Best Forex Brokers In Kenya

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Best Forex Brokers In Kenya - RoboForex

Your capital is at risk.

Top Forex Brokers In Kenya:

  • RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)

  • Eightcap - Best broker to trade directly from TradingView charts

  • Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)

  • Pocket Option - Best for Social Trading (top rated service by customers)

  • FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)

  • FreshForex - Best for occasional trading on-the-go (through proprietory Telegram bot)

Forex trading in Kenya has boomed considerably in recent years, providing the growing middle class of the country to invest in foreign exchange for quick profits. If you’re looking to get in on the action, this comprehensive list of the best forex brokers in Kenya is all you need.

After careful consideration, we have compiled an exhaustive list of Forex brokers that allow Kenyan residents to trade on the platform or are also authorized by Kenya's local Capital Markets Authority (CMA). Forex brokers are compared in convenient comparative tables where the main parameters of regulation and trading conditions are specified.

Warning:

There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Top 21 Best Forex Brokers Kenya Comparison

Traders Union (TU) experts have analyzed many forex brokers worldwide that accept Kenyan customers to compile this chart. The main selection criteria include favorable trading conditions and local authorization, both of which ensure that traders have slightly more secure conditions in this volatile market.

Broker Regulation Working with Kenya residents Spread Minimum Deposit Leverage

RoboForex

FSC

Floating from 0 pips

10$

1:2000

Open an account

Your capital is at risk.

Eightcap

ASIC, SCB, CySEC, FCA

Floating, from 0-1 pips subject to the account type

100$

Up to 1:500

Open an account

Your capital is at risk.

Exness

FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA

Standard: from 0.3-1 pips subject to the account type;
Professional: from 0-0.1 pips subject to the account type

1$

1:unlimited for retail clients

Open an account

Your capital is at risk.
You can lose your money.

Pocket Option

MISA

1.2 pips for MT4/5

5$

1:1000 for MT4/MT5;
1:1 for options on the in-house platform.

Open an account

Your capital is at risk.

FBS

CySEC

From 1 pip

5$

1:3000

Open an account

Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FreshForex

Fixed (from 2 pips), floating (from 0,9 pip), maximum low (from 0 pip)

Up to 1:2000

Open an account

Your capital is at risk.

Forex4you

BVI FSC

From 0.1–2.0 pips

Up to 1:1000

Open an account

Your capital is at risk.

TeleTrade

CySEC

From 0.2 pips

1:500

Open an account

Your capital is at risk.

FxPro

FCA, CYSEC, FSCA, SCB

from 0.0 pips

100$

Up to 1:500 subject to the jurisdiction. For example, maximum leverage for certain jurisdictions is up to 1:30 for currency pairs.

Open an account

Your capital is at risk.

XM Group

ASIC, FSC, CySEC, DFSA

From 0.6 pips

5$

1:30 (only for EU regulated Entity and AU). For all the other countries - 1:1000.

Open an account

Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

AMarkets

FinaCom

ECN - floating from 0 pips, Standard - floating from 1.3 pips, Fixed - fixed from 3 pips, Crypto - floating from 1.3 pips.

100$

Up to 1:3000

Open an account

Your capital is at risk.

Gerchik&Co

VFSC

From 0.0 pips

100$

1:100

Open an account

Your capital is at risk.

NPBFX

The Financial Commission

From 0.4-0.8 pips (subject to the account type)

10$

up to 1:1000

Open an account

Your capital is at risk.

Pepperstone

ASIC, FCA, DFSA, BaFin, CMA, SCB, CySec

from 0.0 pips

1$

Up to $400:1 retail, 500:1 Pro

Open an account

Your capital is at risk.
Please note that your capital is at risk.

IC Markets

ASIC, CySEC, and FSA

Standard: 0.6 pips;
Raw Spread, MT4/MT5: 0 pips;
Raw Spread, cTrader: 0 pips

200$

1:500 (FSA);
1:30 (ASIC and CySEC)

Open an account

Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

FxGlory

from 2.0 pips (from 0.7 pips on VIP accounts)

1$

up to 1:3000

Open an account

Your capital is at risk.

FXGT.com

FSA, FSCA, CySEC (only for institutional traders), VFSC

Mini and Standard+ from 1 pips
Pro from 0.5 pips
ECN from 0 pips

5$

Up to 1:1000

Open an account

Your capital is at risk.

