Funding in KES: why the local method matters

A broker that accepts KES by a local method takes the currency conversion out of the deposit and usually out of the withdrawal too. Where it does not, every deposit and every withdrawal pays a conversion, and that cost never appears in a spread table.

The method also sets the speed. A local bank transfer or instant EFT settles in hours; a card refund to a foreign acquirer and an international wire are measured in days, and the delay lands on the withdrawal, which is when it is felt.

The ten below publish a local funding method for Kenya.

How brokers take money in Kenya (49 of 55)

48Bank transfer

29Cards

11E-wallets

10Skrill

9Neteller

Affiliate links: we earn a commission; it never changes scores or order. CFDs are high-risk and leverage can lose you money rapidly.

Key facts (37 of 55 counts · 52 brokers onboarding Kenyan residents)

37of 55

qualify for this ranking

67% of 55

21of 37

scored on all six axes

57% of 37

36of 55

publish a price

65% of 55

29of 55

publish a leverage figure for this country

53% of 55

Top 3 (of 3 ranked)

1HFM4.46highest score of the three · cheapest priced of the three · locally licensed 2Pepperstone4.44locally licensed · withdrawal in 24 h 3TMGM4.22locally licensed · withdrawal in 24 h

Funding in KES: why the local method matters (37 of 55)

By slice score, formula v1.0. · 37 of 52 brokers in this ranking · all 37

#	Broker	Round turn, USDKE	Min deposit, USDKE	Leverage	Withdrawal, hKE	Score	Execution	Founded	Funding
1	HFM	6	0 group	2000 groupKE	24	4.46	ECN/raw + standard	2010	2 methods · local
2	EGM Securities (FXPesa)	7	0	400KE	3	4.46	ECN/raw + standard	2019	2 methods · local
3	Pepperstone	7	—	400KE	24	4.44	ECN/raw + standard	2010	4 methods · local
4	Etica (Etica Capital MMF)	—	100 KES	—stated, not verified	48	4.23	—	—	2 methods · local
5	TMGM	7	100	1000 groupKE	24	4.22	ECN/raw + standard	2013	6 methods · local
6	Equiti	7	5	400KE	72	4.12	ECN/raw + standard	2008	5 methods · local
7	Admirals	6	25	500 groupKE	72	4.08	ECN/raw + standard	2001	4 methods · local
8	Scope Markets	9	100	400KE	48	4	ECN/raw + standard	—	4 methods · local
9	Tickmill	6	100	500KE	24	3.9	ECN/raw + standard	2014	3 methods · local
10	JustMarkets	6	10 group	3000KE	0.02	3.79	ECN/raw + standard	2012	2 methods · local
11	Trade Nation	6	0	200KE	24	3.77	Standard	2014	3 methods · local
12	Scope Markets Kenya	9	10	400KE	24	3.77	ECN/raw + standard	2014	2 methods · local
13	OctaFX	9	25 group	1000KE	72	3.75	ECN/raw + standard	2011	2 methods · local
14	Eightcap	7	100	500KE	48	3.7	ECN/raw + standard	2009	4 methods · local
15	Vantage	6	50 group	500KE	120	3.69	ECN/raw + standard	2009	4 methods · local
16	Moneta Markets	3	50	1000KE	24	3.65	ECN/raw + standard	2019	5 methods · local
17	FXCM	7.5	50 group	400KE	72	3.63	ECN/raw + standard	1999	2 methods · local
18	XM	17	5	—stated, not verified	24	3.58	Standard	2009	3 methods · local
19	FXTM	23	10	400KE	24	3.51	Standard	2011	5 methods · local
20	Hisa (Hisa app)	—	1 group	—stated, not verified	24	3.5	—	2020	2 methods · local
21	CMTrading	8	100	200KE	72	3.45	ECN/raw + standard	2012	5 methods · local
22	Sterling Capital	—	—	—stated, not verified	—	3.41	—	1994	2 methods · local
23	Dyer & Blair Investment Bank	—	—	—stated, not verified	—	3.38	—	1954	2 methods · local
24	Suntra Investment Bank	—	—	—stated, not verified	—	3.29	—	1990	2 methods · local
25	Plus500	13	—	30KE	72	3.26	Standard	2008	2 methods · local
26	T4Trade	18	50	1000KE	48	3.24	Standard	2021	5 methods · local
27	IG Markets	13.6	50 group	200KE	120	3.14	ECN/raw + standard	1974	3 methods · local
28	AIB-AXYS Africa	—	—	—stated, not verified	—	3.08	—	2020	2 methods · local
29	ABC Capital	—	0	—stated, not verified	120	3.05	—	1954	2 methods · local
30	Faida Investment Bank	—	—	—stated, not verified	48	—	—	1995	2 methods · local
31	Genghis Capital	—	—	—stated, not verified	72	—	—	2008	2 methods · local
32	Kestrel Capital	—	—	—stated, not verified	—	—	—	1994	1 methods · local
33	Kingdom Securities	—	—	—stated, not verified	—	—	—	2008	2 methods · local
34	Ndovu (Ndovu app)	—	5	—stated, not verified	72	—	—	2020	2 methods · local
35	SBG Securities	—	—	—stated, not verified	—	—	—	2007	2 methods · local
36	Standard Investment Bank (SIB / Mansa X)	—	—	—stated, not verified	72	—	—	1995	2 methods · local
37	Vuka (Vuka investment club)	—	2500 KES	—stated, not verified	—	—	—	—	2 methods · local

Ten are shown; the button opens the rest.

