Best Forex Brokers in Kenya for 2024

Yes, forex trading is legal in Kenya. However, the Capital Markets Authority issued a joint public notice in conjunction with the Central Bank of Kenya in August 2020 warning residents of numerous unlicensed trading platforms in Kenya. Accordingly, the CMA sent cease and desist orders to these unlicensed forex brokers as part of a national crackdown. It’s important to check if your preferred broker is licensed by the CMA and holds an official registration number – this will likely mean that it upholds Anti-Money Laundering (AML) requirements, such as maintaining billing records for all forex transactions over $10,000. In addition, licensed forex brokers in Kenya must maintain a minimum operating balance of 50 million shillings as part of capital requirements.

If you want to get started trading forex in Kenya, your first step will be to choose a forex broker that is highly regulated in reputable international jurisdictions. Once you’ve chosen a forex broker, you can enter the forex market and start placing trades. Check out my step-by-step guide for beginner forex traders looking to enter the forex market for the first time:

1. Go through your broker's account application process. Always make sure to read through any applicable terms and conditions.
2. Choose a deposit method for funding your account. If you want to place real readers, you’ll need to fund your new brokerage account. Choose an accepted method of deposit (PayPal is a popular choice for many forex traders) and deposit an amount you can afford to risk.
3. Check out a demo (or, virtual trading) account. Demo accounts are a great way to get familiar with your broker’s trading platform without risking your funds.
4. Put together a trading strategy. Planning is key. Developing a sound trading strategy is an important part of finding success in the forex market. Learn more about developing trading plans by checking out my guide to getting started as a forex trader.
5. Dive into the forex market for the first time. Enter the forex market, choose your desired trade size, and then open a position by clicking buy on a given currency (or open a short position by clicking sell).

IG is the best forex broker in Kenya and delivers the best forex trading platform experience for Kenyan forex traders. I’ve been testing IG’s products for years, and I’ve consistently found the broker’s trading platforms and tools to be industry leaders. IG’s customizable web platform delivers sophisticated charting and integrated forex trading signals. It’s also worth noting that IG’s clients gain access to MetaTrader 4, comprehensive educational resources, economic calendars, market analysis, and the broker’s DailyFX news portal. IG also holds more regulatory licenses across the world than any of the 60+ forex brokers reviewed on our site. Delve deeper by reading my IG review.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

After looking closely at the best forex trading apps offered by both international and local forex brokers in Kenya, I’ve found that IG’s state-of-the-art mobile trading app is the best choice for Kenyan forex traders. I’ve been reviewing and testing IG’s products for over six years, and in my opinion, IG’s mobile offering is unmatched. Traders at IG gain access to two versatile trading apps: the MetaTrader 4 (MT4) app, alongside the broker’s own flagship app, IG Trading. It’s possible to coordinate automatic alerts and access real-time trading signals or interactive charts in a seamless manner thanks to the IG Trading app’s modern, minimalist design. IG’s mobile suite was developed in-house by their own software engineering team, and excels from both a UX and functionality standpoint.

Here are some screenshots of IG's mobile trading suite, taken by our research team during our product testing.

1. IG

99 Trust Score - Most trusted broker in 2024

IG is the best forex broker in Kenya, offering access to nearly every global market through over 19,500 tradable assets. IG is authorized by eight highly trusted Tier-1 regulators and holds an overall Trust Score of 99. Trust Score is a proprietary algorithm that produces an individual numerical rating for each broker based on a variety of data-driven variables (IG holds the highest Trust Score rating in our independent database). Both beginner and seasoned traders pursuing online trading in Kenya can rest assured knowing that IG is subject to a wide range of local, regional, and global regulations.

Check out a gallery of screenshots from IG's educational resources, taken by our research team during our product testing.

2. FOREX.com

99 Trust Score - Publicly traded

When it comes to online forex trading in Kenya, FOREX.com’s multi-asset offering shines. Traders at FOREX.com gain access to their suite of proprietary Advanced Trading (desktop) and Web Trading (browser) platforms, as well as handy price charting options via TradingView. FOREX.com’s parent company StoneX is regulated in seven Tier-1 jurisdictions, one Tier-2 jurisdiction, and one Tier-4 jurisdiction. In addition to monitoring all financial transactions on its platform for Anti-Money Laundering activities, FOREX.com is a member of the Investor Compensation Fund (ICF). Learn more by reading my review of FOREX.com.

Click through a gallery of screenshots from FOREX.com's trading platforms, taken by our research team during our product testing.

3. XTB

95 Trust Score - Publicly traded

XTB’s research offerings include streaming headlines from top-tier news providers such as Reuters, an economic calendar, market sentiment, trading signals, video webinars, as well as in-depth articles that include both fundamental and technical analysis. Unlike IG and FOREX.com, XTB is not authorized in the United States, but it does hold a highly coveted UK license from the FCA and is still considered to be one of the best trading platforms in Kenya, offering a broad range of 57 forex pairs available to trade. Check out my full review of XTB.

Take a look at this gallery of screenshots from XTB's trading platforms, taken by our research team during our product testing.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.