Online trading apps in kenya

Forex.Com scored best in our review of the top brokers for kenya, which takes into account 120+ factors across eight categories.

Huge forex bonuses

Compare Brokers in Kenya, online trading apps in kenya.

Here are some areas where forex.Com scored highly in: 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.

Compare brokers in kenya

For our kenya comparison, we found 23 brokers that are suitable and accept traders from united kingdom.

We found 23 broker accounts (out of 147) that are suitable for kenya.

Forex.Com

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About forex.Com

Platforms

Funding methods

79% of retail investor accounts lose money when trading cfds with this provider

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About IG

Platforms

Funding methods

76% of retail investor accounts lose money when trading spread bets and cfds with this provider

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About XTB

Platforms

Funding methods

82% of retail investor accounts lose money when trading cfds with this provider.

Avatrade

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About avatrade

Platforms

Funding methods

79% of retail investor accounts lose money when trading cfds with this provider.

Plus500

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About plus500

Platforms

Funding methods

71.4% of retail CFD accounts lose money

Axitrader

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About axitrader

Platforms

Funding methods

68.5% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Etoro

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About etoro

Platforms

Funding methods

71% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

XM group

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About XM group

Platforms

Funding methods

78.04% of retail investors lose money when trading spread bets and cfds with this provider.

City index

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About city index

Platforms

Funding methods

73% of retail investor accounts lose money when trading cfds with this provider

Easymarkets

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About easymarkets

Platforms

Funding methods

83% of retail investor accounts lose money when trading cfds with this provider.

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 8 th among countries surveyed by the world bank . Kenya also ranked favourably at 11 th 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 128 th , 126 th , 122 nd and 112 th 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 8 th place from the world bank on the ease of obtaining credit, as well as an overall 61 st 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

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.

Online forex trading in kenya 2020

How does forex trading in kenya work? And how can I start trading forex?, what is online forex trade? Do we have successful forex traders in kenya? How much do I need to start forex trading in kenya?

These are some questions kenyans are asking regarding online forex trading in kenya. Well, we are going to answer your questions.

Forex trading in kenya

Online forex trading in kenya is known as a lucrative business, but only a few people know of it.

Given that, online forex trading is the world’s most profitable and most persistent trading market, and it is as well growing in popularity.

Kenyans have been in forex trading for a long time now and introducing the idea in kenya would be a great way to empower investors in search of financial independence. Forex trading in kenya gives youth access to an investment opportunity in kenya.

How do I start trading forex?

I know there are several successful forex traders in kenya, but this does not stop you from becoming one.

It is a matter of knowledge and brains in online forex trading. So take the following in mind when engaging in forex trading in kenya.

Trading platform & software

Your primary tool as a kenyan forex trader will surely be your computer. It means you will also need a good trading platform. For this review, let us use metatrader 4, which is available with most brokers across the world.

The platform has a lot of useful features inside of it, such as chart station where you can upload as many symbols as you want and change their timeframes from 1 minute to 1 month.

You can also do backtesting of your strategy there. All most popular technical indicators are there, and you can create one of your own if you know how to do some programming on the station.

Somebody else can do that for you too. You can use a robot that will do the trading for you, so you will not have to sit glued to your pc screen all day.

A broker may have a trial version platform, which you should check out. Test out the trading platforms before you deposit.

Forex trading in kenya is not well regulated, and choosing a broker can sometimes be a problem. Some companies offer online trading.

Take note of frauds

But you need to be very careful as the company could be a complete fraud or government officials can charge you with doing something illegal. A recent scandal is that of the VIP portal that scammed some investors in limuru.

If you do decide to start trading, you will need to look for a broker that is recognized by an authorized governmental institution as a legal entity.

You would also want to check what trading platform the company has if any at all. The lower the commissions the company offers, the better.

You should also open the type of account that fits your capital size best. A broker should care about you as a trader and offer excellent customer service. Additional services would act as a bonus for you too.

See a list of forex brokers in kenya

Account types

There are different account types that traders can choose from based on the size of their capital.

How much do I need to start forex trading in kenya?

Micro account – you can start trading currencies with as little as a few hundred. If you do not have much money or are not willing to invest heavily in forex trading, a micro account is an excellent place to start. Some will require as low as $100 or ksh 10,000

Mini account – if you are looking at investing more than ksh100,000 on forex trading, a mini account is a best-suited account for that amount. Your risks and rewards increase exponentially if you trade this type of account.

Official account – if you intend to trade much larger volumes and have over 10 thousand dollars, you can try to apply for a standard account and trade volumes that exceed 100k. Remember, the more considerable the amount you trade with, the higher the risks are.

Brokers make money charging fees on your transactions. As such, it is reasonable to expect excellent customer service on their behalf. It does not matter whether a broker is native or foreign; you should be served well as long as they operate in kenya.

They should also resolve trading-related problems and issues in a fast and effective way. If a broker ignores you, you should not open an account with him or close it if you have opened it.

Additional services

Brokers compete with each other trying to gain as many customers as possible, and they often do it by offering extra services.

Those may include free educational materials in video, audio and text formats, various market analysis on weekly and daily time frames, financial news feed.

You may expect some annual, quarterly or even monthly contests for traders. So, the more extra services they offer, the better for you. After all, it shows whether the broker cares about their traders or not.

