🏆 The best forex brokers Kenya 2021

Looking for the best forex brokers in Kenya?

We’ve put together a list of the top forex brokers in Kenya that accept mpesa.

With the forex brokers using mpesa it is now easy to start online currency trading in Kenya.

For peace of mind are all forex brokers Kenya in this list are licensed and regulated forex brokers.

Two brokers on this list give a NO deposit bonus for just opening an account with them. Trade. Withdraw the profits.

Our forex broker review process is simple; we are residents of Africa and trade with these forex brokers on live accounts.

Here is a growing list of the best registered and licensed forex brokers in Kenya in 2021.

🏆 Top Forex Brokers Kenya

  1. 🥇 XM – Best forex broker in Kenya that accept mpesa and a no deposit bonus
  2. 🥈 ForexTime (FXTM) – a forex broker using mpesa – easy to join.
  3. 🥉 TickMill – Best tight spreads and commissions forex broker in Kenya.
  4. 🏅 Exness – Best forex broker with instant withdrawal (No longer accepts mpesa)
  5. 🏅 HotForex – Best 100% deposit bonus forex broker and accepts mpesa
  6. 🏅 ICMarkets – The best ECN, PayPal and Multi-platform Broker

Best forex brokers in Kenya

ForexTime

fxtm logo

Open an Account
Quick info
Founded: 2011
Regulator: CySEC – Cyprus, FSCA – South Africa, FCA – UK.
Minimum deposit: $10 – Cent. $100 Standard. $500 ECN
Leverage: Up to 1:2000
Average spread: 0 -1.5 ECN. From 1.3 – Standard
Platforms: MT4, MT5, Web, Mobile  
  Why trade forex with ForexTime.
– Super tight spreads
– Multiple withdraw and deposit methods
– Easy to open verify an account
– Regulated broker  
– A forex broker that accept mpesa
ForexTime Review

Exness

Exness logo - forex brokers in Africa

Open an Account
Quick info
Founded: 2008
Regulator: FSA, Seychelles
Minimum deposit: $1
Leverage: Up to 1:2000
Average spread: 0 (Zero and Raw spread) 0.3 – Standard
Platforms: MT4, MT5, Web, Mobile  
  Why trade forex with Exness.
– Super tight spreads
– Instant automated Withdrawals and deposits 24/7
– Multiple withdraw and deposit methods
– Negative balance protection
– Regulated broker
– Mpesa and Mobile money broker  
– Funding in local currency

IC Markets

icmarkets logo - forex brokers in Africa

Open an Account

IC Markets Review
Quick info
Founded: 2007
Regulator: ASIC Australia, FSA Seychelles, CySEC Cyprus
Minimum deposit: $200
Leverage: Up to 1:500
Average spreads : 0 (cTrader and Raw spread) and from 1.0 – Standard
Commissions : only on cTrader –  $6.0 and Raw Spread – $7 per lot round-turn
Platforms: MT4, MT5, cTrader, Web, Mobile  
  Why trade forex with IC Markets.
– Super tight spreads
– Multiple withdrawal and deposit methods
– Supports PayPal deposits and withdrawal
– Regulated broker    

HotForex

HotForex- forex brokers in Africa

Open an Account.
Quick info
Founded: 2010
Regulator: FCA United Kingdom, FSA Seychelles, DFSA Dubai, FSCA South Africa
Account currency: USD, EUR, GBP
Minimum deposit: $5
Leverage: Up to 1:1000
Average spreads: EURUSD – 1 pip, GBPUSD
Commissions: $7 per lot round-turn on the Zero Spread account.
Platforms: MT4, Web, Mobile  
  Why trade forex with HotForex.
– Up to 100% trading bonus on deposits on some accounts
– Multiple withdrawal and deposit methods
– Tight spreads on the Zero spread account
– Regulated in many countries
– Negative balance protection

