Best Day Trading Platforms and Brokers in Kenya 2024
With an emerging market and strong economic position in the African continent, Kenya offers opportunities for day traders. However, to trade key export commodities like coffee or stocks listed on the Nairobi Securities Exchange (NSE), you’ll need an online broker.
The Capital Markets Authority (CMA) oversees day trading platforms in Kenya. Residents can also open accounts with overseas brokers, however it’s important to adhere to the CMA’s regulations and Kenya’s tax rules.
We’ve narrowed down the best day trading brokers in Kenya, after testing each platform thoroughly. Many of these platforms offer a terrific range of financial markets plus convenient deposits, such as Kenya’s own M-Pesa.
Top 10 Platforms For Day Trading In Kenya
Following our first-hand evaluations, these 10 trading platforms stand out as the best for Kenyan day traders:
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1
AvaTrade20% Welcome Bonus up to $10,000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2
IC Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
3
Deriv.com
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000MFSA, LFSA, VFSC, BFSCCFDs, Multipliers, Forex, Stocks, Indices, CommoditiesDeriv Trader, Deriv X, MT5, TradingViewNeteller, Visa, Skrill, WebMoney, FasaPay, Perfect Money, Diners Club, Banxa, Paytrust, Wire Transfer, Mastercard, Credit Card, JCB Card, Sticpay, Trustly, Volet, Paysafecard, AstroPay, Maestro, Airtm, Boleto, JetonCash, Przelewy24USD, EUR, GBP, AUD -
4
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 -
5
PepperstoneCFDs 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
6
IC Trading
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:500FSCCFDs, Forex, Stocks, Indices, Commodities, Bonds, Cryptos, FuturesMT4, MT5, cTrader, AutoChartist, TradingCentralPayPal, Neteller, Mastercard, Visa, Wire Transfer, Debit Card, Credit CardUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
7
XM$30 No Deposit Bonus When You Register A Real Account
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF, KNFForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, FuturesMT4, MT5Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF -
8
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
9
RoboForex$30 No Deposit BonusRoboForex Ltd and its affiliates do not target EU/EEA/UK clients. Please be aware that you are able to receive investment services from a third-country firm at your own exclusive initiative only, taking all the risks involved.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:2000IFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, FuturesR StocksTrader, MT4, MT5, TradingViewVisa, iDeal, Trustly, Neteller, Skrill, Giropay, Sofort, Wire Transfer, Rapid Transfer, Alipay, POLi, Perfect Money, MoneyGram, Cashu, SafeCharge, WeChat Pay, Vietcombank Transfer, Volet, ecoPayz, AstroPayUSD, EUR -
10
eToro51% of retail investor accounts lose money when trading with this provider. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100$10FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMFCFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTseToro Web, CopyTrader, TradingCentralVisa, Skrill, Neteller, Wire Transfer, Rapid Transfer, Swift, Debit Card, iDeal, Klarna, Sofort, Trustly, Przelewy24USD
Here is a short overview of each broker's pros and cons
- AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
- 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.
- Deriv.com - Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.
- Exness - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
- Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
- IC Trading - IC Trading is part of the established IC Markets group. Built for serious traders, it boasts some of the most competitive spreads, reliable order execution, and advanced trading tools. The catch is that it’s registered in the offshore financial centre of Mauritius, enabling it to offer high leverage but in a weakly regulated trading setting.
- XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC. 100% deposit bonus + further offers up to 4500$
- Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
- RoboForex - RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
- eToro - eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 51% of retail CFD accounts lose money.
