ECN and raw-spread brokers in Kenya

Affiliate links: we earn a commission; it never changes scores or order. CFDs are high-risk and leverage can lose you money rapidly.

Key facts (26 of 55 counts · 52 brokers onboarding Kenyan residents)

26of 55

qualify for this ranking

47% of 55

24of 26

scored on all six axes

92% of 26

36of 55

publish a price

65% of 55

29of 55

publish a leverage figure for this country

53% of 55

Top 3 (of 3 ranked)

1FP Markets4.47highest score of the three · locally licensed 2HFM4.46cheapest priced of the three · locally licensed · withdrawal in 24 h 3Pepperstone4.44locally licensed · withdrawal in 24 h

ECN and raw-spread brokers in Kenya (26 of 55)

By slice score, formula v1.0. · 26 of 52 brokers in this ranking · all 26

#	Broker	Round turn, USDKE	Min deposit, USDKE	Leverage	Withdrawal, hKE	Score	Founded	Funding
1	FP Markets	8	100 group	500 groupKE	72	4.47	2005	3 methods
2	HFM	6	0 group	2000 groupKE	24	4.46	2010	2 methods · local
3	EGM Securities (FXPesa)	7	0	400KE	3	4.46	2019	2 methods · local
4	Pepperstone	7	10	400KE	24	4.44	2010	4 methods · local
5	TMGM	7	100	1000 groupKE	24	4.22	2013	6 methods · local
6	Equiti	7	5	400KE	72	4.12	2008	5 methods · local
7	Fusion Markets	4.5	0	500KE	1	4.09	2017	6 methods
8	Admirals	6	25	500 groupKE	72	4.08	2001	4 methods · local
9	LiteFinance	5	50	500KE	24	4.05	2005	4 methods
10	BlackBull Markets	6	0 group	500 groupKE	24	4.04	2014	—
11	Scope Markets	9	100	400KE	48	4	—	4 methods · local
12	Tickmill	6	100	500KE	24	3.9	2014	3 methods · local
13	CFI	—	—	500 groupKE	24	3.89	1998	—
14	JustMarkets	6	10 group	3000KE	0.02	3.79	2012	2 methods · local
15	Scope Markets Kenya	9	10	400KE	24	3.77	2014	2 methods · local
16	OctaFX	9	25 group	1000KE	72	3.75	2011	2 methods · local
17	Eightcap	7	100	500KE	48	3.7	2009	4 methods · local
18	Vantage	6	50 group	500KE	120	3.69	2009	4 methods · local
19	ThinkMarkets	7	50	500KE	4	3.67	1999	4 methods
20	Moneta Markets	3	50	1000KE	24	3.65	2019	5 methods · local
21	FXCM	7.5	50 group	400KE	72	3.63	1999	2 methods · local
22	MultiBank Group	6	50 group	500KE	120	3.58	2005	5 methods
23	CMTrading	8	100	200KE	72	3.45	2012	5 methods · local
24	Alpari	3.5	30	3000KE	24	3.41	1998	5 methods
25	BDSwiss	5	10	2000KE	24	3.37	2012	3 methods
26	IG Markets	13.6	50 group	200KE	120	3.14	1974	3 methods · local

Ten are shown; the button opens the rest.

"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.

— the broker does not publish this figure; it is not read as a zero and it is not scored.

Eightcap publishes a retail leverage of 1:500 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.

Identical for every row, so it is stated once: Who onboards Local · CMA Kenya · Swap-free fee none, no limit · KES account Yes · Execution ECN/raw + standard.

