Best Forex Trading Apps In Kenya

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Go to broker’s website Eightcap Overview

If you're too busy to read the entire article and want a quick answer, the best trading app in Kenya is Eightcap. Why? Here are its key advantages:

Is legit in your country (Identified as Sweden )
Has a good user satisfaction score 9.1 out of 10
A wide range of trading instruments, including Forex, stocks, commodities and cryptocurrencies, to diversify your investment portfolio.
Low trading fees and tight spreads reduce transaction costs, increasing potential profits.

Go to broker’s website Eightcap Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Best apps for Forex trading in Kenya:

Eightcap - Best broker to trade directly from TradingView charts
XM Group - Best Order Execution (99.35% of orders are executed nearly instantly)
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
VT Markets - Attractive Forex bonuses (50% welcome bonus, 20% deposit bonus)

Forex trading in Kenya is gaining popularity due to the availability of mobile apps that allow trading from anywhere. Therefore, choosing the right app has become a key factor for successful trading in 2024. In this article, we will look at the best Forex trading platforms available to Kenyan traders based on their functionality, usability, and security. Each app has been selected based on ratings, user reviews, and technical capabilities. Read our review to find the right tool for trading in the Forex market.

Best apps for Forex trading in Kenya

Choosing the right app for Forex trading is essential for traders in Kenya to maximize their potential and navigate the market effectively. With various apps offering unique features like real-time charts, technical analysis tools, and secure payment options, finding the best one can feel overwhelming. Below, we compare some of the top Forex trading apps available in Kenya, considering their usability, features, and suitability for traders of all levels.

Best Forex trading apps in Kenya
	Min. deposit, $	Max. leverage	Investor protection	Regulation level	Open an account
Eightcap	100	1:500	£85,000 €20,000	Tier-1	Open an account Your capital is at risk.
XM Group	5	1:1000	£85,000 €20,000	Tier-1	Open an account Your capital is at risk.
RoboForex	10	1:2000	€20,000	Tier-3	Open an account Your capital is at risk.
Exness	10	1:2000	€20,000 £85,000	Tier-1	Open an account Your capital is at risk.
VT Markets	100	1:500		Tier-1	Open an account Your capital is at risk.

How to choose a trading app in Kenya?

Forex trading is getting more and more competitive, with thousands of brokers in the market. Choosing one that fits the bill requires a bit more attention to detail. Here are five helpful tips for finding the best Forex broker.

Test app in demo. Try out the broker by signing up for a demo account. Creating a demo account costs nothing, and you get to trade on the actual platform just how you would be with real money. It will give you a taste of how the app works.
Pay attention to safety. Forex trading is risky like any other trade but knowing that a platform offers a safety net in some form can be reassuring. In this regard, the first thing to ensure is that the Forex broker you are choosing is regulated by an authority. Now, it may not necessarily be regulated or authorized by a local authority. However, it should ideally be licensed by some reputable regulatory body, even if it’s from abroad.
Pay attention to the reviews. The reviews from already existing users are extremely important because these reviews often point out the problems with the platform. Yes, reviews may not always be objective, but they can help confirm your doubts, if any. Look for reviews about ease of use, safety, knowledge base, regulations, and deposit/withdrawal times.
Explore automation tools. Auto trading or trading bots automate the whole process of putting in orders based on certain criteria and rules. Similarly, you can also opt for copy trading or social trading, where you can set up your account to copy moves made by other traders in the industry.

How to start trading Forex in Kenya?

These five stages are intended to help beginners learn how to start Forex trading in Kenya; experienced Forex traders may not require advice. Accept that you are at the start of a long trip even after planning and obtaining information about the world of FX trading. When real money is on the line in the greatest financial market in the world, which is occasionally notorious for acting unpredictably, patience is a winning quality.

Step 1. Select a broker. After doing your homework, the next step is to locate an online Forex broker to work with as a business partner. Safety and security must come first, but don't try to cut corners. Give it some time. Here at Trade Union, we've put up a list of several suggested brokers to consider.
Step 2. Create a new account and add funds. Be sure the broker you select offers a free practice account. Gaining acquaintance with the broker's platform requires practice time. Learn about the many order types, how to open and close a position, use technical indicators, test your approach, and generate money. Under international law, opening an account also entails providing personal identity information. The broker will ask you to fund your account after you receive approval. Start modestly, and once you're at ease, consider boosting your account balance.
Step 3. Make your first trade. Your objective is to locate good trading scenarios where the chances are in your favor. You can identify these ideal set-ups using technical indicators, your best resources. It would be best if you had the advantage to succeed in Forex, and indicators can provide it. One easy tactic is to use two moving averages, each for a distinct period. The likelihood may favor pricing behavior moving in a particular direction when they cross over one another. Use your demo system to test your technique.
Step 4. Managing risk. To continue trading even after suffering a losing streak, it is necessary to follow sound risk management practices. There are guidelines for safeguarding your losses, ensuring profits are realized, and choosing the right size for your investment. Use these guidelines and tactics by putting them to use.
Step 5. Analyze your profits. Trading requires a certain attitude, which includes the ability to tolerate setbacks and move on. Each trader experiences losing deals. Nonetheless, your objective is to profit from your trading experience and have fun doing it. Even though not everyone is suited for trading, the odds will be in your favor if you regularly stick to a sound plan.

What is the best time to trade Forex in Kenya?

If you comprehend the various risks and timing variations, you'll be in the best possible position to profit from market peaks and troughs. Also, it will determine which Kenyan Forex broker is the finest to utilize for trading.

