Forex platforms are available in Kenya but choosing the right option is a daunting task. Over the years, we have used our expertise to research and review the best online markets globally. Our goal is to help people find the best trading platform options for their future.
It is easy to start as it offers you One single login. Alternatively, its website gives you access to every resource you need to manage your IB account.
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The 5 Best Online Forex Platforms in Kenyain
1. Interactive Brokers —Best online forex broker in Kenya
2. Saxo Bank—Best web-based trading platform for advanced traders
3. Capital.com—Best for Beginners
4. Fusion Markets — for ease of use and best customer service
5. Pepperstone—Best for algorithmic traders and copy traders
When Should You Open an Online Market Account?
A brilliant idea is to open an online forex account. It allows you 24-hour market trading for six days a week with low costs and high liquidity. You also enjoy profits from the falling and rising currency prices.
Interactive Brokers—best online forex broker in Kenya
Interactive Brokers is a low-risk forex broker with a trust score of 99 out of 99 and a rating of 5 out of 5.
It is listed publicly and regulated in six tier-1 jurisdictions. This makes it a safe broker for trading forex and CFDs.
Its Equity Capital of USD 10.01 billion makes it a trusted, well-capitalized broker.
The broker also offers low commissions starting at $02. And there are no added spreads, ticket charges, platform fees, or account minimums.
Furthermore, it also provides tradeable global markets while delivering competitive fees and high-quality research and education.
You’ll enjoy its advanced trading tools and sophisticated order type configurations.
However, it may not favor beginners and MetaTrader is not available as an alternative platform option.
Saxo Bank —Best web-based trading platform, best for advanced traders
Saxo Bank is a low-risk forex broker with an a Trust Score of 99 out of 99 and a rating of 5 out of 5.
This online broker is not publicly traded. It does operate as bank, and is authorized by six tier-1 regulators (high trust). One tier-2 regulator (average trust), and zero tier-3 regulators (low trust).
The bank has a well-designed trading platform with excellent research services. With its research team constantly providing trading ideas. Another advantage is its wide-ranging product portfolio of 60,000 tradable instruments that meet even heavy traders’ needs.
On the negative side, Saxo will charge you a minimum deposit of $2,000. Also, it has no live chat customer support.
Capital.Com—Best investors and CFD traders
Capital.com offers you commission-free actual stock and minimal FX CFD fees. The account opening process is pretty straightforward and has excellent experience.
You can open a live account with Capital.com that requires a minimum deposit of 2,300 Kenyan shillings, or $20.
Since the broker fee is already included in the spread, there are no commission fees for trades.
Over 6,500 financial products are available across a wide range of asset classes.
Consequently, there are low and fair overnight costs when positions are held for longer than 24 hours.
Fusion Markets—Best for ease of use and customer service
Fusion Markets is the most affordable forex broker. It’s also an MT4/MT5 broker with a $2.25 per lot commission, no deposit fees, and no minimum account size.
The online trader offers live customer support. It also has a trading specialist to help you navigate the trading platform and the markets.
In addition, the broker allows you to copy other successful Fusion clients. And others can copy your trades, or copy between your Fusion accounts, all within a few clicks.
Pepperstone—Best for algorithmic traders and copy traders
Since it was established in 2010, Pepperstone has been a safe broker for trading forex and CFDs. This is due to its regulation in two tier-1 jurisdictions.
Another beautiful perk is that its platform add-ons improve the MetaTrader user experience. And also offers An expanding number of tradable markets.
On Pepperstone’s Razor accounts, pricing is competitive for active traders. But trading expenses for retail traders are only average.
How we rate the Best Online Forex Brokers in Kenya?
The indicators we use to rate forex brokers include: fees, safety, and ease of account opening. And to achieve this, we check over 500 brokers and fine-tune our procedure yearly. Because of our own and our users’ experiences, you can trust the reviews of each broker.
Only some brokers on our list will be a good choice for you. It’s important to narrow down your options—as we’ve outlined below;
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Check whether a trusted regulator regulates the broker
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Compare fees (including spreads, withdrawal fees, and commission)
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Check the least deposit requirements
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Open an account and test the platform (charting, features, usability, customer service).
With so many fee-free options and low deposits, it’s easier than ever to open a forex trading account. The majority take under ten minutes and it allows you manage your cash flow efficiently.