Tickmill

Tickmill - forex brokers in Africa

Open an Account.
Quick info
Founded: 2015
Regulator: FSA Seychelles, CySEC Cyprus, FCA United Kingdom
Account currency: USD, EUR, GBP
Minimum deposit: $5
Leverage: Up to 1:500
Average spreads: EURUSD – 1 pip, GBPUSD
Commissions: $4 per lot round-turn – only on the Pro account.
Platforms: MT4, Web, Mobile  
  Why trade forex with Tickmill.
– Super tight spreads
– Very low commissions
– Multiple withdraw and deposit methods
– Regulated broker  

XM

XM - forex brokers in Africa

Open an account
Quick info
Founded: 2009
Regulator: CySEC Cyprus, IFSC, FCA United Kingdom, ASIC Australia, DFSA Dubai
Base currency: USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
Minimum deposit: $5 on Standard and Micro and  $50 on XM Ultra-Low Account
Leverage: Up to 1:888
Average spreads: 1 pip (Standard and Micro) 0.6 – on XM Ultra-Low Account Platforms: MT4, MT5, Web, Mobile    
  Why trade forex with XM.
– Multiple withdraw and deposit methods
– Negative balance protection
– Regulated in many countries
– Forex brokers that accept mpesa
– $30 no deposit bonus
– $5000 trading bonus

That’s a quick look at the top licensed and the best forex brokers in Kenya.

Pick one of these forex brokers Kenya are are all you need to online currency trading in kenya.

They have the best online trading platforms in Kenya and they provide the best forex trading training in Kenya

I will now show you how the forex brokers Kenya fare.

The best forex brokers in Kenya that accept mpesa

ForexTime (FXTM), HotForex and XM are the best forex brokers in Kenya with mpesa.

The best forex brokers Kenya with PayPal

ICMarkets allows funding an account with PayPal

Forex brokers in Kenya with a NO deposit bonus

Both Tickmill and XM give first-time clients a $30 no deposit bonus.

The beauty of this bonus is you can always withdraw the profits you make.

Forex brokers in Kenya with the best trading bonus

HotForex has the craziest bonuses to choose from. If you want to increase your trading equity by up to 100% of your deposit, then Hotforex is for you. XM also has some great bonuses and promotions.

Documents you need to verify a forex trading account.

We are often asked How do I start Forex Trading in Kenya – the answer to that is that you need to verify your trading account.

Every trader is required to verify their account to comply with Anti Money Laundering regulation.

You need these documents to verify your trading account.

Proof of Legal Identity: Government-issued ID, Driver’s License, Passport, etc.

Proof of Address: Government-issued residential registration, reoccurring statements to the address – Water bill, Electricity bill, Tax bill, Tax clearance certificate, and Bank statements.

Note that your proof of address must include your actual address – plot number, street, house number.

It is hard to get documents with an address if you are renting. But, here is a hack, go to your ABSA branch and request a bank statement, ask them to add the residential address you used when opening the bank account to the bank statement.

That is the simplest way to get a document with proof of address in Kenya if you don’t own a house.

You can also use a KRA tax certificate

Answers to forex trading questions

Frequently asked questions about forex brokers and forex trading.

Go here for answers to questions beginners ask about forex trading.

Where do I learn how to trade forex in Kenya?

All the forex brokers I recommend have great Education programs for both beginners and advanced traders.

However, if you are new to trading, I recommend starting with www.babypips.com

How to choose a forex broker

Our guide will help you pick the best broker.

The best and recommended forex Broker Reviews – compared side by side.

Use this table with reviews of the top forex brokers to compare all the FX brokers we have

Broker Min Deposit Demo Trading Platforms Bonus Trading Costs
Exness $1 Yes MT4, MT5, Web, Mobile No From 0.1 pip spread
Tickmill $5 Yes MT4, Web, Mobile $30 no deposit bonus$4 per lot round-turn
IC Markets $200 Yes MT4, MT5, cTrader, Web, Mobile No From 0.1 pip spread
HotForex $5 Yes MT4, MT5, Web, Mobile 100% deposit bonusFrom 1 pip spread
XM $5 Yes MT4, MT5, Web, Mobile $30 no deposit bonus.

20-50% deposit bonus.
From 1 pip spread

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