4XC

FSC

From 0.0 pips

50$

1:500

Open an account

Your capital is at risk.

Deriv

MFSA, LFSA, VFSC, BVI FSC

Fixed, floating

5$

Up to 1:1000, multipliers available (leverage levels may vary depending on the client's account and country of residence)

Open an account

Your capital is at risk.

Fusion Markets

ASIC, VFSC, FSA

From 0.9 pips (Classic), from 0 pips (Zero)

Up to 1:30 (for ASIC-regulated retail accounts), up to 1:500 (for VFSC and Fusion Pro ASIC-regulated accounts)

Open an account

Your capital is at risk.

InstaForex

BVI FSC, CySEC

FSC - from 0-0.3 pips subject to the account type. CySEC - from 0 pips subject to the asset type.

1$

FSC - up to 1:1000. CySEC: leverage is up to 1:30 for retail traders and up to 1:500 for professionals.

Open an account

Your capital is at risk.

Top 6 Forex Brokers in Kenya Reviews

RoboForex

Open an account
Your capital is at risk.

RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).

👍 Pros

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

👎 Cons

A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime

Lack of tools when trading on the R StocksTrader platform

💻 Trading platforms:

MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader

🔧 Instruments:

Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities

💱 Spread:

0 points

🎁 Contests and bonuses: Welcome Bonus
💰 Accounts: ProCent, Pro, ECN, Prime, R StocksTrader

Eightcap

Open an account
Your capital is at risk.

Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.

👍 Pros

The broker is registered in the Bahamas and Seychelles, and is regulated by the Securities Commission of the Bahamas (SCB, SIA-F220), ASIC (391441), FCA (921296), CySEC (246/14). Also, it partners with many proprietary firms;

Traders need to deposit only $100 to open a live account, and the broker imposes few trading limits on its clients;

Hundreds of the most popular CFDs are available, and the pool is constantly expanding;

Eightcap provides one of the most profitable trading costs with really tight spreads;

Almost all options for depositing/withdrawing funds are available and the broker does not charge a withdrawal fee;

The broker’s clients can work through any of the three top trading platforms, including mobile versions of the MetaTrader solutions;

The company provides high-quality training, extensive analytics, and its own developments for automated trading.

👎 Cons

No joint accounts, copy trading, referral program, or other options for passive income;

Eightcap has some regional restrictions. For example, some services are not available in Australia;

The broker's technical support is efficient and competent, but it is not available on weekends.

💻 Trading platforms:

MT4, MT5

🔧 Instruments:

CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals

💱 Spread:

0 points

🎁 Contests and bonuses: Bonuses in the form of rebates from Traders Union
💰 Accounts: Standard, raw, demo

Exness

Open an account
Your capital is at risk.
You can lose your money.

The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.

👍 Pros

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.

👎 Cons

The broker’s website offers almost no educational materials;

24/7 support isn’t available in all languages.

💻 Trading platforms:

Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4

🔧 Instruments:

Forex CFDs on: cryptos, commodities, indices, and stocks 

💱 Spread:

1 point

🎁 Contests and bonuses: Occasionally
💰 Accounts: Standard type: Cent, Standard, and Plus
Professional type: Pro, Zero, and Raw Spread

Pocket Option

Open an account
Your capital is at risk.

Pocket Option is an innovative Forex and binary options broker with over $500 million in trading volume. It offers active trading on financial markets, copy trading, and passive income on holding funds in dollar and cryptocurrency safes. The broker provides an in-house platform to trade binary options and MetaTrader platforms to trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities. Pocket Option was incorporated in 2017. The broker’s service is available in more than 95 countries and regions globally. Today, over 10 million users are registered with the broker, and 100,000 traders regularly use its services. In July 2023, it obtained a license from Mwali International Services Authority number T2023322.

👍 Pros

MetaTrader provides for trading binary options and CFDs;

A demo mode is available for all account types;

To register, you may use your Google email or Facebook/Google account;

Active, social, and algorithmic trading is available on MT4 and MT5 accounts;

Spreads are from 1.2 pips for Forex and no fees per lot;

Referral program for retail clients with rewards of up to 50%-80% of the referee’s income;

“My Safe” service that provides for crediting 10% per annum on the account balance not involved in trading;

Cash back and promo codes for binary option traders;

50% deposit bonus.

