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
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – 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
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | AUD200 |
| Average spread from | 0.4 pips |
| Commissions from | $3.76 commission per lot per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
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
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – 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
| Feature | Information |
| Regulation | CMA, CySEC, FSCA |
| Minimum deposit from | $500 |
| Average spread from | 0.9 pips |
| Commissions from | Variable |
| Deposit/Withdrawal Fees | $35 per withdrawal |
| Maximum Leverage | 1:30 retail/1:100 professional |
| Bonuses | None |
| Customer Support | 24/5 |
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
| Feature | Information |
| Regulation | CMA |
| Minimum deposit from | $5 |
| Average spread from | 1.4 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | 1% on e-wallets |
| Maximum Leverage | 1:400 |
| Bonuses | 30% deposit bonus |
| Customer Support | 24/5 |
Related News: What to check before selecting a forex broker
Photo credit: The feature image has been done by Gorodenkoff.
