regularly held by Deloitte, a highly reputable auditor. Exness wants to be a universal broker for traders with any capital, experience, and strategy. Moreover, its partnership programs with favorable conditions allow the broker to expand its already extensive client base.
Eightcap - TU Expert Review
Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects. In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable. But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities. Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.
TeleTrade - TU Expert Review
Traders Union has been working with the company since 2012. Over this time, a lot of reviews have been received about the broker from the TU clients, which you can find on this page. All reviews are moderated and then published. Therefore, they contain relevant information about traders’ experience of working with TeleTrade. Each TU client who opened an account with a brokerage company is entitled to free legal support, as well as advice on general issues related to the broker’s performance. TeleTrade Company offers its clients the opportunity to trade 28 currency pairs, as well as metals, indices, stocks and energies. Cryptocurrency trading is also available. Traders canopen a free demo account and trade virtual funds. The broker also provides several types of real accounts, which allows you to choose the best option in terms of conditions. Thanks to a large analytical section and loads of educational information, the company attracts a lot of novice traders. A wide range of technical analysis tools and the possibility to use various strategies, including pipsing, are the main reasons why experienced traders open an account with TeleTrade.
MEXC - TU Expert Review
The MXC exchange has been in business for over three years. During that time, there were no high-profile scandals with the cryptocurrency exchange related to the security of clients' funds. The company offers services of a crypto exchange, P2P exchange, and cold storage of cryptocurrencies in proprietary e-wallets. The platform offers clients over 400 trading pairs with 127 cryptocurrencies, but these are not the only opportunities for traders. Also, users can work with cryptocurrency ETFs and derivatives, so the choice of assets and trading instruments here can be considered excellent. The commission policy on MXC.com is not very profitable. First, we are talking about a fairly high commission per trade, which is 0.2%. In addition, there are fees for withdrawing funds. Passive income opportunities are a nice bonus for clients. The company charges profit for holding (storage of cryptocurrencies) and staking (temporary freezing of digital assets in the wallet).
Binance - TU Expert Review
Binance is a novice exchange that appeared at the time of the peak growth of cryptocurrencies in 2017. Despite the subsequent drawdown, it continues to show positive financial results. The reason for its success is the unique combination of a technological platform with extra "schtick”, such as passive investment opportunities, your own tokens, etc. Binance is not only a cryptocurrency exchange, it is also a platform for creating your cryptocurrency business projects (Binance Launchpad), a business incubator, and a charitable foundation. Binance's tools arsenal contains around 400 cryptocurrencies, with almost 1200 pairs for trading. A Maker/Taker reward grid is provided for active traders. It provides for the payment of extra remuneration depending on the trading activity. In comparison with Forex brokers, the Binance functionality and capabilities are wider, therefore this exchange can be recommended for professional active cryptocurrency traders. Binance is included in the Traders Union rating of cryptocurrency exchanges due to the platform's constant improvement and the responsible fulfillment of obligations to traders. Detailed instructions on how to use Binance for trading and investing.
How to Buy Cryptocurrency in Kenya
Buying cryptocurrency in Kenya is now easier than ever. Here are the four simple steps you need to follow to buy cryptocurrency in Kenya:
Step 1: Create an Account with an Exchange
The first step is to create an account with a cryptocurrency exchange. Make sure you read through their terms and conditions before signing up. Choose from the best crypto brokers in Kenya crypto trading platform you can trust. Some of the qualities to consider when choosing a broker include:
Regulation
Make sure the broker is regulated by the relevant authorities and has all the necessary licenses. The best brokers are licensed in the EU, Australia or the UK.
Trading Platform
Choose a broker with a reliable and user-friendly trading platform that provides access to various markets and instruments. MetaTrader 5 and MetaTrader 4 are some of the popular platforms in Kenya, thanks to the variety of features they offer.
Commercial Offer
What spreads, commissions, leverage, and other conditions does the broker offer? You want to get the best commercial offer with competitive spreads and low commissions.
Customer Support
The best crypto brokers online excel in customer support. Choose a broker that offers 24/7 customer service and fast response times for your queries.
Step 2: Complete the KYC Verification Process
Once you have created your account, you will be required to complete the Know Your Customer (KYC) verification process. This involves providing personal information such as your full name, address and phone number. Some crypto trading brokers may also require you to upload a copy of your ID or passport for additional security measures.
Step 3: Make a Fiat Deposit
The next step is to make a deposit using one of the supported payment methods. Popular crypto brokers in Kenya accept deposits through Visa/MasterCard, bank transfers (EFT) or mobile money services like MPESA.