1. FP Markets — highest score of the three · locally licensed (score 4.47)

Round turn: 8 USD
Withdrawal: 1-3 business days
KES account: USD/EUR/GBP/AUD and others; local KES account availability not verified at review.
Leverage: 500 groupKE
Licence: CMA Kenya 103
Accepts residents: yes
Onboarding entity: Kenyan clients can be onboarded under the locally licensed subsidiary FP Markets Ltd (FP Markets Limited), or via the offshore arm.
Founded: 2005
Register: https://fpmarkets.com/blog/fpmarkets-awarded-fx-broker-licence-in-kenya · 09.07.2026
Group leverage: localgroup
Instruments: 10,000+ CFDs: 60+ FX pairs, indices, commodities, shares, ETFs, bonds and crypto CFDs.
Platforms: MT5cTraderWebTradingView
Funding: Cards, bank wire and e-wallets; local M-Pesa/KES rails likely but not verified at review.
Not served: United States, Japan, North Korea, Iran, Iraq, Belgium, Canada

Reviews25%90
Round-turn cost20%85
Safety100
Payouts15%40
Track record10%
Platforms70

Why it ranks here

Round turn 8 USD against the slice median 7 USD. strongest axis safety 100 of 100. total score 4.47.

Watch for

Payouts axis 58 of 100; e-wallet times not published.

Full review of FP Markets

2. HFM — cheapest priced of the three · locally licensed · withdrawal in 24 h (score 4.46)

Round turn: 6 USD
Withdrawal: same business day if submitted before 10:00am server time; following business day if submitted after 10:00am server time
KES account: USD; KES funding via M-Pesa.
Leverage: 2000 groupKE
Licence: CMA Kenya 155
Accepts residents: yes
Onboarding entity: HFM Investments Ltd
Founded: 2010
Register: https://forexbroker.co.ke · 09.07.2026
Group leverage: offshore
Instruments: FX, metals, indices, shares, commodities, crypto CFDs.
Platforms: MT5MT4Web
Funding: M-Pesa (mobile money/iPay) instant deposits, min ~KES 700; local bank transfer; no HFM fees.
Not served: United States, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu

Why it ranks here

Round turn 6 USD against the slice median 7 USD. strongest axis round-turn cost 95 of 100. total score 4.46.

Watch for

Min deposit 200 USD, double the Kenya median of 50; withdrawal time not published.

Full review of HFM

3. Pepperstone — locally licensed · withdrawal in 24 h (score 4.44)

Round turn: 7 USD
Withdrawal: 1 business day
KES account: 10 base currencies (AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD); no KES account, so KES deposits incur conversion.
Leverage: 400KE
Licence: 128
Accepts residents: yes
Onboarding entity: Pepperstone Markets Kenya Limited
Founded: 2010
Register: https://cma.or.ke · 09.07.2026
Group leverage: localgroup
Instruments: 1,200+ instruments: 90+ forex pairs, indices, commodities/metals, share CFDs, ETFs and crypto CFDs.
Platforms: MT5WebMobile
Funding: M-PESA mobile money, local Kenyan bank transfer, Visa/Mastercard and e-wallets; M-PESA/local transfers often processed within 24 hours.
Not served: Afghanistan, American Samoa, Antarctica, Armenia, Belarus, Belgium, Belize, Bhutan, Bosnia and Herzegovina, Cameroon, Canada, Central African Republic, Chad, Congo, Congo, the Democratic Republic of the, Côte d’Ivoire, Cuba, Eritrea, French Guiana, French Polynesia, Guadeloupe, Guam, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See, Iran, Iraq, Japan, Kazakhstan, Lebanon, Liberia, Libya, Malaysia, Mali, Martinique, Mayotte, Mozambique, Myanmar (Burma), New Zealand, Nicaragua, North Korea, Palestine, State of, Puerto Rico

Why it ranks here

Round turn 7 USD against the slice median 7 USD. strongest axis safety 100 of 100. total score 4.44.

Watch for

Onboards Kenyan residents through an offshore entity: no CMA Kenya licence, no CMA Kenya complaints route, no KES account.

