1,062 broker-country pairs measured448 brokers20 countriesformula v1.0recalculated 2026-07-09data re-captured 2026-07-09updated 1 day agoAffiliate links never change scores.

BlackBull Markets in KE — review, licence and costs

WKWanjiru Kamau author DMDaniel Mercer editor OOOtieno Ouma fact-checker score recalculated 01.10.2026
yesAccepts residents of KenyaOpened by BlackBull Markets (Kenya) Ltd, CMA Kenya licence no data, register checked 2026-07-09

Cost calculator (30 of 55 accounts · median of 55 priced)

Halden, per month6
Kenya median, per month7

Score (30 of 55 of 55 axes)

4.04/ 5.0

ranked against full-basis brokers

  • Reviews25%reviews 90
  • Reviews20%cost 95
  • Reviews20%safety 0
  • Reviews15%payouts 80
  • Reviews10%track_record 60
  • Reviews10%platforms 85
2 + 3 × 0.751 = 4.25 · axes on 0–100, total on 2.0–5.0

Key facts (30 of 55 fields)

Onboarding entity
Not served - Kenya is explicitly on BlackBull's restricted-countries list; no BlackBull entity onboards Kenyan residents.
Founded
2014
Min deposit
no data USDKE
Retail leverage
no dataKE
Round turn
6 USDKE
Withdrawal
within a few hours, up to 24 hours hKE
Currencies
Accounts in USD/EUR/GBP/JPY/AUD/NZD/SGD/CAD/ZAR (not offered to Kenyan residents).
Swap-free account
yes

Licence check (30 of 55 of 55 entity)

CMA Kenya · Non-dealing online forex broker
no data
Active on registerchecked 2026-07-09https://blackbull.com/en/support/restricted-countries
Open an account with Halden

Affiliate link; the score does not change. CFDs carry a high risk of rapid loss due to leverage.

Who actually onboards you(30 of 55 local and 1 offshore entity in the group)

  1. Sign-up from a Kenya addressRouted to Kenya Ltd by residence, not by IP.
  2. KYC by Kenya Ltdnational ID and proof of address.
  3. Contract with the LtdCMA Kenya rules apply; complaints go to CMA Kenya.
  4. Client moneySegregated with a Kenya bank; bank name no data
Local entityUsed for Kenyan residents
  • BlackBull Markets (Kenya) Ltd, CMA Kenya CMA/LIC/112
  • Retail leverage 1:50KE
  • Negative balance protection: yes
Offshore entityNot used for Kenyan residents
  • Halden Global Ltd, FSA Seychelles
  • Leverage 1:1000group
  • No CMA Kenya complaints route

If the sign-up form ever lands you on the Seychelles entity, the CMA Kenya licence above does not cover your account.

Leverage by entity (30 of 55 of 55 entities stated)

The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Kenyan residents enters the score.

Local entity · onboards youLocal entitylocal · CMA Kenya licence no data
1:400KE
Kenya median, local entities: 1:50 · 18 of 20 statedApplies to you
Local entity · onboards youOffshore entityoffshore · CMA Kenya licence no data
1:500KE
Kenya median, local entities: 1:50 · 18 of 20 statedApplies to you

Scale from 1:10 to 1:3000, logarithmic.

Client protection (30 of 55 of 55 stated)

  • Local entity onboards youNot offered; despite Kenya's CMA licensing regime, BlackBull lists Kenya as restricted.client agreement §4.2 · page
  • Segregated client fundsno dataclient agreement §4.2 · page
  • Negative balance protectionno dataclient agreement §4.2 · page
  • Investor compensation schemeno dataclient agreement §4.2 · page
  • Regulator warning on filenone foundclient agreement §4.2 · page

“no data” means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.

Price against Kenya market median(priced from 30 of 55 of 55)

Round turn, 1 lot EURUSD, spread plus commission, USD
Halden Raw6.20
Kenya median, raw and swap-free9.20
Halden Standard11.40
Kenya median, standard (30 of 55 priced)13.90
InstrumentHalden Raw, USDHalden Std, USDKenya median rawKenya median stdPriced

Medians run over the brokers that publish a Kenya price, never over all 44. Group-wide prices are excluded.

