Updated September 2026
Compare the best forex brokers for Kenyan traders, sixteen of them licensed by the Capital Markets Authority, on M-Pesa funding, minimum deposits and spreads.
Accounts sit with Kohle Capital Markets Ltd, regulated by the Mauritius FSC.
Pepperstone Markets Kenya Limited holds CMA licence 128 as a non-dealing online forex broker; M-Pesa is listed as Kenya only alongside ABSA bank wire, accounts are in USD or GBP, and swap-free is not offered.
IC Markets (KE) Limited holds CMA licence 199 as a non-dealing online forex broker and runs icmarkets.co.ke; secondary reviews say M-Pesa is not supported.
FP Markets Limited is on the CMA register as licence 193 (some press coverage quotes 103, which does not match the register); secondary reviews say M-Pesa is not offered.
Ava Trade Kenya Limited is on the CMA register with licence 262, a non-dealing licence reported on 29 May 2026; local funding methods were not verifiable because AvaTrade's site blocked our checks.
TPXMGLOBAL Kenya Limited, the entity behind xm.ke, holds CMA licence 233, announced by the CMA in September 2025; we could not verify M-Pesa or KES accounts on XM's own pages.
Exness KE Limited holds CMA licence 162 as a non-dealing online forex broker; Exness publishes an M-Pesa payment guide, offers swap-free status, and is reported to support KES-denominated accounts.
Capital.com's Kenyan entity holds CMA licence 244, read off the CMA register; CC Kenya Securities Limited is the licensed company.
Figures are indicative and not yet checked on the broker's website.
HFM's Kenyan entity holds CMA licence 155, read off the CMA register; HFM Investments Limited is the licensed company.
Figures are indicative and not yet checked on the broker's website.
Windsor Brokers's Kenyan entity holds CMA licence 156, read off the CMA register; Windsor Markets Kenya Limited is the licensed company.
Figures are indicative and not yet checked on the broker's website.
The top 10 are shown as cards. See all 57 brokers in the table
| Brokers | Min. deposit | EUR/USD from | Commission | Max leverage | Instruments | Regulation | Platforms | Local funding | Visit |
|---|---|---|---|---|---|---|---|---|---|
KCM TradeEditor's choice |
$1,000 | 0.6 pips | — | 1:1000 | 200+ | ASIC (Australia) · FSC (Mauritius) | MT4 · MT5 · WebTerminal · KCM Trade app | Local bank transfer and mobile wallets | Visit |
PepperstoneCMA licensed, M-Pesa |
$10 | 0.0 pips | $7 round turn (Razor) | 1:400 | 1,350+ | FCA (UK) · ASIC · CySEC · BaFin · DFSA · SCB | MT4 · MT5 · cTrader · TradingView | M-Pesa, Bank wire | Visit |
IC (IC Markets)CMA licensed, $0 minimum |
$0 | 0.0 pips | $7 round turn (Raw) | 1:5000 | 2,850+ | ASIC (Australia) · CySEC · FSA (Seychelles) · SCB · CMA | MT4 · MT5 · cTrader · TradingView | — | Visit |
FP Markets10,000+ instruments |
A$100 (≈$70) | 0.0 pips | $6 round turn (Raw) | 1:500 | 10,000+ | ASIC (Australia) · CySEC · FSCA · FSA (Seychelles) | MT4 · MT5 · cTrader · TradingView | — | Visit |
AvaTrade |
$100 | 0.9 pips | None (spread only) | 1:400 | 1,250+ | CBI (Ireland) · ASIC · JFSA · FSCA · ADGM FSRA · CySEC | MT4 · MT5 · AvaTrade App · AvaOptions · WebTrader | — | Visit |
XM$5 minimum deposit |
$5 | 0.0 pips | $7 round turn (Zero) | 1:1000 | 1,400+ | CySEC · DFSA · FSCA · FSC (Belize) | MT4 · MT5 · XM app & web platform | — | Visit |