Full review of Pepperstone

What the data shows(26 of 55 distributions · 52 brokers)

Swap-free availability (26 of 55 brokers)

Offered30Not offered14

Admin fee after the free period (26 of 55 swap-free)

Never16After 3–30 days9not published5

Who onboards Kenyan residents (26 of 55 brokers)

Local CMA Kenya entity20Offshore entity24

KES account (26 of 55 brokers)

Yes16No23not published5

EUR/USD raw spread, pips (33 of 55 · median 0 pips)

27<0.2

50.4

00.6

00.8

1>0.8

Commission per round turn, USD (36 of 55 · median 6 USD)

8<2.5

237.5

110

1>10

Full list(26 of 55)

1FP Markets4.47
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100 group
Leverage
500 groupKE
KES
Yes
2HFM4.46
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
2000 groupKE
KES
Yes
3EGM Securities (FXPesa)4.46
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0
Leverage
400KE
KES
Yes
4Pepperstone4.44
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
10
Leverage
400KE
KES
Yes
5TMGM4.22
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
1000 groupKE
KES
Yes
6Equiti4.12
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
5
Leverage
400KE
KES
Yes
7Fusion Markets4.09
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
4.5
Min deposit, USD
0
Leverage
500KE
KES
Yes
8Admirals4.08
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
25
Leverage
500 groupKE
KES
Yes
9LiteFinance4.05
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
50
Leverage
500KE
KES
Yes
10BlackBull Markets4.04
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
500 groupKE
KES
Yes
11Scope Markets4
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100
Leverage
400KE
KES
Yes
12Tickmill3.9
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100
Leverage
500KE
KES
Yes
13CFI3.89
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Leverage
500 groupKE
KES
Yes
14JustMarkets3.79
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10 group
Leverage
3000KE
KES
Yes
15Scope Markets Kenya3.77
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
10
Leverage
400KE
KES
Yes
16OctaFX3.75
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25 group
Leverage
1000KE
KES
Yes
17Eightcap3.7
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
500KE
KES
Yes
18Vantage3.69
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500KE
KES
Yes
19ThinkMarkets3.67
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
500KE
KES
Yes
20Moneta Markets3.65
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
50
Leverage
1000KE
KES
Yes
21FXCM3.63
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
50 group
Leverage
400KE
KES
Yes
22MultiBank Group3.58
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500KE
KES
Yes
23CMTrading3.45
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200KE
KES
Yes
24Alpari3.41
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
3.5
Min deposit, USD
30
Leverage
3000KE
KES
Yes
25BDSwiss3.37
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
10
Leverage
2000KE
KES
Yes
26IG Markets3.14
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
13.6
Min deposit, USD
50 group
Leverage
200KE
KES
Yes

How to read this ranking

Start with the figure this page ranks on.
Every row here is ordered by computed score, highest first; unscored brokers follow. A broker that publishes no figure is shown without one rather than guessed at.
Check which company would onboard you.
The same brand can take a resident of Kenya through a locally licensed entity or an offshore one, and the leverage cap, the complaint route and the protection all follow the entity, not the brand.
Read the cost beside the deposit.
The median round turn across this country is 7.0 USD and the median minimum deposit 25.0 USD; a low deposit beside a wide spread takes the difference back on every trade.

Neighbouring slices(6 rankings · 6 explainers)

Same country

Explained

FAQ

How many brokers qualify for this ranking in Kenya?: 26 of 55 brokers measured for this country qualify.
Which broker leads it, and on what basis?: FP Markets leads it with a score of 4.47. The order is computed score, highest first; unscored brokers follow.
What does a trade typically cost here?: The median round turn - spread plus commission for one standard lot, in and out - is 7.0 USD across the brokers that publish both parts.
Why do some rows show a dash instead of a figure?: Because the broker does not publish that figure for this country. A dash is a statement about what is published, and a figure is never filled in from a group-wide page as if it applied locally.

How this slice is scored

Slice score = 2 + 3 × weighted mean of the six axes; the swap-free fee and availability feed price and reliability. A missing axis drops out and weights are renormalised; group-wide figures never enter. Full methodology

Verified · What changed · Sources(26 of 55 broker records)

Verified01.10.2026

data re-captured 28.09.2026

Risk warning and affiliate disclosure

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A swap-free account removes overnight interest, not market risk. We earn a commission on some links; paid rows are marked and never ranked first.