5 Best Forex Brokers in Kenya

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Forex is the largest and most decentralized market in the world, and more people in Kenya are investing their money there. Despite the fact that there are a lot of benefits to trading forex, the inherent risk might be significantly enhanced if you don’t utilize a broker that is regulated.

In this post, we will discuss the five most reputable Forex trading firms for Kenyans to use. These brokers provide not only excellent trading conditions but also a safe and sound trading environment.

1. AvaTrade

Overview

AvaTrade is a global broker that is multi-regulated by the Central Bank of Ireland, the British Virgin Islands Financial Services Commission, the Australian Securities, and Investments Commission, the Financial Services Commission of Canada, the Financial Services Authority of Japan, and the Abu Dhabi Global Market Financial Services Regulatory Authority.

The customer care department is reachable via telephone, e-mail, or real-time chat in a number of different languages around the clock, seven days a week. For those who are just starting out in the world of CFD trading, AvaTrade provides a trading environment that is not only safe but also highly competitive.

Pros and Cons

PROSCONS
Broad range of tradable instrumentsHigh EURUSD and inactivity fees
MetaTrader 4 and 5 available
Excellent educational resources

Features

FeatureInformation
RegulationCentral Bank of Ireland, MiFID, ASiC, BVI
Minimum deposit from$100
Average spread from0.9 pips
Commissions fromNo commission on Forex
Deposit/Withdrawal FeesNone
Maximum Leverage1:400
BonusesFirst Deposit Bonus
Customer Support24/5 – multilingual

2. Pepperstone

Overview

Pepperstone provides one of the most all-encompassing environments for engaging in online foreign exchange trading. Pepperstone offers fast execution systems, a wide variety of account types, competitive pricing, and various platforms (including MT4, MT5, and complete cTrader functionality).

There are a variety of research materials offered by Pepperstone, some of which include daily articles, videos, weekly webinars, an economic calendar, AutoChartist software, Smart Trader Tools, and Delkos risk management tools.

Pros and Cons

Pros

 

No minimum deposit

Low trading fees for Forex

No added costs for withdrawals or deposits

 

Cons

 

Limited number of instruments

No additional research tools

 

 

Features

FeatureInformation
RegulationFCA, ASIC
Minimum deposit fromAUD200
Average spread from0.4 pips
Commissions from‎$3.76 commission per lot per trade
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
BonusesNone
Customer Support24/5

3. Exness

Overview

Exness was founded in 2008, and since its establishment, the company has evolved quickly in the industry. Currently, Exness counts over hundreds of thousands of live customers all over the world.

For traders of every level of expertise, Exness offers a comprehensive selection of account types and financial instruments, in addition to a regulatory environment that is licensed by both the FCA and CySEC.

Pros and Cons

PROSCONS
Well-regulated
Tight spreads
Over 130 currency pairs

Features

FeatureInformation
RegulationCySEC, FCA
Minimum deposit from$1
Average spread from1.3 pips
Commissions from3 USD and 10 USD per 1 lot for CFDs
Deposit/Withdrawal FeesNone
Maximum Leverage1:2000
BonusesStandard +10% Bonus Programme
Customer Support24/5 – multilingual

4. Scope Markets

Overview

Scope Markets makes the powerful MetaTrader 5 platform available to use on a variety of different devices, and it provides clients with access to a vast array of trading products across a number of different asset classes.

In order to get started, you’ll need to have at least $500 in your account, and if you’re a professional, you’ll have a leverage of 1:100.

Pros and Cons

Pros

MetaTrader 5 available

Excellent educational resources

Well-regulated

 

Cons

Demo account not currently available

 

 

Features

FeatureInformation
RegulationCMA, CySEC, FSCA
Minimum deposit from$500
Average spread from0.9 pips
Commissions fromVariable
Deposit/Withdrawal Fees$35 per withdrawal
Maximum Leverage1:30 retail/1:100 professional
BonusesNone
Customer Support24/5

5. FXPesa

Overview

Excellent trading software, obtainable for either the Macintosh or the Windows operating system, is made available to Kenyan investors by FXPesa.

The company has gained a lot of popularity thanks in large part to its user-friendly trading software, which can be downloaded on mobile devices running either iOS or Android.

Pros and Cons

Pros

MetaTrader 4 available

Proprietary trading platform available

Good selection of trading assets

 

Cons

Not the tightest spreads in the industry

 

 

Features

FeatureInformation
RegulationCMA
Minimum deposit from$5
Average spread from1.4 pips
Commissions fromNone
Deposit/Withdrawal Fees1% on e-wallets
Maximum Leverage1:400
Bonuses30% deposit bonus
Customer Support24/5

 

Related News: What to check before selecting a forex broker

Photo credit: The feature image has been done by Gorodenkoff.

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Christopher Isak
Christopher Isakhttps://techacute.com
Hi there and thanks for reading my article! I'm Chris the founder of TechAcute. I write about technology news and share experiences from my life in the enterprise world. Drop by on Twitter and say 'hi' sometime. ;)
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