ExnessM-Pesa, swap-free |
$10 | 0.0 pips | $7 round turn (Raw Spread) | 1:2000+ | 200+ | FSA (Seychelles) · FSCA · CMA (Kenya) · FCA & CySEC (B2B only) | MT4 · MT5 · Exness Terminal · Exness Trade app | M-Pesa, KES account | Visit |
Capital.comCMA licensed |
— | — | — | — | — | CMA (Kenya) · CySEC · ASIC · FCA · SCA (UAE) · SCB | — | Visit | |
HFMCMA licensed |
$0 | 0.0 pips | — | 1:2000 | — | CMA (Kenya) · CySEC · FCA · FSA (Seychelles) · FSCA | MT4 · MT5 | — | Visit |
Windsor BrokersCMA licensed |
$50 | 0.0 pips | — | 1:2000 | — | CMA (Kenya) · CySEC · FSA (Seychelles) | MT4 · MT5 | — | Visit |
 INGOT BrokersCMA licensed |
$10 | — | — | — | — | CMA (Kenya) · ASIC · FSA (Seychelles) | MT4 · MT5 | — | Visit |
 Anzo CapitalCMA licensed |
— | 0.0 pips | — | 1:500 | — | CMA (Kenya) · ASIC | MT4 · MT5 | — | Visit |
 Scope MarketsCMA licensed |
$10 | 0.9 pips | — | 1:3000 | — | CMA (Kenya) · CySEC · FSA (Seychelles) · FSCA | MT4 · MT5 | — | Visit |
 FXTMCMA licensed |
— | 0.0 pips | — | 1:3000 | — | CMA (Kenya) · FSC (Mauritius) · FSCA | MT4 · MT5 | — | Visit |
 FXPesaCMA licensed |
$100 | 0.0 pips | — | 1:400 | — | CMA (Kenya) | MT4 · MT5 | — | Visit |
 EmpireFXCMA licensed |
— | — | — | — | — | CMA (Kenya) | — | Visit | |
 IG |
$0 | 0.6 pips | None (spread only) | 1:200 | 17,000+ | FCA (UK) · ASIC · BaFin · MAS · FINMA · DFSA · FSCA | IG platform · MT4 · MT5 · ProRealTime · TradingView | — | Visit |
 Interactive Brokers |
$0 | 0.1 pips | 0.08–0.20 bps of trade value (min $2 per order) | 1:50 | 100+ FX pairs · 170 markets | SEC/FINRA · CFTC/NFA (US) · FCA (UK) · ASIC · MAS · CIRO | Trader Workstation · IBKR Desktop · IBKR Mobile · TradingView · API | — | Visit |
 Admirals |
$100 | 0.0 pips | $3.6–6 round turn (Zero.MT5) | 1:1000 | 6,500+ | FCA (UK) · CySEC · FSCA · FSA (Seychelles) · JSC | MT4 · MT5 · Admirals platform | — | Visit |
 FxPro |
$100 | 0.0 pips | $7 round turn (Raw+) | 1:200 | 2,100+ | FCA (UK) · CySEC · SCB (Bahamas) | MT4 · MT5 · cTrader · TradingView · FxPro platform | — | Visit |
 CMC MarketsNot verified |
$0 | 0.0 pips | $5 round turn (FX Active) | 1:200 | 12,000+ | FCA (UK) · ASIC · BaFin · MAS · CIRO · FMA (NZ) | Next Generation · MT4 · MT5 · TradingView | — | Visit |
 FOREX.comNot verified |
$100 | 0.0 pips | $10 round turn (RAW; $14 in the US) | 1:200 | 5,500+ | CFTC/NFA (US) · FCA (UK) · ASIC · CIRO · MAS · CySEC | FOREX.com platform · MT4 · MT5 · TradingView | — | Visit |
 eToroNot verified |
$50 | 1.0 pips | None (spread only) | 1:400 | 7,000+ | FCA (UK) · CySEC · ASIC · MAS · ADGM FSRA | eToro platform · CopyTrader | — | Visit |
 TickmillNot verified |
$100 | 0.0 pips | $6 round turn (Raw) | 1:1000 | 600+ | FCA (UK) · CySEC · FSCA · FSA (Seychelles) | MT4 · MT5 · TradingView · Tickmill Trader | — | Visit |
 SwissquoteNot verified |
$1,000 | 0.6 pips | None (Prime account) | 1:100 | 400+ | FINMA (Switzerland) · FCA (UK) · CSSF · DFSA · MAS · CySEC | MT4 · MT5 · CFXD · TradingView | — | Visit |
 Trading 212Not verified |
— | — | — | — | — | CySEC · ASIC · BaFin · FCA · FSC (Bulgaria) · VFSC | — | Visit | |
 EightcapNot verified |
$100 | 0.0 pips | — | — | — | CySEC · ASIC · FCA · FSA (Seychelles) · SCB · VFSC | MT4 · MT5 · cTrader | — | Visit |
 ThinkMarketsNot verified |
$50 | 0.0 pips | — | 1:2500 | — | CySEC · ASIC · FCA · FMA · FSA (Seychelles) · FSCA | MT4 · MT5 | — | Visit |
