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 2024.
🏆 Top Forex Brokers Kenya
- 🥇 XM – Best forex broker in Kenya that accept mpesa and a no deposit bonus
- 🥈 ForexTime (FXTM) – a forex broker using mpesa – easy to join.
- 🥉 TickMill – Best tight spreads and commissions forex broker in Kenya.
- 🏅 Exness – Best forex broker with instant withdrawal (No longer accepts mpesa)
- 🏅 HotForex – Best 100% deposit bonus forex broker and accepts mpesa
- 🏅 ICMarkets – The best ECN, PayPal and Multi-platform Broker
Best forex brokers in Kenya
ForexTime
 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 |
Exness
 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
 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
 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
 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
 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
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
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 bonus | From 1 pip spread |
| XM | $5 | Yes | MT4, MT5, Web, Mobile | $30 no deposit bonus. 20-50% deposit bonus. | From 1 pip spread |
