CMA-Licensed Forex Brokers in Kenya: The Register and What It Means

Kenya's Capital Markets Authority licenses online forex brokers, and its public register lists 14 of them. Here is the list, what a CMA licence covers, how to check a broker and why the entity on your account matters.

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Educational content. Not financial advice.

6 min read

1,260 words

Published today

Updated today

Written by

Abir Khan

Writer

Market analysis by

Tanbir Habib Riyad

Forex & Crypto Analyst

Fact-checked by

Jannatul Ferdaush

Fact-Checker & Risk Analyst

Reviewed by

Jowel Rana

Co-Founder & Forex Trader

Approved by

Ranjan Niskrity

Founder, Owner & Forex Trader

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An FX Recap team effort, from Abir Khan to Ranjan NiskrityTap a photo to see who did what

Kenya's Capital Markets Authority licenses online forex brokers, and its public list of licensees shows 14 firms with licence numbers, from EGM Securities (FXPesa) to Ava Trade Kenya. A broker licensed by the CMA operates under Kenyan rules on capital, conduct and client money, and Kenyan clients have a local regulator to complain to.

CMA-Licensed Forex Brokers in Kenya: The Register and What It Means. Regulator: Capital Markets Authority (CMA); Licensees on the register: 14 online forex brokers; Covers: The named Kenyan company only; Check: CMA list of licensees, by exact company name; Groups we review on the list: Exness, IC Markets, FP Markets, AvaTrade, XM and FXTM groups — CMA-Licensed Forex Brokers in Kenya: The Register and What It Means: the figures from this section at a glance.

The licence covers the Kenyan company named on the register, not every company in the same brand. Many international groups run a CMA-licensed Kenyan company alongside offshore entities, so checking which company holds your account is as important as checking the brand.

Regulator	Capital Markets Authority (CMA)
Licensees on the register	14 online forex brokers
Covers	The named Kenyan company only
Check	CMA list of licensees, by exact company name
Groups we review on the list	Exness, IC Markets, FP Markets, AvaTrade, XM and FXTM groups

The register

Company	Licence no.	Group we review
EGM Securities Limited (FXPesa)	107	Not reviewed by FX Recap
SCFM Limited (Scope Markets)	123	Not reviewed by FX Recap
Pepperstone Markets Kenya Limited	128	Not reviewed by FX Recap
Exinity Capital East Africa Limited	135	FXTM's group
HFM Investments Limited (HF Markets)	155	Not reviewed by FX Recap
Windsor Markets Kenya Limited	156	Not reviewed by FX Recap
Exness KE Limited	162	Exness
Ingot Ke Limited	173	Not reviewed by FX Recap
Admirals KE Limited	178	Not reviewed by FX Recap
FP Markets Limited	193	FP Markets
IC Markets (KE) Limited	199	IC Markets
ANZO Capital Limited	219	Not reviewed by FX Recap
TPXMGLOBAL Kenya Limited	233	XM's group
Ava Trade Kenya Limited	262	AvaTrade

Names and numbers as published on the CMA's list of licensees in October 2026. Brokers may be added or removed; always check the live register before opening an account.

What a CMA licence covers

Online forex brokers in Kenya are licensed under the CMA's regulations for online foreign exchange trading. The rules distinguish between brokers that pass client orders to the market without taking the other side, often described as non-dealing brokers, and dealing brokers that act as market makers, with different capital and conduct requirements. Licensees must keep client money separate, meet capital requirements and follow conduct rules, and the CMA supervises them.

A licence is not a guarantee against losses from trading, which come from market moves and leverage. It is protection against broker misconduct and a route to complain.

Kenyan entity or offshore entity?

Several groups on the list also run offshore companies that accept clients worldwide, often with higher leverage and different terms. If you register through a group's global website, you may end up with the offshore entity rather than the CMA-licensed Kenyan company. The company named in your account agreement and client-area footer tells you which one you have.