Becoming successful forex traders in kenya

The first step is to learn, so visit baby pips and make sure you complete the course.

You can follow the following tips to be safe and be among the successful forex traders in kenya;

Do extensive research online and offline – start on google and look at different online brokerages. To help with your research, look for the following before engaging an online forex broker:

Get someone who has been doing forex trading and is a real successful forex trader in kenya. You can start with a friend or someone you know online. Look for someone who has been in the industry for ten years or more.

Read reviews online; there are plenty. You can also watch some youtube videos.

Check if a significant oversight body regulates that brokerage. As of writing this post, there is one kenyan licenced broker. So you can be assured of their transparency and honesty.

Make sure you check the broker’s website. If it is professional and active, then it may be the right firm but check out for signs that things are not what they seem to be.

EGM securities kenyan forex broker

While the regulations in kenya may not be as strong, the kenyan government through kenya’s central markets authority is working around the clock to ensure that laws regulating both local and offshore forex brokers are put into place.

The most recent achievement is the licensing of EGM securities which quickly becomes the first kenyan forex broker to be authorized by kenya’s central markets authority.

Mr ng’ang’ a says that the forex market is worth over $5.3 trillion and kenya has been a significant contributor in the forex markets.

As such, EGM securities kenya chose kenya since it is a renowned innovator in the financial sector. On that note, EGM securities have made it easy for kenyan traders to deposit money by providing M-pesa deposit and withdrawal processes, among others.

Being regulated by the kenyan government, kenyan traders should not have reason to worry now. Most offshore forex brokers were unregulated which saw many kenyans lose their investments and even lost hope in forex.

Like other forex brokers, EGM provides macro opportunities for its traders by allowing them to trade with precious metals such as gold, oil, and foreign exchange, among other commodities.

For security sake, kenyan traders should move to EGM securities kenya, which is regulated by our government; hence, any problems can be followed closely.

Online forex trading in kenya conclusion

Despite the fact, that legal framework for forex regulation in kenya are weak, brokers there are quite active, and you can always open an account with the most reliable brokers.

If you do not know any, it would be better if you consulted with friends who are familiar with the online forex trading industry to avoid losing your investment.

How to select an online trading app in kenya that is right for you

Retail online trading has been a growth industry around the world & in kenya too for the past few years. The COVID-19 pandemic & the rise in market volatility caused by the events have caused huge spike in number of retail traders lured by thoughts of making quick money. Many brokers have reported record trading volumes & new customer signups during the first half of 2020.Some of the popular regulated brokers in kenya have gained the trust of a significant number of traders. In the last few years, the number of brokers in kenya has marginally increased on the web as well as on mobile for stock and forex trading.

The popular trading apps in kenya include fxpesa, faida investment bank, SBG securities, pepperstone, scope markets etc.

The rise of online trading platforms has allowed individuals easy access to the financial markets while working from home. However, this has also given rise to number of scam brokers too. So, choosing a right platform is really important for safe investing.

Besides safety, traders must also have access to tools for market research, charting capabilities, live market feed, and news services. Good trading platforms often offer these services free to cost to their clients.

If your broker doesn’t offer a specific tool, you would probably need to find independent services on the internet like tradingview, reuters, bloomberg, marketwatch. But its best to find a platform that offers all the tools that you would need to make efficient trading decisions.

You must ensure that the trading app you are choosing provides all the necessary tools and is also secure & trustworthy by keeping these below factors into consideration.

Know your needs and objectives

Every trader has a different perspective of trading online and seeks different outcomes through different strategies. If the trader is aware of the goals and objectives, choosing a suitable broker becomes an easy task.

The choice of a broker can vary according to financial literacy, trading instrument, trading strategy, etc. But as a general rule, the broker that you choose should offer suitable tools and services that you need for your analysis, and easy access to your desired financial instruments.

A day trader will be more interested in a broker that offers custom leverage, lower fees per trade if you trade higher volumes, charting tools for technical analysis, risk management tools like stop loss, negative balance protection, etc.

Similarly, a long-term trader would seek a broker that offers multiple trading instruments, asset classes to diversify the portfolio and charges lesser non-trading fees.

The selection of a broker must be done according to your personal trading requirements.

Variety of instrument, trading assets, and accounts available

A broker that offers excellent service for stocks, futures, and options might not offer the same quality of service for forex and CFD and vice versa.

Each broker has a specialization for different types of instruments and is popular among traders for specific services. Traders must choose a broker in accordance with the trading instrument you are looking to trade.

If you want to diversify your portfolio then you might want a platform that has access to multiple markets. Research all the regulated brokers in kenya, and check the instruments on their platform & markets, asset classes that they offer.

Another point to note is that some brokers offer multiple types of accounts to suit the demands of different types of traders and investors. Some account types can have lower spread but the overall maintenance fees can make it costly for the traders who do not trade frequently.

An insightful trader must select the broker that offers a convenient account type & the trading instrument that you want to trade at reasonable prices.

Before selecting any platform, analyze all the pros & cons, and all the available features of the different account types, and compare it with other regulated platforms in the market.

Broker’s reputation and regulation

It is very important to check the reputation and verified reviews of a broker by the experts and past clients before you deposit any funds with them.

Most of the brokers in kenya are new in the industry while some have been operating for more than a decade. Traders must check the background and history of the broker to ensure the safety of their invested money.

