Market intermediaries, such as stock exchanges, central depository systems, and settlement systems, as well as anybody else allowed to conduct business under the Capital Markets Act of 2000, are subject to CMA oversight, licensing, and monitoring in Kenya.

As such, there are numerous benefits for traders in Kenya who choose to sign up with a Forex broker that is regulated by the CMA says Louis Schoeman from Forex Brokers Kenya.

To this end, the CMA ensures that every broker has operational customer service help. Therefore, if any issues emerge, the Kenyan consumer will be able to get help as fast as possible and through a reliable regulatory mechanism.

Accordingly, the CMA ensures that registered forex brokers do not engage in malpractices or fraudulent conduct that could harm their reputations in order to protect the interests of their traders.

Added to this, Kenyan forex traders can benefit from decreased fees and spreads as a result of the requirements set forth by this regulator. It is the duty of regulated forex brokers to ensure that Kenyan investors may reap the benefits of their currency market investments.

Only a handful of Forex brokers have received CMA licensing to date, and in this article we explore the 4 best options which also provide Kenyan traders with competitive trading conditions and a wealth of trading tools at their disposal.

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1. Exinity East Africa

Overview

Forex, CFDs, and stock investments are all provided by Exinity East Africa, which forms part of major brokerage firm, Exinity Limited.

Exinity Limited has been in the online trading business for more than two decades and now serves clients from more than 150 countries across the world.

Exinity, Alpari, and FXTM all fall under the umbrella of the Exinity Group, which also owns the payment provider AcruPay. To date, the company has grown from a single MetaTrader broker in Limassol, Cyprus, to holding major offices around the world.

Forex, CFD, and stock trading products are available to nearly two million customers through this network. The broker is licensed by the FSRA in the United Arab Emirates, the FSC in Mauritius, and the CMA in Kenya to conduct business.

Users of Exinity can choose from a variety of capital and speculative market options. These range from long-term investors to swing traders, arbitrageurs, and scalpers, and everything in between.

Customers of Exinity have access to a variety of trading platforms and account options. The firm’s own mobile app, which is supported on both Apple (iOS) and Android (APK) devices, available for account holders around the world, and features an integrated analyst sentiment indicator and market research tools.

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2. Scope Markets

Overview

The feature-rich MT5 platform for desktop, web, and mobile devices is offered by Scope Markets, a regulated trading broker, to provide online Forex and CFD trading to Kenyan clients.

Retail and institutional traders in Kenya can use Scope Markets’ online trading services, which include FX and CFD trading.

These clients can choose from a variety of trading options that the broker offers and that are all compliant, adaptable, economical, and focused on them.

As such, clients have access to a wide range of global markets, including stocks, indices, currency, commodities, and CFDs.

The management team at Scope Markets has been in the financial industry for over two decades and has developed numerous long-term relationships. Fast execution, minimal slippage, and tight spreads are among the features that benefit their clients in Kenya and around the world.

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3. FXPesa

Overview

Founded in 2019, FXPesa is a relatively young forex and CFD broker. The company has headquarters in Nairobi, as well as a number of branch offices across the country.

A subsidiary of EGM Securities Limited, FXPesa is regulated by the Kenyan Capital Markets Authority (CMA). The parent firm, which is regulated by the CMA and is well-known in the industry, is deemed trustworthy by Kenyans.

In addition to currency pairs, indexes and commodities, FXPesa also offers shares and other financial products. As a result, it’s a good option for novice currency traders because it offers access to more currencies than many of its rivals.

Traders can also benefit from lower spreads by upgrading to a premium account.

FXPesa has both a web platform and a desktop trading tool for PC, called FXPesa Trader, which may be used to trade currencies.

There’s no software to download or set up while using the web-based platform. You’ll have full access to all FX and CFD markets after you log in with your account information. The interface is straightforward and easy to use, and it comes equipped with all the necessary resources.

The MetaTrader 4 (MT4) platform is also accessible in addition to the proprietary platform. Automated trading, trading signals, complex charts, and research and analysis tools are all included in MT4’s feature set, making it a good choice for both newbies and more experienced traders.

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4. Pepperstone

Overview

After launching in 2010, Pepperstone Group has become one of the leading online brokerages in the industry, with the ability to trade in a wide range of markets, including forex, equities, indices, metals and even cryptocurrencies.

Traders in Kenya of a variety of skill levels can benefit from a wide range of trading options, including desktop, mobile, and web-based platforms, an extensive product catalogue, and a variety of account kinds.

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