 FortradeNot verified |
— | — | — | — | — | CySEC · ASIC · FCA · NBRB | MT4 · MT5 | — | Visit |
 easyMarketsNot verified |
— | — | — | 1:2000 | — | CySEC · ASIC · FSA (Seychelles) · FSC (BVI) | MT4 · MT5 | — | Visit |
 IronFXNot verified |
— | — | — | 1:2000 | — | CySEC · FCA · FSC (BVI) · FSCA | MT4 · MT5 | — | Visit |
 Fusion MarketsNot verified |
$0 | 0.0 pips | — | — | — | CySEC · ASIC · FSA (Seychelles) | MT4 · MT5 · cTrader | — | Visit |
 FXOpenNot verified |
— | — | — | — | — | CySEC | MT4 · MT5 | — | Visit |
 LiteFinanceNot verified |
$50 | 0.0 pips | — | — | — | CySEC | MT4 · MT5 | — | Visit |
 EquitiNot verified |
$30 | 0.0 pips | — | 1:2000 | — | CySEC · FSA (Seychelles) | MT4 · MT5 | — | Visit |
 RoboForexNot verified |
$10 | 0.0 pips | — | 1:2000 | — | CySEC · NBRB | MT4 · MT5 · cTrader | — | Visit |
 Amana CapitalNot verified |
$50 | — | — | — | — | CySEC · BdL · CMA (Lebanon) · DFSA | MT4 · MT5 | — | Visit |
 XS.comNot verified |
— | — | — | — | — | CySEC | MT4 · MT5 | — | Visit |
 OctaNot verified |
— | — | — | — | — | CySEC | MT4 · MT5 | — | Visit |
 InstaForexNot verified |
— | — | — | — | — | CySEC | MT4 · MT5 | — | Visit |
 JustMarketsNot verified |
— | — | — | — | — | CySEC | MT4 · MT5 | — | Visit |
 NAGANot verified |
$250 | — | — | — | — | CySEC · FSA (Seychelles) | MT4 · MT5 | — | Visit |
 SkillingNot verified |
— | 0.1 pips | — | 1:200 | — | CySEC | MT4 · MT5 · cTrader | — | Visit |
 ATFXNot verified |
— | — | — | — | — | CySEC · SERC | MT4 · MT5 | — | Visit |
 AxiNot verified |
— | 0.0 pips | — | 1:500 | — | ASIC · CySEC · FCA · FMA | MT4 · MT5 | — | Visit |
 FBSNot verified |
— | 0.0 pips | — | 1:30 | — | ASIC · CySEC | MT4 · MT5 | — | Visit |
 Hantec MarketsNot verified |
$10 | 0.1 pips | — | 1:500 | — | FCA | MT4 · MT5 | — | Visit |
 HYCMNot verified |
$20 | 0.1 pips | — | 1:500 | — | FCA | MT4 · MT5 | — | Visit |
 VantageNot verified |
$50 | 0.0 pips | — | 1:2000 | — | ASIC · CIMA · FSCA · VFSC | MT4 · MT5 | — | Visit |
 PU PrimeNot verified |
$1,000 | 0.0 pips | — | 1:1000 | — | ASIC · FSA (Seychelles) · FSCA | MT4 · MT5 | — | Visit |
 VT MarketsNot verified |
$50 | 0.0 pips | — | 1:1000 | — | ASIC · FSCA | MT4 · MT5 | — | Visit |
 ZFXNot verified |
$50 | 0.2 pips | — | 1:2000 | — | FCA · FSA (Seychelles) | MT4 · MT5 | — | Visit |
 Moneta MarketsNot verified |
$50 | 0.0 pips | — | 1:1000 | — | FCA · FSA (Seychelles) · FSCA | MT4 · MT5 | — | Visit |
 AlpariNot verified |
$50 | — | — | 1:3000 | — | FSC · NBRB | MT4 · MT5 | — | Visit |
 DerivNot verified |
— | — | — | — | — | CIMA · FSC (BVI) · Labuan FSA · MFSA · VFSC | MT4 · MT5 | — | Visit |
 WeltradeNot verified |
$1 | 0.5 pips | — | — | — | FSC · FSCA · NBRB | MT4 · MT5 | — | Visit |
 BlackBull MarketsNot verified |
$200 | — | — | 1:500 | — | FMA · FSA (Seychelles) | MT4 · MT5 · cTrader | — | Visit |
No brokers match those filters.
Kenya licenses online forex brokers directly. Under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017, a broker needs a licence from the Capital Markets Authority (CMA), and as of 21 September 2026 the CMA register lists 14 non-dealing and 2 dealing online forex brokers. Seven of those licences belong to groups in our broker comparison: Pepperstone, IC Markets, FP Markets, AvaTrade, XM, Exness and Admirals.