Also check how the brokerage firm has performed and served the clients during bearish as well as bullish market trends in the past. Are there any bad reviews? If there are, then for what reasons?

Regulation or license is a very important factor that must be considered by every trader before choosing a broker.

Regulatory authorities keep an eye on the activities of a broker and safeguard the traders while offering them protection. Traders must ensure that the selected broker is regulated by regulatory authorities in kenya & preferably across multiple jurisdictions.

For example: kenyan traders looking to trade in forex market must choose CMA regulated forex brokers, while for stock trading you should trade with a NSE licensed broker.

There are currently only 3 brokers licensed by CMA for forex trading in kenya which are fxpesa, scope markets & pepperstone kenya, whereas there are 15 licensed NSE stock brokers.

The insurance cover, segregated funds & support by a banking firm can be an added advantage for the safety of your funds.

Platform options and ease of use

For a smooth and efficient trading experience, a trader must ensure that the broker provides convenient and user-friendly trading platforms on all 3 devices i.E.: desktop (both PC & mac), web & mobile (iphone & android).

The availability of fast & feature-rich trading platform on the web and mobile can enhance the trading experience and allow trading anytime and anywhere.

The management of your account, funds withdrawal, access to support should be easily available from inside their platform. The trading platform should also be secure & it is best if it includes 2 factor authentication & multi user support.

The layout and design of the trading platform should allow traders to quickly place new orders & close them without delays. The chosen trading platform should also provide regular updates through SMS, email etc. To notify the activities of the trading account.

Trading tools availability

Some brokers offer more advanced charting and analytical tools than others.

Features including margin, leverage, stop loss, and details of trades executed in the past should be easily accessible. The availability of algorithmic trading tools like expert advisors (eas) can also be useful.

Traders must also check whether the broker provides real-time data of the capital markets along with the regular news and updates.

Trading & non-trading fees

Each broker in kenya charges different fees for different trading instruments.

You must check & compare all the fees and commissions involved in the trades of each instrument. The fees and commission can greatly affect your profit and loss from a trade. But look at the overall fees, including spread, commission, maintenance charges, inactivity fees, withdrawal & deposit fees etc.

Some brokers can charge very high non-trading fees like inactivity fees, maintenance fees, or any other fees that have to be paid without making trades. Brokers with high non-trading fees should be avoided.

But remember that, lower fees should not be the only basis for the selection of a broker. Some of the new, unregulated, or unprofitable brokers might offer cheap services to gain clients and promote business.

Demo account

Most of the new traders lose due to a lack of experience and knowledge of the risks.

Demo account can be useful for beginners who seek to learn the basics, and can help you build your strategies for different market conditions before making actual trades.

If the trading instrument involves high risk, it is always advisable to gain decent experience via virtual trades on a demo account.

Most brokers offer demo account like fxpesa & pepperstone. Beginner traders must choose a regulated broker that offers a demo account, which allows you to practice without the risk of losing any real money.

Ease of withdrawal and deposit

Unregulated brokers operating in kenya would not be transparent with the traders about the methods of withdrawals and deposits and the charges associated with it. Deposits with such brokers would be easier than withdrawals.

You must make the required effort to inquire about every information regarding withdrawals and deposits. And also check reviews whether other traders faced issues during withdrawals. If they did then for what reasons?

Also, check the fees & limits for deposits & withdrawals. Some brokers might offer free of cost withdrawals and deposits while some charge variable fees for different withdrawal and deposit methods.

The minimum limit for withdrawals and deposits should also be checked before selecting any broker.

Be wise in choosing a trading platform

Due to a consistent rise in trading demand in kenya, the number of brokers has also increased significantly in the last few years.

The brokerage industry is getting highly competitive in kenya & the costs are getting lower – this can be advantageous to the traders, but only if you are insightful and informed about the available options.

You should check and compare features, fees, instruments available, and technical tools – and then choose the most convenient broker for your requirements. As a rule, only choose brokers that are reputed & licensed in kenya for offering the instrument that you want to trade or invest in.

Also, new traders must only trade with virtual money in a demo account before making actual trades, until you have a working strategy & experience. Assess your goals, objectives, and risk factors before investing in any trading instrument. If you are a beginner then it is better to seek advice of a licensed investment adviser before choosing any platform.

Best stock trading apps in kenya 2021 (top 10)

Finding the best stock market app as a kenyan investor can be a difficult process. Most especially getting the ones that accept kenyan stock traders and would let you trade stocks on your ios or android device. Don’t worry, we’ve got you covered!

We’ve listed the top best stock investment apps that would let you as a kenyan stock trader, trade growth stocks, tech stocks, small-cap, mid-cap and large-cap stocks.

Here’s a breakdown of the top 10 best stock trading apps in kenya:

XM – best overall stock trading app in kenya.

Hotforex – most trusted stock trading app.

Etoro – best app for stock copy trading.

IQ option – ideal app for beginner stock traders.

Olymp trade – best online stock trading app experience.

IC markets – best stock trading app with lowest spreads.

Octafx – award winning international stock trading app.

Expertoption– best app for everyday stock investors.

Alpari – great app for dedicated stock traders.

FXTM – best app for online stock trading.