	CMA-licensed Kenyan entity	Offshore entity of the same group
Regulator for complaints	CMA, Kenya	Offshore regulator, if any
Local payment methods	Usually including M-Pesa	Varies
Leverage	Set under Kenyan rules	Often higher
Account statements for KRA	Kenyan company documents	Overseas company documents

How to check a broker

Find the company name in the broker's website footer or terms.
Open the CMA's list of licensees and search for that exact name.
Match the licence number if the broker shows one.
Make sure your account agreement names the same company.
Be wary of near-identical names and websites; clone firms copy real licensees.

Illustrative example

A trader in Eldoret signs up through a broker's international website and later notices the account agreement names a company registered abroad. The CMA register lists a different, Kenyan company for the same brand, so the trader opens a new account through the broker's Kenyan website, confirms the Kenyan company name in the agreement, and moves funds once the first withdrawal test succeeds.

Why it matters for M-Pesa and tax

CMA-licensed brokers are the ones most likely to offer M-Pesa and Kenyan-format statements. Our guides to brokers that accept M-Pesa and forex trading tax in Kenya explain both.

Leverage and conduct rules

Licensed brokers must follow the CMA's conduct requirements, which cover how they treat clients, disclose risks and handle complaints. Leverage offered by the Kenyan entity can differ from what the same group offers elsewhere. Read the Kenyan entity's account terms for its leverage, margin call and stop out levels rather than relying on the group's global marketing.

Keeping your own records

Save your account agreement, the date you checked the register and screenshots of the licence entry. If the broker later changes entities or terms, these records show what applied when you opened the account and support any complaint.

Complaints

For a dispute with a CMA-licensed broker, raise it first through the broker's own complaints process and keep written records. Should it stay unresolved, the CMA has a process for investor complaints against its licensees. That route exists only for the licensed Kenyan company, which is one more reason to make sure your account is held there.

Brokers we review on the list

FX Recap reviews several groups that hold a CMA licence through a Kenyan company: Exness, IC Markets, FP Markets, AvaTrade, XM and FXTM. Our reviews describe each group's entities; this page does not rank the Kenyan licensees against each other.

Unlicensed platforms

The CMA has cautioned the public about online forex trading offered by unlicensed entities. Platforms that solicit Kenyans through social media, take deposits to personal M-Pesa numbers or promise fixed returns are common warning signs. Check our scam broker list and the CMA's notices before dealing with an unfamiliar name.

Bookmark the CMA's list of licensees and check it each time you consider a new broker. Lists change, and clone websites copy real names.

A brand appearing on the register does not mean every website using that brand is licensed in Kenya. Only the named company is.

This is general information from official sources, not legal or tax advice. Rules change; check the regulator's or tax authority's current guidance, or speak to a qualified adviser, before acting.

Frequently asked

How many forex brokers are licensed by CMA Kenya?

The CMA's list of licensees showed 14 online forex brokers when we checked in October 2026, from EGM Securities (FXPesa, licence 107) to Ava Trade Kenya (licence 262). Check the live register for changes.

How do I verify a CMA licence?

Find the exact company name in the broker's website footer or terms, then search for it on the CMA's list of licensees. Make sure your account agreement names the same company.

Is Exness licensed in Kenya?

Exness KE Limited appears on the CMA's list of licensees with licence number 162. That licence covers the Kenyan company; accounts opened with other Exness entities are regulated elsewhere.

Is XM licensed by CMA Kenya?

TPXMGLOBAL Kenya Limited appears on the CMA's list with licence number 233. Check that your account is with that Kenyan company if you want CMA oversight.

What is a non-dealing forex broker in Kenya?

A broker that passes client orders to the market rather than taking the other side, as distinct from a dealing broker that acts as a market maker. The CMA's online forex regulations set different requirements for each.

Does a CMA licence protect me from trading losses?

No. It protects against broker misconduct and gives you a local regulator, but losses from market moves and leverage are your own. Use stop losses and sensible position sizes.

Official sources: Capital Markets Authority: list of licensees