On October 26, 2020, Pepperstone Kenya officially launched its operations in Kenya, and became the 3rd CMA licensed and regulated forex broker in the Kenya.
FxPesa by EGM Securities and Scope Markets Kenya were the first two forex brokers to get licensing from the CMA in Kenya. Among the 3 brokers legally operating in the country, FxPesa is our number one recommendation. (Click here for the official FxPesa website).
There are a few reasons why we have consistently ranked FxPesa as the #1 forex broker in Kenya, to start with, their customer support is very efficient. Through phone calls or online chat on their website, www.fxpesa.com, they, will take you through the whole process of creating your account, funding it using Mpesa, and they even have an online academy where they teach new traders some of the most profitable trading strategies in existence…
But I digress…
This article is not about FxPesa. Our goal here is to discuss the 3rd CMA licensed forex broker, Pepperstone Kenya.
In this Pepperstone review piece, we decided to critically analyze Pepperstone’s offering in Kenya, and how it compares with competitors. We analyzed the minimum deposit for Peppersone, spreads, ease of registration, Pepperstone deposit and withdrawal methods, speed of execution, customer support, among many other things.
This one is going to be one long review article. So, if you don’t mind, head over to Pepperstone already and grab yourself a demo account, then come back and follow along with us as we lay bare everything you need to know about Pepperstone in Kenya.
Who is Pepperstone Kenya?
Pepperstone Kenya is the trading name for Pepperstone Markets, a forex brokerage company that was founded in 2010. That’s a solid ten years of offering cutting edge financial services to traders all over the world.
Since its foundation, Pepperstone has won numerous industry awards from reputable organizations such as Deloitte and and Investment Trends. This goes to show the level of commitment to excellence that Pepperstone puts into their work.
Pepperstone vs FxPesa vs ScopeMarkets
Compared to FxPesa and Scope Markets, Pepperstone is way ahead in terms of the trading platforms available for forex traders in Kenya. FxPesa only offers the Metatrader 4 and their proprietary FxPesa Webtrader platforms. Scope Markets only offers Metatrader 5 platform.
These pales in comparison to Pepperstone who offers the innovative cTrader platform in addition to MetaTrader 4 and 5.
In addition, Pepperstone offers superior market analysis tools including the very famous Autochartist software. You can either download Autochartist for use on your MT4 trading platform or use the web-based interface. Autochartist identifies numerous high probability trading opportunities, which is something a lot of beginner forex traders will appreciate.
However, one area where Pepperstone is doing itself a disservice is in the deposit and withdrawal methods available for Kenyans. It is almost unbelievable that the broker is yet to start accepting Mpesa deposits and withdrawals.
Yes, you heard that right! Despite being the #3 CMA licensed forex broker in Kenya, Pepperstone does not offer Mpesa deposits and withdrawals.
Hopefully, this will change as soon as Pepperstone realizes the number of potential Kenyan clients they are discouraging from trading with them by not offering this popular transaction option. For now, your best bet would be to trade with one of the forex brokers that accept Mpesa.
Pepperstone Kenya Minimum Deposit
The minimum deposit at Pepperstone Kenya depends on the account type. The company recommends that traders start with at least $200 (20,000 KES). but clients are welcome to deposit even less than this.