Best stock trading apps in kenya video

Below is the list of all the best stock investment apps that accept kenyan traders. We’ve also included the pros & cons of each of the stock trading apps with links to download them on your device.

Best forex broker in kenya

Online forex trading is fast becoming popular in kenya but so is the risk of falling victim to ponzi schemes. Kenya being a fairly new trading market as compared to south africa and nigeria, requires regulated forex brokers to support new and seasoned traders.

Globex360° is a leading global online trading provider allowing investors to trade in forex and cfds, indices, precious metals, energy and cryptocurrencies. Our state-of-the-art online trading platform (metatrader 4) provides complete quality assurance ensuring the best and most transparent online currency trading experience in kenya.

How to start with forex trading in kenya?

The key to get successful in forex trading is to get the timing right and make a profit based on the price movements. However, if you’re new to the field, the we recommend you to follow the steps mentioned below:

Consult the best forex trading broker in kenya.

Open a trading account for forex trading.

Make a deposit using the suggested payment method.

Download the broker’s forex trading platform on your computer, tablet or smartphone.

Start trading in forex.

The liquidity of the market has made it an attractive investment avenue for traders worldwide. As per BIS, the average tradition volume stands around $6.6 trillion per day over the globe.

Forex trading can be done 24-hours a day so investors enjoy high leverage in this market unlike the stock market. Talk to one of kenya’s best forex trading brokers to develop a workable trading strategy to yield good results.

How globex360 helps with A successful online forex trading experience in kenya?

Kenya’s forex trading market can be extremely rewarding with more than 70,000 forex traders estimated to be currently operating in the market. However, not every online forex trader is fortunate enough to enjoy high returns on investment and thus educating yourself of the risk factors gives you an advantage.

Volatile forex market that fluctuates at slight economic activity

High risk of leverage

Unreasonable high investment

Poor regulatory control

Having a globally recognized and experienced forex trading broker in kenya like globex360 helps traders make informed decisions to earn more than they are willing to invest.

One of the world’s best online forex trading platforms – metatrader 4

Powerful forex trading app for android and apple ios users.

Educational programs such as webinars and seminars

Flexible deposit options

Easy withdrawals with no fees charged

Global presence in south africa, botswana, nigeria, chile and australia

24*7 customer support

A forex broker with a welcome bonus helps you enjoy hassle-free online trading experience in kenya and many other parts of the world. Do let us know of your forex trading concerns so that we can help.

Online trading apps in kenya

Scope markets, registered as SCFM ltd, is a globally recognised non-dealing online foreign exchange broker licensed and regulated by the capital markets authority.

What is the online foreign exchange and contract for difference?
The foreign exchange (FX) market is the largest, most liquid and most traded financial market in the world with a total volume of up to $5.3 trillion traded daily.

Online trading and contract for difference (CFD) trading refers to an agreement to exchange the difference between the entry and the exit price of an underlying asset.

Online forex exchange entails the trading of different currency pairs. These currency pairs are classified as majors, minors and exotics. Cfds trading, on the other hand, include indices, commodities, shares and precious metals.

With the unique and large size of the foreign exchange trading market, several governmental and independent bodies have established regulatory frameworks to govern and supervise online FX and CFD trading within their respective jurisdictions.

How is the regulation of online foreign exchange trading in kenya?

According to a 2016 capital markets authority (CMA) report, more than 50,000 traders were trading with offshore regulated and unregulated brokers.

The CMA released the report at a time when there was a rise in instances of individuals being duped into depositing funds with unregulated entities and persons purporting to give ridiculous returns on forex trading investments.

It was for these reasons, that the national treasury through the finance act 2016 authorised the CMA to regulate and supervise the online FX market in kenya. Subsequently, the CMA enacted the capital markets online foreign exchange trading regulations 2017.

What is the scope of the regulations?

The online foreign exchange trading regulations were developed in line with best practice controls and procedures, heavily borrowing from developed markets such as the united kingdom's financial conduct authority (FCA) and the australian securities and investment commission (ASIC).

The authority's primary objective was to sanitise the online FX trading market as many kenyans were trading through unregulated or questionable foreign brokers which left them exposed.

Who can conduct online foreign exchange business in kenya?

Regulation 3(1) of the online foreign exchange trading regulations provides that a person shall not purport to carry on business as a foreign exchange broker or money manager unless licensed by the CMA.

The regulations further provide that anyone found conducting the businesses in kenya without licensing commits an offence under the capital markets act and the forex regulations.

There are three types of licences established under the regulations -- the dealing foreign exchange broker, the non-dealing foreign exchange trading broker, and a money manager licence.

A dealing broker, also known as a market maker, is defined as an entity that engages in the business of online foreign exchange by trading on its proprietary account through which one is obliged to offer a selling price and a buying price on an asset to the market. The market maker takes the opposite side whenever their client trade.

For example, if a client enters a buy trade on the EURUSD, the market maker will enter a sell on the same currency pair on their proprietary account.

A non-dealing online foreign exchange broker also referred to as a straight-through-processing (STP) broker, is defined as an entity that acts as a link between the foreign exchange market (through the market maker) and the client in return for a spread. A spread is defined as the difference between the price offered by the market maker (dealing broker) to the non-dealing broker and the price offered by the non-dealing broker to the end client.

