10 Best
Forex Trading Platforms and Brokers in
Kenya

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Kenya is one of the most noteworthy countries in Africa and has been on the fore front of most of the developments that the African Continent has gone through and has become one of the first countries in Africa to develop all the infrastructure needed for seamless forex trading.  

Multiple Kenyan forex traders are beginners, and will be unsure as to what to look for in a great forex broker. Forex trading is fairly new in Kenya, but more and more people are considering it to make a profit.

 

Questions often asked by beginners are “what is the best forex broker” and “how to choose the best forex broker”.

Traders need to understand the aspects of a forex broker and what makes it ideal for “you”. Here is what to look for in the best broker for forex trading: 

  • The trading accounts and platforms
  • The trading support and tools offered
  • The customer care and services offered

The trading accounts offered by a forex broker are the main reason why a trader needs a broker, and they need to ensure that they are up to par, including the customer support and tools on offer.

Customer Support is important because it is a certainty that any trader will come across some challenges while trading at some point in time. Traders must ensure that their chosen broker is available when they need them. 

In general, the main reason behind Forex’s popularity is the opportunity of having additional income, or replacing current employment income with trading income with Forex trading which will offer more flexibility and higher income, if done right. Plus, the younger generation in Kenya, and across African continent, are seeking better job opportunities than what the job market offers them. As Forex trading requires only a laptop and an internet connection it is easy to access the Forex market and a large number of free educational materials makes it possible for anyone to get the knowledge needed for trading. As a result, the number of people who starts trading and the number of successful Kenyan Forex traders in increasing.

 

What is Forex Trading?

Forex trading is the process of exchanging one currency for another, known as buying or selling currency pairs, based on predominant exchange rates from the forex market. The forex market is the largest global market, with nearly $6.59 trillion in currency traded on average, per day.

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the stock
Markets

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the stock
Markets

with 1:2 leverage
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leading stocks

What Challenges Can A Trader In Kenya Expect To Face?

Every person can be successful in Forex, and it is not too dependent on where they live. But there are some challenges that each trader can end up facing based on the environment. Here are some challenges traders in Kenya might face.

A wrong approach to the financial market

If traders are considering to start in Forex trading the ultimate goal is to be successful and make a profit. To do so, traders need to have the right approach to trading on the financial market, and finances in general. The wrong understanding of it and poor money management skills is a problem that is challenging to a large section of the population in African countries including Kenya. 

The reason behind it is the lack of financial knowledge. If a trader is striving to be successful in trading, they firstly need to make an investment in their own education. Not only a monetary investment, but also time and energy. 

Setting Unrealistic expectations on Forex trading

This is to some degree the main reason which unites all traders starting out. Many traders turn to forex trading simply because it seems so lucrative and profitable that one can get rich almost overnight. Media and Advertising tend to show the success stories of Forex traders in Kenya, and across the globe as an overnight miracle, yet these stories lack in showing how much effort and failure these stories include alongside the excellent profits acquired.

In any way, one should not have unrealistic expectations about Forex trading. As a beginner, you should understand that trading requires knowledge, skills and a lot of practice and the success will not come right away when you start. You can still be successful and make high profits just not as fast as you might think from the beginning.

Quitting Forex trading when the success is around the corner

Once a trader starts trading, they will lose money not because they are bad in trading or because it is impossible to make money through Forex but simply because it is a part of the journey. Mistakes are more than natural when traders are inexperienced, and they shouldn’t feel defeated. Traders should analyse their mistakes and learn from them. 

There are three people who come to mind when discussing well-known and successful Forex trades in Kenya. 

  • Paul Mugenda
  • Ken Githaiga
  • Silah Obegi

Paul Mugenda

Paul Mugenda’s story is one of “rags to riches” through the use of the foreign exchange market. Before his start in the forex market, Mugenda was a relatively poor student enrolled in the Technical University of Kenya and had numerous financial responsibilities, including his studies.

