Best Capital Markets Authority (CMA) Regulated Brokers 2026
We’ve personally tested and ranked the top brokers regulated by the Capital Markets Authority (CMA) in Kenya.
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1XM is a global forex and CFD broker with over 15 million clients in more than 190 countries. Since 2009, it has offered low trading fees on over 1000 instruments. The broker is well-regulated by authorities such as ASIC, CySEC, DFSA, and SCA in the UAE, and provides a full MetaTrader experience.
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2Established in 2008, Exness is a respected broker known for offering over 40 account currencies, a wide choice of CFD instruments, and an intuitive web platform with features like currency converters and trading calculators.
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3IC Markets is a renowned forex and CFD broker recognized for its high-quality pricing, extensive range of trading tools, and superior trading technology. Established in 2007 in Australia, it operates under the oversight of ASIC, CySEC, and FSA. It has drawn in over 180,000 traders from across 200 countries.
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4Pepperstone, established in Australia in 2010, is a highly-regarded forex and CFD broker serving more than 400,000 international clients. It provides access to over 1,300 instruments through leading trading platforms such as MT4, MT5, cTrader, and TradingView, while keeping fees relatively low and transparent. The company is regulated by known authorities including FCA, ASIC, and CySEC, offering a safe trading environment for all.
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5PU Prime is a forex and CFD broker providing direct market access to forex, commodities, stocks, bonds, indices, and ETFs. It offers four account types (Cent, Standard, Prime, ECN) and multiple platforms, including MetaTrader and the PU Prime app, catering to traders of all levels.
Compare Brokers
| Broker |  |
USD Account |
Demo Account |
Minimum Deposit |
Minimum Trade |
Leverage |
Copy Trading |
Regulator |
Instruments |
Platforms |
Account Currencies |
Automated Trading |
AI |
Guaranteed Stop Loss |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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✓ | ✓ | $5 | 0.01 Lots | 1:10001:30 | ✓ | CySEC, DFSA, SCA, FSCA, FSA, FSC Belize, FSC Mauritius, CMA | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies | MT4, MT5, TradingCentral | USD, EUR, GBP, JPY | Expert Advisors (EAs) on MetaTrader | ✓ | ✗ | |
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✓ | ✓ | Varies based on the payment system | 0.01 Lots | 1:Unlimited | ✓ | FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC | CFDs on Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY | Expert Advisors (EAs) on MetaTrader | ✗ | ✗ | |
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✓ | ✓ | $200 | 0.01 Lots | 1:30 (ASIC & CySEC), 1:1000 (FSA) | ✓ | ASIC, CySEC, CMA, FSA | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD | Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade | ✗ | ✗ | |
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✓ | ✓ | $0 | 0.01 Lots | 1:30 (Retail), 1:500 (Pro) | ✓ | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto (only Pro clients), Spread Betting | Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView, AutoChartist | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD | Expert Advisors (EAs) on MetaTrader | ✗ | ✗ | |
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✓ | ✓ | $20 | 0.01 Lots | 1:1000 | ✓ | ASIC, FSCA, CMA, FSA, FSC | CFDs, Forex, Stocks, Indices, Commodities, Metals, Crypto, Bonds, ETFs | PU Prime App, PU Web Trader, PU Social, MT4, MT5, AutoChartist | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD | Expert Advisors (EAs) on MetaTrader | ✗ | ✗ | |
| Broker | |
USD Account |
Demo Account |
Minimum Deposit |
Minimum Trade |
Leverage |
Copy Trading |
Regulator |
Instruments |
Platforms |
Account Currencies |
Automated Trading |
AI |
Guaranteed Stop Loss |
Safety Comparison
Compare how safe the Best Capital Markets Authority (CMA) Regulated Brokers 2026 are.
| Broker | Trust Rating |
Guaranteed Stop Loss |
Negative Balance Protection |
Segregated Accounts |
|---|---|---|---|---|
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✗ | ✓ | ✓ | |
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✗ | ✓ | ✓ | |
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✗ | ✓ | ✓ | |
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✗ | ✓ | ✓ | |
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✗ | ✓ | ✓ | |
| Broker | Trust Rating |
Guaranteed Stop Loss |
Negative Balance Protection |
Segregated Accounts |
Mobile Trading Comparison
Compare the mobile trading features of the Best Capital Markets Authority (CMA) Regulated Brokers 2026.