Best Day Trading Platforms and Brokers in Kenya 2024 Comparison
| Broker | Minimum Deposit | Markets | Platforms | Leverage | Regulator |
|---|---|---|---|---|---|
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$100 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
|
|
$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) | ASIC, CySEC, FSA, CMA |
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$5 | CFDs, Multipliers, Forex, Stocks, Indices, Commodities | Deriv Trader, Deriv X, MT5, TradingView | 1:1000 | MFSA, LFSA, VFSC, BFSC |
|
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, MT4, MT5, TradingCentral | 1:2000 | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM |
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$0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | 1:30 (Retail), 1:500 (Pro) | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
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$200 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Cryptos, Futures | MT4, MT5, cTrader, AutoChartist, TradingCentral | 1:500 | FSC |
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$5 | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures | MT4, MT5 | 1:1000 | ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF, KNF |
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$100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView | 1:500 | ASIC, FCA, CySEC, SCB, CNMV |
|
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$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 | IFSC |
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$100 | CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs | eToro Web, CopyTrader, TradingCentral | - | FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF |
AvaTrade
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
| Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
Cons
- There is no ECN account with raw spreads
- Traders from the US are not accepted
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
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 Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Account Currencies | USD, 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.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- 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.
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
Deriv.com
"Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "
Deriv.com Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Multipliers, Forex, Stocks, Indices, Commodities |
| Regulator | MFSA, LFSA, VFSC, BFSC |
| Platforms | Deriv Trader, Deriv X, MT5, TradingView |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, AUD |
Pros
- There's a good range of fast deposit and withdrawal methods with zero payment fees and low minimum deposits
- Beginners and experienced day traders can access a good range of 20+ technical indicators in Deriv Trader vs 30+ in MT5
- Deriv X now features TradingView integration for a modern trading experience with a superior charting package
Cons
- There's no loyalty program or rebate scheme for high volume traders
- The range of 100+ assets trails some competitors such as Quotex which offers 400+
- There are limited copy trading tools and analysis features compared to alternatives like IQ Cent
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
- The broker offers fast execution speeds for short-term traders, averaging under 25ms
- Top-tier licensing with the FCA and CySEC and a strong reputation with over 10 years in business
- There's a strong range of account types for all experience levels and requirements, including Cent, Pro and Raw spread solutions
Cons
- 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
- There are no promotional deals or loyalty schemes for high-volume day 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 24/7 support."
Pepperstone Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
Cons
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- 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.
IC Trading
"With superior execution speeds averaging 40 milliseconds, deep liquidity, and powerful charting software, IC Trading delivers an optimal trading environment tailored for scalpers, day traders, and algorithmic traders. "
IC Trading Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Cryptos, Futures |
| Regulator | FSC |
| Platforms | MT4, MT5, cTrader, AutoChartist, TradingCentral |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Trading Central and Autochartist are valuable tools for in-depth technical summaries and actionable trading ideas and are accessible from within the account area or the cTrader platform.
- The simplified and digital account opening process saves time and effort, allowing traders to start trading sooner without extensive paperwork, taking just minutes during testing.
- IC Trading provides industry-leading spreads, including 0.0-pip spreads on major currency pairs such as EUR/USD, making it ideal for day traders.
Cons
- Customer support performed woefully during testing with multiple attempts to connect via live chat and no one available to assist, plus unanswered emails, raising concerns about its ability to address urgent trading concerns.
- Despite being part of the trusted IC Markets group, IC Trading is authorized by a weak regulator - the FSC of Mauritius, with limited financial transparency and regulatory safeguards.
- Unlike IC Markets, IC Trading does not support social trading through the group’s IC Social app or the third-party copy trading platform ZuluTrade.
XM
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
William Berg, Reviewer
XM Quick Facts
| Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures |
| Regulator | ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF, KNF |
| Platforms | MT4, MT5 |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF |
Pros
- Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
- XM is a hugely respected broker authorized by tier-one regulators
- The broker offers premium research including market sentiment, fundamental insights and strategy builders
Cons
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Eightcap Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, FCA, CySEC, SCB, CNMV |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
RoboForex
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
RoboForex Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures |
| Regulator | IFSC |
| Platforms | R StocksTrader, MT4, MT5, TradingView |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
- The broker offers leverage up to 1:2000 for certain account types, which is among the highest in the industry. This high leverage allows day traders to maximize their trading potential, albeit with a corresponding increase in risk.
