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CMA Regulated Brokers in Kenya 2026

CMA Regulated Brokers in Kenya 2026: The Full Licence Guide

Kenya licenses online forex brokers under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017. Licence categories and how to verify one.

At a glance

Kenya is one of the few African markets with a purpose-built licensing regime for online forex — the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017. Nineteen firms hold a licence across three categories. Anything not on that list is operating outside the regime.

  • Three licence categories: Non-Dealing Broker, Dealing Broker and Money Manager.
  • 14 Non-Dealing Brokers, 2 Dealing Brokers and 3 Money Managers are licensed.
  • Pepperstone Markets Kenya Ltd holds licence 128 as a Non-Dealing Online Forex Broker.
  • Leverage is capped at 400:1 by Regulation 19 — high by global standards.
  • The Investor Compensation Fund’s application to forex brokers is unclear and no limit is published.

What are the three licence categories?

Why the distinction matters to you. A dealing broker is your counterparty — it makes the market and takes the other side of your trade. A non-dealing broker passes your order to the market and earns a commission or spread mark-up. Neither is inherently better, but the conflict of interest differs, and Kenya is unusual in making you able to tell which is which from the licence itself.

Table 1 — Licence categories under LN 226/2017

Table 1 — Licence categories under LN 226/2017
CategoryWhat the regulations say
Non-Dealing Online Forex Broker“acts as a link between the foreign exchange market and a client in return for a commission or mark-up in spreads and does not engage in market making”
Dealing Online Forex Broker“engage in the business of online foreign exchange trading as principal and market maker”
Online Forex Money Manager“managing the online foreign exchange portfolio of an individual or institutional investor in return for a fee based on a percentage of assets under management”

The complete list of CMA-licensed forex brokers

Fourteen Non-Dealing Online Forex Brokers are licensed:

If a broker is not on these lists, it is not CMA-licensed. That does not necessarily make it fraudulent — many are properly licensed elsewhere — but it means the CMA does not supervise it, and Kenyan recourse does not apply. Verify any name at licensees.cma.or.ke before depositing.

Table 2 — Non-Dealing Online Forex Brokers

Table 2 — Non-Dealing Online Forex Brokers
FirmLicence no.
EGM Securities Ltd (FXPesa)107
SCFM Ltd (Scope Markets)123
Pepperstone Markets Kenya Ltd128
Exinity Capital East Africa Ltd135
HFM Investments Ltd155
Windsor Markets Kenya Ltd156
Exness KE Ltd162
Ingot Ke Ltd173
Admirals KE Ltd178
FP Markets Ltd193
IC Markets (KE) Ltd199
Anzo Capital Ltd219
TPXMGLOBAL Kenya Ltd233
Ava Trade Kenya Ltd262

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  1. 1Open a Base Markets account through our link
  2. 2Deposit $400 (roughly KSh 52,000) — the capital stays yours to trade
  3. 3Send your proof on Telegram and get every signal free
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Trading forex and CFDs on margin involves substantial risk of loss. In Kenya, online foreign exchange brokers are licensed by the Capital Markets Authority (CMA) — check any broker on the CMA register before you deposit. Our signals are analyst opinions, not investment advice.

Capital requirements and leverage

Leverage is capped at 400:1 by Regulation 19, which permits a broker to “provide leverage, not exceeding four hundred times that of the client’s deposit”.

400:1 is very high and deserves to be read as a risk, not a benefit. The UK, EU and Australia cap retail FX at 30:1; Singapore at 20:1. At 400:1, a 0.25% move against a fully leveraged position eliminates it — a distance EUR/USD routinely covers in an hour. The cap is a ceiling on what a broker may offer, not a recommendation.

Trade with a CMA-licensed broker

Pepperstone Markets Kenya Limited holds CMA licence 128 as a Non-Dealing Online Forex Broker — so it is supervised locally, not offshore. Verify the licence on the CMA register, then test the platform on a free demo.

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Pepperstone Markets Kenya Limited — CMA Licence No. 128, Non-Dealing Online Forex Broker

88% of retail investor accounts lose money when trading on margin with this provider.

Pepperstone Markets Kenya Limited holds CMA Licence No. 128. 88% of retail investor accounts lose money when trading on margin with this provider. This is a paid affiliate link: we may earn a commission if you open an account. It does not change our ranking or what we publish.

