Brokers not authorised by the CMA in Kenya

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

25of 55

qualify for this ranking

45% of 55

22of 25

scored on all six axes

88% of 25

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)

1Fusion Markets4.09highest score of the three · cheapest priced of the three · offshore (vfsc/seychelles) for kenyan cl 2LiteFinance4.05offshore/unregulated locally; not cma-au · withdrawal in 24 h 3BlackBull Markets4.04not offered; despite kenya's cma licensi · withdrawal in 24 h

Brokers not authorised by the CMA in Kenya (25 of 55)

By slice score, formula v1.0. · 25 of 52 brokers in this ranking · all 25

#	Broker	Round turn, USDKE	Min deposit, USDKE	Leverage	Withdrawal, hKE	Score	Execution	Founded	Funding
1	Fusion Markets	4.5	0	500KE	1	4.09	ECN/raw + standard	2017	6 methods
2	LiteFinance	5	50	500KE	24	4.05	ECN/raw + standard	2005	4 methods
3	BlackBull Markets	6	0 group	500 groupKE	24	4.04	ECN/raw + standard	2014	—
4	Tickmill	6	100	500KE	24	3.9	ECN/raw + standard	2014	3 methods · local
5	CFI	—	—	500 groupKE	24	3.89	ECN/raw + standard	1998	—
6	AvaTrade	9	100 group	400KE	48	3.8	Standard	2006	3 methods
7	JustMarkets	6	10 group	3000KE	0.02	3.79	ECN/raw + standard	2012	2 methods · local
8	Trade Nation	6	0	200KE	24	3.77	Standard	2014	3 methods · local
9	OctaFX	9	25 group	1000KE	72	3.75	ECN/raw + standard	2011	2 methods · local
10	Eightcap	7	100	500KE	48	3.7	ECN/raw + standard	2009	4 methods · local
11	Vantage	6	50 group	500KE	120	3.69	ECN/raw + standard	2009	4 methods · local
12	ThinkMarkets	7	50	500KE	4	3.67	ECN/raw + standard	1999	4 methods
13	Moneta Markets	3	50	1000KE	24	3.65	ECN/raw + standard	2019	5 methods · local
14	FXCM	7.5	50 group	400KE	72	3.63	ECN/raw + standard	1999	2 methods · local
15	MultiBank Group	6	50 group	500KE	120	3.58	ECN/raw + standard	2005	5 methods
16	Hisa (Hisa app)	—	1 group	—stated, not verified	24	3.5	—	2020	2 methods · local
17	FBS	13	5 group	3000KE	—	3.47	Standard	2009	3 methods
18	CMTrading	8	100	200KE	72	3.45	ECN/raw + standard	2012	5 methods · local
19	Mitrade	—	20 group	200KE	48	3.44	—	2011	2 methods
20	Alpari	3.5	30	3000KE	24	3.41	ECN/raw + standard	1998	5 methods
21	FXGT	14	5	5000KE	72	3.4	Standard	2019	4 methods
22	BDSwiss	5	10	2000KE	24	3.37	ECN/raw + standard	2012	3 methods
23	Plus500	13	—	30KE	72	3.26	Standard	2008	2 methods · local
24	T4Trade	18	50	1000KE	48	3.24	Standard	2021	5 methods · local
25	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.

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

1. Fusion Markets — highest score of the three · cheapest priced of the three · offshore (vfsc/seychelles) for kenyan cl (score 4.09)

Round turn: 4.5 USD
Withdrawal: under 1 hour
KES account: No KES base-currency account; accounts in USD, AUD, EUR, GBP, JPY, CHF, CAD, NZD, SGD, HKD, so shilling deposits incur conversion.
Leverage: 500KE
Licence: CMA Kenya SD096
Accepts residents: through an offshore entity
Onboarding entity: Kenyan retail clients are onboarded under the offshore arms Gleneagle Securities Pty Limited (Vanuatu VFSC) and/or Fusion Markets International Ltd (Seychelles FSA).
Founded: 2017
Register: https://fusionmarkets.com/About-us/Regulations · 09.07.2026
Group leverage: localgroup
Instruments: 250+ instruments: 90+ forex pairs, metals, commodities, indices, share CFDs and crypto CFDs.
Platforms: MT5cTraderWebTradingView
Funding: Bank wire, Visa/Mastercard, Skrill, Neteller, PayPal and crypto (BTC/USDT); no verified M-Pesa/local rail at review.
Not served: Afghanistan, Democratic Republic of Congo, Republic of Congo, Iran, Iraq, Japan, Myanmar, New Zealand, North Korea, Palestine, Russia, Spain, Somalia, Sudan, Syria, Ukraine, Yemen, United States, American Samoa, Guam, Northern Mariana Islands, Puerto Rico, US Minor Outlying Islands, US Virgin Islands

Reviews25%85
Round-turn cost20%100
Safety10
Payouts15%99
Track record10%45
Platforms70

Why it ranks here

Round turn 4.5 USD against the slice median 7 USD. strongest axis round-turn cost 100 of 100. total score 4.09.