Cons
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
eToro
"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."
eToro Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs |
| Regulator | FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF |
| Platforms | eToro Web, CopyTrader, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | $10 |
| Account Currencies | USD |
Pros
- Charts are powered by TradingView and offer strong technical analysis features, including 9 chart types and over 100 indicators
- The broker's services are great for beginners, with commission-free stock trading, a low minimum deposit and an unlimited demo
- Top copy traders can receive annual payments up to 1.5% of assets under copy in the broker's Popular Investor Program
Cons
- There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
- The lack of additional charting platforms like MT4 will reduce the appeal for seasoned day traders accustomed to using third-party software
- There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
Methodology
To find the best day trading platforms in Kenya, we searched our directory of 267 online brokers and pinpointed all those that accept Kenyans.
We then ranked them by their overall rating, which is derived from 100+ data points and findings from our hands-on tests.
- We checked that each platform accepts Kenyan day traders.
- We verified that each broker is regulated by a credible authority.
- We favored brokers with a wide range of markets.
- We prioritized brokers with competitive day trading fees.
- We ensured each broker offers reliable charting platforms.
- We focused on brokers with transparent leverage and margin.
- We examined each broker’s execution speeds.
- We investigated each broker’s account funding.
How To Choose A Day Trading Broker In Kenya
Following our extensive assessments, there are several factors to consider when choosing a broker:
Choose A Trustworthy Broker
The most trusted brokers are regulated by credible authorities, helping to protect your account from trading scams.
Indeed, the Kenyan regulator has ramped up its warnings to investors following a rise in fraud, including a notorious fake investment scam where 13,000 investors lost 1.1 billion shillings, as reported by Bizna.
In Kenya, the Capital Markets Authority (CMA) oversees trading brokers and is considered a ‘yellow-tier’ body in line with our Regulation & Trust Rating. However, with the CMA not licensing many brokers, Kenyans can also register with international platforms.
- AvaTrade maintains its position as a highly regulated broker, with licenses from reputable authorities including ASIC (Australia) and CySEC (Cyprus). The firm is also trusted, with a long history since 2006 and robust security measures in place, including negative balance protection for all clients.
Choose A Broker With Diverse Markets
Day traders can benefit from broad access to global financial markets, allowing them to diversify portfolios and capitalize on various trading opportunities.
Kenyan traders may be interested in local markets, like currency pairs involving the KES, or stocks listed on the Nairobi Securities Exchange (NSE), such as BOC Kenya Ltd and Safaricom. Kenya is also a major exporter of tea, clothes and coffee, according to data from Statista.
On the downside, we’ve found not many brokers grant access to these markets, providing Kenyans with fewer domestic markets than traders in Western nations.
- Pepperstone offers a superb range of 1300+ global markets spanning forex, stocks, indices, ETFs and commodities, including major Kenyan export commodities like coffee and gold. Its extremely fast 30ms execution speeds and impressive fill rate of 99.90% also make it a superb option for day traders, with Pepperstone earning our ‘Best Overall Broker’ in 2023.
Choose A Broker With Competitive Fees
Low trading fees, notably spreads and commissions, are important for day traders who often need to protect slim profit margins.
Together with non-trading costs like deposit and withdrawal fees, plus charges for transferring in Kenyan Shillings, you should assess these fees against the overall service you get – higher fees may be justified if you get premium tools.
For example, let’s say a broker offers slightly higher commissions than others you’ve seen, but offers an AI-powered economic calendar with live fiscal updates from the Central Bank of Kenya with impact ratings, or a filterable stock screener for NSE-listed equities. Such features may elevate your day trading experience.
- FOREX.com continues to offer some of the lowest fees in the industry, with spreads as low as 0.0 pips on major assets and commissions from $5 per $100k. You also get low-cost deposits, plus superior tools, notably Trading Central, which is great for supporting trading decisions.
