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All broker tools →Where retail forex trading is licensed across Africa, how Kenya's licensed market works, what Nigeria's draft rules propose, and what gold now costs in days of income. Built from regulators' own registers and rules and FX Recap's published data.
Free to use with credit
Kenya has licensed online forex since 2017 and now lists 19 licences. Nigeria has none yet: its SEC published draft rules on 1 September 2026 with a 1:400 leverage cap and ₦3.0 billion minimum capital for market-maker brokers.
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Kenya's Capital Markets Authority register lists 19 online forex licences: 14 non-dealing brokers, 2 dealing brokers and 3 money managers (read 31 October 2026).
Source: CMA Kenya licensee registerKenyan rules cap retail forex leverage at 400 times the client's deposit and require KSh 50 million of paid-up capital for a dealing broker.
Source: Capital Markets (Online Foreign Exchange Trading) Regulations, 2017Nigeria has no licensed online forex broker yet; the SEC's draft rules of 1 September 2026 propose a 1:400 cap on major pairs and ₦3.0 billion minimum capital for market-maker brokers.
Source: SEC Nigeria proposed rules, 1 September 2026Ten grams of gold cost 297 days of average income in Nigeria in 2025, up from 49.4 in 2015; in South Africa it took 64.4 days.
Source: FX Recap Gold Affordability Index, World Bank dataThe South African rand was the second most volatile of 17 currencies against the dollar over the past year, with annualised volatility of 10.1%.
Source: FX Recap Currency Volatility Index, ECB reference ratesThe African rows of our legality map, each checked against the regulator. Countries whose regulator publishes nothing clear on retail forex are left out.
| Country | Status | Regulator | Leverage cap | What the rules say |
|---|---|---|---|---|
| South Africa | Regulated | FSCA | Not published | Brokers need FSCA authorisation, and CFD providers an ODP licence. Check the FSP number on the FSCA register. |
| Kenya | Regulated | Capital Markets Authority | 1:400 | The CMA licenses online forex brokers under the Online Foreign Exchange Trading Regulations, 2017; regulation 19 caps leverage at 400 times the client's deposit. |
| Nigeria | No licence | SEC Nigeria | 1:400 (proposed) | No online forex broker is licensed yet. The SEC published proposed rules on 1 September 2026 that would license domestic and offshore operators and cap leverage at 1:400 on majors. |
| Mauritius | Regulated | Financial Services Commission | Not published | The FSC licenses investment dealers, including a currency derivatives segment, and keeps a public register of licensees. |
| Seychelles | Regulated | Financial Services Authority | Not published | The FSA licenses securities dealers, many of them forex and CFD brokers. The licence covers business in Seychelles; serving other countries needs their approval. |
| Rwanda | No licence | Capital Market Authority | Not published | Regulations Governing Leveraged Foreign Exchange Trading were published in 2024, but the CMA said in November 2024 that it had not yet licensed anyone and that unlicensed dealing is unlawful. |
Kenya regulates online forex under rules in force since 1 September 2017. Nigeria's rules are still a draft.
| Rule | Kenya (in force) | Nigeria (proposed) |
|---|---|---|
| Regulator | Capital Markets Authority | Securities and Exchange Commission |
| Retail leverage, major pairs | 1:400 | 1:400 |
| Retail leverage, other pairs | 1:400 | 1:300 (minors, exotics, indices, commodities); 1:2 crypto |
| Capital, market-maker / dealing broker | KSh 50 million | ₦3.0 billion |
| Capital, non-dealing / STP-ECN broker | KSh 30 million | ₦2.0 billion |
| Licences issued | 19 (register, 31 October 2026) | None yet |
Sources: Capital Markets (Online Foreign Exchange Trading) Regulations, 2017 (Kenya Law); SEC Nigeria proposed rules. Kenya's CMA may revise the leverage ratio by circular. See also forex leverage limits by country.
As listed on the CMA licensee register on 31 October 2026. Licences can change; check the register before opening an account.
| Licensee | Category | Licence no. |
|---|---|---|
| EGM Securities Limited (FX Pesa) | Non-dealing online forex broker | 107 |
| SCFM Limited (Scope Markets) | Non-dealing online forex broker | 123 |
| Pepperstone Markets Kenya Limited | Non-dealing online forex broker | 128 |
| Exinity Capital East Africa Limited | Non-dealing online forex broker | 135 |
| HFM Investments Limited (HF Markets) | Non-dealing online forex broker | 155 |
| Windsor Markets Kenya Limited | Non-dealing online forex broker | 156 |
| Exness KE Limited | Non-dealing online forex broker | 162 |
| Ingot Ke Limited | Non-dealing online forex broker | 173 |
| Admirals KE Limited | Non-dealing online forex broker | 178 |
| FP Markets Limited | Non-dealing online forex broker | 193 |
| IC Markets (KE) Limited | Non-dealing online forex broker | 199 |
| Anzo Capital Limited | Non-dealing online forex broker | 219 |
| TPXMGLOBAL Kenya Limited | Non-dealing online forex broker | 233 |
| Ava Trade Kenya Limited | Non-dealing online forex broker | 262 |
| Empire FX Trade Limited | Dealing online forex broker | 203 |
| CC Kenya Securities Limited (Capital.com) | Dealing online forex broker | 244 |
| Standard Investment Bank (MANSA X) | Online forex money manager | 116 |
| Trade Sense Limited | Online forex money manager | 160 |
| Store Poa Enterprise Limited | Online forex money manager | 214 |
In Nigeria, 10 grams of gold took 297 days of average income in 2025, against 49.4 in 2015. In Kenya it took 183.6 days and in South Africa 64.4.
| Country | Days, 2015 | Days, 2025 | Change |
|---|---|---|---|
| Ethiopia | 239 | 363.8 | 1.5× |
| Uganda | 160.3 | 360.6 | 2.2× |
| Tanzania | 140.4 | 318 | 2.3× |
| Nigeria | 49.4 | 297 | 6× |
| Kenya | 103.2 | 183.6 | 1.8× |
| Ghana | 72.5 | 153.6 | 2.1× |
| Egypt | 43.9 | 123.9 | 2.8× |
| Morocco | 41.3 | 92.6 | 2.2× |
| Algeria | 25.3 | 69 | 2.7× |
| South Africa | 21.1 | 64.4 | 3.1× |
Days = price of 10 g at the world gold price ÷ daily GNI per capita, from World Bank data. Full method and 44 countries in the Gold Affordability Index. Currency risk matters too: the South African rand's volatility against the dollar was 10.1% over the past year (Currency Volatility Index).
Free to use, including commercially, with a credit to FX Recap and a link to this page (CC BY 4.0).
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FX Recap, "State of Retail Forex in Africa", updated 31 October 2026, https://fxrecap.com/state-of-retail-forex-africa
See also the State of Retail Forex in Asia and our press room.
No online forex broker is licensed in Nigeria yet. The SEC published draft rules on 1 September 2026 that would license brokers and platforms, including offshore firms serving Nigerian residents. They are not yet in force.
Yes, through firms licensed by the Capital Markets Authority under the Online Foreign Exchange Trading Regulations, 2017. The CMA register listed 19 online forex licences on 31 October 2026.
Regulation 19 caps leverage at 400 times the client's deposit (1:400). The CMA may revise it by circular.
We found no published FSCA leverage cap for retail forex. Firms issuing CFDs need an over-the-counter derivative provider (ODP) licence; check the FSP number on the FSCA register.
Risk warning. Forex and CFD trading carries a high risk of losing money rapidly due to leverage. This report is information, not financial or legal advice.