👎 Cons

The broker offers neither cent accounts for novice traders to test strategies and advisors, nor ECN accounts with near zero spreads for professional traders;

Real-time communication with operators is available upon funding the account.

💻 Trading platforms:

Pocket Option, MT5, MT4

🔧 Instruments:

Binary options and CFDs on currency pairs, cryptos, indices, stocks, and commodities

💱 Spread:

1.2 point

🎁 Contests and bonuses: Deposit bonus;
Cash back;
Tournaments;
Promo codes;
Gem mining, etc.
💰 Accounts: Quick Trading/QT for binary options,
MT4, MT5, and
Shares Trading.

FBS

Open an account
Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.

👍 Pros

negative balance protection;

a large selection of trading instruments;

the support service works 24/7.

👎 Cons

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.

💻 Trading platforms:

MT4, MobileTrading

🔧 Instruments:

Forex, indices, metals, futures contracts

💱 Spread:

0.2 points

🎁 Contests and bonuses: Yes
💰 Accounts: Standard account, cent account, demo standard account, demo cent

FreshForex

Open an account
Your capital is at risk.

FreshForex has been operating since 2004. The broker is registered in Kingstown, Saint Vincent, and the Grenadines. FreshForex has won more than 20 International awards and these achievements include Best Trading Conditions according to FXDailyInfo in 2016 and Best Bonus Program in 2017.

👍 Pros

favorable trading conditions;

work with the liquidity providers having a European license;

130 instruments for trading: Forex instruments, CFDs on precious metals, energy products, and indices, as well as corporate shares;

spreads from 0 pips;

the ability to replenish the account and withdraw funds quickly;

bonuses and offers;

easy to use the software that is available on your desktop computer, laptop, tablet, or smartphone.

👎 Cons

customer service works 24 hours although not on weekends;

no cryptocurrency for trading;

no investment programs;

access to the affiliate group is not available via the Traders Union.

💻 Trading platforms:

MT4, MobileTrading

🔧 Instruments:

Forex currency, CFD for precious metals, shares, energy products

💱 Spread:

0 points

🎁 Contests and bonuses: 200% for each replenishment. Insurance from stop out, cashback — 101% under drawdown
💰 Accounts: Demo, Cent, Classic, Pro, ECN

6 Tips for Choosing the Best Forex Broker in Kenya

When choosing a Forex broker, the primary consideration should be regulation. A broker should be authorized by Kenyan authorities or a reputable international authority and accept clients from Kenya. This ensures that the broker operates within a framework that protects traders' interests. Here are five expert tips for choosing a Forex broker:

  • Ensure the broker is regulated by a licensed authority or organization, such as the ASIC, FCA UK or CySec, and accepts clients from Kenya.

  • Consider the broker's spreads, costs, and commission. Lower spreads typically mean lower costs for traders, so look for competitive spreads and reasonable commission fees.

  • Choose a broker with fast and reliable order execution to minimize slippage, which occurs when there's a delay or difference in the expected and actual price at which a trade is executed.

  • Ensure the broker offers responsive and helpful customer support, especially for technical issues or trade disputes. Look for various communication channels, such as phone, email, and live chat.

  • Look for brokers that offer convenient deposit and withdrawal options for Kenyan traders. Some brokers may accept mobile payment services like M-Pesa, which can be a convenient option for traders in Kenya.

  • Consider the variety of markets available for trading. Leading brokers often offer a wide range of forex pairs, commodities, indices, and other CFDs. Look for brokers that provide access to a diverse range of markets to suit your trading preferences.

By prioritizing regulation and considering these tips, traders can make an informed decision when choosing a Forex broker that aligns with their trading goals and needs.

Best Forex Trading Platforms Compared

Сompare best trading platforms for trading in Kenya offered by leading brokers. Among the trading platforms are familiar ones like MetaTrader, as well as platforms for advanced analytics.

Broker MT4 MT5 cTrader WebTrader TradingView Proprietary platform

RoboForex

Open an account

Your capital is at risk.

Eightcap

Open an account

Your capital is at risk.

Exness

Open an account

Your capital is at risk.
You can lose your money.