Choose A Broker With Powerful Charting Platforms
The best brokers in Kenya offer a range of charting platforms and research tools, creating a comprehensive environment for short-term trading strategies.
Most brokers offer industry favorites, MetaTrader 4 and MetaTrader 5, occasionally alongside their own bespoke terminals (often tailored to beginners).
There are also more contemporary solutions like TradingView, offering some of the most user-friendly research tools I’ve seen.
I particularly appreciate the integrated panel with stock data on Kenyan stocks, including income statements and technical signals. Below you can see how I was able to streamline my analysis of Kenya Airways Ltd.
- Exness offers a great selection of platforms to suit all needs and experience levels, including MT4, MT5 and a TradingView-powered proprietary terminal. It’s also a stand-out option for Kenyan traders because it’s one of the few day trading platforms we’ve tested to support a KES-based account.
Choose A Broker With Fast Execution
Securing fast and efficient execution is key for traders using fast-paced strategies like scalping and algo trading.
The best brokers achieve speeds of less than 100 milliseconds alongside low latency (the measure of time delay) and low slippage (the difference in requested price and filled price).
- IC Markets consistently achieves ultra-fast speeds of 35 milliseconds via institutional-grade execution technology, making the broker a great pick for serious day traders. I also love its ‘Market Buzz’ tool, which intuitively delivers analysis and sentiment insights.
Choose A Broker With Clear Leverage Requirements
Leverage allows you to gain exposure to a larger position while only putting down a small deposit. But while this allows you to magnify your potential gains, it can also significantly increase losses.
For example, if I want to speculate on the USD/KES pair with leverage of 1:30 using a $500 initial margin, this means the value of my trade would increase to $15,000.
- FXTM provides very high leverage up to 1:2000 (not recommended for beginners). There’s also a handy margin calculator to help you determine how much you need to open and maintain a position.
Choose A Broker With An Accessible Minimum Deposit
Choose a broker with a minimum deposit that suits your budget. You’ll typically need up to 250 USD (approximately 33,250 KES) to open a live account, based on our tests, though many brokers let you start with much less.
Additionally, consider what payment methods the broker offers as this may impact processing times and transaction costs. According to research by Adyen, M-Pesa remains a leading mobile payment solution in Kenya, offering a convenient way for Kenyan traders to make deposits.
- XM offers an ultra-low minimum deposit of just $5, making it ideal for beginners or those on a budget. It’s also one of the few brokers that offers deposits via M-Pesa, offering ultimate convenience for Kenyan traders.
FAQ
Who Regulates Day Trading Platforms In Kenya?
The Capital Markets Authority (CMA) regulates day trading platforms in Kenya.
That said, the CMA isn’t as active as other prominent regulators, such as the FCA and the ASIC, and Kenyans can open accounts with overseas platforms.
If you go down this route, we recommend choosing a tightly regulated broker and ensuring you still follow the CMA’s rules and tax requirements from the Kenya Revenue Authority (KRA).
Which Is The Best Broker That Accepts Day Traders In Kenya?
Use our list of the best day trading platforms in Kenya to find a suitable option.
If you’re looking for competitive fees, for example, FOREX.com offers spreads from 0.0 pips on major assets. It also offers some of the best analysis tools and resources we’ve seen. Alternatively, XM is one of a select few brokers to support deposits in Kenya’s very own M-Pesa, while Exness distinguishes itself with its KES account.
Recommended Reading
Article Sources
- List of African Countries by GDP - Wikipedia
- Capital Markets Authority (CMA)
- Nairobi Securities Exchange (NSE)
- Kenya Forex Scam - Bizna
- BOC Ltd - TradingView
- Safaricom - TradingView
- Central Bank of Kenya
- Kenya Airways Ltd - TradingView
- M-Pesa In Kenya - Adyen
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