Non-dealing brokers only provide trading platforms to their clients. Meta trader four and five are the most commonly offered trading platforms. Non-dealing brokers receive their prices from a market maker. Unlike market makers who trade on their account, non-dealing brokers always pass on client trades on to the market maker.

A money manager is defined as an entity that engages in the business of managing the online foreign exchange portfolio of an individual or institutional investor in return for a fee based on a percentage of assets under management.

The definitions described above are critical in enabling both existing and potential investors to understand the actors in the online forex trading environment and the respective roles they play.

Anyone purporting to provide brokerage services to the kenyan public must provide proof of licensing by the CMA as a dealing or a non-dealing broker while, anyone seeking to manage forex funds, or rather trade on a forex client's account must be a regulated money manager by the CMA.

Does the CMA regulate online forex traders?

Forex traders are also known as investors. As such, the CMA does not regulate forex traders. However, anyone who intends to collect funds from the public and trade the monies on behalf of other people must seek the relevant licence from the CMA.
Are there any licensed brokers in kenya?

Since the enactment of the FX regulations in 2017, the capital markets authority has successfully issued two non-dealing online brokerage licenses to SCFM limited and EGM securities limited and a money manager licence to standard investment bank.

Way forward?
Anyone seeking to engage in investing in foreign exchange and CFD trading should first conduct their due diligence on the broker before depositing any funds with them.

Always ensure that you seek independent investment advice from an authorised investment advisor before investing in FX and cfds as trading carries risk.

The importance of trading with a regulated entity in kenya

The capital markets authority’s key objectives are geared towards investor protection.

This is paramount to ensuring that investors gain confidence in their own financial system and subsequently boost economic growth. As such, the regulator has put in place measures to ensure that online foreign exchange is traded in a safe environment.

Trading with a CMA regulated entity will protect investors’ funds, provide market conduct and transparency, and to ensure there is recourse in the event of a dispute and accessibility of the broker.

Protection of client funds

The FX regulations provide that every broker shall hold all client funds in a client segregated bank account held with a local bank licensed in kenya under the banking act.

This means that all client funds are held locally and are easily accessible by the clients.

Only a regulated broker, whether dealing or non-dealing, can collect funds from clients for purposes of trading. A money manager does not have the authority to collect any funds from the client.

Instead, a client individually opens their trading account with the broker, deposits funds directly with the broker and then provides the trading platform log ins to the authorised money manager for them to trade on their account.

Market conduct and transparency

For retail traders, one of the biggest risks of trading with a non-regulated broker is that it exposes them to illegal activities and malpractices.

For CMA regulated brokers, the CMA online FX regulations and the conduct of business regulations provide a controlled environment in which these entities offer their products, focusing on investor protection.

Recourse in the event of dispute

Any client dissatisfied with the way a broker conducts themselves has the opportunity to file a complaint with the CMA. This is often impossible to have when dealing with offshore brokers, whether regulated or unregulated.

Accessibility of the broker

All licensed brokers and money managers are required to have a physical office in kenya which is fully resourced in terms of human capital, office equipment and capital.

This allows an investor or potential investor to directly interact with the entity should they have any complaints or queries.

This also resonates with the traditional capital markets’ investors who prefer having physical contact with the investment company.

Scope markets fosters financial inclusion with user-friendly online forex trading
scope markets, registered as SCFM ltd, is a globally recognised non-dealing online foreign exchange broker licensed and regulated by the capital markets authority.

Scope markets offers investors with a safer, smarter and faster way to trade in global markets with asset classes such as shares, forex, indices and commodities.

In a pool of many brokers both globally and locally, scope markets has an edge with the latest user-centric trading technology.

Being a non-dealing broker, scope markets does not have a proprietary dealing desk and operates as an electronic communication network (ECN) brokerage.

This means that all clients’ trades are passed directly to the liquidity provider who provides scope markets with real-time pricing.

This eliminates the possibility of market manipulation. All applications for a trading account are done through the website www.Scopemarkets.Co.Ke with the actual trading being carried out on a platform called metatrader 5.

SCFM ltd is a wholly owned subsidiary of SM capital markets limited, which is part of the global entity scope markets ltd that has over 50 years collective experience in the online forex trading.

The group currently operates in kenya, parts of africa, europe, asia and south america.

The company’s vision is to enhance financial inclusion in kenya through online foreign exchange and cfds trading. In the long-term, the business intends to build a community of traders through the available global investment opportunities for both retail and institutional clients.

The scope markets platform allows clients to have control of their investments unlike trading in local stocks and bonds which entails a long-winded process where clients must manually register for CDSC accounts and subsequently register with the broker before they are able to trade. Here, clients personally open an account, deposit, trade and withdraw funds within minutes from the comfort of their devices.

The platform offers globally traded products, allowing clients to access global markets without having to go through the hassle of making offshore transfers.

The scope markets platform is a 24-hour, five-day a week platform that gives our clients the opportunity to trade at any time and at any place, using their mobile phones, laptops, computers or tablets.

The benefits of trading with scope markets are huge with the firm providing the best trading infrastructure to cater to the needs of all types of clients from the beginners to the very ultimate professional traders in kenya.

The CEO’s vision is to build a business that is customer centric. To achieve this, scope markets has invested in staff training, technology, working with globally recognised price providers, a local office as well as local and international payment options.