Accounts(30 of 55 types)

AccountMin deposit, USDEURUSD spread, pipsCommission, USDLeverageSwapCurrencies

Swap-free account terms (30 of 55 terms · 5 stated)

TermHalden, Kenya

Terms read from the account page on 01.10.2026. The cap on open positions is not published.

Payouts(30 of 55 of 55 methods timed)

MethodDeposit, hWithdrawal, hFee, USDMin, USD

Taxes for a Kenyan resident(30 of 55 rules · as of 10.2026)

  • Forex/CFD profit treated as ordinary income for most retail traders (not capital gains), added to taxable income, taxed on graduated bands roughly 10% up to a top marginal rate of 35% (as of the review;https://blackbull.com/en/support/restricted-countriespage

Not tax advice. Check with the Kenya Revenue Authority.

Deposit and withdrawal methods (30 of 55 methods · 2 local)

  • A - not served (e.g. no M-Pesa onboarding)local
    Deposit
    instant
    Withdrawal
    deposit only
    Fee
    no data
Account currency
Accounts in USD/EUR/GBP/JPY/AUD/NZD/SGD/CAD/ZAR (not offered to Kenyan residents).
Fastest withdrawal
within a few hours, up to 24 hours h KE
Fee declared
4 of 6 methods
Withdrawal back to
the funding method

Where it does not serve(30 of 55 countries)

United States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, IranUnited States, Canada, North Korea, Iran

From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.

Platforms and markets(30 of 55 of 55 platforms confirmed · 6 asset classes)

MT5
MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
cTrader
MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
Web terminal
MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
Mobile app
MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
Copy trading
MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
TradingView
MT4, MT5, cTrader, TradingView, BlackBull CopyTrade, BlackBull Invest
ClassCountMin spreadLeverage

Reviews(30 of 55 platform · 25% of the score)

4.2/ 5
Trustpilot rating
1,384
reviews
28.09
snapshot, 2026
5 star64%
4 star14%
3 star6%
2 star4%
1 star12%
SnapshotRatingReviews

Share of reviewers in Kenya: no data The platform does not publish it.

Topics in 1-star reviews (30 of 55 reviews, snapshot 28.09.2026)

Withdrawal delays41 · 25%
Verification (KYC)33 · 20%
Slippage22 · 13%
Support response19 · 11%
Other51 · 31%

Pros and cons(30 of 55 + 5, each tied to a figure above)

For
  • Raw round turn 6.20 USD vs Kenya median 9.20
  • CMA Kenya licence CMA/LIC/112, active on 01.10.2026
  • KES account; bank withdrawal 24 h, fee 0
  • Swap-free with no admin fee; ranked #1 of 30
  • One of 6 of 44 brokers that publish a withdrawal time
Against
  • Payouts axis 58 of 100, the lowest of six
  • Min deposit 100 USD vs 10 at Tidemark
  • E-wallet withdrawal time and fee not published
  • Group site advertises 1:1000, unavailable to Kenyan residents
  • Gold round turn 9.80 USD; 3 brokers price it lower

Alternatives in Kenya(30 of 55 of 55)

Methodology(30 of 55 axes · formula v1.0)

Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a Kenya score. Full methodology

AxisWeightWhat is measuredHalden

Where Halden sits in the Kenya base(30 of 55 brokers)

Round-turn cost, USD (30 of 55 of 55 priced)

2<6.5
26.5–7.5
27.5–8.5
38.5–9.5
39.5–10.5
110.5–11.5
4≥11.5

Highlighted: Halden Raw at 6.20

Minimum deposit, USD (30 of 55 of 55 priced)

9<25
925–99
10100
3101–299
4≥300

Highlighted: Halden at 100 · Kenya median 50

Retail leverage (30 of 55 of 55 with a Kenya figure)

11≤1:30
71:50
51:51–200
61:201–400
10>1:400

1 group-only figure excluded · 4 no data

Withdrawal time published (30 of 55 brokers)

6of 44
Published, hours6No data38Halden is one of the 6

FAQ(30 of 55 questions)

Verified · What changed · Sources(30 of 55 sources · 4 changes)

Verified01.10.2026
next review 01.01.2027
What changed
    Sources · precision