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 5 CMA-regulated trading platforms stand out from the pack:
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- Demo account
- Regulator: ASIC, CySEC, FSA, FSCA, FSC, SCB, CMA-Kenya
- Min. deposit: $0
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- Demo account
- Regulator: ASIC, CySEC, JSC, FSA, CMA-Kenya
- Platforms: MT4, MT5
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- Demo account
- Regulator: FCA, ASIC, CySEC, SCA, SCB, CMA-Kenya
- Platforms: Web Platform, MT4, TradingView
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- Demo account
- Instruments: CFDs, Forex, Precious Metals, Stocks
- Regulator: ASIC, FSC, CMA-Kenya
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- Demo account
- Regulator: ASIC, FMA, VFSC, FSA, FSC, CMA-Kenya
- Platforms: MT4, MT5, TradingView, TradingCentral
Learn how we test brokers and why you can trust our ratings.
This is why we think these brokers are the best in this category in 2026:
- FP Markets 4.2/5 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.
- Ingot Brokers 4.3/5 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.
- Capital.com 4.0/5 Established in 2016, Capital.com initially focused on CFDs across forex, indices, stocks, commodities, and crypto, aimed squarely at active traders. Over the years it has added more instruments, obtained multiple regulatory licenses, improved its charting tools, and introduced an 1X account that lets you trade without using margin (borrowed funds), now catering to a diverse mix of traders worldwide.
- Anzo Capital 3.9/5 Anzo Capital is an offshore broker that offers leveraged CFDs on 100+ instruments including forex, stocks, indices and metals. The MetaTrader 4 and MetaTrader 5 platforms are supported, and traders can choose between an STP account with spreads starting from 1.4 pips and zero commission, or an ECN account with a $4 round-turn commission and spreads from zero. A decent range of payment methods are accepted, including crypto deposits.
- TMGM 3.4/5 TMGM is an ASIC-regulated forex and CFD broker with a vast range of tradeable assets covering forex, stock, index, crypto and commodity markets. The account types on offer provide a flexible choice between no commission or zero spreads, with competitive pricing all-round.
CMA Brokers Comparison
| Broker | Minimum Deposit | Markets | Platforms | Leverage |
|---|---|---|---|---|
| FP Markets | $0 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto | Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral | 1:30 (UK), 1:500 (Global) |
| Ingot Brokers | $10 | CFDs, Commodities, Stocks, Indices, ETFs, Forex, Cryptocurrencies | MT4, MT5 | 1:500 |
| Capital.com | $20 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Crypto | Web Platform, MT4, TradingView | 1:30 |
| Anzo Capital | $100 | CFDs, Forex, Precious Metals, Stocks | MT4, MT5 | 1:1000 |
| TMGM | $100 | CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex | MT4, MT5, TradingView, TradingCentral | 1:500 |
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| FP Markets | 10366 | ||||
| Ingot Brokers | 57 | ||||
| Capital.com | 15219 | ||||
| Anzo Capital | - | 179 | |||
| TMGM | 1145 |
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 Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
- Regulator
- ASIC, CySEC, FSA, FSCA, FSC, SCB, CMA-Kenya
- Platforms
- Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- FP Markets offers a superb selection of tradable assets, especially since expanding its suite of commodities and supporting over 10,000 stocks.
- With MetaTrader, cTrader, Iress and more recently TradingView, FP Markets is one of the most accommodating brokers in terms of platform choice.
- AI-powered sentiment analysis, trading signals and real-time NewsIQ research, integrated with MT4 and MT5, has been added via FP Markets Intelligence.
Cons
- 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.
- 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.
- FP Markets’ Iress platform is only available to clients in Australia. It also primarily emphasizes stock trading over forex trading, and data fees can accumulate rapidly unless you're an active trader or maintain a high-balance account.
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 Account
- ✔Yes
- Instruments
- CFDs, Commodities, Stocks, Indices, ETFs, Forex, Cryptocurrencies
- Regulator
- ASIC, CySEC, JSC, FSA, CMA-Kenya
- Platforms
- MT4, MT5
- Minimum Deposit
- $10
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, AUD
Pros
- Ingot Brokers offers a copy trading service with passive income opportunities for experienced strategy providers
- Traders can access the market-leading MT4 and MT5 platforms, collectively offering dozens of advanced technical indicators and charting tools for detailed analysis
- Multiple free payment methods are available, including bank transfers and crypto payments
Cons
- Despite improvements in the Resources Hub, the broker’s education and market research still trail many competitors
- The ECN account offers fewer assets than the other account types
- The range of 30+ currency pairs is below the industry average and won’t be sufficient for serious forex traders
Capital.com
Capital.com is a great match for day traders with its thousands of CFDs, SmartFeed providing tailored market updates, and TradingView charts for advanced technical indicators paired with Capital.com’s fast and reliable order execution.
