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Best Stock Brokers in Kenya 2024

11 Min / Updated 19 Jul 2021
Best Stock Brokers in Kenya

Fluctuations in the prices of global stocks have triggered significant interest among Kenyan investors to trade the markets. Many want to profit from the price swings, and a crucial step for traders is to find the right broker.

Choosing the right broker does not guarantee that you will be a consistently profitable trader, but it will give you access to exciting opportunities in the markets. This review will help you identify the right broker that best meets your needs in Kenya.

Best Stock Brokers in Kenya

  1. Pepperstone
  2. FXTM
  3. Admiral Markets (Admirals)


Trader Rating
1st What We Liked
  • Regulated by the FCA and ASIC
  • Offers multiple free deposit methods
  • Has excellent customer service

Pepperstone was founded in 2010 in Melbourne, Australia and offers traders Forex pairs, Indices, commodities, stocks, and cryptocurrencies and currency index CFDs. However, the broker offers a limited number of tradable instruments when compared to its peers.

Kenya’s CMA regulates the broker, and Kenyan traders can open accounts with the local entity. The broker has a simple account opening process and offers local support. The broker is also regulated by tier-1 regulators globally.

pepperstone review

Broker Fees

Pepperstone charges very low fees on most of the instruments available to traders. The broker has two pricing models depending on the account type. Some accounts charge a spread and do not have a commission, while others charge a commission and a much narrower spread.

The broker’s spreads are pretty low due to the deep liquidity it offers clients, but the spreads vary depending on market conditions.

Trading Limit

The broker offers a maximum leverage limit of 500:1 for traders registered under its Bahamas entity as Kenyan traders get to enjoy leverage levels of up to 400:1.

The minimum trade size is 0.01 lots.


  • There’s a minimum account opening balance of $200
  • Traders can choose from two account types, Razor and Standard accounts


Pepperstone is regulated by tier-1 authorities, including the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). The broker is also regulated by Kenya’s Capital Markets Authority (CMA), the Cyprus Securities and Exchange Commission (CySEC), Dubai’s DFSA and the Bahamas’ SCB.

The broker has been in business for over ten years and is regarded as safe to trade with because of its tier-1 licenses.


Pepperstone offers traders the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms that are sufficient. Traders can also trade via the cTrader platform as the broker does not provide a proprietary trading platform.

Customer support

Pepperstone provides fast and accurate customer support to its clients. You can contact the broker via the live chat function on its website and via email. The broker’s support team is available 24 hours, five days a week.

The fastest way to get a response from the customer support team is via the live chat function, but email responses are fast.

More: Check our full Pepperstone review


Trader Rating
1st What We Liked
  • Offers numerous account types
  • In-depth education resources
  • FCA and global regulation

FXTM  was founded in 2011 and is also known as ForexTime. It offers both CFD products and Forex pairs and has one of the best education programs in the market for all types of traders. The broker accepts Kenyan traders and has six account types to suit any trading style.

Apart from its education offering, FXTM also stands out because it is regulated by the top-tier UK Financial Conduct Authority (FCA). The FCA mandates all licensed firms to adhere to strict and ethical business practices ensuring that client funds are safe.

fxtm review

Broker Fees

FXTM offers competitive fees for all assets classes, with the six account types, giving traders a host of pricing options. However, there is more to FXTM than just low fees; the broker has one of the best trader education programs we have ever seen. FXTM clients get a chance to upgrade their trading skills via its training program. Regardless, FXTM is not an expensive broker as most of its fees are in-line with industry standards.

Trading Limit

The fact that the UK’s FCA regulates FXTM means that it can only offer a maximum of 1:30 leverage to clients registered under the UK entity. However, not all products have access to the maximum leverage level due to the higher margin requirements associated with certain asset classes.


  • Social trading via FXTM Invest for non-UK clients.
  • Over 60 currency pairs, 170+ stocks, cryptos, and CFDs are available to trade.
  • A comprehensive trade education suite.


The top-tier UK Financial Conduct Authority regulates FXTM (FCA); hence, it is a very safe broker. The FCA provides compensation up to £85,000 to traders in case a licensed broker goes bankrupt. FXTM is also licensed by five other regulators globally, showing its commitment to meet and maintain the strict requirements set by regulators.


The broker offers the popular Meta Trader 4 (MT4) platform, which is available for PC and Macs. FXTM clients can access the platform via the web as well as a standalone desktop and mobile application.

The broker also offers social trading allowing inexperienced traders to benefit from traders with more experience by copying their trades.

Customer Support

Traders from Kenya will find a home with FXTM, which offers customer support in 18 languages. Clients also get a personal service manager and can contact the team via live chat, email, and phone. The team is also available on various social media channels.

