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Best FOREX Brokers in Kenya for 2024

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

This article introduces you to the best FOREX brokers in Kenya. With the number of FOREX brokers on the rise, it's becoming a much more competitive environment. The top FOREX brokers are all trying to improve their services to attract more users. For you, the user, this means more variety of choices, but this also means more complexity.
At Arincen, we are always striving to simplify the world of trading for you, our readers. For this reason, we will be listing the best FOREX brokers in Kenya today. This ranking is the result of a detailed review process carried out by our experts at Arincen. We will share our review methodology so you can understand why we chose the companies we did. 

Best FOREX Brokers in Kenya for 2024

Company name ICM Capital
Regulations
Minimum deposit 500$
Main branch United Arab Emirates
Company name FXDD
Regulations
Minimum deposit $450
Main branch USA
Company name XTB
Regulations
Minimum deposit 500$
Main branch UK
Company name IG
Regulations
Minimum deposit 500$
Main branch UK

Top Tips for Selecting the Best FOREX Brokers in Kenya

In Kenya, the FOREX landscape is rich with top-notch brokers renowned for offering stellar services. When selecting a FOREX broker in Kenya, consider these pivotal factors:

Best Broker and Platform for Beginners in Kenya 2024

With so many choices out there, it's hard to select the best trading platform in Kenya. In this case, we've done the work for you. Here is a summary of each of the top brokers according to specific criteria, along with their pros and cons:
ICM capital Broker

ICM capital Broker

ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
Broker Evaluation 8.11
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • Segregated client funds.
  • Regulated by the UK’s FCA.
  • Established in 2009.
  • More than 10,000 ICM Capital users and traders.
  • Reasonable minimum deposit from $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.

Cons

  • Does not allow scalping.
  • Not ASIC-regulated.
  • Relatively limited range of instruments.
  • Slow live-chat service.
  • Relatively high trading fees.
  • Limited range of trading tools and resources
FXDD Broker

FXDD Broker

FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
Broker Evaluation 7.22
Regulatory Bodies
Minimum Deposit $450
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United States of America
Customer Service 24/5
Demo account Yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • Established in 2002.
  • Segregated client funds.
  • Low minimum deposits.
  • No commissions on the Standard Account.
  • A choice of two account jurisdictions.
  • Multiple platform support and comprehensive market data and analysis.
  • A good range of currency pairs and other assets to trade.

Cons

  • Not available to traders in the US.
  • Relatively limited range of instruments.
  • EU-client leverage restricted to 1:30.
XTB Broker

XTB Broker

What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
Broker Evaluation 8.55
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 -Web Platform

Pros

  • Long history of operation.
  • Globally recognized, having won multiple awards.
  • Some of the lowest FOREX spreads in the market.
  • Regulated by the FCA (UK).
  • Offers protection for client accounts.
  • Emphasis on customer service.
  • Excellent support, learning and research tools.

Cons

  • Does not accept US clients.
  • Non-FOREX spread costs are relatively high.
  • No GSLO.
  • No back-testing or automated trading capabilities.
  • Conditions vary according to regulation and entity.
ig markets Broker

ig markets Broker

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Broker Evaluation 7.54
Regulatory Bodies
Minimum Deposit 250$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • Easy-to-navigate platform that is simple for beginners to master.
  • Margin rates are easy to understand and affordable.
  • Mobile and tablet platforms offer full functionality of the desktop version.
  • Accepts US clients.
  • Access to more than 100 currency pairs
  • Emphasis on education and research.
  • Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
  • Offers protection for UK/EU client accounts.

Cons

  • US traders can currently only trade FOREX.
  • No GSLO for US-based traders.
  • No account protection for US clients.
  • Relatively high share-CFD fees.
  • No copy trading or back-testing integration on IG platform.
SAXO BANK Broker

SAXO BANK Broker

Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
Broker Evaluation 6.09
Regulatory Bodies
Minimum Deposit 10000$
Islamic Account No
Payment Methods Bank transfer - credit card
Main Branch Copenhagen, Denmark
Customer Service 24/5
Demo account No
Trading Platforms SaxoTrader

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK) and other top regulators.
  • Great trading platform.
  • Among the industry’s best research.
  • Superior user interface.
  • Offers protection for client accounts.

