What a spread is, and what it costs you

A spread is the gap between the price you can buy at and the price you can sell at, quoted in pips. It is charged the moment a position opens, which is why it is the one cost every trade pays whether it wins or loses.

A spread alone does not say what a trade costs. An account with a 0.0-pip raw spread usually charges commission per lot instead, and an account with a 1.2-pip spread usually charges none. The comparable figure is the round turn - spread plus commission for one lot, in and out - and that is what the tables here rank on.

The ten below are the brokers in Kenya publishing the tightest EUR/USD spread for a standard account. They are ordered by the figure they publish, not by preference, and a broker that publishes no spread is not on the list at all.

EUR/USD spread, pips (39 of 55 · median 1 pips)

4<0.5

130.5-1

161-1.5

61.5-2

02+

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 (35 of 55 counts · 52 brokers onboarding Kenyan residents)

35of 55

qualify for this ranking

64% of 55

33of 35

scored on all six axes

94% of 35

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)

1FP Markets4.47highest score of the three · locally licensed 2HFM4.46cheapest priced of the three · locally licensed · withdrawal in 24 h 3Capital.com4.45locally licensed · withdrawal in 24 h

What a spread is, and what it costs you (35 of 55)

By slice score, formula v1.0. · 35 of 52 brokers in this ranking · all 35

#	Broker	Round turn, USDKE	Min deposit, USDKE	Leverage	Withdrawal, hKE	Score	Execution	Founded	Funding
1	FP Markets	8	100 group	500 groupKE	72	4.47	ECN/raw + standard	2005	3 methods
2	HFM	6	0 group	2000 groupKE	24	4.46	ECN/raw + standard	2010	2 methods · local
3	EGM Securities (FXPesa)	7	0	400KE	3	4.46	ECN/raw + standard	2019	2 methods · local
4	Capital.com	7	20 group	200KE	24	4.45	Standard	2016	—
5	Pepperstone	7	—	400KE	24	4.44	ECN/raw + standard	2010	4 methods · local
6	TMGM	7	100	1000 groupKE	24	4.22	ECN/raw + standard	2013	6 methods · local
7	Equiti	7	5	400KE	72	4.12	ECN/raw + standard	2008	5 methods · local
8	Fusion Markets	4.5	0	500KE	1	4.09	ECN/raw + standard	2017	6 methods
9	Admirals	6	25	500 groupKE	72	4.08	ECN/raw + standard	2001	4 methods · local
10	LiteFinance	5	50	500KE	24	4.05	ECN/raw + standard	2005	4 methods
11	BlackBull Markets	6	0 group	500 groupKE	24	4.04	ECN/raw + standard	2014	—
12	Scope Markets	9	100	400KE	48	4	ECN/raw + standard	—	4 methods · local
13	Tickmill	6	100	500KE	24	3.9	ECN/raw + standard	2014	3 methods · local
14	CFI	—	—	500 groupKE	24	3.89	ECN/raw + standard	1998	—
15	AvaTrade	9	100 group	400KE	48	3.8	Standard	2006	3 methods
16	JustMarkets	6	10 group	3000KE	0.02	3.79	ECN/raw + standard	2012	2 methods · local
17	Trade Nation	6	0	200KE	24	3.77	Standard	2014	3 methods · local
18	Scope Markets Kenya	9	10	400KE	24	3.77	ECN/raw + standard	2014	2 methods · local
19	OctaFX	9	25 group	1000KE	72	3.75	ECN/raw + standard	2011	2 methods · local
20	Eightcap	7	100	500KE	48	3.7	ECN/raw + standard	2009	4 methods · local
21	Vantage	6	50 group	500KE	120	3.69	ECN/raw + standard	2009	4 methods · local
22	ThinkMarkets	7	50	500KE	4	3.67	ECN/raw + standard	1999	4 methods
23	Moneta Markets	3	50	1000KE	24	3.65	ECN/raw + standard	2019	5 methods · local
24	FXCM	7.5	50 group	400KE	72	3.63	ECN/raw + standard	1999	2 methods · local
25	XM	17	5	—stated, not verified	24	3.58	Standard	2009	3 methods · local
26	MultiBank Group	6	50 group	500KE	120	3.58	ECN/raw + standard	2005	5 methods
27	FXTM	23	10	400KE	24	3.51	Standard	2011	5 methods · local
28	FBS	13	5 group	3000KE	—	3.47	Standard	2009	3 methods
29	CMTrading	8	100	200KE	72	3.45	ECN/raw + standard	2012	5 methods · local
30	Alpari	3.5	30	3000KE	24	3.41	ECN/raw + standard	1998	5 methods
31	FXGT	14	5	5000KE	72	3.4	Standard	2019	4 methods
32	BDSwiss	5	10	2000KE	24	3.37	ECN/raw + standard	2012	3 methods
33	Plus500	13	—	30KE	72	3.26	Standard	2008	2 methods · local
34	T4Trade	18	50	1000KE	48	3.24	Standard	2021	5 methods · local
35	IG Markets	13.6	50 group	200KE	120	3.14	ECN/raw + standard	1974	3 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 the lowest spreads 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. FP Markets — highest score of the three · locally licensed (score 4.47)