Pocket Option

Open an account

Your capital is at risk.

FBS

Open an account

Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FreshForex

Open an account

Your capital is at risk.

Forex4you

Open an account

Your capital is at risk.

TeleTrade

Open an account

Your capital is at risk.

FxPro

Open an account

Your capital is at risk.

XM Group

Open an account

Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

AMarkets

Open an account

Your capital is at risk.

Gerchik&Co

Open an account

Your capital is at risk.

NPBFX

Open an account

Your capital is at risk.

Pepperstone

Open an account

Your capital is at risk.
Please note that your capital is at risk.

IC Markets

Open an account

Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

FxGlory

Open an account

Your capital is at risk.

FXGT.com

Open an account

Your capital is at risk.

4XC

Open an account

Your capital is at risk.

Deriv

Open an account

Your capital is at risk.

Fusion Markets

Open an account

Your capital is at risk.

InstaForex

Open an account

Your capital is at risk.

What are the Best Trading Platforms in Kenya?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms are excellent choices for beginners thanks to their user-friendly interfaces, demo accounts, educational resources, and a wide range of technical indicators and tools. These platforms provide a smooth learning curve for newcomers to explore the basics of Forex trading.

CTrader is highly regarded among traders who use automated trading strategies because of its C# programming support. This feature allows for the development of complex algorithms and trading bots. CTrader also offers simplified strategy creation and backtesting, along with seamless integration with external software and data sources. Algorithmic traders with programming skills appreciate the platform's flexibility.

For traders looking for advanced charting and investment opportunities, TradingView provides sophisticated tools tailored to experienced traders and investors. The platform offers robust charting tools, a variety of technical indicators, and extensive drawing options for in-depth market analysis. Additionally, TradingView provides access to a wider range of asset classes.

Is There an Alternative to Active Trading in Kenya?

Yes, most brokers offer some options for passive investing - specifically, copy trading and buying CFDs on stocks or indices for the long term. If you buy stocks without leverage, it will allow you to earn from the long-term growth of the portfolio. For example, the average return of the S&P 500 stock index is 10% per annum.

Expert Opinion

For novice traders, it's important to understand that their initial goal is simply to stay in the market as long as possible and gain experience. It's crucial not to overlook trading on a demo account to familiarize oneself with the trading platform and test initial strategies. When transitioning to a real account, using moderate leverage - up to 1:10, preferably up to 1:5 - is advisable, and one should not try to get rich quickly. How much money is needed to start? For trading mini lots, a starting capital of $100 or more is required. However, there is a reasonable alternative for beginners - a cent account. The spreads there are usually slightly higher, but the account is denominated in cents, so it's possible to trade larger lots with less risk of losing money.

Andrey Mastykin

Andrey Mastykin

Author, Financial Expert at Traders Union

Forex Market Regulation in Kenya

The forex market has seen considerable growth in Kenya, thanks to the widespread use of the internet. As a result, online forex trading, among other forms of trading like stocks and commodities, has increased dramatically. After Nigeria and South Africa, Kenya has the highest number of online trading platforms.

The regulatory authority for forex trading in the country is Capital Markets Authority (CMA). Founded in 1990, this government authority is responsible for regulating different financial markets in the country and creating a framework for operations.

For forex brokers it’s not required to be authorized by the CMA in order to accept Kenyan residents for forex trading or operate in the country. However, the CMA has set some other conditions that forex brokers must follow.

Brokers can offer a leverage of up to 1:400 for all FX currency pairs. What it means is that traders cannot trade more than 400 times their capital.

There are six non-dealing forex brokers licensed by the CMA. These brokers act as intermediaries between the clients and the forex market. These include:

FX Pesa by EGM securities

Scope Markets by SCFM limited

Pepperstone Markets

Exinity East Africa

Hot Forex by HFM Investment Limited

Windsor Markets Kenya Limited

Best Forex Trading Platform in Kenya for Beginners

For inexperienced traders, starting with a demo or cent account, or participating in copy trading, can be an excellent way to learn and gain experience. Demo accounts offer a risk-free environment for practicing trading strategies, using virtual funds. Cent accounts, on the other hand, allow traders to trade with small amounts of real money, reducing risk while still providing a genuine trading experience. Copy trading involves replicating the trades of experienced traders, allowing beginners to learn from their strategies and decisions.