As a result, he decided to find a new source of income in the form of a traditional job, as an insurance broker. 

Mugenda spent a large part of his time and effort investing in this pursuit, only to find that it did not pay off and this was when a friend introduced Mugenda to the world of forex. His friend borrowed Mugenda the money he needed to get started in the trade.

Unfortunately, when this happened, Mugenda had yet to become acquainted with the world of FX and lost all of the money his friend had loaned him. Jumping ahead, within a few months, Mugenda was making a reasonable income from his Forex adventures and his wealth continued to accumulate.  Mugenda was even able to go beyond Kenya and create Paris FX, a Forex company that has gained significant profits in the past few years. 

Ken Githaiga

Githaiga’s rise to fame started with a simple Google search.  After Githaiga graduated from college, he decided that a traditional office job setting was not ideal for him and he turned to Google, searching how to make money online. 

Through his Google search, Ken Githaiga came across the concept of Forex trading and he determined that it seemed like a perfect job for him. 

This being said, Githaiga still emphasizes that Forex is by no means his full-time job. Githaiga gained most of his knowledge through the internet and he tries to be the person he needed when he was starting, sharing his knowledge gained through his successes and failures as a Forex trader with other traders starting off.

Besides strategy, one of the biggest pieces of advice that Githaiga provides is about how to minimize losses and he believes that in order to be successful in this field, individuals have to be able to accept losses and approach trading as a long-term goal. 

Silah Obegi

Silah Obegi is another Forex trader from Kenya who has encountered great success, albeit in a more traditional sense. He received a Bachelor of Business Management from Moi University and following his university career, he worked his way up in the field of finances. He is currently the C.E.O. at Meta Capital Limited.

Thank to his experience relating in the financial fields he has been able to develop an automated Forex trading system that is incredibly lucrative and his position as the Director at Nairobi School of Forex allows him to share his knowledge of the Forex trading system.

Beyond this list, there are many other Kenyan Forex traders who are still doing fairly well even though they haven’t as yet broken boundaries.

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the stock
Markets

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on the world's
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Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

What is a Forex Broker?

When it comes to trading foreign currency, traders will make use of a forex broker, also known as a currency trading broker, to place their trades. When a trader trades forex, they will buy or sell in currency pairs, e.g. “EUR / USD” (Euro / U.S. Dollar). 

The Best Forex Trading Platforms and Brokers in Kenya

iTrader best brokers

iTrader

iTrader is a MetaTrader-only broker with entities regulated in the EU and Belize and offers traders a basic experience across the board, education and a low minimum for its Platinum Account offering, in which spreads are comparably lower.

Feature

ForexTime

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

50

CFDs – Total Offered

260

Social Trading / Copy-Trading

No

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

iTrader offers traders three commission-free account types, which include its Silver, Gold, and Platinum account offerings and iOS and Android versions of the MetaTrader 4 mobile app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively.

iTrader represents the brand name of Hoch Capital LTD, a Cyprus-based investment firm, which received its CySEC authorization in 2013.

my choice fx

MyChoiceFX

MyChoiceFX is a MetaTrader-only broker regulated in Belize and offers traders several dozen Forex pairs and CFDs.  MyChoiceFX was founded in 2010 and is considered high-risk.

Feature

ForexTime

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

38

CFDs – Total Offered

12

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

MyChoiceFX offers the Classic and Pro account types where the commissions and fees vary across each one and is a MetaTrader-only broker, who offers the suite of platforms developed by MetaQuotes Software Corporation, including the MetaTrader 4 (MT4) platform.

OctaFX

OctaFX

OctaFX (Cyprus) is a Forex and CFD broker which offers its clients two account types and a choice of two great platforms.

