A trading app or platform refers to the interface/software that traders use to connect and trade the global forex market. Among the most popular forex trading apps includes MT4, MT5, WebTrader and CTrader.
Every forex broker that’s worth their salt will offer one or even all of the above choices of trading apps. However, what I have realized in my 6+ years of actively trading the market is that the trading platforms differ greatly among brokers.
So, with that in mind, here is a list of the best forex trading apps for Kenyans.
- Detailed Reviews for The Best Trading Apps in Kenya
- 1. FxPesa – Best Forex Trading App for Beginners
- 2. Liteforex – Best ECN Trading App in Kenya
- 3. HotForex – Best Trading App in Kenya For Copy Trading
- 4. Exness – Best Trading App in Kenya for Cent Accounts
- 5. XM Forex- Best Trading App for Intermediary Traders
- 6. Olymp Trade – Best App for Trading Binary Options in Kenya
- 7. IQ Option Trading App
Detailed Reviews for The Best Trading Apps in Kenya
1. FxPesa – Best Forex Trading App for Beginners
If you’re a beginner forex trader, FxPesa by EGM securities is probably the best forex trading app you can join. The registration is hassle-free, the support is out of this world, and the broker even offers you a chance to go for classes and seminars that they organize across the country.
You can Join my Free Forex Trading Newsletter to be informed whenever FxPesa is conducting seminars and classes across the country. Click here to Join.
What makes Fxpesa the best trading app in Kenya and even more attractive to forex traders in Kenya is the deposits and withdrawal methods that they offer. You can easily fund your account and withdraw your profits using local payment methods including Mpesa, Airtel Money, and Equity Bank’s EazzyPay.
Additionally, the minimum deposit at FxPesa is as low as $5 (Ksh 500). This gives a chance for anyone interested in online forex trading to sample out the markets without investing too much of their capital. From there, you can decide whether online forex trading is the thing for you or not.
FxPesa also offers a demo account that you can use to practice and perfect your forex trading strategies.
FxPesa offers FxPesa Mobile apps for both Android and iOS. They also have the MT4 platform for traders who want to trade forex on their laptops or desktop computers.
And just in case you were wondering whether FxPesa is legit, the answer is a resounding yes. FxPesa was the first broker to obtain a non-dealing desk trading license from the Capital Markets Authority (CMA). The broker obtained its trading license in 2019 and there has been few to zero complaints about the broker ever since.
Here’s a list of other CMA Licensed Forex Brokers that are safe to use.
2. Liteforex – Best ECN Trading App in Kenya
ECN stands for Electronic Communications Network.
ECN forex brokers like Liteforex get their price quotations from a network of computers, meaning that you have a 99% chance of catching trades with very tight spreads. Your trades are passed directly to liquidity providers, leaving the broker little to no chance of manipulating the spread.
Instead of paying the spread, however, Liteforex charges a commission of $10 per round lot on all the major currencies. While this commission might seem prohibitive, a deeper analysis will tell you that it is actually among the lowest commission on ECN accounts in the industry.
A commission of $10 per round lot means that you’re paying $10 to control a trade size of $100,000.
This is among the lowest commissions offered by ECN forex brokers, which is why we rank Liteforex among the best forex trading platforms in Kenya. If you trade using the minimum lot size of 0.01 lots for this account, you will only be paying fractional cents to open and close trades.
Apart from the tighter spreads and low commissions, the Liteforex trading platform also guarantees of fast execution on trades with zero requotes whatsoever. Additionally, any capital you leave untouched in your Liteforex trading account earns an annual interest of 2.5%.
Liteforex is also one of the few brokers that offer forex trading in Kenya using Mpesa. For the ECN account, the minimum deposit is $50. Deposits and withdrawals using Mpesa are instant.
To cap it off, LiteForex has a copy trading platform that let’s copy trades of the most successful traders on the platform. With enough due diligence, you can ensure maximum profitably on LiteForex by copying other traders. Click here to open an account now.