Round turn: 8 USD
Withdrawal: 1-3 business days
KES account: USD/EUR/GBP/AUD and others; local KES account availability not verified at review.
Leverage: 500 groupKE
Licence: CMA Kenya 103
Accepts residents: yes
Onboarding entity: Kenyan clients can be onboarded under the locally licensed subsidiary FP Markets Ltd (FP Markets Limited), or via the offshore arm.
Founded: 2005
Register: https://fpmarkets.com/blog/fpmarkets-awarded-fx-broker-licence-in-kenya · 09.07.2026
Group leverage: localgroup
Instruments: 10,000+ CFDs: 60+ FX pairs, indices, commodities, shares, ETFs, bonds and crypto CFDs.
Platforms: MT5cTraderWebTradingView
Funding: Cards, bank wire and e-wallets; local M-Pesa/KES rails likely but not verified at review.
Not served: United States, Japan, North Korea, Iran, Iraq, Belgium, Canada

Reviews25%90
Round-turn cost20%85
Safety100
Payouts15%40
Track record10%
Platforms70

Why it ranks here

Round turn 8 USD against the slice median 7 USD. strongest axis safety 100 of 100. total score 4.47.

Watch for

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

Full review of FP Markets

2. HFM — cheapest priced of the three · locally licensed · withdrawal in 24 h (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: offshore
Instruments: FX, metals, indices, shares, commodities, crypto CFDs.
Platforms: MT5MT4Web
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

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

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

Full review of HFM

3. Capital.com — locally licensed · withdrawal in 24 h (score 4.45)

Round turn: 7 USD
Withdrawal: within 24 hours
KES account: USD-denominated; local KES account availability not verified at review.
Leverage: 200KE
Licence: 244
Accepts residents: yes
Onboarding entity: Kenyan clients are onboarded by a locally licensed entity - Capital.com received a Capital Markets Authority (CMA) Kenya licence in January 2026.
Founded: 2016
Register: https://capital.com/en-int/press · 09.07.2026
Group leverage: localgroup
Instruments: CFD-only broker; 4,500-6,000+ CFDs across shares, indices, commodities, forex, crypto and ETFs (285+ crypto CFDs).
Platforms: MT5WebMobile
Funding: CMA-licensed brokers in Kenya commonly integrate M-Pesa and local bank transfer; Capital.com's specific M-Pesa support not verified at review.
Not served: Afghanistan, American Samoa, Belgium, Bahamas, Barbados, Belarus, Burkina Faso, United States of America, Cameroon, Canada, China, Congo, Democratic Republic of the Congo, Cuba, Eritrea, Gibraltar, Guam, Haiti, India, Indonesia, Iran, Iraq, Israel, Japan, Artsakh (Nagorno-Karabakh), Kosovo, North Korea, Libya, Malaysia, Mali, Marshall Islands, Federated States of Micronesia, Myanmar, New Zealand, Northern Mariana Islands, Palestine, Palau, Philippines, Puerto Rico, Russia, Sahrawi Arab Democratic Republic, Samoa, Senegal, Somalia, South Sudan, Sudan, Syria, Turkey, United States Minor Outlying Islands, Vanuatu, Venezuela, Virgin Islands, US, Yemen

