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Forex brokers in Kenya: CMA licences explained
Kenya is one of the few African countries with a dedicated licence for online forex brokers. Here is how the Capital Markets Authority regulates them and which brokers we review hold a Kenyan licence.
Short answer: online forex trading is legal in Kenya and regulated by the Capital Markets Authority (CMA), which licenses "non-dealing online foreign exchange brokers". Three brokers we review, Pepperstone, IC Markets and Exness, have Kenyan companies on the CMA's licensed list.
How the CMA regulates forex
The CMA licenses online forex brokers under Kenya's online foreign exchange trading regulations. Licensed brokers must be "non-dealing", meaning they pass orders to liquidity providers rather than trading against clients, and they must meet the CMA's disclosure rules. The CMA also licenses online forex money managers separately.
Brokers we review with a CMA-licensed company
| Broker | Kenyan company | Our review |
|---|---|---|
| Pepperstone | Pepperstone Markets Kenya Limited | Read |
| IC Markets | IC Markets (KE) Limited | Read |
| Exness | Exness KE Limited | Read |
Other firms on the CMA list at April 2025 included FXPesa (EGM Securities), Scope Markets, Exinity, HF Markets, Windsor Markets, Ingot, Admirals, FP Markets and Trademax. The list changes, so always confirm on the CMA's own website.
How to check a broker in Kenya
- Confirm that the company named in your account agreement ends in a Kenyan entity such as "Kenya Limited" or "(KE) Limited".
- Look it up on the CMA's list of licensed online forex brokers.
- Check M-Pesa or bank funding terms, conversion rates and withdrawal times.
- Be careful with social-media "signals" and account managers; licensed brokers do not guarantee returns.
FAQ
Can Kenyans use offshore brokers?
You may be able to open an account, but you would not have CMA protection. A CMA-licensed company gives you a local regulator to complain to.
What leverage is allowed in Kenya?
Leverage depends on the broker's CMA licence terms and your account type. Check the Kenyan company's terms, not the global website.
Can I fund my account with M-Pesa?
Several Kenyan-licensed brokers support M-Pesa. Confirm fees and limits before depositing.
Sources
- CMA licensed online forex brokers list (April 2025)
- Capital Markets Authority, Kenya
- Capital FM: CMA licenses online forex intermediaries
Forex and CFDs are leveraged and most retail accounts lose money. General information, not financial or legal advice.