3. HotForex – Best Trading App in Kenya For Copy Trading
We included HotForex in the list of the best trading apps in Kenya because of their superb copy trading platform. In all the research that we did, no other platform came close to the ease with which HFCopy, HotForex’s proprietary trading platform works.
HotForex is among the few international forex brokers that still accept Mpesa deposits and withdrawals. The minimum deposit with Mpesa is only a thousand shillings, which is quite affordable for most traders.
Additionally, both deposits and withdrawals by Mpesa are instantaneous, taking less than 10 minutes to reflect in your accounts.
However, the reason why HotForex outshines other forex trading platforms must be their revolutionary copy trading platform that’s called HFCopy.
The HFCopy platform gives new traders a chance to improve their trading strategies and profits by following and interacting with more experienced traders.
In comparison with other copy trading platforms, HFCopy has a few wins including:
- You retain full control of your trading account. Withdraw your funds whenever you desire
- You can copy trades from more experienced traders automatically, therefore saving time and energy
- You can copy more than one strategy provider and increase your profit margins.
4. Exness – Best Trading App in Kenya for Cent Accounts
For intermediate forex traders who might not have sufficient capital but still want to feel like they are trading the real deal, nothing beats the Exness Standard Cent Account.
For this account, the minimum deposit is $1, with a recommended initial deposit of $50. The money reflects in your account as 100 units (100 cents). Depositing $10 will reflect as 1000 units. And depositing $50 will reflect as 5000.
With the Exness cent account, you can use leverage up to 1:2000 which allows you to control a trade size of $2000 with only $1 in your account.
You can easily deposit into your Exness trading account using Mpesa and withdraw your profits using the same channel.
However, Exness does not have an Mpesa paybill number. To complete payment on Exness using Mpesa, you will have to log into your account and navigate to the Mpesa Deposit Option.
After that, you will be redirected to a payment processor where you’ll enter your phone number and click on pay. Have your phone nearby as a pop-up will appear instructing you to put your Mpesa Pin number to complete payment. And that’ll be it. The money reflects into your Exness trading account almost instantly.
Also Read: How to Choose a Forex Broker in Kenya
5. XM Forex- Best Trading App for Intermediary Traders
The XM Forex trading app scores highly for intermediate forex traders in Kenya. XM Forex offers several platforms that you can use to trade. Top on the list is their MT4, MT5, and trading apps for both Android and iOS.
6. Olymp Trade – Best App for Trading Binary Options in Kenya
The Olymp Trade trading app is a binary options trading platform and is probably the easiest app to download and start tinkering around with the financial markets. You could literally download the app on your phone or tablet and start trading immediately.
Upon registration, traders are awarded a $10,000 demo account. The demo account gives you a feel of the trading platform and let’s you try out different trading strategies.
However, although you can practice trading with the demo account, any amounts earned through demo trading are not withdrawable. To be able to make withdrawals, you’ll need to deposit real money into the trading app.
Olymp Trade Minimum Deposit
The minimum deposit at Olymp Trade is $10. It is however recommended that you start trading with at least $50 (5,000/=). The best deposit and withdrawal options for Kenyan traders is through a bank card, and I highly recommend the NCBA Loop debit card.
A lot of Kenyans want to know whether Olymp Trade has an Mpesa PayBill Number or whether it is even possible to deposit money to Olymp Trade using Mpesa. Unfortunately, Olymp Trade does not support Mpesa.
Olymp Trade has revolutionized the binary trading industry, and apart from their intuitive mobile trading app, they now also offer the MT4 trading platform for the more advanced traders.
7. IQ Option Trading App
IQ Options started off as a binary options trading app but quickly transitioned into offering other tradeable financial instruments including stocks, forex, and cryptocurrencies.
IQ option has won many industry awards and received growing reviews from financial market analysts and enthusiasts. This is due to its reliability and professional services that it offers to traders all over the world. For these reasons, IQ Options also makes it in our top 10 list of the best trading apps in Kenya.