Trading account 

Recommended deposit

Max. leverage* 

Spread (+ commission) 

Platform

Conservative Trader

 €100

1:30

0.5 pips

MT5

Progressive trader

 €100

1:30

0.3 pips + $6 /lot 

cTrader

OctaFX was founded in 2011 and is an international award-winning forex brokerage with an excellent reputation and many years of experience.  Octa FX offers its clients a choice of two trading platforms: MetaTrader 5 (MT5) and cTrader.

OctaFX is regulated by the British Financial Conduct Authority (FCA), one of the strictest forms of regulation in the Forex industry.

FP Markets

FP Markets

FP Markets is an online broker which was founded in 2005 and offers Forex trading.  FP Markets is a global broker and have a head office situated in Australia.  FP Markets is regulated by Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) and is used by over 10,000 traders.

FP Markets is a sponsor of events and sports which helps FP Markets give back to the community and build brand awareness.  Traders can trade in a wide variety of over 100 instruments and

trading currency pairs on offer are over 60 currency pairs.

Pros

Cons

Low forex fees

High stock CFD fees

Easy and fast account opening

Limited product portfolio

Quick deposit and withdrawal

Outdated web and desktop platform

FP Markets Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

FP Markets Trading Accounts Offered:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Managed account
  • Islamic account

FP Markets offers the popular MT4 forex trading platform alongside mobile apps for Android and iOS, making it easy to keep an eye on and execute trades on the move.

FBS

FBS

FBS offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro lots in Cent accounts for more precise risk management.

Account type

Minimum deposit

Minimum trade size

Maximum leverage

Spreads

Cent

$1

0.01 lot

1:1000

from 1 pip

Standard

$100

0.01 lot

1:3000

from 0.5 pips

Zero Spread

$500

0.01 lot

1:3000

0 pips + $20/lot

Micro

$5

0.01 lot

1:3000

fixed, from 3 pips

ECN

$1000

0.1 lot

1:500

from -1 pip + $6/lot

FBS is a popular international broker and offers clients competitive trading conditions, a wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.  An account with FBS can be opened for just $1.

The activities of FBS are regulated by the International Financial Services Commission.

HotForex

HotForex

HotForex offers traders a variety of account types to choose from including fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. Beginner traders can sign up for Micro accounts with a minimum deposit of as little as $5, and micro lots are available for trade on all accounts.

An Auto Account, which enables traders to subscribe to free and paid Trading Signals from the MQL5 Community and a HF Social account, which provides trading powered by FxStat is also on offer.

Account type

Minimum deposit 

Minimum trade size

Maximum leverage

 Average Spreads 

Micro 

$50

0.01

1:1000

 1.2 pip on EUR/USD

Premium

$500

0.01

1:400

1.2 on EUR/USD

Fixed

$500

0.01

1:400

1.8 pip on EUR/USD

Zero

$100 

0.01

1:200 

0.1 pips on EUR/USD + commission $4 per lot traded (per side)

Currenex

$500

0.01

1:400

0.2 pips on EUR/USD + commission $5.00 per lot traded (per side)

VIP

$20,000 

0.01

1:300

0.2 pips on EUR/USD + commission $6.00 per lot traded round turn

HotForex is a retail forex broker, offering attractive conditions for trading in a wide range of instruments, including Forex, Spot Metals and CFDs on commodities, indices and popular shares such as Google, Apple and Facebook.

HotForex is regulated by the St. Vincent & the Grenadines regulatory authority, the CySEC in Cyprus, and the FSC of the Republic of Mauritius under the HF Markets moniker.

Tickmill

TickMill

TickMill offers traders 2 basic account types, accessible through the popular MetaTrader 4 platform and offers market execution with average speed of 0.3 seconds, variable spreads, leverage up to 1:30 and micro tradeable lots. The Classic account is commission-free and The Pro ECN carries a charge of a small commission fee and get tighter spreads.

Account type

Minimum deposit 

Minimum trade size

Maximum leverage

Spreads (& Commission)

Classic

$100

0.01

1:30

From 1.6 pips

Pro

$100

0.01

1:30

0.2 pips + $4 / Lot*

 *Commission is calculated per standard lot of 100 000 units round trip.