Table 4 — Minimum capital, Regulation 5

Table 4 — Minimum capital, Regulation 5
RequirementDealing brokerNon-dealing brokerMoney manager
Minimum paid-up capitalKES 50,000,000KES 30,000,000KES 10,000,000
Liquid capitalKES 30m or 8% of total liabilities, whichever is higherKES 30m or 8%, whichever is higherKES 5m or 8%, whichever is higher

Is there compensation if a broker fails?

Kenya operates an Investor Compensation Fund covering pecuniary loss from the failure of a licensed “stockbroker or dealer” to meet contractual obligations.

Two gaps you should know about. The CMA does not state that online forex brokers are covered by the Fund — the wording refers to stockbrokers and dealers, and the online forex regime is a separate set of regulations. And no per-investor limit is published on the CMA’s site. Treat the Fund as unconfirmed for forex purposes and ask the CMA directly if it matters to your decision.

Ready to start?

Save up to $2,500/yr (roughly KSh 325,000)

Get the signals free

Open a trading account with Base Markets through our link and deposit $400 (roughly KSh 52,000) — the capital stays in your account, yours to trade — and you unlock full signals access free, replacing a subscription worth around $2,500/yr (roughly KSh 325,000). Base Markets is licensed in Mauritius and holds no CMA licence; if a Kenyan licence is your priority, use a CMA licensee and subscribe on Telegram instead.

  1. 1Open a Base Markets account through our link
  2. 2Deposit $400 (roughly KSh 52,000) — the capital stays yours to trade
  3. 3Send your proof on Telegram and get every signal free
Open a Base Markets account
Prefer to just subscribe?

No broker account needed — subscribe through our Telegram bot and start receiving every signal with a clear entry, take-profit and stop-loss, wherever you are in Kenya, and keep the CMA-licensed broker you already trade with.

Subscribe on Telegram

Trading forex and CFDs on margin involves substantial risk of loss. In Kenya, online foreign exchange brokers are licensed by the Capital Markets Authority (CMA) — check any broker on the CMA register before you deposit. Our signals are analyst opinions, not investment advice.

Written and reviewed by
Best Trading Signal — the editorial and analysis team

We rate brokers on licensing, cost and withdrawals — and name the drawbacks, not just the strengths. How our signals are produced · Risk Disclosure · Last updated 12 September 2026

Frequently asked questions

Nineteen firms — 14 Non-Dealing Brokers including Pepperstone Markets Kenya (128), EGM Securities/FXPesa (107), Scope Markets (123), Exness KE (162) and IC Markets KE (199); 2 Dealing Brokers, Empire FX Trade (203) and Capital.com’s CC Kenya Securities (244); and 3 Money Managers. Verify any name at licensees.cma.or.ke.

A dealing broker acts as principal and market maker — it is your counterparty. A non-dealing broker links you to the market for a commission or spread mark-up and does not make markets. Kenya is unusual in making this visible on the licence itself, which is genuinely useful when assessing conflicts of interest.

400:1, under Regulation 19. That is far above the UK, EU and Australian caps of 30:1 and Singapore’s 20:1. Treat it as a ceiling on what a broker may offer rather than a level to use — at 400:1 a quarter-percent adverse move eliminates the position.

Yes — CMA licence number 128, held by Pepperstone Markets Kenya Limited as a Non-Dealing Online Forex Broker. It is one of the few international brokers with a local Kenyan licence rather than serving Kenyan clients from an offshore entity.

Unclear, and worth asking the CMA directly. The Investor Compensation Fund covers failures of a licensed “stockbroker or dealer”; the CMA does not state that online forex brokers fall within it, and no per-investor limit is published. Do not assume cover exists.

KES 50 million paid-up for a dealing broker, KES 30 million for a non-dealing broker and KES 10 million for a money manager, with liquid capital requirements alongside. These are meaningful thresholds and are part of why the licensed list is short.

Related guides

Trading forex, CFDs and crypto on margin carries a substantial risk of loss and is not suitable for every investor. In Kenya, the Capital Markets Authority (CMA) licenses online foreign exchange brokers in dealing and non-dealing categories — verify the exact legal entity and licence number on the CMA register before funding an account. Our signals are analyst opinions, not guaranteed profits, and past performance does not guarantee future results.

Last updated 12 September 2026

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