Compare Brokers in Kenya

For our kenya comparison, we found 24 brokers that are suitable and accept traders from United States of America.

We found 24 broker accounts (out of 147) that are suitable for Kenya.

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Forex.com

Spreads From

EURUSD 1.0 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About Forex.com

  • Regulated by: Financial Conduct Authority.
  • Established in 1999 HQ in United States.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

70% of retail investor accounts lose money when trading CFDs with this provider

Read our in-depth Forex.com review

IG

Spreads From

EURUSD 0.6 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About IG

  • Regulated by: Financial Conduct Authority and ASIC.
  • Used by 195,000+ traders.
  • Established in 1974 HQ in UK.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

74% of retail investor accounts lose money when trading spread bets and CFDs with this provider

Read our in-depth IG review

Account type
EUR/USD Spread From
Commission
Execution
Min. Deposit
CFD
0.6
Fixed Spreads
Yes on share CFDs
STP
$250
Spread Betting
0.6
Fixed Spreads
None
STP
$250
Share Dealing
None
Fixed Spreads
£5
DMA
$250

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

Best Online Brokers for Kenya

Kenya’s financial services sector dates back to the 1950’s, with the East African’s market-based economy commonly considered one of the economic, financial, commercial and logistics hub of East Africa. With 79% of the country’s population of 52.1 million people currently under the age of 35, Kenya is considered a “young” country.

The primary stock market in Kenya is the Nairobi Securities Exchange (NSE) founded in 1954, Nairobi. In 2014, the NSE demutualised itself and self-listed. The NSE provides a basic listing service in stocks and stock derivatives. It also lists Real Estate Investment Trusts (REITs) and exchange traded funds (ETFs).  The exchange also provides a market for trading Kenyan government and corporate debt securities.

Bonds listed on the NSE include the M-Akiba Bond for retail buyers, a Kenyan Government issued bond aimed to raise money for infrastructure projects. Furthermore, the NSE lists Green Bonds that are a target to helping address risks and social impacts resulting from Kenya’s exposure to climate change and environmental degradation.

The primary broad stock index for the Nairobi Securities Exchange is the NSE ALL SHARE Index that is a market cap weighted index which includes all the securities listed by NSE.  Narrower blue chip indices include the NSE 20 Share Index and the NSE 25 Share Index. These are price weighted indices that respectively consist of the top 20 and 25 most actively traded stocks on the NSE.

Kenya’s national currency is the Kenyan Shilling (KES), which is issued and managed by the Central Bank of Kenya (CBK). The shilling is further broken down into 100 smaller units known as cents. As of 2016, the Bank for International Settlements (BIS) did not rank the Kenyan shilling among the top 35 most actively traded currencies. The KES also did not rank among the most popular currencies held as reserves by central banks in 2018, according to data from the International Monetary Fund (IMF).

The primary Kenyan financial sector regulator is the Capital Markets Authority (CMA) of Kenya that was formed in 1989 under the Capital Markets Act.  This regulator aims to help Kenya’s capital market become a sound choice for investors and issuer through enforcing strict regulation, encouraging innovation and enhancing investor protections. Any forex broker or other financial institution operating in Kenya needs to be authorised by the CMA.

How to Trade in Kenya

Relatively few reputable online forex brokers are situated or have offices in Kenya, although traders living in Kenya can deposit money for online trading using accounts with foreign brokers that will accept them as clients.

Most brokers provide a website and customer service in English. If accessing a broker’s website in a language other than English is important, then it is recommended that you ask in advance if that broker can cater for your language needs. Unfortunately, few foreign brokers offer language services in Bantu Swahili.

Remember also that any broker located outside of Kenya should be regulated strictly in its local jurisdiction and ensure client funds are separate from its own in segregated accounts. Brokers should also have good general reputations with their clients, in addition to an acceptable range of products and services.   

The majority of online forex brokers allow traders to practice and develop strategies by offering demo accounts that are funded with virtual money. Additionally, online brokers also offer funded accounts that require a minimum initial deposit before live trading begins. Also, some brokers offer Sharia complaint accounts which have no swaps on rollovers. 

The asset classes available to be traded through online brokers varies considerably between different brokers. The majority of online brokers offer some type of forex trading that encompasses the major currency pairs. Furthermore, contract for difference (CFD) trading is quite common outside of places such as the United States, and CFDs typically allow for trading in a broader range of assets.