Broker Demo Cent Copy Trading

RoboForex

Open an account

Your capital is at risk.

Eightcap

Open an account

Your capital is at risk.

Exness

Open an account

Your capital is at risk.
You can lose your money.

Can I Trade With Internationally Regulated Brokers?

Yes, Kenyan traders can trade with internationally regulated brokers. As long as the broker is regulated by one of the top regulatory bodies, such as ASIC, FCA, and CySec, Kenyan traders can feel confident that their funds and trades are secure.

Take the time to do some research to ascertain that the broker you're considering accepts clients from Kenya. Note that some brokers may have different regulations for different countries. Read through the terms and conditions carefully before opening an account.

What Forex Brokers in Kenyan Accept MPESA

MPESA is a mobile money transfer service based in Kenya and operated by Safaricom, the largest Fintech company in Africa with over 50 million customers. It is one of the most popular payment methods in Kenya, allowing users to make payments and transfers quickly and securely. Many forex traders in the country thus prefer forex brokers who accept MPESA as a payment method.

Many Forex brokers who accept Kenyan clients will also accept MPESA as a payment method. These include Exness, Pepperstone, Axi, and Tickmill.

Should I Pay Taxes as a Forex Trader?

Kenyan forex traders must pay tax on their earnings, regardless of whether those earnings were generated in an offshore trading account or with a local broker based in Kenya. It is important for traders to understand that the taxable income from foreign exchange trading must be declared as Kenyan Shillings when filing tax returns with the Kenyan Revenue Authority (KRA).

The onus is on the trader to accurately report profits made within 12 months prior to January 1st of each financial year. Traders who are unsure about their tax obligations to seek professional advice or contact KRA directly for more information.

What Are the Forex Trading Hours in Kenya?

Forex trading hours in Kenya last 24 hours a day, five days a week. This gives traders in Kenya a wide window of opportunity to trade forex. The three main sessions are the Asian, London, and New York sessions.

The Asian session starts at 3:00 am and ends at 12:00 pm EAT. This is the time when the Tokyo markets are open. The London session forex time in Kenya starts at 11:00 am and ends at 7:00 pm EAT. On the other hand, the New York session forex time in Kenya is between 3:00 pm and 12:00 pm EAT.

Summary

Forex trading in Kenya is now easier than ever as many international and regional brokers accept Kenyan residents. While there are forex brokers regulated by the country’s regulatory authority, the best forex brokers remain international ones with foreign licenses from authorities like the FCA or CySEC. Most top forex brokers in Kenya have a low minimum deposit limit and little to no commission, which makes trading conditions even more favorable. Kenyans can easily trade international currency pairs as well as regional currency pairs with many tools to enhance their trading. However, beginners should start with a demo account before depositing their capital.

Methodology for compiling our ratings of Forex brokers

Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include:

Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.

User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.

Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.

Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.

Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.

Other factors like brand popularity, client support, and educational resources are also evaluated.

Find out more about the unique broker assessment methodology developed by Traders Union specialists.

FAQs

What is the Forex minimum investment?

The minimum investment in Forex can vary depending on the broker and the type of account. In general, it can range from as low as $1 to $500 or more. Some brokers offer micro accounts with a minimum deposit requirement of $1, while others may require a minimum deposit of $100 or more for standard accounts.

Which Forex broker is legal in Kenya?

In Kenya, Forex trading is regulated by the Capital Markets Authority (CMA). For a Forex broker to operate legally in Kenya, they must be licensed by the CMA. However, traders in Kenya also have the option to choose brokers with international regulation that accept local clients.

Do I pay taxes for Forex trading in Kenya?

Yes. All forex traders in Kenya must pay tax on their earnings, regardless of whether those earnings were generated in an offshore trading account or with a forex broker in Kenya.

Can you trade with forex brokers not regulated by the CMA?

It’s not mandatory for forex brokers to be registered and licensed by CMA, which is why you can trade on any platform that allows Kenyan residents to create an account and trade.

Can I trade Forex from mobile?

All Forex brokers in TU rating offer mobile trading apps that allow you to trade currencies, monitor market movements, and manage your account directly from your smartphone or tablet. These apps are typically available for both Android and iOS devices and offer a user-friendly interface optimized for mobile trading.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

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.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

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.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.