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.

Always read the list below 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 page.

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, and the register currently shows 14 of them.
• Dealing online foreign exchange broker — may take the other side of client trades under conduct rules. Currently 2 on the register.
• 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)

1. EGM Securities Limited (trading as FX Pesa) — the first licensee
2. SCFM Limited (trading as Scope Markets)
3. Pepperstone Markets Kenya Limited
4. Exinity Capital East Africa Limited (FXTM)
5. HFM Investments Limited (trading as HF Markets)
6. Windsor Markets Kenya Limited
7. Exness KE Limited
8. Ingot Ke Limited
9. Admirals KE Limited
10. FP Markets Limited
11. IC Markets (KE) Limited
12. ANZO Capital Limited
13. TPXMGlobal Kenya Limited
14. Ava Trade Kenya Limited

Note how many global names now hold local licences. Kenyan traders no longer face the old licensed-local versus big-global trade-off — several brokers are both, which removes the main excuse for using an unregulated offshore entity.

What the CMA actually requires of them

A Kenyan licence is not a rubber stamp. Requirements include:

• minimum paid-up capital of KES 50 million;
• segregation of client funds from the firm's own money;
• leverage capped at 1:400 on major currency pairs;
• regular submission of financial statements and trading data to the CMA;
• dispute resolution available to clients of licensed brokers.

The capital requirement is what most fraudulent operations cannot meet, and the leverage cap is what stops a retail account being destroyed in a single move — offshore entities routinely offer 1:1000 or more, which is marketed as generosity and functions as a hazard.

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, segregated client money, 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 — no regulator can make a losing trade profitable.

How to check the register yourself (2 minutes)

1. Go to licensees.cma.or.ke — the CMA's official licensee database — and open the online-forex category.
2. Match the exact legal name on the register to the name on your account-opening documents. Marketing names and legal entities differ: "FX Pesa" is EGM Securities Limited, "HF Markets" is HFM Investments Limited. The legal name is what is licensed.
3. Check the category — non-dealing, dealing, or money manager — and confirm it covers what the firm is offering you.
4. 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. It is frequently an offshore arm with thinner protections than the advertised licence.

Red flags no register will catch

Even with a licensed broker, walk away from:

• an "account manager" offering to trade for you without a money manager licence;
• any guaranteed or fixed monthly return;
• a request to send money to an individual's M-Pesa or bank account rather than the broker's official channel — see how to fund a forex account with M-Pesa;
• pressure to deposit more to "unlock" a withdrawal;
• referral bonuses that depend on recruiting others.

If a licensed broker treats you badly

That is exactly what the local regime is for. Complain to the broker first in writing and keep the reference, then escalate to the CMA with your evidence — statements, correspondence, screenshots of the platform. This route does not exist for offshore brokers, which is the strongest practical argument for starting from the register.

Risk warning: forex and CFD trading is high-risk and most retail traders lose money. Licensing protects you from misconduct, not from losses.

Frequently asked questions

How many forex brokers are licensed in Kenya? Currently 14 non-dealing and 2 dealing online forex brokers, plus separately licensed money managers. Confirm on licensees.cma.or.ke — the list changes.

Is my money safe with a CMA-licensed broker? Client funds must be segregated from the broker's own money, and you have a Kenyan regulator to complain to. Neither of those protects you from losing money on trades.

Can I use an offshore broker instead? It is not illegal, but the CMA cannot help you if it goes wrong, and you are often onboarded under a weaker offshore entity than the one advertised.

What leverage can a licensed broker offer? Up to 1:400 on major pairs under CMA rules. Offshore offers of far higher leverage are a risk indicator, not a benefit.

What if a broker is not on the register? Then it is not CMA-licensed, whatever its marketing says. See is forex trading legal in Kenya for what that means for your protection.