Cons

  • High bond, options and futures fees.
  • Lack of emphasis on customer service.
  • Confusing instrument fee structures.
  • High minimum deposit.
  • Does not accept US clients.
  • No MT4.
  • Lacks live chat.
CMC MARKETS Broker

CMC MARKETS Broker

CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation 7.07
Regulatory Bodies
Minimum Deposit 0$
Islamic Account No
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK).
  • Low FOREX fees.
  • Emphasis on education and customer service.
  • Great Web and mobile platforms.
  • Offers protection for client accounts.
  • Research amenities are industry leading.

Cons

  • Does not accept US clients.
  • Limited product portfolio.
  • High stock CFD fees.
  • High CFD spreads for certain indices.
  • Differences between Next Generation and MT4.
  • Complicated account verification.
  • No back-testing or automated trading capabilities.
think markets Broker

think markets Broker

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation 8.05
Regulatory Bodies
Minimum Deposit 0$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch Australia
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -Web platform-mt4- mt5

Pros

  • Beginner assistance offered through 24/6 channels.
  • Spreads are as low as 0.0 pips.
  • 24/7 expert customer service.
  • CFD shares and indices come at no extra fee.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.

Cons

  • Direct share trading is on a separate platform.
  • No binary options offered.
  • Commissions charged for two account types.
  • After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
  • No US, Canada or Japan clients allowed.

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

What Is FOREX and Why Do We Need a Broker to Trade?

The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world. The best FOREX brokers in Kenya play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format.

How Do I Choose the Best FOREX Broker in Kenya?

Kenya is the third largest economy in Africa. It is a market-based economy with strong emphasis on energy, tourism and financial services. The country is known to be business-friendly and has taken steps to encourage local and foreign investment. In 2020, Kenya ranked 56th in the World Bank’s Ease of Doing Business rating, an improvement from a placing of 61st out of 190 countries just two years earlier.
With government spending concentrated on infrastructure improvements in areas like telecommunications, transport, and construction, it is a country on the rise. Through policy stability and good governance, Kenya has birthed a new generation of young investors boasting increasing levels of education and some money to spend. As such, many FOREX brokers with roots in Europe have decided to set up affiliates in the country. Today, there is a wide range of brokers from which Kenyan traders may choose. In the sections that follow, we'll tell you how to choose from the best FOREX brokers in Kenya.
Best FOREX Brokers in Kenya

Regulation and Licensing in Kenya

The Capital Markets Authority (CMA) is the primary financial regulatory body in Kenya. The regulator opened its doors in 1989 and is responsible for supervising, licensing, and monitoring the activities of firms in the financial sector. The CMA is an independent regulatory body that guides the financial services sector according to asset allocation. 
An interesting feature of FOREX trading in Kenya is that even though it is required by law that all Kenya FOREX brokers be registered by the CMA, this does not always happen in practice. In 2018, the CMA embarked on a drive to increase the number of regulation applications. Results have been slow. As of 2023, only nine non-dealing desk brokers operating in the country are formally regulated by the CMA. 
On this evidence, the CMA is not effective at controlling unregistered brokers. As a FOREX trader, be sure to check that your chosen broker is also regulated in other major economies. The Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CYSEC) are two of the best regulators in the world. If you want to read more about some of the best-regarded regulators, read our article on regulation here
As we have said, as someone resident in Kenya, choosing a well-regulated broker isn't merely a matter of preference—it's a protective measure. When a broker is under the watch of a regulator, it undergoes stringent assessments to ensure transparency, fair trading practices and your financial security. Opting for an unregulated broker brings with it significant risks.

Choose a broker under the watch of a trusted regulatory authority who is renowned for their rigorous oversight. There's no obligation to opt for an overseas regulator; reputable brokers also operate within your own jurisdiction. To confirm if your broker is registered with a regulator, navigate to the regulator’s official website.

Leverage

Depending on the regulator under which your broker works, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.
Here are selected leverage rules according to some important regulators:
CMA, Kenya:
The maximum leverage for trading FOREX in Kenya is restricted to 400:1. The rules around negative balance protection are not enforced and are largely left up to individual brokers to decide. This puts inexperienced traders in grave danger of serious losses.
FCA, UK: 
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities (excluding gold) and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies
These limits are in place to reduce the risk of significant losses for retail traders.
Swiss Financial Market Supervisory Authority (FINMA), Switzerland:
FINMA has not set specific leverage limits. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.