More: Check our full FXTM review

#3Admiral Markets (Admirals)

Trader Rating
1st What We Liked
  • Impressive education and solid research offering
  • Impressive range of assets to trade
  • The Mt4/MT5 platforms have great add-ins

Admiral Markets (Admirals) is a great broker for Kenyan stock traders due to its wide range of tradable assets. The broker was founded in 2001 and has a solid reputation as a global broker that exclusively offers the Metatrader 4 & 5 platforms to its clients.

The broker is considered safe to trade with because it is regulated by the UK’s FCA, a tier 1 authority. The broker recently relaunched as Admirals so that it can offer more comprehensive solutions to its clients.

admirals rebranding

Broker fees

Admiral Markets does not charge an account opening fee but has a €10 monthly inactivity fees for accounts that have been dormant for 24 months. The broker allows two free withdrawals each month but charges a small fee for wire transfer withdrawals.

The broker does not charge a commission on its MT4 and MT5 accounts but charges a spread on all trades. The Admiral Zero MT4 account charges very low spreads and a small commission but offers a limited number of tradable instruments.

Trading Limit

Admiral Markets offers its clients up to 1:500 leverage options to professional traders, but beginners should generally avoid using high leverage levels. The broker also offers the Meta Trader Supreme Edition plugin that is only available on the desktop MT4 & 5 platforms.


  • Admiral Markets offers over 3400 individual stock CFDs and 44 stock market averages.
  • The MT5 Invest account allows traders to invest directly in over 4,000 stocks.
  • The account also allows traders to invest in between 200-500 ETFs depending on whether they are professional or retail traders.
  • The broker offers an Islamic account for Muslim traders.


Admiral Markets is regulated by several tier 1 authorities, including the UK’s Financial Conduct Authority (FCA) and the Australian Securities and investments Commission (ASIC). The broker is also regulated by the Cyprus Securities and Exchange Commission (CySEC).

CySEC and FCA guarantee investor deposit compensation of €20,000 and £85,000, respectively.


Admiral Markets offers traders the popular MetaTrader 4 & 5 platforms and does not have a proprietary trading platform. Traders who want to run automated trading strategies can do so.

Customer support

Admiral Markets offers customer support to its clients seven days a week, including weekends. The broker offers telephone support 12 hours a day between 06:00-18.00 UK time Monday to Sunday.

Traders can also contact the broker’s support team via the Live Chat function, Email, WhatsApp, Facebook Messenger, and Telegram 24/5.

More: Check our full Admirals review


1. Identifying Your Needs

All the brokers mentioned above can provide excellent stock trading services to traders based in Kenya. They are well-regulated and have established track records of being reliable and trustworthy. However, the key to finding the right stock broker for you is to understand your specific needs.

You might want to trade stocks from a market with more volatility and trading opportunities. You might want a stockbroker that offers 24/7 customer support or in-depth training programs. All the brokers mentioned above excel in different aspects and are great at the rest.

One of the best ways to find out if a broker is right for you is to open a demo account. A free demo account allows you to test the broker’s services before committing real cash and opening a live funded account.

Opening a demo account allows you to test all aspects of a broker’s services, including their research and education program, their trading platform, and the fees on various assets to determine which broker works best for you.

Trading stocks Illustration

Why Stocks?

Stocks and shares have been preferred investments since back when explorers formed companies to fund their trips worldwide. Investors wanted to buy shares in such firms to share in the resources discovered in faraway continents.

Modern-day investors do the same thing when they buy a company’s stock to share its profits. Investing in stocks can be less exciting than in other assets but can generate high returns for disciplined traders and investors.

Investors based in Kenya can invest in stocks from across the globe using the above brokers and capitalise on price swings in both directions using CFDs to generate profits.

2. Regulation

One of the top risks that investors face is that a broker could be a fraud causing traders to lose their money. Traders can minimise their risk by choosing a reputable broker who is regulated and has a large base of existing clients. Traders based in Kenya can choose from the four brokers listed above, regulated and trusted globally.


While nothing in the markets is guaranteed, you can stack the deck in your favour by choosing a trusted broker to trade with. The right broker will give you access to the stocks you want to trade at an affordable cost, which increases your chances of success in the markets.

The brokers listed above have a track record of keeping their clients’ funds safe and are trusted by traders worldwide. Each of the brokers offers various research tools, different trading platforms, and education resources. You can analyse the different factors and choose the broker that best fits your needs.

Once you’ve chosen a broker, the best way to test their services is to open a demo account with them. Luckily, the above brokers offer free demo accounts to Kenyan traders, giving potential clients a chance to test their services before taking the next step and funding their accounts.

It is pretty easy and fast to open a demo account with these brokers so that you can test out their services.

If you are not satisfied with a broker’s services when testing the demo account, you can simply open an account with another broker and test them out. Once you have found a broker that meets your needs, you can then open a live account with them and trade the global markets from Kenya.

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