| Broker | Mobile Apps |
iOS Rating |
Android Rating |
Smart Watch App |
|---|---|---|---|---|
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iOS, Android & Windows | ✗ | ||
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iOS & Android | ✗ | ||
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iOS & Android | ✗ | ||
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iOS & Android | ✗ | ||
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iOS & Android | ✗ | ||
| Broker | Mobile Apps |
iOS Rating |
Android Rating |
Smart Watch App |
Comparison for Beginners
Compare how suitable the Best Capital Markets Authority (CMA) Regulated Brokers 2026 are for beginners.
| Broker | Demo Account |
Minimum Deposit |
Minimum Trade |
Education Rating |
Support Rating |
Fractional Shares |
Demo Competitions |
|---|---|---|---|---|---|---|---|
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✓ | $5 | 0.01 Lots | ✓ | ✓ | ||
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✓ | Varies based on the payment system | 0.01 Lots | ✗ | ✗ | ||
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✓ | $200 | 0.01 Lots | ✗ | ✗ | ||
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✓ | $0 | 0.01 Lots | ✗ | ✗ | ||
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✓ | $20 | 0.01 Lots | ✗ | ✗ | ||
| Broker | Demo Account |
Minimum Deposit |
Minimum Trade |
Education Rating |
Support Rating |
Fractional Shares |
Demo Competitions |
Comparison for Advanced Traders
Compare how suitable the Best Capital Markets Authority (CMA) Regulated Brokers 2026 are for advanced or professional traders.
| Broker | Automated Trading |
VPS |
API |
AI |
Pro Account |
Leverage |
Low Latency |
Extended Hours |
|---|---|---|---|---|---|---|---|---|
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Expert Advisors (EAs) on MetaTrader | ✓ | ✗ | ✓ | ✗ | 1:10001:30 | ✓ | ✗ |
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Expert Advisors (EAs) on MetaTrader | ✓ | ✗ | ✗ | ✓ | 1:Unlimited | ✓ | ✗ |
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Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade | ✓ | ✗ | ✗ | ✗ | 1:30 (ASIC & CySEC), 1:1000 (FSA) | ✓ | ✗ |
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Expert Advisors (EAs) on MetaTrader | ✓ | ✓ | ✗ | ✓ | 1:30 (Retail), 1:500 (Pro) | ✓ | ✗ |
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Expert Advisors (EAs) on MetaTrader | ✓ | ✗ | ✗ | ✗ | 1:1000 | ✓ | ✗ |
| Broker | Automated Trading |
VPS |
API |
AI |
Pro Account |
Leverage |
Low Latency |
Extended Hours |
Accounts Comparison
Compare the trading accounts offered by Best Capital Markets Authority (CMA) Regulated Brokers 2026.
| Broker | Demo Account |
Interest on Cash |
Islamic Account |
Joint Account |
Managed Account |
PAMM |
MAM |
LAMM |
Pro Account |
|---|---|---|---|---|---|---|---|---|---|
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✓ | ✗ | ✓ | ✗ | ✓ | ✗ | ✗ | ✗ | ✗ |
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✓ | ✗ | ✓ | ✗ | ✓ | ✗ | ✗ | ✗ | ✓ |
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✓ | ✗ | ✓ | ✗ | ✓ | ✓ | ✓ | ✗ | ✗ |
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✓ | ✗ | ✓ | ✗ | ✓ | ✓ | ✓ | ✗ | ✓ |
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✓ | ✗ | ✓ | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ |
| Broker | Demo Account |
Interest on Cash |
Islamic Account |
Joint Account |
Managed Account |
PAMM |
MAM |
LAMM |
Pro Account |
Detailed Rating Comparison
Compare how we rated the Best Capital Markets Authority (CMA) Regulated Brokers 2026 in key areas.
| Broker | Trust |
Platforms |
Assets |
Mobile |
Fees |
Accounts |
Research |
Education |
Support |
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| Broker | Trust |
Platforms |
Assets |
Mobile |
Fees |
Accounts |
Research |
Education |
Support |
Fee and Cost Comparison
Compare the cost of trading with the Best Capital Markets Authority (CMA) Regulated Brokers 2026.
| Broker | Cost Rating |
Fixed Spreads |
Inactivity Fee |
EUR/USD Spread |
Crypto Spread |
|---|---|---|---|---|---|
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✗ | $5 | 0.8 | Variable | |
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✗ | $0 | 0.0 | Floating | |
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✗ | $0 | 0.02 | BTC 42.036 | |
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✓ | $0 | 0.1 | BTC 30, ETH 0 | |
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✗ | $0 | 0.2 pips (ECN) | 27.5 (BTC) | |
| Broker | Cost Rating |
Fixed Spreads |
Inactivity Fee |
EUR/USD Spread |
Crypto Spread |
Broker Popularity
See how popular the Best Capital Markets Authority (CMA) Regulated Brokers 2026 are in terms of number of clients.
| Broker | Popularity |
|---|---|
| XM |
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| Pepperstone |
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| Exness |
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| PU Prime |
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| IC Markets |
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Why Trade With XM?
