A local phone number support in Kenya is not offered by XM. You can however request a call back through E-mail or Live Chat.

Exness has been operating from and is regulated by multiple Tier-1 and Tier-2 Regulators. These include the FCA UK and CYSEC — Cyprus Securities and Exchange Commission. Spread with Exness is variable based on account type but generally they have tight spreads. The Spreads for Standard Cent Account begin from 0. There is no commission on the trading volume, other than spread. For Standard Account — the costs are based on tight spreads starting from 0.

The spreads overall are very low with Exness. Professional ECN Account has raw spread with a commission for each trade. A MetaTrader only broker, Exness offers you to trade on both MT5 and MT4 Platforms. Trade executions are almost instant. Like Hotforex, there are no fees for withdrawals and deposits. Exness offers multiple instrument classes, including trading forex on pairs of currencies.

It also includes 7 Cryptocurrencies, Metals, Energies, and CFDs on Indices and Stocks. Customer Support at Exness is available 24X5. This is via Live Chat and E-mail. Live Chat Support in the English language is offered 24X7. They offer quite good support to the traders as per our tests. However, they too do not offer support through a local phone in Kenya.

ForexTime is regulated in diverse jurisdictions globally. Their top-tier Financial Regulations are with CMA, FCA, CYSEC, and FSCA FSP No. The Standard Account has an average of higher than 2. The FXTM Cent Account has even higher spread. FXTM charges commission for its ECN Account. All deposits are free of charge at FXTM, including for MPesa. However, there are fees for withdrawals depending on the method. You can trade with FXTM through the MetaTrader 4 and 5 platforms.

Their financial instruments include Forex Currency Pairs, Cryptocurrencies, Stocks, CFDs, Commodities, and Precious metals. FXTM offers fair customer support. Live Chat offers a quick response and we did not find any hold times of over a minute during our test.

We got a response to our queries within 3 hours through E-mail on a weekday. They do not have a local phone number in Kenya. Here are the major factors that we have considered while reviewing the Forex Brokers accepting MPesa:. Top-tier Regulation s : The most crucial factor is the number of Tier-1 Regulators that regulate the Forex Broker. FCA, ASIC, NFA are considered as Tier-1 by the Forex industry.

FSCA and CYSEC are Tier-2 Regulators. If the Forex Broker is listed publicly in a major Stock Exchange, then it is an extra trust factor. Also, if the forex broker is regulated by CMA in Kenya then it is considered safe.

This is most important to check in your forex broker. This makes them a well-regulated forex broker with low risk. One of them is FXPesa. Once you have the license no. There is a high risk that you could lose your deposits with such broker. Overall Fees: The factors considered here are spread, commissions, and charges on withdrawals and deposits.

Some of them also levy extra fees where you are trading other CFD instruments. So, it is vital to research the overall fees of the asset that you are seeking to trade. All regulated CFD brokers have spread comparison table.

Make sure to check the fees for the instrument that you want to trade, and see if there is any other regulated broker offering the same instrument at lower fees. Like, the broker in the below table has 0. There are other brokers with lower fees also. For ex. But if your account is in another base currency like USD, then your funds may be converted into KES at a lower exchange rates than the actual rates. So, you need to consider this commission too. Although it is not necessarily that the broker is charging this fees, it could be their gateway charging this conversion commission.

Also, there must be multi-device support, quick execution, no freezing, and multiple order types. These can significantly enhance your trading comfort. All the 4 regulated forex brokers in Kenya offer the MetaTrader platform. Look for all the features that you would need to actively manage your trading positions. In generally, all the 6 regulated forex brokers have the same KYC procedure. And the trading account is normally approved within the same day, if all the documents are complete.

You must make sure to submit your genuine documents, otherwise you would face issues during withdrawal of funds from your trading account. Overall Trading Conditions: The execution of orders must be fast without slippage or re-quotes. The best option is to choose a Broker offering Direct Market Access than Market Maker Brokers. Why is the broker allowing this? Because he knows currency markets move very slow, and in order to be able to make significant profits in short intervals of time you need to trade with lots of money.

