In order to trade successfully, it is very important to choose the right broker. in Kenya, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best forex cent account brokers for beginners in Kenya 2024. You can compare their features and trading conditions.
1
RoboForex - Best for beginners in Kenya
RoboForex is a well-established brokerage company offering a broad spectrum of trading opportunities for active traders and investors alike. With an impressive selection of over 12,000 financial instruments - including currency pairs, CFDs on stocks, indices, metals, energies, and futures - RoboForex provides a versatile trading environment.
The broker boasts competitive trading conditions: tight spreads starting from 0 pips, high leverage up to 1:2000, and fast execution speeds. The broker also offers the CopyFx investment program, which allows traders to copy the strategies of successful investors and earn passive income. Additional perks include instant fund withdrawals and some of the industry’s highest affiliate payments (up to 84%).
RoboForex prioritizes reliability and client satisfaction, establishing itself as a trusted partner for traders worldwide.
Read more in Roboforex reviews from clients in Kenya
👍 Advantages of trading with RoboForex for traders from Kenya:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from Kenya:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
2
Exness - Best for beginners in Kenya
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
👍 Advantages of trading with Exness for traders from Kenya:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from Kenya:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
3
FBS - Best for beginners in Kenya
FBS is an international broker with a strong presence in Asia, offering a wide range of trading instruments including Forex, stocks, indices, energies, and metals. With over 90 international awards and 27 million clients across 150 countries, FBS boasts a strong global reputation.
The company provides flexible trading conditions: leverage up to 1:3000, floating spreads from 0.7 pips, commission-free trading, and fast execution speeds starting at 0.01 seconds. FBS ensures client security with negative balance protection and offers a user-friendly experience on familiar trading platforms.
While FBS doesn't currently offer cryptocurrency trading or passive income options like PAMM accounts and copy trading, its competitive conditions and extensive educational resources make it a compelling choice for traders seeking a comprehensive and accessible experience.
👍 Advantages of trading with FBS for traders from Kenya:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS for traders from Kenya:
•no cryptocurrency;
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
4
NumberOne Capital Markets - Best for beginners in Kenya
Clients of this brokerage company can trade currency pairs and CFDs on indices, stocks, metals, commodities, and cryptocurrencies. Three real accounts differ in minimum deposit, trading conditions, and bonuses. The minimum deposit on the Cent account is $1. Spreads start from 0.5 pips. The maximum leverage is 1:1000. Other elements are standard for most brokers such as a minimum trade size of 0.01 lots, stop-out at 40%, no restrictions on trading styles and methods, and the use of advisors. The broker supports both MT4 and MT5 trading platforms. More than half of the deposit and withdrawal options are cryptocurrency wallets. The analytics are of good quality, and besides an economic calendar, there is Autochartist. The educational materials are basic and consist of a glossary and e-books. There are no options for passive income.
👍 Advantages of trading with NumberOne Capital Markets for traders from Kenya:
•This broke has an extremely low entry barrier, with a minimum deposit of $1.
•A wide variety of assets expands the trader's possibilities and reduces trading risks.
•High leverage increases profit potential.
•This broker's offered analytical tools are useful and assist in making forecasts.
•This company is licensed and regulated by the Vanuatu Financial Services Commission (VFSC, 15035).
•Two promotions are continuously available, which are a bonus on the first deposit and a bonus on the subsequent deposit.
•Clients can work with any version of the MT trading platforms.
👎 Disadvantages of NumberOne Capital Markets for traders from Kenya:
•This broker's client support is generally highly rated by users, but there is no call center as a communication channel, and managers are only available from 6:00 to 15:00 GMT on weekdays.
•This company focuses on active trading, so its clients do not have alternative earning opportunities. There are no PAMM accounts, copy trading, or referral programs (only IB).
•The platform offers several dozen deposit and withdrawal options, but most of them are cryptocurrency wallets. It is not possible to withdraw funds to a bank account, Mastercard, or Visa card.
5
IFC Markets - Best for beginners in Kenya
IFC Markets was established in 2006. The company is owned by IFCM Group, a financial corporation that turned the services of providing access to international asset markets into a separate business. The broker focuses on two areas – classical trading services and synthetic instrument trading services. The broker is regulated by BVI FSC SIBA/L/14/1073 (British Virgin Islands). Deposits of the traders are insured at AIG Europe Limited.
👍 Advantages of trading with IFC Markets for traders from Kenya:
•Unique instruments for trading: portfolio quoting, continuous stock indices and derivatives, and a proprietary trading platform.
•Insurance against risks of professional liability.
•Over 600 trading assets of different classes, including synthetic instruments.
👎 Disadvantages of IFC Markets for traders from Kenya:
•Relatively high spread – from 1.8 pips.