Retail traders should be cautious when trading with high leverage due to the significant risks involved. While leverage can increase gains, it can also magnify losses. You should be careful when trading with high leverage, that’s why you need the right knowledge and experience to handle the highs and lows that come with this form of trading.

Stop Out and Margin

As a FOREX trader, it's crucial to understand the most important terms you'll encounter to avoid going into a negative balance. One of these terms is "stop out," which refers to a situation where a broker automatically closes some or all of your open positions to prevent your account from going into a negative balance. 
This is especially relevant for traders using leverage in a poorly -regulated market. The stop-out level is typically expressed as a percentage, representing the margin level at which the broker starts to close out open trades. Here are the three most common stop-out levels:
0% Stop-Out Level: 
At this level, when the margin level of the account drops to 0%, the broker will automatically close all open positions. This is the most aggressive stop-out level, and it gives no room for your positions to recover, even if the market turns in your favor immediately after reaching this level.
50% Stop-Out Level: 
Here, if the margin level drops to 50%, the broker will start closing out positions. It offers a bit more flexibility compared to the 0% level. The broker will typically close the most unprofitable positions first, and if that's not enough to bring the margin level back above 50%, more positions will be closed until the proper level is achieved.
100% Stop-Out Level: 
A 100% stop-out level means that when a trader's equity equals the margin required for the open positions, the broker will start closing those positions. It's important to know that this is similar to the 0% level, but might be worded differently based on broker terminology.
Stop-out procedures are meant to protect you from negative balances. However, they can lead to significant losses in volatile markets if positions are closed automatically, especially if the market quickly reverses after the stop out. As such, using protective measures, like stop-loss orders and not over-leveraging, is always a good idea.

Commissions and Fees

Trading fees are not always easy to monitor. Be sure to check how these fees compare with other brokers:
Spreads: In FOREX trading, a spread is the difference between the price at which a trader can buy (ask) and the price at which they can sell (bid) a currency pair. The spread can be categorized into two main types: fixed and variable.
Fixed Spreads: As the name suggests, fixed spreads remain constant regardless of market conditions. They don't change during the day and are set by the broker. Some traders prefer fixed spreads because they provide predictability, especially during times of high market volatility.
Variable Spreads: These spreads fluctuate based on market conditions. During times of low liquidity or high volatility, variable spreads can widen. However, during times of high liquidity and normal market conditions, the spreads can be very narrow. This type of spread is a direct reflection of market supply and demand.
Why do they differ?
The main reason they differ is due to their reaction to market conditions. Fixed spreads don't react to the market, giving traders a consistent spread cost. On the other hand, variable spreads can offer lower costs during normal market conditions but can widen and become more expensive during volatile times.
Example of Good vs. Worse Spreads for EUR/USD:
A good spread for the EUR/USD currency pair might be around 1.4 pips. This means that if the bid price is 1.1000, the ask price would be 1.10014.
A worse spread could be significantly higher, let's say 3.0 pips or more. In this scenario, if the bid price is 1.1000, the ask price would be 1.1003.
Traders always prefer narrower spreads because the cost of entering and exiting a trade is lower. However, it's essential to consider other factors, like the broker's reliability, platform features, and overall trading conditions when choosing between brokers offering different spreads. This article explains more about this important concept.
Commission: This is nothing more than the service charge that brokers require for carrying out transactions on behalf of their clients.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.
Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to know these and any associated limits or conditions.
Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips 0$ No Available
Stocks Starting from 0.04 Pips 0$ Yes Unavailable
Commodities Starting from 0.17 Pips 0$ No Available
Indices Starting from 1.30 Pips 0$ No Available
Spread Commission Swap Islamic Account
Currencies Starting from 1.3 Pips 0$ No Available
Stocks Starting from 18 Pips 0$ Yes Unavailable
Commodities Starting from 2.3 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.2 Pips 0$ No Available
Stocks Not Mentioned 0$ Yes Unavailable
Commodities Starting from 8 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.6 Pips 0$ Yes Unavailable
Stocks Starting from 2.4 Pips 0$ Yes Unavailable
Commodities Starting from 0.1 Pips 0$ Yes Unavailable
Indices Starting from 0.2 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.9 Pips $0 Yes Unavailable
Stocks Starting from $0.02 $6 Yes Unavailable
Commodities Starting from $0.6 $6 Yes Unavailable
Indices Starting from $0.7 $6 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.5 Pips $0 Yes Unavailable
Stocks Starting from $0.2 $10 Yes Unavailable
Commodities Starting from 0.2 Pips $0 Yes Unavailable
Indices Starting from 0.5 Pips $0 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips $0 Yes Unavailable
Stocks Starting from 0.1% $0 Yes Unavailable
Commodities Starting from $0.19 $0 Yes Unavailable
Indices Starting from 0.4 Pips $0 Yes Unavailable