Here is another example to explain why the broker gives you leverage. In order to buy 10, Euros you need to pay 11, US Dollars. Let's say a trader buys 10, Euros through his forex broker at the above mentioned rate, and two days later sells them at 1. This is why the broker is willing to allow the trader to buy 10, Euros while depositing only dollars. In the worst case scenario when the trade goes bad and the loss gets to dollars the broker will automatically close the trade and limit the loss to the total deposit.

To make a long story short, leverage is given by the brokers in order to help traders make bigger winnings at the risk of higher losses in shorter times. That means, trading more.

The more you trade, the better it is for the broker, because of the so called 'spread', which is the difference between the buy and sell price of each currency pair. The best part is that forex spread are very low because competition among forex brokers pushed them to lower the spreads to be more attractive to clients. While there were no Kenyan based brokers in the past, we now have great news for Kenyan traders.

Pepperstone Group , one of the largest and most trusted forex brokers in the world has opened offices in Kenya. Their local company is named Pepperstone Markets Kenya Limited and it is now regulated by Kenya's Capital Markets Authority CMA.

Pepperstone is renowned worldwide for its ultra fast execution and razor thin spreads, making it one of the world's best retail forex brokers. Ultimately, our rigorous data validation process yields an error rate of less than. Learn more about how we test. 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. Steven Hatzakis is the Global Director of Research for ForexBrokers.

Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U. as a Commodity Trading Advisor CTA. John Bringans is the Senior Editor of ForexBrokers. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. com is committed to the highest ethical standards and reviews services independently.

Last Updated: February 11, Traders in Kenya must select only from among the very few highly regulated Forex brokers that offer MPesa. Only a handful of reputed Forex brokers in Kenya accept MPesa payments. The majority of brokers offering MPesa option are either unsafe or unregulated. All these are also having an established track record and reputation.

We have also made a comparison for their diverse plus points including trading fees, platforms, and others. EGM Securities is the parent company of FXPesa. They are among the only 4 Forex Brokers in Kenya regulated by CMA — Capital Markets Authority. So, they are regulated and considered safe for traders in Kenya. In comparison with other brokers, FXPesa charges a higher spread on standard currency pairs.

They offer trading on MT4, Web Trader, and Mobile platforms. FXPesa offers only a single account type to traders. It is a no-commission — spread only account.

Deposits and withdrawals with FXPesa do not have fees. Their other instruments are limited — include 12 global Indices, a wide variety of Share CFDs, and CFDs on 8 commodities including Platinum, Silver, Gold, and Oil. Customer Support offered by FXPesa is good. During our test, the Live Chat response was a bit slow though with some holding at times.

The E-mail response to our queries was in under 1 hour. HotForex is a CMA licensed Non-dealing forex broker, and they were authorized in HotForex is a legit forex broker successfully operating in the industry for 10 plus years. Their regulations include the FCA — Financial Conduct Authority and FSCA — Financial Security Conduct Authority FSP No.

Thus HotForex is considered safe for traders in Kenya. HotForex has competitive fees with the Premium Account. You are not charged for withdrawals or deposits through MPesa.

Premium is free of commission — spread only trading account. There are 53 currency pairs available for trading at HotForex platform — that includes majors, minors, and exotic. Its trading assets also include 4 Cryptocurrencies, CFDs on 56 shares, 8 Commodities, leading 11 Indices globally, 3 top global Bonds, Energies such as Brent Oil, Crude Oil, US Natural Gas, and Spot Metals — Gold and Silver.

Hotforex has excellent customer support as per our tests. Live Chat is available 24 hours on weekdays. We did not experience a hold time of more than 60 seconds during our tests when connecting. E-mail response to your queries is quite fair. We received a reply usually within 2 hours on weekdays. But Hotforex does not have local phone support for traders in Kenya. Nevertheless, overall Customer Support services are good. XM Forex is also a highly regulated Forex broker that is regulated with top-tier global Financial Authorities.

It is thus regarded as quite secure for traders. XM charges fees with their account only through the spread. They do not charge any additional commission per lot.

