For high volume forex traders or scalpers , the trading fee can quickly eat into their profits. For the lowest trading fees, none other broker beats HotForex. You can also make deposits using Skrill or Neteller in addition to bank cards and direct bank transfer. Deposits and withdrawals using mobile payment options are free at FxPesa.

The company started its operations in the country in November , and has so far gone ahead to become the biggest competitor to EGM Securities. The 3rd and last CMA regulated forex broker in our list is yet to start operations in the country by the time of this writing. However, you can still sign up with Pepperstone Markets, which has its roots in Australia.

The broker has been offering its services globally for the last 10 years, and its my number one recommended forex broker regulated by CMA in Kenya. Some traders anticipate that this will pave way for the taxman to begin taxing retail forex traders in Kenya. But whether this is true remains to be seen.

If it comes to pass that there will be taxes imposed on Kenyan forex traders, it will be as easy as the taxman demanding that all registered forex traders provide their KRA pin certificates at the time of registration with the CMA regulated brokers. Lowered Leverage : According to the CMA regulations, all forex brokers are capped at offering a leverage only. This is in plain contrast with some of the favorite foreign regulated brokers that can offer leverage as high as This comes as no surprise as many nations around the world banned binary options trading.

Pepperstone is one of the largest online trading brokers which offers traders worldwide access to global markets. Traders have access to a variety of financial instruments, competitive trading conditions, and choice between dynamic accounts. Submit news Write for us.

Sign in. Log into your account. Password recovery. Most brokers in Kenya offer leverage, but you have the option to choose your own leverage per trade. This gives you the option to control your risk. As a rule, you should not use more than leverage. Stop-loss orders can be set along with any buy or sell trade. This means that the trade will be closed automatically at the set price, if there is an unfavorable movement of the currency and this unfavorable movement crosses a certain limit.

Hence, it allows you set a maximum level of loss that you are willing to face on an individual trade. Traders should always set stop-loss orders with every trade they enter into. A guaranteed stop loss means that you cannot lose more money than your preset stop-loss order under any circumstances. Sometimes if a currency value changes very fast, there is a slippage. You may not be able to exit the trade at the exact price of your stop loss. A guaranteed stop-loss is a solution to slippage during very volatile market conditions. Negative balance protection means a trader cannot lose more money than they have deposited.

However, different brokers have a different interpretation of what that means. Deal cancellation allows you to cancel a trade that has been entered within a certain time limit. A trader can enable deal cancellation before entering into the trade, if your broker offers it. But very few brokers offer this feature.

There are certain common mistakes that a new forex trader needs to avoid. It is not advised to use high leverage, especially if you are a new trader as the losses can be much higher due to high leverage. Furthermore, a trader should never invest more money than they are prepared to lose. Investing or trading in forex markets is inherently risky and these markets are highly unpredictable.

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Hence, a trader needs to be prepared to face a complete loss. Traders should never use unregulated brokers. They are unsafe to trade with and a trader may lose all the money that they have deposited into their trading accounts.

List of CMA Regulated Brokers in Kenya

Unregulated brokers may also be conducting fraudulent practices which could adversely affect a trader. Traders should never follow trading advice blindly. Traders need to do their own research before investing their money. It is advisable to use a leverage of with a risk to reward ratio of atleast