Trading Platforms, Tools, and Features

When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:

Tradable Assets and Instruments

Online trading offers a wide range of financial instruments, each with its own opportunities and challenges. Here are some of the most common:
Brokers Currency pairs Stocks Indices Commodities Crypto ETFs
FXDD 67 Pairs 1100 Shares 45 Indices 10 Commodity 30 Coins 1200 ETFs
ICM Capital 67 Pairs 89 Shares 17 Indices 12 Commodity 6 Coins Unavailable
XTB 57 Pairs 1848 Shares 36 Indices 22 Commodity 22 Coins 135 ETFs
IG 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 Commodity 9 Coins 6700 ETFs
CMC Markets 330 Pairs 8000 Shares 80 Indices 100 Commodity 18 Coins 200 ETFs
Think Markets 46 Pairs 3750 Shares 15 Indices 11 Commodity 21 Coins 350 ETFs

Payments, Deposits, and Withdrawals in Kenya

Kenyan traders can make deposits and withdrawals into and out of their trading accounts with M-Pesa, a widely adopted electronic payment system in the country. Unlike making deposits in USD or any other currency, depositing and withdrawing using the Kenyan shilling is fast and seamless and means local traders don’t need to worry about currency conversion. Also, many Kenya FOREX brokers offer commission-free deposits and withdrawals with M-Pesa, which is not the case with debit and credit cards, and that, while permitted as a form of payment, are subject to long wait times and additional fees.
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee $0 $0 + Bank commission 0$ 0$ 0$ Unavailable
Withdrawal fee $30 $30 $30 $30 $30 Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1.9% 2.5% Unavailable 3.75%
Withdrawal fee 0$ $15 1% $0 Unavailable 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1% 1% Unavailable Unavailable
Withdrawal fee 1.5% 30$ 1% 1% Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 0$ 2.5% Not mentioned Unavailable
Withdrawal fee 0$ $0 + Bank commission 5.50$ 0-7.5% Not mentioned Unavailable

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast, and polite, which in turn will spare you from having to worry about problems later. The best FOREX brokers in Kenya for beginners will be able to provide you with the following:
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Moderate
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Very Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Moderate Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Very Fast Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Slow Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Moderate Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Moderate Fast Moderate Not Available

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always look out for SSL certification and two-factor authentication (especially when registering with a new site). Be sure to use a strong password.    

Ask Other Traders on Our Network

Arincen has spent a great deal of time and effort creating a collaborative environment where traders of all backgrounds come to meet. After all, Arincen’s vision is to simplify the world of trading and democratize the ability to improve one’s financial position. Our Website provides a peerless range of tools, such as much-loved signals, rolling news, and a thriving community, where traders of all levels of experience can learn from each other.

Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.

Which FOREX Broker Has the Best Platform?

Most FOREX brokers use the MT4 platform, which is rightly considered as the best third-party platform on the market. For the best proprietary platform with advanced tools and new innovations for the progressive trader, Saxo Bank has the best proprietary platform.

Which FOREX Broker Charges the Lowest Fees?

Our panel of experts has determined that FXDD’s ECN account offers unmatched low fees for entry level and expert traders alike.

Which is the Best FOREX broker for the most CFDs?

If trading CFDs is your preference, and you are looking for a broker with a wide range of CFD instruments in which to invest, try CMC Markets or IG, both of which offer a plethora of CFDs to invest in.

Which is the Best FOREX Broker with the Most Assets?

If you are the type of trader who is always on the lookout for new assets to try and you are frustrated by the limited range offered by your broker, spend some time looking into the extensive range of assets on offer from CMC and IG, two brokers synonymous with endless asset class choice.

Which FOREX Broker is Best for Professionals?

Professional traders are becoming more demanding as technology improves. If you require services like advanced indicators, access to day trading, and advanced trading orders, look for brokers that offer MT4 for some of the most advanced analysis tools anywhere on the market.