•Complex verification. Certification of the documents by a notary public and their translation into English may be required.
•Offshore regulation, which is unlikely to help a trader in any way.
•The broker’s proprietary platform does not envisage the use of an advisor and indicators on MQL. Translation into the platform’s language is performed at the trader’s expense.
•There are no passive income programs.
TOP 5 Comparison
This table makes it easy to compare the best forex cent account brokers for beginners in Kenya for 2024 by placing their information side by side all in one place. The table includes the categories that are most important when deciding on a broker to work with. The data contained in this table is verified and only includes the most reputable brokers.
| RoboForex | Exness | FBS | NumberOne Capital Markets | IFC Markets | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, Mobile Trading |
MT4, MT5 |
MT4, MT5, NetTradeX |
|
Min deposit |
$10 |
$10 |
$1 |
$1 |
$1 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 1 point |
From 0.2 points |
From 0 points |
From 0.4 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
|
No deposit bonus |
No |
No |
$5 |
No |
No |
|
Cent accounts |
Yes |
No |
Yes |
Yes |
Yes |
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
RoboForex Commissions and Fees
Our experts have checked this company for trading and non-trading commissions. In the trading commission category, the broker's spread was considered, and as a non-trading commission, it charges an additional fee for withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Pro |
$13 |
No |
|
Pro-Cent |
$13 |
No |
|
ECN |
$3 |
No |
|
Prime |
$1 |
No |
Exness Commissions and Fees
Exness charges only trading fees. These are spreads on Standard and Pro accounts and spreads + fees per lot on Raw Spread and Zero accounts. The company doesn’t withhold non-trading fees.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard Cent |
$0.3 |
No |
|
Standard |
$3 |
No |
|
Standard Plus |
$10 |
No |
|
Raw Spread |
$0 |
No |
|
Zero |
$0 |
No |
|
Pro |
$1 |
No |
FBS Commissions and Fees
The experts at Traders Union checked the broker for trading and non-trading commissions. In the category of trading commission, the company's spread was considered, and as a non-trading commission, various additional fees for withdrawing funds from the account were considered.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From $1.7 |
No |
|
Cent |
From $1.3 |
No |
NumberOne Capital Markets Commissions and Fees
For traders, three types of costs are relevant - spreads, trading commissions, and withdrawal fees. Sometimes brokers may charge fees of other types, but this is rare and usually related to additional services. Spreads can be fixed or floating, regular or raw. NumberOne Capital Markets offers regular floating spreads, the magnitude of which depends on the chosen account and can start from 0.9, 0.8, or 0.5 pips. The trading commission is only applicable to ECN accounts and amounts to $2.5 per standard lot. When comparing it with competitors' commissions, it is approximately half the amount. Thus, the commission conditions of NumberOne Capital Markets appear attractive.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Cent |
Spread from 9$, without commission |
No |
|
Standard |
Spread from 8$, without commission |
No |
|
ECN |
Spread from 5$, with a commission of $2.5 per lot |
No |
IFC Markets Commissions and Fees
Traders Union analysts have examined the trading conditions of IFC Markets to uncover any hidden commissions or pitfalls. The broker’s trading conditions are transparent and there are no hidden commissions. In terms of additional fixed fees, there is a commission per each open trade in Stock CFD trading. The commission is charged in the amount of 0.01% of the position volume or $0.02 per share.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
All accounts on NetTradex and МТ4 |
from $18 |
No |
|
All accounts on МТ5 |
from $4 |
No |
Summary
Many brokers are available for traders from Kenya, but not all of them offer good conditions. In this review, TU experts chose the Best forex cent account brokers for beginners in Kenya 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Forex Cent Account Brokers For Beginners in Kenya
| RoboForex | Exness | FBS | NumberOne Capital Markets | IFC Markets | |
|---|---|---|---|---|---|
|
Overall score |
9.71 |
9.34 |
8.98 |
4.03 |
5.6 |
|
Execution of orders |
8.95 |
9.6 |
9.5 |
3.47 |
3.15 |
|
Investment instruments |
8.2 |
8.79 |
6.96 |
5.85 |
1.16 |
|
Withdrawal speed |
9.71 |
8.79 |
9.57 |
7.57 |
3.86 |
|
Customer Support work |
9.17 |
9.29 |
7.58 |
1.78 |
2.8 |
|
Variety of instruments |
8.75 |
8.02 |
7.02 |
6.02 |
5.75 |
|
Trading platform |
6.86 |
1 |
9.03 |
1.39 |
4.35 |
|
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FAQ
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
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.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
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.
Best Forex Cent Account Brokers For Beginners by Countries
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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.