With a $5 minimum deposit, advanced charting on MT4 and MT5, a growing range of markets, and a Zero account with spreads from 0.0, XM offers what traders need. They have even won our 'Best MT4/MT5 Broker' award recently.
Pros
- XM has updated its platform with integrated TradingView charts and an XM AI assistant for faster execution, smarter analysis, and a more intuitive trading experience.
- XM offers reliable customer support tested over the years, providing 24/5 assistance in 25 languages, responses in under 2 minutes, and an expanding Telegram channel.
- XM offers over 1,000 instruments, giving traders various short-term opportunities, including turbo stocks, fractional shares, and thematic indices.
Cons
- XM only uses the MetaTrader platforms for desktop trading, offering no in-house downloadable or web-based solutions with unique features for beginners.
- XM is generally trusted and well-regulated but is registered with weak regulators such as FSC Belize. It no longer accepts UK clients, limiting its market reach.
- The XM app is user-friendly and offers unique copy trading products, but its technical analysis tools need enhancement for advanced traders.
Why Trade With Exness?
Exness is an excellent choice for active forex traders aiming to reduce costs after lowering spreads, enhancing execution speeds, and offering trading on over 100 currency pairs with more than 40 account currencies.
Pros
- Fast and reliable 24/7 multilingual customer support through phone, email, and live chat, validated by practical tests.
- Execution speeds now average under 25ms, providing ideal conditions for short-term traders.
- Competitive spreads for USOIL and BTCUSD in 2024 start from 0 pips, with low commissions from $2 per side.
Cons
- MetaTrader 4 and 5 are supported, but TradingView and cTrader are not available yet, despite increasing demand from traders and their integration with other platforms like Pepperstone.
- Retail trading services are not available in some areas, including the US, UK, and EU, making them less accessible compared to leading brokers like Interactive Brokers.
- Exness has increased its variety of CFDs and introduced a copy trading feature, but it still lacks real assets like ETFs, cryptocurrencies, or bonds.
Why Trade With IC Markets?
IC Markets provides excellent prices, quick execution, and smooth deposits. The utilization of sophisticated charting platforms such as TradingView and the Raw Trader Plus account makes it a preferred choice for intermediate to advanced traders.
Pros
- IC Markets provides some of the smallest spreads in the industry, offering 0.0-pip spreads on major currency pairs. This makes trading particularly cost-efficient for traders.
- IC Markets provides fast and reliable 24/5 support for account and funding issues.
- IC Markets won DayTrading.com's 'Best MT4/MT5 Broker' in 2025 for its top-notch MetaTrader integration, perfected over years to enhance the platform experience.
Cons
- Some withdrawal methods require fees such as a $20 wire charge. This can reduce profits, particularly for traders who withdraw frequently.
- IC Markets have a selection of metals and cryptos for trading through CFDs, but their range is not as wide as brokers such as eToro. This may limit options for traders who are interested in these asset types.
- The range and quality of educational materials, such as tutorials and webinars, require improvement. This lag falls behind competitors like CMC Markets and reduces its suitability for novice traders.
Why Trade With Pepperstone?
Pepperstone is a leading choice for trading with low spreads, quick execution, and advanced charting for experienced traders. New traders benefit from no minimum deposit, a wealth of educational resources, and 24/7 support. Operating under ASIC regulation, Pepperstone is a top option for Australian traders and won DayTrading.com's 'Best Aus Broker' award for 2025.
Pros
- Pepperstone has won several annual DayTrading.com awards, including 'Best Overall Broker' in 2025 and 'Best Forex Broker' runner-up in 2025.
- Support for numerous top-charting platforms such as MT4, MT5, TradingView, and cTrader. These cater to different short-term trading styles, including algorithmic trading.
- Get top-notch customer support through phone, email, or live chat. Expect responses within <5 minutes based on our trials.
Cons
- Pepperstone's demo accounts are available for 60 days, which might not be sufficient to fully learn the platforms and test trading strategies.
- Pepperstone does not support cTrader Copy, a popular feature in the cTrader platform available at alternatives like IC Markets, though it has launched an intuitive copy trading app.
- Despite expanding its market range, crypto options are limited compared to other brokers in this area, and there is no option to invest in actual coins.
