Brokers With KES Accounts
The Kenyan shilling (KES), regulated by the Central Bank of Kenya (CBK), is the country’s official currency and a popular base currency for trading accounts among active Kenyan traders.
It is one of the most commonly used currencies in East Africa, particularly for trade within the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) regions, especially in sectors like agriculture, technology, and finance.
Jump into DayTrading.com’s pick of the top brokers with KES accounts to find a platform that best supports your trading preferences.
Best Brokers With KES Accounts
Following our in-depth tests, these are the 1 top brokers that support KES accounts:
-
1
Exness
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:2000FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptoExness Trade App, MT4, MT5, TradingCentralWire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, AirtelUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY
Here is a summary of why we recommend these brokers:
- Exness - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
Brokers With KES Accounts Comparison
| Broker | KES Account | Minimum Deposit | Markets | Regulator |
|---|---|---|---|---|
|
|
✔ | $10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM |
Exness
"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
Tobias Robinson, Reviewer
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM |
| Platforms | Exness Trade App, MT4, MT5, TradingCentral |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY |
Pros
- Experienced strategy providers can open social trading accounts, with monthly commissions up to 50%
- The broker is accessible for beginners with low minimum deposits from $10 and flexible payment methods
- Top-tier licensing with the FCA and CySEC and a strong reputation with over 10 years in business
Cons
- There are no promotional deals or loyalty schemes for high-volume day traders
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- Unlike most competitors, Exness doesn't provide its own education section
How Did We Choose The Best Brokers?
Through a detailed evaluation, we’ve curated a list of leading KES trading platforms:
- Our comprehensive ranking process involved leveraging our database of 267 online brokers and trading platforms, ensuring that only the best were considered.
- We excluded platforms that did not fulfill our demanding requirements for providing KES-denominated accounts.
- We utilized a robust scoring system to rank each platform, which incorporated over 100 quantitative metrics and qualitative evaluations informed by our in-depth testing.
What Is A KES Account?
A KES trading account is an account denominated in Kenyan shillings used for conducting financial transactions or trading in the currency.
It lets you buy and sell derivatives, commodities, or currencies in KES without constant currency conversion.
This type of account is beneficial if you are engaged in trade with Kenyan entities or within the East African region, as it helps minimize exchange rate risks and simplifies transactions by operating in the local currency.
Setting up a KES trading account is straightforward. You can see below where I did this during the sign-up stage at Exness.
Do I Need A KES Trading Account?
A KES account may suit your needs for several reasons:
- A KES trading account empowers you to easily trade Kenyan stocks, government bonds, and other financial instruments on the Nairobi Securities Exchange (NSE).
- A KES trading account provides Kenyan traders with simplified tax reporting. By avoiding the need to track foreign exchange gains or losses, accounting can be streamlined to simplify tax obligations.
- By trading local assets, Kenyan traders can mitigate the potential adverse effects of exchange rate fluctuations on trading profits.
How Can I Check If A Broker Offers An Account In Kenyan Shillings?
It takes minutes to find out whether a brokerage supports an account in Kenyan shillings:
- To determine the available currencies for your trading account, locate the ‘Account Options’ section on the broker’s website. This section will usually list the supported currencies for various account types.
- To trade in Kenyan shillings, ensure your trading account supports ‘KES’ as the base currency.
- To open a trading account, select ‘KES’ as your base currency. This will enable you to trade in Kenyan shillings.
Pros & Cons Of KES Trading Accounts
Pros
- A KES-denominated trading account can help you streamline your trading process by eliminating the need for frequent currency conversions. This saves you on transaction fees and mitigates the risk of adverse exchange rate fluctuations.
- A KES account provides access to investment opportunities within Kenya’s growing economy, particularly in sectors like finance, agriculture, and technology. Operating in local currency can offer greater convenience and potentially higher returns.
- A KES trading account lets you take advantage of local interest rates, which can be beneficial when managing liquidity or earning returns on deposits.
Cons
- A KES base account may present challenges when trading international securities denominated in non-KES currencies. Currency conversions could involve additional fees and expose you to foreign exchange risk.
- Trading international securities denominated in more widely traded currencies like USD or EUR can often benefit from higher liquidity. A KES base account may restrict your access to such high-liquidity assets, potentially impacting the execution of your trades, which is key for day traders.
- Managing a KES-based account, especially when dealing with cross-border investments, may entail specific tax rules or regulatory hurdles, depending on your country of residence.
FAQ
Which Is The Best Broker With A KES Account?
Following a thorough evaluation, DayTrading.com’s experts have carefully identified the best day trading platforms with KES accounts.
Explore our recommendations to discover the right platform for your trading endeavors.
How Much Does It Cost To Open A Trading Account Based In Kenyan Shillings?
Although the typical minimum deposit for KES trading is approximately USD 250 (around KES 32,160), some brokers offer more accessible options.
Exness is one such top broker, with a minimum deposit of USD 25 (around KES 3,215), making it an ideal choice if you are new to day trading or have a limited account balance.
Article Sources
- Central Bank of Kenya (CBK)
- East African Community (EAC)
- Common Market for Eastern and Southern Africa (COMESA)
- Nairobi Securities Exchange (NSE)
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com