Capital Markets Authority (CMA) Brokers 2024

Contributor Image
Written By
Contributor Image
Written By
Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
Contributor Image
Edited By
Contributor Image
Edited By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
Contributor Image
Fact Checked By
Contributor Image
Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
Updated

Kenya’s Capital Markets Authority (CMA) was established in 1989 as a statutory agency under the Capital Markets Act Cap 485A. Operating under the National Treasury, the CMA’s primary mandate is to promote market integrity, protect traders, and foster fair and efficient capital markets in Kenya.

The CMA licenses and oversees various trading brokers, ensuring they comply with the legal and regulatory framework. A growing number of brokers have sought authorization from the CMA in recent years, including IC Markets and Pepperstone, as Kenya emerges as the leading centre for forex and CFD brokers in Africa.

We’ve assigned the CMA ‘yellow-tier’ status in line with our Regulation & Trust Rating, meaning it provides “strong investor protection”, especially for Kenyan traders, though it’s not as robust as ‘green-tier’ regulators.

We’ve pinpointed the best brokers regulated by the CMA. Our experts have verified the credentials of every recommended platform on the regulator’s List of Licensees.

Best CMA Brokers

After extensive hands-on testing, these 6 CMA-regulated trading platforms stand out from the pack:

Click a broker for details
  1. 1
    IC Markets

    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5

    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  2. 2
    Exness

    Ratings
    3.8 / 5
    4.3 / 5
    3.5 / 5
    3.8 / 5
    3.8 / 5
    3.8 / 5
    4.3 / 5
    1.5 / 5
    4.4 / 5
    4.3 / 5

    $10
    0.01 Lots
    1:2000
    CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral
    Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel, Debit Card, Neteller, Skrill, Perfect Money, Sticpay, AstroPay, Cashu, FasaPay, WebMoney, M-Pesa
    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
  3. 3
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.

    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  4. 4
    Ingot Brokers

    $10
    0.01 Lots
    1:500
    ASIC, FSCA, JSC, FSA, CMA
    CFDs, Commodities, Stocks, Indices, ETFs, Forex, Cryptocurrencies
    MT4, MT5
    Skrill, Neteller, PayPal, Wire Transfer, Mastercard, Visa, Debit Card, Credit Card, Bitcoin Payments, Ethereum Payments
    USD, AUD
  5. 5
    FP Markets

    Ratings
    3.8 / 5
    3.8 / 5
    4 / 5
    3.8 / 5
    4 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4 / 5
    4 / 5

    $40
    0.01 Lots
    1:30 (UK), 1:500 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
    Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
    Neteller, Skrill, Visa, Wire Transfer, FasaPay, Credit Card, Dragonpay, Perfect Money, Mastercard, Debit Card, Sticpay, Bitcoin Payments, Rapid Transfer, Apple Pay, Google Wallet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, TRY, CHF, HKD, SGD
  6. 6
    FXTM
    30% up to $100 via Exinity Ltd

    Ratings
    4.3 / 5
    4 / 5
    3.8 / 5
    4 / 5
    2.8 / 5
    3.8 / 5
    3.8 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5

    $200
    0.01 Lots
    1:3000
    FCA, FSC, CMA
    CFDs, Forex, Commodities, Indices, Stocks, Crypto
    FXTM Trader, MT4, MT5
    Visa, Maestro, Mastercard, Debit Card, Wire Transfer, Skrill, Neteller
    USD, EUR, GBP, NGN

Here is a summary of why we recommend these brokers:

  1. IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
  2. Exness - Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
  3. Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
  4. Ingot Brokers - Ingot Brokers is a multi-regulated brokerage established in 2006. The broker offers CFD trading opportunities on 1000+ instruments including forex, stocks, indices, commodities and cryptocurrencies. The broker supports the MetaTrader 4 and MetaTrader 5 platforms and offers both raw spreads and commission-free account options.
  5. FP Markets - Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to day traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.
  6. FXTM - FXTM is a top-rated forex and CFD broker established in 2011 and operating across four continents. The company is secure and regulated by leading authorities, including the FCA. Offering 1000+ markets and three account types, they cater to all levels of trader.