Step 4: Buy Cryptocurrency
After your fiat deposit has been processed, you can purchase cryptocurrency using the exchange’s trading platform or wallet service. Once you have purchased crypto, you can transfer it to a crypto wallet for safe storage.
Is It Legal to Trade Cryptocurrency in Kenya?
The answer is yes! It is legal to trade Bitcoin and Bitcoin CFDs in Kenya. However, there are some caveats that traders should be aware of.
First, the Central Bank does not consider Bitcoin a legal tender in Kenya. This means that any transactions made using cryptocurrency will not be recognised as legal under Kenyan law; therefore, traders should take caution when engaging in such activities.
Second, the cryptocurrency market in Kenya is not regulated by the Capital Markets Authority (CMA). This means that if traders face any monetary loss, unfair treatment or fraudulent activity, they will not find any protection or support from CMA.
It's also important to note that the crypto market is still very volatile. Cryptocurrency prices can change rapidly, and traders should always ensure that their investments are protected before trading.
Best Crypto Trading Strategies for Kenyans
As crypto trading becomes more popular in Kenya, traders need to know the best strategies to maximize profits. Here are some of the most common crypto trading strategies:
Day Trading
This strategy involves buying and selling cryptocurrencies within a single day in order to take advantage of short-term price movements. Day traders need to be able to identify market trends quickly and act on them swiftly in order to maximise their profits.
HODLing
HODLing entails holding onto your cryptocurrency for a longer period of time in order to benefit from long-term price increases. This strategy requires patience and discipline, as it can take months or even years before you see any returns on your investment.
Futures Trading
In this strategy, you enter into an agreement with another party to buy or sell a certain amount of cryptocurrency at a predetermined price at some point in the future. Futures contracts can help traders hedge against market volatility and reduce risk while still allowing them to make profits from price movements.
Arbitrage Trading
This strategy is an option for Kenyan crypto traders who want to capitalise on small differences in prices between different exchanges or markets. By taking advantage of these discrepancies, traders can buy low on one exchange and sell high on another, thus making a profit without taking any risks.
What Is the Best Crypto Broker for Beginners in Kenya?
EXNESS offers a range of services that make it easy and possible for beginners to start trading without any prior experience. The broker provides a cent account, whose low deposit amount and small trade volume allow you to start trading even with minimal funds or knowledge.
EXNESS also offers low commissions, making it cost-effective for beginners to trade in the crypto markets. In addition, the platform has copy trading feature, which allows traders to automatically follow successful traders and copy their trades. This is ideal for newbies as it eliminates the need to learn about trading strategies and technical analysis.
How Do I Buy Bitcoin in Kenya Through MPesa?
To start with, you will need to create an account on a cryptocurrency trading platform that accepts MPesa payments. The best apps for crypto trading in Kenya already provide this option. After signing up, you will be able to connect your MPesa account to the platform and purchase Bitcoin with Kenyan Shillings.
Summary
Many brokers operate in Kenya, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best Crypto Brokers in Kenya 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best Crypto Brokers in Kenya
| Exness | Eightcap | TeleTrade | MEXC | Binance | |
|---|---|---|---|---|---|
|
Overall score |
7.58 |
7.69 |
7.19 |
7.02 |
7.76 |
|
Execution of orders |
9.6 |
7.9 |
3.21 |
8.5 |
9.1 |
|
Investment instruments |
8.79 |
8.5 |
6.7 |
3.28 |
3.15 |
|
Withdrawal speed |
8.79 |
7.6 |
7.79 |
9.02 |
7.61 |
|
Customer Support work |
9.29 |
7.2 |
8.41 |
7.25 |
8.97 |
|
Variety of instruments |
8.02 |
8.02 |
8.75 |
7.1 |
9.48 |
|
Trading platform |
1 |
6.9 |
8.29 |
6.98 |
8.23 |
|
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FAQ
What is the most popular crypto broker?
Pocket Option's popularity as a crypto broker has grown exponentially in Kenya due to its exceptional qualities, including fast execution, low fees and user-friendly interface.
Which crypto broker should I use?
That depends on your individual needs and preferences, which can vary depending on the type of trading you want to do and your level of experience. Generally, Pocket Option, EXNESS Group, AMarkets, 4XC, and DERIV are excellent brokers for Kenyan traders.
Where can I sell crypto in Kenya?
You can sell cryptocurrency in Kenya at a wide range of exchanges, including CryptoWallet and Paxful. Alternatively, you can use brokers or P2P platforms.
How can I buy cryptocurrency in Kenya?
You can purchase cryptocurrency in Kenya using different payment methods, including bank transfers, credit cards, debit cards and e-wallets. MPesa is another popular payment option for Kenyans to buy crypto with Kenyan Shillings.
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.