Watch for

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

Full review of Fusion Markets

2. LiteFinance — offshore/unregulated locally; not cma-au · withdrawal in 24 h (score 4.05)

Round turn: 5 USD
Withdrawal: within 24 hours
KES account: USD and EUR; no KES trading account.
Leverage: 500KE
Licence: CMA Kenya 931
Accepts residents: through an offshore entity
Onboarding entity: LiteFinance Global LLC
Founded: 2005
Register: https://litefinance.org · 09.07.2026
Group leverage: unclear
Instruments: Forex pairs, metals, oil, stock indices, share CFDs and crypto CFDs.
Platforms: MT5MT4Web
Funding: M-Pesa mobile-money deposits/withdrawals in KES supported (via local payment service), plus cards, e-wallets and crypto.
Not served: United States, Canada, United Kingdom, Israel, Russia, Japan, European Economic Area

Why it ranks here

Round turn 5 USD against the slice median 7 USD. strongest axis round-turn cost 100 of 100. total score 4.05.

Watch for

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

Full review of LiteFinance

3. BlackBull Markets — not offered; despite kenya's cma licensi · withdrawal in 24 h (score 4.04)

Why it ranks here

Round turn 6 USD against the slice median 7 USD. strongest axis round-turn cost 95 of 100. total score 4.04.

Watch for

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

Full review of BlackBull Markets

What the data shows(25 of 55 distributions · 52 brokers)

Swap-free availability (25 of 55 brokers)

Offered30Not offered14

Admin fee after the free period (25 of 55 swap-free)

Never16After 3–30 days9not published5

Who onboards Kenyan residents (25 of 55 brokers)

Local CMA Kenya entity20Offshore entity24

KES account (25 of 55 brokers)

Yes16No23not published5

Licensed in Kenya, or not (55 of 55)

27Local licence

28Offshore

Retail leverage in Kenya (37 of 55 · median 1:500)

27<1000

41000-2000

22000-3000

33000-4000

14000+

Full list(25 of 55)

1Fusion Markets4.09
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
4.5
Min deposit, USD
0
Leverage
500KE
KES
Yes
2LiteFinance4.05
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
50
Leverage
500KE
KES
Yes
3BlackBull 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
4Tickmill3.9
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100
Leverage
500KE
KES
Yes
5CFI3.89
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Leverage
500 groupKE
KES
Yes
6AvaTrade3.8
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100 group
Leverage
400KE
KES
Yes
7JustMarkets3.79
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10 group
Leverage
3000KE
KES
Yes
8Trade Nation3.77
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0
Leverage
200KE
KES
Yes
9OctaFX3.75
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25 group
Leverage
1000KE
KES
Yes
10Eightcap3.7
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
500KE
KES
Yes
11Vantage3.69
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500KE
KES
Yes
12ThinkMarkets3.67
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
500KE
KES
Yes
13Moneta Markets3.65
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
50
Leverage
1000KE
KES
Yes
14FXCM3.63
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
50 group
Leverage
400KE
KES
Yes
15MultiBank Group3.58
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500KE
KES
Yes
16Hisa (Hisa app)3.5
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Min deposit, USD
1 group
KES
Yes
17FBS3.47
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
13
Min deposit, USD
5 group
Leverage
3000KE
KES
Yes
18CMTrading3.45
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200KE
KES
Yes
19Mitrade3.44
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Min deposit, USD
20 group
Leverage
200KE
KES
Yes
20Alpari3.41
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
3.5
Min deposit, USD
30
Leverage
3000KE
KES
Yes
21FXGT3.4
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
14
Min deposit, USD
5
Leverage
5000KE
KES
Yes
22BDSwiss3.37
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
10
Leverage
2000KE
KES
Yes
23Plus5003.26
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
13
Leverage
30KE
KES
Yes
24T4Trade3.24
Onboards
Local · CMA Kenya
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
50
Leverage
1000KE
KES
Yes
25IG 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 this ranking

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 · 6 explainers)

Same country

Explained

FAQ

How many brokers qualify for this ranking in Kenya?: 25 of 55 brokers measured for this country qualify.
Which broker leads it, and on what basis?: Fusion Markets leads it with a score of 4.09. 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.

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(25 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.