Why Trade With PU Prime?
PU Prime is ideal for experienced, high-volume traders due to its ECN account with tight spreads starting at 0.0 pips and low commissions from $1 per side. The user-friendly copy trading app and comprehensive Trading Academy with progression levels also make PU Prime attractive for aspiring traders.
Pros
- Prime and ECN pricing can be competitive for active traders, with our tests showing spreads narrowing to about 0.0 pips during busy sessions.
- The platform lineup is robust, featuring the PU Prime Web Trader and app, both user-friendly with a modern design, customizable order tickets, and responsive charts for quick trades.
- PU Prime has improved by launching the PU Social app in 2022, obtaining ASIC authorization for its Australian branch in 2025, and increasing its trading instruments to over 1,000.
Cons
- The ECN account requires a $10,000 minimum deposit, making it inaccessible for some active retail traders who may have to pay higher spreads and commissions on Prime, Standard, or Cent accounts.
- The in-house market updates are helpful for quick reading, but they are usually high-level and lack depth for detailed strategy development or advanced analysis.
- Contacting customer support can be difficult and slow. Our recent tests showed that reaching an agent required navigating several chatbot menus, answering questions, and entering contact details.
Filters
Understanding the Role of Kenya’s Capital Markets Authority (CMA)
The Capital Markets Authority (CMA) in Kenya was created in 1989 to keep the financial markets fair, safe, and efficient. They work under the National Treasury and aim to protect traders by overseeing various trading brokers and ensuring they follow the rules.
Recently, more brokers, like IC Markets and Pepperstone, are being authorized by the CMA as Kenya becomes a key spot for forex and CFD trading in Africa. We classify the CMA as providing “strong investor protection,” but it’s not as strong as the top regulators globally.
Choosing a CMA-Regulated Broker
As with other top regulated brokers, to find the best brokers regulated by the CMA, our team followed a rigorous process:
– We looked at a directory of brokers claiming CMA regulation.
– We verified their credentials against the CMA’s official list.
– We ranked them by combining over 100 data points and feedback from our testers.
How to Verify a CMA-Regulated Broker
It’s easy to see if a broker is approved by the CMA:
- Visit the CMA’s List of Licensees online.
- Drop down the section titled ‘NON-DEALING ONLINE FOREIGN EXCHANGE BROKER.’
- Find details of regulated brokers, including their official and trading names, address, and license number.
For example, checking the information for Pepperstone shows they’re authorized for trading in Kenya.
Regulations Brokers Must Follow
To operate legally in Kenya, brokers must get a license from the CMA, which is not easy to obtain. The process ensures brokers are financially stable, honest, and skilled.
The CMA looks over a broker’s financial background, how they run their operations, and checks the qualifications and experiences of key staff members.
Currently, there are 10 licensed non-dealing forex brokers in Kenya, with big names like Pepperstone, HF Markets, and FP Markets included. This list can change as new licenses are given and non-compliant ones are revoked.
CMA-regulated brokers must meet specific requirements:
- They need at least 30 million Kenya shillings in capital to operate securely.
- Brokers must have a physical office in Kenya for supervision, with most having premises in Nairobi.
- Brokers should have knowledgeable leaders with solid financial backgrounds to safely manage client funds.
- Obtaining a CMA license can take several months due to their detailed evaluation process.
- All transactions in Kenya must use the local currency, the Kenyan shilling.
Though the CMA offers solid protections, more established regulators like the FCA in the UK or ASIC in Australia are more robust. The CMA faces challenges like limited resources, occasional slow penalties, and Kenya’s developing financial markets.
CMA’s Authority
The CMA plays a crucial role in protecting Kenyan traders by encouraging them to stick with CMA-licensed brokers. They oversee brokers operating in Kenya to ensure they comply with the rules.
In cases where brokers operate without proper licenses, the CMA can take actions such as fines or penalties. For instance, in 2018, the CMA ordered Pesos Capital Markets Limited to stop operations as it was unlicensed.
The CMA regularly informs the public about unlicensed brokers and potential scams and highlighted its activities in the 2022 report, noting fines of 10 million KES (around $100,000) and resolving 200 investor complaints.
Conclusion
The CMA is the watchdog of Kenya’s capital markets, promoting fair practice and market growth. They ensure only qualified firms are licensed and continually monitor these brokerages.
By choosing a CMA-licensed broker, traders are benefiting from the protections offered by the CMA regulations. Using an unlicensed broker means losing these protections and having fewer options to resolve disputes or seek compensation.