To join the scope markets trading community, one needs to register for a live trading account on website www.Scopemarkets.Co.Ke. The firm also has experienced sale representatives to guide through the process. Clients can choose to trade forex, shares, commodities, indices and metals.

Scope markets has set low barriers of entry for new entrants to learn the ropes, with $50 being the minimum deposit amount.

Scope markets CEO has over 17 years as a senior treasurer in banking. He was also the first CEO of a licensed online foreign exchange brokerage firm in kenya.

The top management team has a combined experience spanning 50 years in the foreign exchange and cfds industry, having worked for regulated entities across europe, US, middle east and asia.

SIB’s flagship online trading fund mansax offers kenyans access to global markets

The capital markets authority (CMA) introduced the capital markets online foreign exchange trading regulations in 2017.

Under these regulations a “money manager” is defined as an entity licensed by the authority to engage in the business of managing the online foreign exchange portfolio of an individual or institutional investor in return for a fee based on a percentage of assets under management.

“online foreign exchange trading” means the internet-based trading of foreign exchange and includes trading in contracts for difference based on a foreign underlying asset.

According to a 2016 report released by the CMA, over 50,000 traders were trading with offshore regulated and unregulated entities.

This posed a risk to local investors who had no recourse in case the said entities mismanaged their investments.

It is this concern that led the national treasury, through the finance act, 2016 to authorise the CMA to regulate and supervise the online FX market in kenya.

In december 2018, standard investment bank (SIB) was licensed as the first online forex trading money manager in kenya by the CMA. To date, it remains the only licensed money manager in this space of trading global markets on behalf of investors.

SIB is one of kenya’s largest indigenous investment banks, with shareholders’ funds above sh750 million.

SIB was founded in 1995 by james wangunyu as a private company registered in kenya.

With a focus on high value customer relationship management and integrity, the company rapidly flourished and increased its volume of equity trading business by a significant multiplier to achieve the number one position in trade volume, well ahead of more established and older stockbrokers.

Under the online forex trading money manager licence, SIB launched the first ever online trading money manager fund called mansax.

The mansax fund is a global multi-asset strategy fund that invests in the global online foreign exchange markets whose primary objective is for the investor to achieve capital growth.

The fund focuses on trading online foreign exchange in the currencies of the world’s major economies (G10 countries). It has exposure to price changes in precious metals, commodities, single stocks and stock indices.

This strategy is informed by the fact that online foreign exchange is the largest traded and most liquid of the asset classes, has a low correlation with other markets, and is tradeable 24 hours a day across multiple time zones.

Using proprietary in-house methods and processes, mansax maximises opportunity, minimises drawdowns and identifies and capitalises on nascent trends. In addition to a robust operational and oversight framework, strong money management is used to optimise risk and return objectives of the fund.

Mansax seeks to offer kenyans access to alternative asset classes to diversify their investment. The traditional investment options available are historically very limited which has led to investor fatigue amongst kenyans. Participation by kenyans in the local capital markets has fallen to historic lows as a result.

With the mansax, kenyans have the unique opportunity to access global markets with a local investment bank holding their hand. In all aspects, mansax powered by SIB is a global fund with a local presence.

Since inception mansax has delivered an annualised return of about 22 percent. This return is made possible primarily by the fund’s ability to invest in a wide array of assets which were not available to local investors before.

This includes but is not limited to most of the world’s currencies, precious metals such as gold and silver, commodities such as oil and natural gas, global stock indices such as the S&P500 and the japanese nikkei as well as a majority of the global single stocks, including facebook, netflix and amazon.

Additionally, the fund utilises a unique tool called leveraging.

This is the ability for the fund to trade with extra borrowed funds to increase the returns to clients.

This means that the fund has the ability to trade with more funds than those contributed by clients which multiplies the returns made.

This model has always been used by foreign hedge funds and mansax is the first local fund to utilise this model of trading.

The fund utilises a conservative trading model with a bias towards consistent returns whilst utilising long-term trade views.

Mansax has invested in a state-of-the-art fund management software and risk management tool that adds extra protection to client funds.

Additionally, the fund has implemented very high standards in risk management, including policies aligned to international best practice. This minimises the risk to client funds.

Mansax is therefore, in all ways, a global fund with a local presence.

7 unbelievably best forex trading apps in kenya

A trading app or platform refers to the interface/software that traders use to connect and trade the global forex market. Among the most popular forex trading apps includes MT4, MT5, webtrader and ctrader.

Every forex broker that’s worth their salt will offer one or even all of the above choices of trading apps. However, what I have realized in my 6+ years of actively trading the market is that the trading platforms differ greatly among brokers.

So, with that in mind, here is a list of the best forex trading apps for kenyans.

Forex broker	main features	our score
top pick	first CMA licensed forex broker in kenya.

Easy to register and start trading

Superb customer service

Locally available with offices in nairobi

Spreads as low as 0.0 pips

Instant mpesa deposits and withdrawals

Fast trade executions with no requotes

Deposits as low as $1

Offers instant mpesa deposits and withdrawals

Leverage up to 1:2000 for maximum profits

Huge deposit bonuses up to 50% of your deposit

Offers instant mpesa deposits and withdrawals

Leverage up to 1:2000 for maximum profits

Detailed reviews for the best trading apps in kenya

1. Fxpesa – best trading app for beginners

If you’re a beginner forex trader, fxpesa by EGM securities is probably the best forex trading app you can join. The registration is hassle-free, the support is out of this world, and the broker even offers you a chance to go for classes and seminars that they organize across the country.