TickMill supports the MetaTrader4 (MT4) platform, available for Mac/Windows PC, Android & iOS devices and as a web-based version and accepts a wide range of payment methods: via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, Neteller, dotpay, and Sofort.

TickMill Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Authority (FSA). 

AvaTrade

AvaTrade

AvaTrade is an excellent partner for all types of trader, be it beginner or pro – with over 200,000 active traders around the globe, on both the MetaTrader 4 and AvaGo platforms.  AvaTrade offers great trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

 

Min. Deposit

Max. Leverage

Min. Spread

Commission

Islamic

USD 100

400:1

1.3 pips

None

Professional

USD 100

400:1

1.3 pips

None

Retail

USD 100

400:1

1.3 pips

None

AvaTrade does not charge their clients for making deposits and withdrawals and the only costs are the bank card, e-wallet, or bank transfer fees.  Traders have access to professional customer support, 24 hours a day, five days a week.

AvaTrade is a global CFD and FX broker regulated by several financial authorities, such as the Central Bank of Ireland and besides English, traders can chat in a lot of other languages including Arabic, Chinese, French, Italian, German, Russian and more.

Blackstone Futures

Blackstone Futures

BlackStone Futures was founded in 2009 and is an established FSCA-regulated broker based in Johannesburg, South Africa and offers traders both ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms. Traders just starting out receives excellent educational support.

Trading Conditions include –

Minimum Deposit

ZAR 1000

Base currencies

ZAR, USD

Number of FX Pairs

32

Hedging Allowed

Yes

Scalping

Yes

Swap-Free Accounts

No

BlackStone Futures only allows withdrawals via bank transfer, and apart from the Economic Calendar and Market Sentiment tool, BlackStone Futures also offers daily market analysis via its social media channels.

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In Conclusion

Overall, each trader will have their own beliefs and perspectives on the subject matter, but there are certain all-encompassing ideas that span across Kenyan Forex trading success stories, as well as around the world. The general trends show that a majority of Forex traders are supporters of using technical analysis for the best results but there are various other methodologies which can be used to secure good results.

To truly understand the strategies that go into Forex trading in Kenya, it requires a further inquiry into each individual belief.

That being said, there are some pieces of advice that are almost universally agreed upon by successful Forex traders across the globe and nearly each individual who participates in Forex trading does so with the understanding that even with the right knowledge, there is a chance that they can lose it all.  The Forex trading market, though it can be rewarding at times, also has a significant aspect of risk. 

The most common piece of advice across the board to minimize losses is to proceed with heed and using low leverage and properly calculated position sizing. With lower leveraging and proper position sizing, there is a lower risk of damaging losses and ultimately bankruptcy. 

While there is not an ultimate ‘magical’ success formula for Forex trading there are still some tips that can help traders become better with their trades and shorten their way to success.

These Tips include:

 

  • Traders should make a plan that shows their short- and long-term goals that are realistic and measurable. Traders should stick to the plan but at the same time be flexible and ready to make a quick change when it becomes necessary.
  • Traders should keep a trading journal and write down their trades, how profitable they were and which strategies they have used in the past. From time to time, they should go back to them as it will help them see what they are doing well and what they need to change and areas that might need some more work!
  • Even if a trader’s trades are exceptionally successful, they shouldn’t stop educating themselves.  Learn from the successful Forex traders in Kenya that were once in your position and take a look at the best of the best from around the world.  Many success stories start in a similar manner and can act as a boost when a trader needs it the most.
  • Traders should not invest a lot of capital from the start and they should choose to concentrate on only one or two currencies. This will stop traders from becoming overwhelmed and they will be able to make well-informed decisions with a clear mind.

No trader can be completely invested in trading, especially when starting out – without the proper knowledge and understanding to know what works and what does not.

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