"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.

— the broker does not publish this figure; it is not read as a zero and it is not scored.

Eightcap publishes a retail leverage of 1:500 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.

The ten above illustrate the term. Brokers with local payment methods in Kenya lists every broker that qualifies, with the figure each one publishes.

Identical for every row, so it is stated once: Who onboards Local · CMA Kenya · Swap-free fee none, no limit · KES account Yes.

1. HFM — highest score of the three · cheapest priced of the three · locally licensed (score 4.46)

Round turn: 6 USD
Withdrawal: same business day if submitted before 10:00am server time; following business day if submitted after 10:00am server time
KES account: USD; KES funding via M-Pesa.
Leverage: 2000 groupKE
Licence: CMA Kenya 155
Accepts residents: yes
Onboarding entity: HFM Investments Ltd
Founded: 2010
Register: https://forexbroker.co.ke · 09.07.2026
Group leverage: offshoregroup
Instruments: FX, metals, indices, shares, commodities, crypto CFDs.
Platforms: MT5cTraderWebTradingView
Funding: M-Pesa (mobile money/iPay) instant deposits, min ~KES 700; local bank transfer; no HFM fees.
Not served: United States, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu

Reviews25%80
Round-turn cost20%95
Safety90
Payouts15%
Track record10%
Platforms50

Why it ranks here

Round turn 6 USD against the slice median 7 USD. strongest axis round-turn cost 95 of 100. total score 4.46.

Watch for

Payouts axis 58 of 100; e-wallet times not published.

Full review of HFM

2. Pepperstone — locally licensed · withdrawal in 24 h (score 4.44)

Round turn: 7 USD
Withdrawal: 1 business day
KES account: 10 base currencies (AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD); no KES account, so KES deposits incur conversion.
Leverage: 400KE
Licence: CMA Kenya 128
Accepts residents: yes
Onboarding entity: Pepperstone Markets Kenya Limited
Founded: 2010
Register: https://cma.or.ke · 09.07.2026
Group leverage: local
Instruments: 1,200+ instruments: 90+ forex pairs, indices, commodities/metals, share CFDs, ETFs and crypto CFDs.
Platforms: MT5MT4Web
Funding: M-PESA mobile money, local Kenyan bank transfer, Visa/Mastercard and e-wallets; M-PESA/local transfers often processed within 24 hours.
Not served: Afghanistan, American Samoa, Antarctica, Armenia, Belarus, Belgium, Belize, Bhutan, Bosnia and Herzegovina, Cameroon, Canada, Central African Republic, Chad, Congo, Congo, the Democratic Republic of the, Côte d’Ivoire, Cuba, Eritrea, French Guiana, French Polynesia, Guadeloupe, Guam, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See, Iran, Iraq, Japan, Kazakhstan, Lebanon, Liberia, Libya, Malaysia, Mali, Martinique, Mayotte, Mozambique, Myanmar (Burma), New Zealand, Nicaragua, North Korea, Palestine, State of, Puerto Rico

Why it ranks here

Round turn 7 USD against the slice median 7 USD. strongest axis safety 100 of 100. total score 4.44.

Watch for

Min deposit 200 USD, double the Kenya median of 50; withdrawal time not published.

Full review of Pepperstone

3. TMGM — locally licensed · withdrawal in 24 h (score 4.22)

Round turn: 7 USD
Withdrawal: within 24 hours
KES account: USD, AUD, NZD and others; no verified KES-denominated account at review.
Leverage: 1000 groupKE
Licence: 219
Accepts residents: yes
Onboarding entity: Trademax Global Markets (KE) Pty Ltd
Founded: 2013
Register: https://cmarcp.or.ke · 09.07.2026
Group leverage: uncleargroup
Instruments: CFDs on currency pairs, indices, shares, metals and commodities (globally 12,000+ instruments).
Platforms: MT5WebMobile
Funding: Cards, Skrill, Neteller, FasaPay, bank wire and USDT/USDC crypto; M-Pesa/KES mobile-money support not verified at review.
Not served: United States, Afghanistan, Belarus, Central African Republic, Cuba, Crimea, Democratic Republic of Congo, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, North Korea, Russia, Somalia, Sudan, South Sudan, Syria, Ukraine, Venezuela, Yemen, Zimbabwe

Why it ranks here

Round turn 7 USD against the slice median 7 USD. strongest axis safety 100 of 100. total score 4.22.