The fees for XM Ultra-Low Account are among the lowest among leading Forex brokers. The leverage offered to traders is Traders get to trade in 57 Currency pairs and 1, Stock CFDs.

The other asset classes are 9 Equity indices CFDs, 5 CFDs on Energies, 10 Commodity CFDs, and 4 Precious Metals CFDs. XM however does not offer Crypto CFDs. XM offers customer Support 24X7 via E-mail and Live Chat. We did not experience a hold time of more than 2 minutes when we tested their support with Live Chat at 3 different occasions.

A local phone number support in Kenya is not offered by XM. You can however request a call back through E-mail or Live Chat. Exness has been operating from and is regulated by multiple Tier-1 and Tier-2 Regulators. These include the FCA UK and CYSEC — Cyprus Securities and Exchange Commission. Spread with Exness is variable based on account type but generally they have tight spreads. The Spreads for Standard Cent Account begin from 0. There is no commission on the trading volume, other than spread.

For Standard Account — the costs are based on tight spreads starting from 0. The spreads overall are very low with Exness. Professional ECN Account has raw spread with a commission for each trade. A MetaTrader only broker, Exness offers you to trade on both MT5 and MT4 Platforms. Trade executions are almost instant. Like Hotforex, there are no fees for withdrawals and deposits. Exness offers multiple instrument classes, including trading forex on pairs of currencies.

It also includes 7 Cryptocurrencies, Metals, Energies, and CFDs on Indices and Stocks. Customer Support at Exness is available 24X5. This is via Live Chat and E-mail. Live Chat Support in the English language is offered 24X7. They offer quite good support to the traders as per our tests.

However, they too do not offer support through a local phone in Kenya. ForexTime is regulated in diverse jurisdictions globally. Their top-tier Financial Regulations are with CMA, FCA, CYSEC, and FSCA FSP No.

The Standard Account has an average of higher than 2. The FXTM Cent Account has even higher spread. FXTM charges commission for its ECN Account. All deposits are free of charge at FXTM, including for MPesa.

However, there are fees for withdrawals depending on the method. You can trade with FXTM through the MetaTrader 4 and 5 platforms. Their financial instruments include Forex Currency Pairs, Cryptocurrencies, Stocks, CFDs, Commodities, and Precious metals.

FXTM offers fair customer support. Live Chat offers a quick response and we did not find any hold times of over a minute during our test. We got a response to our queries within 3 hours through E-mail on a weekday. They do not have a local phone number in Kenya.

Here are the major factors that we have considered while reviewing the Forex Brokers accepting MPesa:. Top-tier Regulation s : The most crucial factor is the number of Tier-1 Regulators that regulate the Forex Broker.

FCA, ASIC, NFA are considered as Tier-1 by the Forex industry. FSCA and CYSEC are Tier-2 Regulators. If the Forex Broker is listed publicly in a major Stock Exchange, then it is an extra trust factor. Also, if the forex broker is regulated by CMA in Kenya then it is considered safe. This is most important to check in your forex broker. This makes them a well-regulated forex broker with low risk.

One of them is FXPesa. Once you have the license no. There is a high risk that you could lose your deposits with such broker. Overall Fees: The factors considered here are spread, commissions, and charges on withdrawals and deposits. Some of them also levy extra fees where you are trading other CFD instruments. So, it is vital to research the overall fees of the asset that you are seeking to trade.

All regulated CFD brokers have spread comparison table. Make sure to check the fees for the instrument that you want to trade, and see if there is any other regulated broker offering the same instrument at lower fees.

Like, the broker in the below table has 0. There are other brokers with lower fees also. For ex. But if your account is in another base currency like USD, then your funds may be converted into KES at a lower exchange rates than the actual rates. So, you need to consider this commission too.

Hence, these products should be tracked and tested on demo before trading live. Being able to access it on mobile as well as tablets, you will not miss major profit-making opportunities. As Seen On:. Account Minimum. Standard account has tight floating benchmark spreads starting from 1. XM does not offer CFD trading on Cryptos.

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