You can join my free forex trading newsletter to be informed whenever fxpesa is conducting seminars and classes across the country. Click here to join.

What makes fxpesa even more attractive to forex traders in kenya is the deposits and withdrawal methods that they offer. You can easily fund your account and withdraw your profits using local payment methods including mpesa, airtel money, and equity bank’s eazzypay.

Additionally, the minimum deposit at fxpesa is as low as $5 (ksh 500). This gives a chance for anyone interested in online forex trading to sample out the markets without investing too much of their capital. From there, you can decide whether online forex trading is the thing for you or not.

Fxpesa also offers a demo account that you can use to practice and perfect your forex trading strategies.

Fxpesa offers fxpesa mobile apps for both android and ios. They also have the MT4 platform for traders who want to trade forex on their laptops or desktop computers.

And just in case you were wondering whether fxpesa is legit, the answer is a resounding yes. Fxpesa was the first broker to obtain a non-dealing desk trading license from the capital markets authority (CMA). The broker obtained its trading license in 2019 and there has been few to zero complaints about the broker ever since.

2. Liteforex – best ECN trading app in kenya

ECN stands for electronic communications network.

ECN forex brokers like liteforex get their price quotations from a network of computers, meaning that you have a 99% chance of catching trades with very tight spreads. Your trades are passed directly to liquidity providers, leaving the broker little to no chance of manipulating the spread.

Instead of paying the spread, however, liteforex charges a commission of $10 per round lot on all the major currencies. While this commission might seem prohibitive, a deeper analysis will tell you that it is actually among the lowest commission on ECN accounts in the industry.

A commission of $10 per round lot means that you’re paying $10 to control a trade size of $100,000.

This is among the lowest commissions offered by ECN forex brokers, which is why we rank liteforex among the best forex trading platforms in kenya. If you trade using the minimum lot size of 0.01 lots for this account, you will only be paying fractional cents to open and close trades.

Apart from the tighter spreads and low commissions, liteforex also guarantees of fast execution on trades with zero requotes whatsoever. Additionally, any capital you leave untouched in your liteforex trading account earns an annual interest of 2.5%.

Liteforex is also one of the few brokers that offer forex trading in kenya using mpesa. For the ECN account, the minimum deposit is $50. Deposits and withdrawals using mpesa are instant.

To cap it off, liteforex has a copy trading platform that let’s copy trades of the most successful traders on the platform. With enough due diligence, you can ensure maximum profitably on liteforex by copying other traders. Click here to open an account now.

3. Hotforex – best trading app for copy trading

We included hotforex in the list of the best trading apps in kenya because of their superb copy trading platform. In all the research that we did, no other platform came close to the ease with which hfcopy, hotforex’s proprietary trading platform works.

Hotforex is among the few international forex brokers that still accept mpesa deposits and withdrawals. The minimum deposit with mpesa is only a thousand shillings, which is quite affordable for most traders.

Additionally, both deposits and withdrawals by mpesa are instantaneous, taking less than 10 minutes to reflect in your accounts.

However, the reason why hotforex outshines other forex trading platforms must be their revolutionary copy trading platform that’s called hfcopy.

The hfcopy platform gives new traders a chance to improve their trading strategies and profits by following and interacting with more experienced traders.

In comparison with other copy trading platforms, hfcopy has a few wins including:

You retain full control of your trading account. Withdraw your funds whenever you desire

You can copy trades from more experienced traders automatically, therefore saving time and energy

You can copy more than one strategy provider and increase your profit margins.

4. Exness – best trading app for cent accounts

For intermediate forex traders who might not have sufficient capital but still want to feel like they are trading the real deal, nothing beats the exness standard cent account.

For this account, the minimum deposit is $1, with a recommended initial deposit of $50. The money reflects in your account as 100 units (100 cents). Depositing $10 will reflect as 1000 units. And depositing $50 will reflect as 5000.

With the exness cent account, you can use leverage up to 1:2000 which allows you to control a trade size of $2000 with only $1 in your account.

You can easily deposit into your exness trading account using mpesa and withdraw your profits using the same channel.

However, exness does not have an mpesa paybill number. To complete payment on exness using mpesa, you will have to log into your account and navigate to the mpesa deposit option.

After that, you will be redirected to a payment processor where you’ll enter your phone number and click on pay. Have your phone nearby as a pop-up will appear instructing you to put your mpesa pin number to complete payment. And that’ll be it. The money reflects into your exness trading account almost instantly.

5. XM forex- best trading app for intermediary traders

The XM forex trading app scores highly for intermediate forex traders in kenya. XM forex offers several platforms that you can use to trade. Top on the list is their MT4, MT5, and trading apps for both android and ios.

6. Olymp trade – best app for trading binary options in kenya

The olymp trade trading app is a binary options trading platform and is probably the easiest app to download and start tinkering around with the financial markets. You could literally download the app on your phone or tablet and start trading immediately.

Upon registration, traders are awarded a $10,000 demo account. The demo account gives you a feel of the trading platform and let’s you try out different trading strategies.