This page ranks 20 brokers we could confirm. KCM Trade, our Editor's choice, is ranked first. CMA-licensed brokers follow, including nine from our wider directory whose licences we read off the CMA register: Capital.com, HFM, Windsor Brokers, INGOT Brokers, Anzo Capital, Scope Markets, FXTM, FXPesa and EmpireFX. Brokers licensed elsewhere come next. FOREX.com and Tickmill, whose acceptance of Kenyans is only weakly sourced, and CMC Markets, eToro and Swissquote, which we could not confirm either way, are listed further down as not verified.
Yes, and the regulated route is a CMA-licensed broker. The CMA has directed unlicensed brokers to stop onboarding Kenyan investors, and says it cannot intervene or recover funds placed with unlicensed entities. Its enforcement statements are directed at providers rather than individual traders, but a resident who uses an offshore broker does so without local protection.
The latest CMA public caution, dated 11 September 2026, names 15 entities, none of them among our 20 brokers. The company name on the account documents should match the name on the CMA register of licensed online forex brokers. See also our guide to forex scams.
The local rails found in our research are M-Pesa, local bank transfer, KES-denominated trading accounts at a few brokers, and Visa or Mastercard.
With a dollar account, shillings are converted on the way in and on the way out. The currency converter shows the market rate to compare against.
After KCM Trade, the ranking places the CMA-licensed brokers with no report of offshore booking, ordered by regulation held elsewhere and then cost. Offshore brokers and Admirals follow. Our guide on how to choose a forex broker covers the general tests.
After KCM Trade, our Editor's choice, brokers are placed by the same checks, in this order: a licence from the local regulator where Kenya issues one and the licensed entity is the one that serves local clients, depth of regulation (tier-1 and offshore licences both count), funding methods that work from Kenya, a local-language site or support desk, the cost of getting started (minimum deposit and typical spread), and swap-free accounts where traders commonly ask for them. The order is an editorial judgement, not a computed score.
A broker is ranked among the verified brokers only when we could confirm, from its own website or the local regulator's register, that it opens accounts for residents of Kenya. KCM Trade is the exception: it is our Editor's choice and is placed first on editorial grounds, and its availability in Kenya was confirmed to us by KCM Trade rather than verified from its own website. The 37 brokers marked Not verified follow them: we could not confirm from their own websites that they accept residents of Kenya, most come from our wider broker directory, and their figures are indicative until we check them. Spreads, deposits and leverage are the same figures shown on our full broker comparison; leverage and protections depend on which of the broker's entities holds your account. Broker links may be partner links that earn ForexR a commission at no extra cost to you.
Data last reviewed: September 2026. Availability, funding methods and rules change; confirm them on the broker's own website and with CMA before you open an account. This page is general information, not financial, legal or tax advice. CFDs and leveraged forex are complex instruments with a high risk of losing money rapidly.
Yes. Online forex brokers need a CMA licence under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017. The CMA has directed unlicensed brokers to stop onboarding Kenyan investors; its enforcement statements are directed at providers rather than individual traders.
As of 21 September 2026 the CMA register lists 14 non-dealing and 2 dealing online forex brokers. All sixteen are ranked here: Pepperstone (128), Exness (162), Admirals (178), FP Markets (193), IC Markets (199), XM (233, through TPXMGLOBAL Kenya), AvaTrade (262), FXPesa (107), Scope Markets (123), FXTM (135), HFM (155), Windsor Brokers (156), INGOT Brokers (173), EmpireFX (203, dealing), Anzo Capital (219) and Capital.com (244, dealing). Admirals states that no business has yet been conducted in Kenya.
Pepperstone lists M-Pesa as a Kenya-only funding method, and Exness publishes an M-Pesa payment guide. Secondary reviews say IC Markets and FP Markets do not support it, and a review reports none at FxPro. We could not verify M-Pesa at XM or AvaTrade.
IC Markets, IG and Interactive Brokers list no minimum. XM lists $5, Pepperstone and Exness $10, and FP Markets about $70. AvaTrade, FxPro and Admirals list $100, and KCM Trade lists $1,000. These are US dollar figures; we could not confirm shilling equivalents.
Our research did not establish how Kenyan tax law treats retail forex or CFD profits. Rules vary with personal circumstances, so this is a question for a local tax adviser.
No. The CMA says it cannot intervene or recover funds placed with unlicensed entities. That applies to every broker here that is not on the CMA register, and to any account opened with an offshore entity of a group that also holds a Kenyan licence.