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.
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 Kenya Account Types
Pepperstone offers 2 account types in Kenya.
- Standard Account
- Razor account
The only difference between the 2 account types is in the trading fees charged. The Standard Account charges raw spreads while the Razor account charges a commission on trades.
Commission vs Spreads
When you are looking to trade in the Forex market, you will come across the terms commission and spreads. In order to understand which is better for you, it is important to understand the difference between the two.
Commission is a fee that is paid to your broker for each trade that you make. This is a set amount, regardless of the size of your trade. For instance, the Pepperstone Razor account charges $7.00 commission for every $100,000 traded.
Spreads, on the other hand, are the difference between the bid price and the ask price. This varies depending on the size of your trade. Generally, it is better to pay attention to spreads rather than commission, as they are typically lower. In Pepperstone, the spreads on the Standard Account Type are 1.0 to 1.3 pips on the EURUSD.
Pepperstone vs FxPesa vs ScopeMarkets
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.
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. With Pepperstone, you can also trade directly from TradingView.
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.
Does Pepperstone Kenya Accept Mpesa?
Yes. Pepperstone Kenya accepts Mpesa as one of the ways of funding and withdrawing profits from your forex trading account. The instant Mpesa funding and withdrawal is a big boost for forex traders in Kenya who would otherwise have to make deposits using wire transfers and other electronic payment systems such as PayPal and Skrill.
Pepperstone Minimum Deposit
Pepperstone Kenya has a minimum deposit of $10. This is applicable when you are funding your account using Mpesa or using a Visa/Mastercard. The low minimum deposit at Pepperstone makes it one of the more affordable options for traders who are looking to invest in Forex trading.
However, although $10 is the minimum deposit at Pepperstone, we do not recommend you start trading forex with such a low amount. The ideal capital that will give you an edge over the market is approximately $250. Some traders have been able to start forex trading with as low as $100, but these are the minority and most often have honed their trading skills to perfection.
Is Pepperstone Regulated in Kenya?
Yes. Pepperstone is fully regulated by the Capital Markets Authority, which is the body that regulates and licenses forex brokers in Kenya. Pepperstone obtained their trading license in October last year, making them the third CMA licensed forex brokers in Kenya.
There are a number of benefits to trading with a CMA regulated forex broker. One of the most important is that you know that your broker is operating within the bounds of the law. This gives you peace of mind, knowing that your money is safe and that you are not being taken advantage of.
Additionally, CMA regulated forex brokers must adhere to strict rules and regulations, which means they are much more likely to offer high-quality customer service and products.
Finally, by trading with a regulated broker, you can be assured that any disputes will be handled fairly and in accordance with the law. That’s why we recommend you choose Pepperstone Kenya as your goto forex broker.
Do We Recommend Pepperstone Kenya?
Pepperstone is a CMA regulated forex broker that offers its clients access to the world’s largest and most liquid market – the foreign exchange market. With over $7 trillion in daily trading volume, it’s no wonder why forex is one of the most popular investment vehicles in the world.
In addition to CMA licensing, Pepperstone is also regulated by multiple other regulatory authorities including the UK’s FCA, Australia’s ASIC, and Cyprus’s CySec. This makes it one of the safest and most legit forex brokers in Kenya.
Another reason why we recommend Pepperstone is because of their low trading fees compared to other CMA licensed forex brokers. The trading fees on their Standard Account are much lower than those charged at FxPesa and ScopeMarkets Kenya.
Having an office in Nairobi, with support staff that can speak in local languages and available via local phone number is also an added advantage.
Pepperstone Kenya also offers its clients a wide variety of trading platforms and account types, giving traders of all experience levels the ability to trade the markets how they want. And with 24/7 customer support and tight spreads, Pepperstone has quickly become one of the most popular Forex brokers in the world.