However, although you can practice trading with the demo account, any amounts earned through demo trading are not withdrawable. To be able to make withdrawals, you’ll need to deposit real money into the trading app.

The minimum deposit at olymp trade is $10. It is however recommended that you start trading with at least $50 (5,000/=). The best deposit and withdrawal options for kenyan traders is through a bank card, and I highly recommend the NCBA loop debit card.

Olymp trade has revolutionized the binary trading industry, and apart from their intuitive mobile trading app, they now also offer the MT4 trading platform for the more advanced traders.

7. IQ option trading app

IQ options started off as a binary options trading app but quickly transitioned into offering other tradeable financial instruments including stocks, forex, and cryptocurrencies.

IQ option has won many industry awards and received growing reviews from financial market analysts and enthusiasts. This is due to its reliability and professional services that it offers to traders all over the world. For these reasons, IQ options also makes it in our top 10 list of the best trading apps in kenya.

Best forex trading apps in kenya 2021 (top 10)

Finding the best online trading app as a kenyan can be a difficult process. Most especially getting the ones that accept kenyan forex traders and would let you download them on your android or ios device. Don’t worry, we’ve got you covered!

We’ve listed the top best online forex trading apps that would let you as a kenyan trader, trade forex and stocks.

Here’s a breakdown of the top 10 best forex trading apps in kenya:

XM – best overall forex trading app in kenya.

IQ option – ideal FX app for beginner traders.

Hotforex – most trusted forex trading app.

IC markets – best forex app with the lowest spreads.

FXTM – best forex app for online trading.

Octafx – award winning international forex app.

Alpari – ideal app for dedicated forex day traders.

Etoro – best app for forex copy trading.

Olymp trade – best reliable forex trading app.

Expertoption – best online forex trading app experience.

Best forex trading apps in kenya video

Below is the list of all the best forex trading apps that accept kenyan traders. We’ve also included the pros & cons of each of the forex trading apps with links to download them on your device.

Verified sites where you can make money online in kenya

Last updated on october 16, 2020 by walter akolo 171 comments

Which sites can I use to make money online in kenya?

Here, verified sites mean sites that I have been able to make money online working on these sites, therefore I’m speaking from experience.

Here is the list of sites you can use and successfully earn that online income.

1. Upwork

This is currently the best and most professional freelancing website. It has lots of jobs and very professional clients. It pays very well. Writers here earn from $5 per 500 words, all the way to even $100 plus.

Upwork guarantees your payment. To be sure you’ll be paid, you should use the upwork desktop app for hourly payments or the client creates a milestone payment. Note that for hourly jobs you need to ensure that the client has a verified payment method.

This is the only site on this list that I still regularly use.

2. Freelancer

This is a site where you can easily get your first job, though it’s nowadays very greedy and low paying. The average pay here is $2 per 500 words for a freelance writer, which is pure slavery.

After you advance a bit you can get to up to $4 per 500 words. Due to the fact that it pays peanuts, it’s only good for a very new freelancer who’s just practicing for a few weeks. In fact, if you really value your worth as a freelancer, this is no longer the best site to use.

The main advantage with this site is the fact that getting a project can be relatively easy. This site also has so many freelancing opportunities ranging from writing and accounting to web designing among others.

One serious thing to note about this site and other bidding sites like upwork is that you should always accept work from someone who is willing to create a milestone/escrow payment before you start working..

This way, you will not end up losing money. A milestone/escrow is a payment that a client creates and releases to the website before the project starts.

Neither you nor the client will have access to the cash after he/she creates it. If you successfully finish the project the client can release the milestone and grant you access to the cash.

Another great thing is that you are the only one who can cancel a milestone, the client can’t. He can only raise a dispute in case your work is not up to par and you refuse to cancel the milestone.

Feel free to ask more questions below in case you need more on this. Here is how you can make money online through freelancer.

3. Fiverr

The first time I checked out the fiverr website I broke out in laughter. This is one site where you can freelance almost anything for 5 dollars.

Whether you want to write an article, dance dressed up as a hotdog or record yourself reading out someone’s poem in a nice voice, you can do it in fiverr.

If you market your gig well, you’ll find yourself laughing all the way to the bank.

Add to the make money online in kenya list

The above are the sites I’ve personally gotten work from. You can do it too.

As time went by, I stopped focusing on such sites, but went on to getting awesome, direct clients. I recommend that to all veteran freelancers.

Freelancing sites have a limit as to how you can withdraw your cash. You may only be able to use paypal, payoneer, or bank transfer.

However, with direct clients, you can use any other means to cash out. You’ll love transferwise.

And if you get paid via bitcoin, you can use my favorite marketplace, paxful, to sell the bitcoin and receive the cash in M-PESA, chipper, bank transfer, etc. You get to choose from over 300 payment methods.

Feel free to join my free mini-course for writers to get awesome tips on writing.

Do you make money online in kenya? Which website do you use? Feel free to add to the list in the comments below.

Also share the post using the social media buttons. And don’t forget to read my other post with a list of great, legitimate websites.

So, let's see, what we have: which brokers are safe to trade online with in kenya? Compare the best online brokers for trading forex, cryptocurrencies, stocks, commodities & indices that also accept traders from kenya and offer a platform in swahili (as well as english). This up-to-date comparison was last updated in january 2021. At online trading apps in kenya