CMA Brokers Comparison

CMA Brokers Comparison
Broker Minimum Deposit Markets Platforms Leverage
IC Markets logo
$200 CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Exness logo
$10 CFDs, Forex, Stocks, Indices, Commodities, Crypto Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral 1:2000
Pepperstone logo
$0 CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade 1:30 (Retail), 1:500 (Pro)
Ingot Brokers logo
$10 CFDs, Commodities, Stocks, Indices, ETFs, Forex, Cryptocurrencies MT4, MT5 1:500
FP Markets logo
$40 CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral 1:30 (UK), 1:500 (Global)
FXTM logo
$200 CFDs, Forex, Commodities, Indices, Stocks, Crypto FXTM Trader, MT4, MT5 1:3000

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
RegulatorASIC, CySEC, FSA, CMA
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Minimum Deposit$200
Minimum Trade0.01 Lots
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.

Cons

  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.

Exness

"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."

Christian Harris, Reviewer

Exness Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorCySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC
PlatformsExness Trade App, Exness Terminal, MT4, MT5, TradingCentral
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:2000
Account CurrenciesUSD, 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

  • Improved execution speeds, now averaging under 25ms, offer optimal conditions for short-term traders.
  • Exness was the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes, highlighting its legitimacy.
  • Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.

Cons

  • MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
  • Apart from a mediocre blog, educational resources are woeful, especially compared to category leaders like IG which provide a more complete trading journey for newer traders.
  • Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
RegulatorFCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.

Cons

  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.

Ingot Brokers

"Ingot Brokers is a good choice for day traders looking for a no-frills broker with a wide range of instruments. Experienced traders will appreciate access to the advanced MT5 platform, although beginners may be disappointed in the lack of educational resources."

William Berg, Reviewer

Ingot Brokers Quick Facts

Demo AccountYes
InstrumentsCFDs, Commodities, Stocks, Indices, ETFs, Forex, Cryptocurrencies
RegulatorASIC, FSCA, JSC, FSA, CMA
PlatformsMT4, MT5
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, AUD

Pros

  • The low $100 minimum deposit and the option to trade with zero commissions will appeal to newer traders
  • Ingot Brokers holds multiple regulatory licenses, including one from the top-tier regulator, ASIC
  • Traders can access the market-leading MT4 and MT5 platforms, collectively offering dozens of advanced technical indicators and charting tools for detailed analysis

Cons

  • The range of 30+ currency pairs is below the industry average and won’t be sufficient for serious forex traders
  • The broker’s educational resources and market research trail most competitors
  • The ECN account offers fewer assets than the other account types

FP Markets

"FP Markets strikes an ideal balance between affordability and quality for active traders. They’ve managed to keep trading costs low while expanding their investment offering, charting tools, and research features, all while providing excellent support you can rely on for urgent trading queries."

Christian Harris, Reviewer

FP Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
RegulatorASIC, CySEC, FSA, CMA
PlatformsIress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
Minimum Deposit$40
Minimum Trade0.01 Lots
Leverage1:30 (UK), 1:500 (Global)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, TRY, CHF, HKD, SGD

Pros

  • With MetaTrader, cTrader, Iress and more recently TradingView, FP Markets is one of the most accommodating brokers in terms of platform choice.
  • FP Markets has integrated top-notch research tools from Trading Central and Autochartist, helping traders identify short-term opportunities based on chart patterns, indicators, and other technical factors.
  • FP Markets delivers fast and dependable support, available 24/5 with average response times of less than 1 minute during testing.

Cons

  • FP Markets trails the best MetaTrader brokers, despite offering a Trader's Toolbox on MT4, just 130 instruments are available, limiting opportunities for serious traders, especially compared to Pepperstone with its 1,300 assets.
  • While pricing in the Raw account is excellent, spreads in the Standard account trail the cheapest brokers with a 1.1-pip average spread on the EUR/USD compared to the 0.8-pip average at IC Markets.
  • Although Traders Hub provides rich research, notably the Daily Report, Technical Report, Market Insights, and Fundamental Analysis, it needs to widen its daily content variety and keep its forex news updated to match category leaders like IG.

FXTM

"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 and MetaTrader 5 platforms. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."