The best time to trade foreign exchange in Kenya is between 11:00 and 17:00 East Africa Time. You can profit from volatility after a news release due to the market's high liquidity and the number of economic news being read at this time. It would be advantageous to arrive at the charts as early as 08:00 to prepare for the day fully.

Best Forex pairs for Kenyan clients

Forex pairings are classified into three types, and what you may trade depends on your broker. Some stick to the most popular currencies - the majors and minors - but the top Kenyan Forex trading platforms offer a diverse range of exotics. Here's a quick glossary of the terms.

Major pairs. The primary pairs are the US dollar matched with the most heavily traded currencies. The major currency pairs are USD/EUR, USD/GBP, USD/JPY, USD/CHF, USD/AUD, USD/NZD, and USD/CAD.
Minor pair. The minor pairs all feature at least one Euro, British Pound, or Japanese Yen, but no US Dollar.
Exotic pairs. A significant currency 'crossed' with a developing currency is an example of an exotic pair. There are many exotic pairs, but some examples are GBP/HUF, EUR/MXN, and JPY/ZAR.

One of the best Forex pairs is the EUR/USD currency pair. It is one of the most traded pairs in the world. As one of the most liquid currency pairs to trade, it has some of the lowest spreads among Forex brokers.

Can I start trading Forex without money?

It is possible to start trading Forex without capital. Brokers compete differently, and they have developed engaging ways to enable traders to trade without having to put any of their own money at risk. Such brokers have no-deposit bonuses which allow you to start with 0.

Other good options to consider as you start Forex trading without funding it yourself:

Referral programs. Some brokers offer rewards or credits for referring new accounts. So you could refer other people, have them fund new accounts, and receive credits to use for your own demo or live trading account.
Funded accounts. Proprietary trading firms provide funding for traders in exchange for splitting profits. So you can apply to trade with their capital while you keep a percent of the profits you make. This allows you to trade larger sizes as you prove yourself.
Contests. Brokers and prop firms often run demo trading contests with prizes for top performers. You can enter to try to win a live funded account or cash to start live trading.

The key with any of these options is to read the fine print carefully so you understand any profit splits, restrictions, or trading requirements involved before participating. And never pay anyone directly to get a funded account - go through reputable firms.

Leveraging these types of programs allows you to gain experience and earn profits, which will help you either save up or qualify for your own funding to trade Forex successfully over the long-term.

Do I pay taxes for Forex trading in Kenya?

Tax classification of Forex trading income. Forex trading income in Kenya is treated either as business or investment income. How you're taxed depends on whether trading is your main hustle or just a side gig. It’s smart to talk to a tax pro early on to get this sorted.
Withholding tax on Forex brokers. If you’re using an international Forex broker, they probably won’t deduct taxes for you. That means it’s on you to report your earnings to the KRA, a step that beginners might not realize.
Tax incentives for Forex traders. Did you know you can lower your taxable income by claiming expenses like trading tools, internet, and even your laptop? Keep those receipts — they could save you some serious cash.
Impact of double taxation treaties. Kenya has tax treaties with several countries, so if your broker is based in one of these places, you might avoid paying taxes twice. This is something worth checking to keep more of your profits.
Penalties for non-compliance. The KRA uses modern tech to track income, including Forex earnings. If you skip reporting, you could face fines or legal issues. Staying compliant is a lot easier than dealing with penalties later.

Don’t just focus on how app looks — dig into whether it fits your local needs

When picking a Forex trading app in Kenya, don’t just focus on how it looks — dig into whether it fits your local needs. For example, does the app support M-Pesa or Airtel Money? These payment options make depositing and withdrawing hassle-free without the stress of high fees or long delays.

Also, check if the broker running the app is licensed by the Capital Markets Authority (CMA) in Kenya. Many apps brag about international licenses, but a CMA-regulated broker gives you peace of mind and ensures you’re protected under Kenyan law if something goes wrong.

It’s also a smart move to look for an app that keeps you informed about currency pairs like USD/KES or EUR/KES, which are directly tied to Kenya’s economy. The best apps don’t just show numbers — they send you updates or analysis related to Kenya’s key industries, like agriculture or tourism, so you know what’s driving the market. A good trading app isn’t just a tool; it’s your guide to making smarter choices based on what matters most in Kenya’s Forex market.

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.

Conclusion

Choosing the right Forex trading app in Kenya is the foundation for effective and safe trading. The platforms discussed in this article provide traders with convenient tools for analysis, quick access to markets, and trade management. Before registering, it is important to evaluate the functionality, fees, and reliability of each app. Using licensed platforms and proven tools reduces risks and simplifies the trading process. Check out the apps presented, test demo accounts, and choose the one that best suits your goals. Successful trading begins with the right choice of tools.

FAQs

What additional features can be useful in a Forex app?

Additional features such as an economic calendar, news analysis tools, and built-in indicators help traders make more informed decisions. For example, market event notifications allow you to react quickly to changes.

How to check the security of a trading app?

Look for data encryption, two-factor authentication, and a regulatory license. Also, read user reviews about the security of withdrawals and the stability of the app.

What types of accounts are available in Forex apps?

Most apps offer demo accounts, standard accounts, and professional accounts. Beginners should start with a demo account for risk-free practice, while experienced traders will benefit from accounts with low spreads and flexible conditions.

How to manage risks when using a Forex app?

Use automatic stop loss and take profit functions to control losses and lock in profits. It is also important to maintain a reasonable risk-to-capital ratio, not exceeding 1-2% of the deposit per trade.

Team that worked on the article

Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.

Learn about our editorial policies

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

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).