Watch for

Onboards Kenyan residents through an offshore entity: no CMA Kenya licence, no CMA Kenya complaints route, no KES account.

Full review of TMGM

What the data shows(37 of 55 distributions · 52 brokers)

Swap-free availability (37 of 55 brokers)

Offered30Not offered14

Admin fee after the free period (37 of 55 swap-free)

Never16After 3–30 days9not published5

Who onboards Kenyan residents (37 of 55 brokers)

Local CMA Kenya entity20Offshore entity24

KES account (37 of 55 brokers)

Yes16No23not published5

Minimum deposit, USD (38 of 55 · median 22.5 USD)

17<20

520-40

840-60

060-80

880+

Full list(37 of 55)

1HFM4.46
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
2000 groupKE
KES
Yes
2EGM Securities (FXPesa)4.46
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0
Leverage
400KE
KES
Yes
3Pepperstone4.44
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Leverage
400KE
KES
Yes
4Etica (Etica Capital MMF)4.23
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Min deposit, USD
100 KES
KES
Yes
5TMGM4.22
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
1000 groupKE
KES
Yes
6Equiti4.12
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
5
Leverage
400KE
KES
Yes
7Admirals4.08
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
25
Leverage
500 groupKE
KES
Yes
8Scope Markets4
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100
Leverage
400KE
KES
Yes
9Tickmill3.9
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100
Leverage
500KE
KES
Yes
10JustMarkets3.79
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10 group
Leverage
3000KE
KES
Yes
11Trade Nation3.77
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0
Leverage
200KE
KES
Yes
12Scope Markets Kenya3.77
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
10
Leverage
400KE
KES
Yes
13OctaFX3.75
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25 group
Leverage
1000KE
KES
Yes
14Eightcap3.7
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
500KE
KES
Yes
15Vantage3.69
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500KE
KES
Yes
16Moneta Markets3.65
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
50
Leverage
1000KE
KES
Yes
17FXCM3.63
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
50 group
Leverage
400KE
KES
Yes
18XM3.58
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
17
Min deposit, USD
5
KES
Yes
19FXTM3.51
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
23
Min deposit, USD
10
Leverage
400KE
KES
Yes
20Hisa (Hisa app)3.5
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Min deposit, USD
1 group
KES
Yes
21CMTrading3.45
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200KE
KES
Yes
22Sterling Capital3.41
Onboards
Local · CMA Kenya
Swap-free
none, no limit
KES
Yes
23Dyer & Blair Investment Bank3.38
Onboards
Local · CMA Kenya
Swap-free
none, no limit
KES
Yes
24Suntra Investment Bank3.29
Onboards
Local · CMA Kenya
Swap-free
none, no limit
KES
Yes
25Plus5003.26
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
13
Leverage
30KE
KES
Yes
26T4Trade3.24
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
50
Leverage
1000KE
KES
Yes
27IG Markets3.14
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
13.6
Min deposit, USD
50 group
Leverage
200KE
KES
Yes
28AIB-AXYS Africa3.08
Onboards
Local · CMA Kenya
Swap-free
none, no limit
KES
Yes
29ABC Capital3.05
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Min deposit, USD
0
KES
Yes

How to read the ten below

Start with the figure this page ranks on.
Every row here is ordered by computed score, highest first; unscored brokers follow. A broker that publishes no figure is shown without one rather than guessed at.
Check which company would onboard you.
The same brand can take a resident of Kenya through a locally licensed entity or an offshore one, and the leverage cap, the complaint route and the protection all follow the entity, not the brand.
Read the cost beside the deposit.
The median round turn across this country is 7.0 USD and the median minimum deposit 17.5 USD; a low deposit beside a wide spread takes the difference back on every trade.

Neighbouring slices(6 rankings · 5 explainers)

Same country

Explained

FAQ

How many brokers qualify for this ranking in Kenya?: 37 of 55 brokers measured for this country qualify.
Which broker leads it, and on what basis?: HFM leads it with a score of 4.46. The order is computed score, highest first; unscored brokers follow.
What does a trade typically cost here?: The median round turn - spread plus commission for one standard lot, in and out - is 7.0 USD across the brokers that publish both parts.
Why do some rows show a dash instead of a figure?: Because the broker does not publish that figure for this country. A dash is a statement about what is published, and a figure is never filled in from a group-wide page as if it applied locally.
Why are only ten brokers shown here?: This page explains the term; the ten illustrate it. The full ranking lists 37 of 55 and is one click away.

How this slice is scored

Slice score = 2 + 3 × weighted mean of the six axes; the swap-free fee and availability feed price and reliability. A missing axis drops out and weights are renormalised; group-wide figures never enter. Full methodology

Verified · What changed · Sources(37 of 55 broker records)

Verified01.10.2026

data re-captured 28.09.2026

Risk warning and affiliate disclosure

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A swap-free account removes overnight interest, not market risk. We earn a commission on some links; paid rows are marked and never ranked first.