Moreover, regarding stock trading, the Nairobi Securities Exchange (NSE) aims to provide fair and transparent markets throughout several asset classes, as well as in Kenyan stocks. NSE trades are also generally executed in Kenyan shillings, and live trading has taken place through the automated trading systems of the NSE since 2006.

Biggest Opportunities of Trading in Kenya

Kenya’s urban areas, especially Nairobi, are noted for their large number of educated English-speaking multi-lingual professionals, largely viewed as a positive attribute for foreigners looking to establish businesses there.

Kenya also provides a number of additional opportunities for businesses:

  • Mining – While Kenya’s mineral resources are limited, the country is an important source of high value metals like gold and titanium.
  • Construction and Real Estate – According to the U.S Department of Commerce, construction and real estate make up some of the fastest growing sectors in Kenya.
  • Technology – This is another sector that has seen considerable growth in the last decade. Kenya offers high internet access rates, including fast 4G and 4G LTE services, stimulating ecommerce and other internet-based services.
  • Tourism – Kenya’s tourist arrivals increased by 12% in 2016, and the sector’s earnings increased by 17% to around USD $1 billion.

Overall, when it comes to obtaining credit, Kenya achieved a ranking of 8th among countries surveyed by the World Bank. Kenya also ranked favourably at 11th for protecting minority investors, and 61st in the general ease of doing business there.

Biggest Challenges of Trading in Kenya

As a consistent net importer with negative balance of trade numbers since 1998, Kenya’s economy may potentially suffer from trade disputes, tariffs and the failure of key trade agreements. Nevertheless, Kenya’s relatively low ratio of trade to GDP of 37% would tend to mitigate its economy’s vulnerability to trade disruptions.

Moreover, the World Bank ranked Kenya rather low for dealing with construction permits, starting a business, registering property and trading across borders at 128th, 126th, 122nd and 112th respectively in those areas.

Summary

In summary, traders and businesses may well find Kenya a challenging place to do business. Nevertheless, the country did rank well in 8th place from the World Bank on the ease of obtaining credit, as well as an overall 61st overall ranking by the World Bank for the ease of doing business.

While Kenyan financial institutions receive oversight by Kenya’s CMA, it is advisable to beware of frauds when trading online.  Before deciding to choose an online broker to trade through, ensure that the broker offers a decent asset class range, are well regulated, have a good reputation and a fully functioning trading platform. Additionally, brokers should also provide a safe place to make a margin deposit by segregating its clients’ funds from their own.

Why Choose Forex.com
For Kenya?

Forex.com scored best in our review of the top brokers for kenya, which takes into account 120+ factors across eight categories. Here are some areas where Forex.com scored highly in:

  • 19+ years in business
  • Offers 300+ instruments
  • A range of platform inc. MT4, Web Trader, NinjaTrader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 1.00pips
  • Used by 0+ traders.
  • Offers demo account
  • 1 languages

Forex.com offers one way to tradeForex. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

Forex.com have a AAA trust score. This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being segregating client funds, being established for over 19

Trust Score comparison

Forex.com IG
Trust Score AAA AAA
Established in 1999 1974
Regulated by Financial Conduct Authority Financial Conduct Authority and ASIC
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of Forex.com vs. IG


Want to see how Forex.com stacks up against IG? We’ve compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Forex.com IG
Fixed Spreads
Variable Spreads
EUR/USD Spread 1.00 0.60
GBP/USD Spread 0.9 0.9
USD/CAD Spread 0.9 1.7
USD/JPY Spread 0.90 0.70
DAX Spread 250.0 1.0
FTSE 100 Spread 150.0 1.0
S&P500 Spread 50.0 0.4

Comparison of account & trading features

Forex.com IG
Platform MT4, Web Trader, NinjaTrader, Tablet & Mobile apps MT4, Mac, Web Trader, L2 Dealer, Tablet & Mobile apps
Services Forex Forex, CFDs, Spread Betting, Share dealing
Base currency options USD, GBP, EUR USD, GBP, EUR, CHF, JPY, SGD, AUD
Funding options Bank transfer, Cheque, DebitCard, Payoneer, Credit cards, Bank transfer, PayPal, MasterCard, BPAY, DebitCard,
Micro account
ECN account

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.