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:
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- Demo account
- Min. deposit: $100
- Min. trade: 0.01 Lots
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- Demo account
- Platforms: MT4, MT5, TradingCentral
- Min. deposit: $5
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- Demo account
- Min. deposit: $0
- Min. trade: 0.01 Lots
73-89% of retail investor accounts lose money when trading CFDs -
- 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
- 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:
- AvaTrade 4.9/5 Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
- XM 4.8/5 XM is a globally recognized forex and CFD broker with 20+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It also offers a comprehensive MetaTrader experience that we've observed firsthand placing test trades.
- Pepperstone 4.8/5 Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 830,000 clients worldwide. It offers access to 1,400+ 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, helping to ensure a secure environment for day traders at all levels.
- 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.
- 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 |
|---|---|---|---|---|
| AvaTrade | $100 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingView, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) |
| XM | $5 | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies | MT4, MT5, TradingCentral | 1:30 |
| Pepperstone | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting | Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView | 1:30 (Retail), 1:500 (Pro) |
| Ingot Brokers | $10 | CFDs, Commodities, Stocks, Indices, ETFs, Forex, Cryptocurrencies | MT4, MT5 | 1:30 |
| Capital.com | $20 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Crypto | Web Platform, MT4, TradingView | 1:30 |
| 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 |
|---|---|---|---|---|---|
| AvaTrade | 13616 | ||||
| XM | 3078 | ||||
| Pepperstone | 3712 | ||||
| Ingot Brokers | 57 | ||||
| Capital.com | 15219 | ||||
| TMGM | 1145 |
AvaTrade
AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets.
Jemma Grist, Reviewer
AvaTrade quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
- Regulator
- ASIC, CySEC, FSCA, ISA, CBI, JFSA, BVI, FSRA/ADGM, AFM, CMA-Kenya, CIRO (via Friedberg Direct)
- Platforms
- WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, ZAR
Pros
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
- AvaFutures traders can now use TradingView for 100+ indicators, screeners and a calendar, the sharing of trade ideas, commissions from $0.45, intraday margins from $60, and access to exchanges like CME and EUREX.
Cons
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
XM
With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders.
Christian Harris, Reviewer
XM quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
- Regulator
- CySEC, DFSA, FSCA, SCA, FSA, FSC-Belize, FSC-Mauritius, CMA-Kenya, CMA-UAE
- Platforms
- MT4, MT5, TradingCentral
- Minimum Deposit
- $5
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, JPY, ZAR
Pros
- XM’s growing roster of 1,400+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
- XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
- XM has rolled out platform upgrades with integrated TradingView charts and an XM AI assistant, delivering faster execution, smarter analysis, and a sleeker, more intuitive trading experience.
Cons
- XM is falling behind the curve by not offering cTrader, which is favored over MetaTrader by some serious traders for its smoother user experience and superior charting package.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable solution for a more beginner-friendly user experience with unique features.
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
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 24/5 support (18h a day on weekends).
Christian Harris, Reviewer
Pepperstone quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting
- Regulator
- FCA, ASIC, CySEC, BaFin, DFSA, SCA, SCB, CMA-Kenya
- Platforms
- Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- Offers a dedicated CopyTrading app for traders who want a less active approach to trading, available in some countries.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing and friendly agents knowledgeable about its products and trading tools.
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates up to 30% (index and commodities) and $3/lot (forex) through the Active Trader program.
Cons
- Pepperstone has removed support for several tools that elevated the trading experience for active retail traders, notably Autochartist, Capitalise.ai and a free VPS for qualifying traders (now only pro traders in some countries).
- Overnight holding fees are higher than that found with some Market Maker brokers (usually Benchmark + 2.5%). This makes pepperstone an ideal broker for day traders and forex scalpers but less suitable for swing traders who often keep position open overnight.
- Execution may not feel as reliable in fast markets as headline speeds suggest. In our own testing, execution was fast at desired prices, but some community complaints focus on slippage, stop-loss fills and spread-sensitive order triggers during volatile conditions.
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
- Traders can access the market-leading MT4 and MT5 platforms, collectively offering dozens of advanced technical indicators and charting tools for detailed analysis
- Ingot Brokers holds multiple regulatory licenses, including two from the top-tier regulators, ASIC and CySEC
- Ingot Brokers offers a copy trading service with passive income opportunities for experienced strategy providers
Cons
- Despite improvements in the Resources Hub, the broker’s education and market research still trail many competitors
- The range of 30+ currency pairs is below the industry average and won’t be sufficient for serious forex traders
- The ECN account offers fewer assets than the other account types
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’s SmartFeed curates news and market updates tailored to your watchlist and trading style. This proactive feature helps day traders stay on top of relevant events without feeling overwhelmed by generic market noise.
- 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.
- Traders who prefer robust charting can connect their Capital.com account directly to TradingView. This lets you use TradingView’s advanced tools and community ideas alongside Capital.com’s execution, blending a popular charting platform with a regulated broker’s access.
Cons
- 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.
- 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.
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
- Good range of rewards and bonuses offered through a points-based loyalty system
- Excellent platform support with MetaTrader 4, MetaTrader 5 and IRESS
- Free VPS for automated trading
Cons
- $30 fee levied monthly on accounts which are inactive for 6 months or have a balance below $500
- Not a spotless regulatory record, with a 2024 ASIC action temporarily preventing it from opening new accounts
- Despite strong oversight in Australia, some offshore entities offer weaker regulatory safeguards and peace of mind
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.