Why it ranks here

Round turn 7 USD against the slice median 7 USD. strongest axis safety 100 of 100. total score 4.45.

Watch for

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

Full review of Capital.com

What the data shows(35 of 55 distributions · 52 brokers)

Swap-free availability (35 of 55 brokers)

Offered30Not offered14

Admin fee after the free period (35 of 55 swap-free)

Never16After 3–30 days9not published5

Who onboards Kenyan residents (35 of 55 brokers)

Local CMA Kenya entity20Offshore entity24

KES account (35 of 55 brokers)

Yes16No23not published5

Round turn, one lot, USD (36 of 55 · median 7 USD)

3<5

265-10

410-15

215-20

120+

Full list(35 of 55)

1FP Markets4.47
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100 group
Leverage
500 groupKE
KES
Yes
2HFM4.46
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
2000 groupKE
KES
Yes
3EGM 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
4Capital.com4.45
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
20 group
Leverage
200KE
KES
Yes
5Pepperstone4.44
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Leverage
400KE
KES
Yes
6TMGM4.22
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
1000 groupKE
KES
Yes
7Equiti4.12
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
5
Leverage
400KE
KES
Yes
8Fusion Markets4.09
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
4.5
Min deposit, USD
0
Leverage
500KE
KES
Yes
9Admirals4.08
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
25
Leverage
500 groupKE
KES
Yes
10LiteFinance4.05
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
50
Leverage
500KE
KES
Yes
11BlackBull Markets4.04
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
500 groupKE
KES
Yes
12Scope Markets4
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100
Leverage
400KE
KES
Yes
13Tickmill3.9
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100
Leverage
500KE
KES
Yes
14CFI3.89
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Leverage
500 groupKE
KES
Yes
15AvaTrade3.8
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100 group
Leverage
400KE
KES
Yes
16JustMarkets3.79
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10 group
Leverage
3000KE
KES
Yes
17Trade Nation3.77
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0
Leverage
200KE
KES
Yes
18Scope Markets Kenya3.77
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
10
Leverage
400KE
KES
Yes
19OctaFX3.75
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25 group
Leverage
1000KE
KES
Yes
20Eightcap3.7
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
500KE
KES
Yes
21Vantage3.69
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500KE
KES
Yes
22ThinkMarkets3.67
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
500KE
KES
Yes
23Moneta Markets3.65
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
50
Leverage
1000KE
KES
Yes
24FXCM3.63
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
50 group
Leverage
400KE
KES
Yes
25XM3.58
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
17
Min deposit, USD
5
KES
Yes
26MultiBank Group3.58
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500KE
KES
Yes
27FXTM3.51
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
23
Min deposit, USD
10
Leverage
400KE
KES
Yes
28FBS3.47
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
13
Min deposit, USD
5 group
Leverage
3000KE
KES
Yes
29CMTrading3.45
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200KE
KES
Yes
30Alpari3.41
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
3.5
Min deposit, USD
30
Leverage
3000KE
KES
Yes
31FXGT3.4
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
14
Min deposit, USD
5
Leverage
5000KE
KES
Yes
32BDSwiss3.37
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
10
Leverage
2000KE
KES
Yes
33Plus5003.26
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
13
Leverage
30KE
KES
Yes
34T4Trade3.24
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
50
Leverage
1000KE
KES
Yes
35IG 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

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?: 35 of 55 brokers measured for this country qualify.
Which broker leads it, and on what basis?: FP Markets leads it with a score of 4.47. 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 35 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(35 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.