Christian Harris, Reviewer
Capital.com quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs on Forex, Stocks, Indices, Commodities, ETFs, Crypto
- Regulator
- FCA, ASIC, CySEC, SCA, SCB, CMA-Kenya
- Platforms
- Web Platform, MT4, TradingView
- Minimum Deposit
- $20
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, AUD, SEK, NOK, DKK, CHF, HKD, PLN, CZK, AED, HUF, MXN
Pros
- Capital.com offers a unique 1X CFD account option that lets you trade without leverage, though market risk still exists. This is great for beginners or cautious day traders who want exposure without the risks of margin or overnight fees, something few CFD brokers provide. Availability depends on jurisdiction.
- Capital.com enhanced the mobile trading experience in 2026 with an AI assistant, live trading analytics, and a more customizable home screen with cleaner watchlists.
- The Capital.com app performed excellently during testing, with smooth orders, trade management and alerts, while it sits among the highest rated trading apps on the App Store for iOS users.
Cons
- Capital.com offers primarily a standard CFD account and a professional account (subject eligibility) with higher leverage, but it lacks ECN/raw spread accounts or tiered pricing, which can limit trading flexibility for high-volume scalpers.
- The broker’s research resources focus on educational content and in-house analysis but do not currently include third-party tools such as Trading Central, Autochartist, sentiment indicators, and professional-level screeners that some top competitors offer.
- While Capital.com supports MT4, it lacks MT5 integration, limiting access to advanced trading features, including additional timeframes, indicators, and order types.
Anzo Capital
Anzo Capital will suit traders looking for leveraged CFDs with the flexibility to choose between STP and ECN accounts.
William Berg, Reviewer
Anzo Capital quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Precious Metals, Stocks
- Regulator
- ASIC, FSC, CMA-Kenya
- Platforms
- MT4, MT5
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR
Pros
- A low minimum deposit of $100
- Good range of payment methods including cryptocurrencies
- Spreads as low as zero pips on forex, oil and silver
Cons
- Not available in the US
- Limited asset range
- Inactivity fees
TMGM
TMGM is a great all-round choice thanks to its huge range of assets, diverse account types and platform choices, plus competitive pricing.
Tobias Robinson, Reviewer
TMGM quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex
- Regulator
- ASIC, FMA, VFSC, FSA, FSC, CMA-Kenya
- Platforms
- MT4, MT5, TradingView, TradingCentral
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD
Pros
- Low trading fees with spreads from 1 pip on the classic account and from zero with $7 round-turn commissions on the raw spread account
- Huge range of assets including 10,000 global stocks
- Good range of rewards and bonuses offered through a points-based loyalty system
Cons
- Despite strong oversight in Australia, some offshore entities offer weaker regulatory safeguards and peace of mind
- Not a spotless regulatory record, with a 2024 ASIC action temporarily preventing it from opening new accounts
- $30 fee levied monthly on accounts which are inactive for 6 months or have a balance below $500
Methodology
To identify the top brokers regulated in Kenya, we:
- Scoured our directory of 143 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 200+ 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:
- Navigate to the CMA’s List of Licensees.
- Expand the drop-down section ‘NON-DEALING ONLINE FOREIGN EXCHANGE BROKER.’
- 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.
Christian HarrisAuthor
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 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:
- The CMA has a minimum capital adequacy requirement set at 30 million Kenya shillings, ensuring brokers possess sufficient financial resources to operate responsibly.
- All licensed brokers must maintain a physical presence within Kenya to facilitate oversight, with nearly every CMA-regulated broker we’ve evaluated maintaining an office in the capital, Nairobi.
- The CMA mandates qualified leadership with a solid financial background, promoting responsible management of client funds.
- Obtaining a CMA license can take several months, reflecting the thoroughness of the CMA’s review process.
- Regulations dictate that all business in Kenya is conducted in the local currency, the Kenyan shilling.
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.
Christian HarrisAuthorWhat 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.
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.