CMA-Licensed Forex Brokers in Kenya: The Full List, Explained (2026)
CMA-licensed forex brokers in Kenya: the full list, explained (2026)
Kenya is one of the few African countries where online forex trading has a local licensing regime. Since the Capital Markets (Online Foreign Exchange Trading) Regulations came into force in 2017, the Capital Markets Authority (CMA) has licensed online forex brokers — which means there is an official, public answer to "is this broker legit?": the CMA register.
The list below must always be read against the live register at licensees.cma.or.ke — licences are granted and revoked, so treat the "as at" date as the shelf life of this list.
The licence categories (what the register actually shows)
- Non-dealing online foreign exchange broker — passes your orders to the market and may not trade against you. Most licensed retail brokers in Kenya hold this category.
- Dealing broker — may take the other side of client trades under conduct rules.
- Online forex money manager — licensed to trade on clients' behalf. If anyone offers to "grow your money" in forex without this licence, walk away.
The licensed non-dealing brokers (register as at 8 July 2026)
Pulled from the CMA's own licensee database (licensees.cma.or.ke) on 8 July 2026:
- EGM Securities Limited (trading as FX Pesa) — the first licensee
- SCFM Limited (trading as Scope Markets)
- Pepperstone Markets Kenya Limited
- Exinity Capital East Africa Limited (FXTM)
- HFM Investments Limited (trading as HF Markets)
- Windsor Markets Kenya Limited
- Exness KE Limited
- Ingot Ke Limited
- Admirals KE Limited
- FP Markets Limited
- IC Markets (KE) Limited
- ANZO CAPITAL LIMITED
- TPXMGLOBAL Kenya Limited
- Ava Trade Kenya Limited
Note how many global names now hold local licences — Kenyan traders no longer face the licensed-local vs big-global trade-off; several brokers are both.
Why a CMA licence matters (and what it doesn't do)
It gets you: a broker answerable to a Kenyan regulator, local dispute-resolution, conduct and capital rules, and shilling/M-Pesa funding without cross-border complications.
It does NOT get you: protection from trading losses. Leverage works both ways, and most retail CFD traders lose money — a licence regulates conduct, not outcomes.
How to check the register yourself (2 minutes)
- Go to licensees.cma.or.ke — the CMA's official licensee database — and open the online-forex category.
- Match the exact legal name on the register to the name on your account opening documents — marketing names and legal entities differ.
- If the broker claims a foreign licence instead (FCA, CySEC, ASIC, FSCA), check that regulator's own register and confirm which entity onboards Kenyan clients.
Risk warning: forex and CFD trading is high-risk and most retail traders lose money. Licensing protects you from misconduct, not from losses.