Tobias Robinson, Reviewer

FXTM Quick Facts

Bonus Offer30% up to $100 via Exinity Ltd
Demo AccountYes
InstrumentsCFDs, Forex, Commodities, Indices, Stocks, Crypto
RegulatorFCA, FSC, CMA
PlatformsFXTM Trader, MT4, MT5
Minimum Deposit$200
Minimum Trade0.01 Lots
Leverage1:3000
Account CurrenciesUSD, EUR, GBP, NGN

Pros

  • FXTM offers free VPS hosting for active day traders looking for 24/7 uninterrupted connection with up to 99.9% uptime
  • The broker has a good reputation with multiple industry awards and oversight from top-tier regulators like the FCA
  • Negative balance protection is available to clients registering with the EU and UK entities

Cons

  • It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like Blackbull
  • Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
  • There are limited e-wallet payment options compared to alternatives

Methodology

To identify the top brokers regulated in Kenya, we:

  • Scoured our directory of 267 brokers to find those who claim to be regulated by the CMA.
  • Put their company credentials through the List of Licensees to verify they were authorized.
  • Ranked them by their rating, combining 100+ data entries with the observations of our testers.

How Can I Check A Broker Is Regulated By The CMA?

Confirming whether a broker is regulated by the CMA is straightforward:

  1. Navigate to the CMA’s List of Licensees.
  2. Expand the drop-down section ‘NON-DEALING ONLINE FOREIGN EXCHANGE BROKER.’
  3. View regulated broker details, including company and trading name, registered address, and license number.

To show you how this works in practice, below are the results of a search I did to check that Pepperstone, a terrific broker for day trading featuring lightening-fast execution and razor-sharp spreads, is authorized to operate in Kenya.

author image
Christian Harris
Author
Kenyan regulator database showing licensed trading brokers
Pepperstone – CMA License

What Rules Must CMA-Regulated Brokers Follow?

Brokers in Kenya must obtain a license from the CMA to operate legally in the country. The licensing process is rigorous and ensures that brokers meet high financial stability, integrity, and competence standards.

It involves a thorough review of the broker’s financial records, operational structure, and business practices. The CMA also conducts background checks on the broker’s key personnel to ensure they have the necessary qualifications and experience.

At the time of writing, the CMA has licensed 10 non-dealing forex brokers to operate in Kenya, with the largest brands including firms like Pepperstone, HF Markets and FP Markets. That said, the List of licensed brokers fluctuates as the CMA grants new licenses and revokes non-compliant ones.

The CMA establishes clear criteria for online brokers seeking a Kenyan license. The fundamental rules and requirements that CMA-regulated brokers must follow encompass financial stability, operational structure, and responsible business practices:

Yet while the CMA provides strong trader protections, especially for Kenyan traders, it’s not yet as robust as other prominent regulators, such as the FCA in the UK or ASIC in Australia.

Its shortcomings centre around its relatively limited resources to enforce rules, sometimes slow and inconsistent penalties, and the country’s less developed financial markets.

author image
Christian Harris
Author

What Powers Does The CMA Have?

The CMA plays a vital role in safeguarding Kenyan traders. They achieve this by recommending that new traders only participate with brokers licensed by the CMA.

The CMA’s regulations extend to Kenyan soil, and some offshore brokers continue to solicit Kenyan investors despite needing a CMA license. While these overseas brokers might be regulated elsewhere, the CMA has advised many times over the years against using them due to the lack of CMA oversight.

The CMA actively monitors and enforces compliance among licensed brokers. In recent years, it has taken several enforcement actions, including imposing fines and penalties on brokers who violate regulatory requirements.

For instance, In October 2018, Kenyan authorities issued a cease and desist order to Pesos Capital Markets Limited. The order alleged that the firm was operating as a fund manager and an online foreign exchange dealer without the necessary licenses required by the Capital Markets Act.

Public notices and investor alerts are regularly issued to inform the public about unlicensed entities and potential scams.

💡
The CMA’s Annual Report for 2022 highlighted that 25 licensed market intermediaries were licensed, 15 inspections were conducted, 10 million KES (Kenyan shillings) in fines were imposed (approximately $100,000), and 200 investor complaints were resolved.

Bottom Line

The CMA is the guardian of Kenya’s capital markets, ensuring their integrity and fostering growth. This includes regulating brokers to promote fair and transparent practices.

The CMA implements a licensing process that only qualified firms can pass. They maintain constant vigilance through ongoing monitoring of licensed brokerages, ensuring adherence to regulations. Additionally, the CMA can take decisive enforcement against any broker violating the established rules.

When choosing a CMA-licensed broker, you benefit from the CMA’s regulations to safeguard Kenyan traders. Trading with an unlicensed broker removes these protections, leaving Kenyan traders with limited avenues to seek compensation or resolve disputes.

Article Sources

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