The Dos and Don’ts of FOREX Brokers

One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do. 
There are seven things brokerage firms cannot do:
  1. The FOREX brokerage firm cannot recommend a buy or sell.
  2. The FOREX brokerage firm must not provide price or market expectations (rise/fall);  
  3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
  4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance.
  5. The FOREX brokerage firm cannot grant a client a bonus unless clear terms are guiding it beforehand.
  6. The brokerage firm must not use bank accounts not under its name; and
  7. FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert website like Arincen, something we will delve into toward the end of this article.   

FOREX Trading Scams and How to Avoid Them

Unfortunately, Kenyan traders are vulnerable to trading scams and fraud by virtue of the fact that it is easy for unregulated brokers to onboard Kenyan customers. While Kenya’s retail investment community is growing, it still features large swathes of brand-new entrants who frequently end up as victims of scams. The CMA is largely toothless when it comes to bringing non-compliant brokers to book.
As mentioned, in 2018 the regulator warned Kenyans against engaging in online foreign exchange trading through platforms of unlicensed entities, as they risked losing their investments because the law could not protect them. To protect yourself from scams, you are advised to conduct your own research on the broker you choose. It does not mean that an unregulated broker is automatically out to swindle you, but you are more vulnerable with this type of broker.

Trading with an unregulated broker can have dire consequences. Regulated brokers must comply with strict rules to protect your interests. Unregulated brokers may engage in fraudulent activities, such as misappropriating client funds, and may not have adequate measures in place to protect your data. For a list of the best regulators, read our article here.

Will Your Money Be Protected if Your Broker Becomes Insolvent?

The CMA runs an Investor Compensation Fund, “established for compensating investors who suffer pecuniary loss resulting from the failure of a licensed stockbroker or dealer to meet their contractual obligations.” That’s the good news. The bad news is that the maximum compensation is Kshs50,000 per investor, which translates to a paltry $500.

Who Is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.            
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.   

Conclusion

Any new trader entering the FOREX market is heading into a space that is much more vibrant, competitive, and safe than at any time in our history. It's an exciting time to be starting this adventure. Like any such enterprise, you need to make sure you are safe from pitfalls. That's why we will always reiterate our key message which is that any of the top online FOREX brokers you pick must be legally licensed and well-regulated.
Next, be sure to vet the broker's tools, platforms, and reputation. Make sure that you can get customer service in your local language whenever you need it. If at any stage you are unsure about what steps to take when vetting the best online FOREX brokers in Kenya, you can always refer back to this article.

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:
  1. Companies’ websites.
  2. Other websites that have ranked FOREX companies.
  3. A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its relative weight. These include licensing, deposits and withdrawals, number of assets, etc.     
Afterwards, we validated the data by:
  1.  Registering with FOREX companies as a secret shopper and/or as Arincen.
  2.  Survey number “2,” in which we asked these companies’ customers for important feedback and experience.
The next step saw us evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.

FAQ

What is FOREX?

The FOREX market is a place where global currencies are bought and sold. It is the largest financial market in the world and requires technologically sound tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

What is FOREX trading?

FOREX trading involves professional and retail traders as well as institutions engaged in the process of buying and selling different global currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.

What costs and commissions are associated with FOREX trading?

FOREX brokers charge any combination of commissions, spreads, and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread. Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time. Naturally, this does not apply to Islamic traders, who, rather than paying a fee to hold their positions open, pay a wider spread.

How important is good customer service in FOREX trading?

High market availability is key to FOREX trading. Traders must pick a brokerage firm that is able to provide good customer support around the clock. Company representatives must be easy to reach, well-trained, and knowledgeable enough to be of use in times of difficulty.

Is FOREX trading legal in Kenya?

Yes, trading FOREX trading is legal in Kenya. The CMA encourages traders to only invest with FOREX brokers that are under its regulatory watch.

Is FOREX trading taxable in Kenya?

Yes, FOREX trading is taxable in the country. Kenyan residents who generate profit from trading FOREX must declare their earnings as they would with normal taxable income. As always, you are advised to consult a tax professional to understand your tax liability in more detail.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Written by
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Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20years, he has developed deep experience in such diverse areas as investing, business, finance,technology and macroeconomics. He is passionate about captu...
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Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
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Bahaa Khateeb
 Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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