Best Forex Brokers for Beginners

Compare the best Forex brokers for beginners in Kenya. We'll also touch on 5 things to look for in a Forex trading account.

By Stefan on 30/09/2023

Best brokers

  1. FXCC Best Forex Trading Account...
  2. NordFX Best Crypto Trading Platform...
  3. JustMarkets Best Broker Asia 2022 - UF...
  4. LiteFinance Best ECN Broker Africa 2020
  5. FxPro Best FX Service Provider 2023...

Broker reviews

FXCC is a regulated offshore broker with an ECN trading environment. There are no conflicts of interest, as FXCC.com doesn't trade against you. Trade CFDs on over 100 instruments with leverage up to 1:500, only on MT4. FXCC allows all trading styles and Expert Advisors.

  • Markets: Forex (CFD), Cryptos (CFD)*, Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MT4
  • Regulators: Cyprus (EU) , Nevis

$0
deposit

1:500
leverage ?

Market
execution

NordFX.com is a fully offshore Forex broker serving traders since 2008. Trade 33 currency pairs, crypto and more with flexible leverage up to 1:1000 on MetaTrader 4. We were able to open an account and start trading without ID checks.

  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, Copy trading
  • Regulators: Vanuatu

$100
deposit

1:1000
leverage

Market
execution

$10
deposit

1:1000
leverage

Instant
execution

$500
deposit

1:1000
leverage

Market
execution

JustMarkets (formerly JustForex) is an offshore broker that allows you to trade over 170 instruments on low spreads, and high leverage up to 500 times your initial deposit. It accepts all trading styles on MetaTrader 4 and 5.

  • Risk warning: Margin trading in the financial markets is speculative and implies a high level of risk, including full loss of deposit.
  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5, Copy trading
  • Regulators: Cyprus (EU) , Seychelles

$1
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

$1
deposit

1:500
leverage

Market
execution

Trade CFDs on a wide range of markets on M4/5, with leverage up to 1:1,000 through LiteFinance.com. LiteFinance accepts all EAs and trading styles, including scalping and news trading. It's also the only broker that we know of, that pays up to 20% interest on your savings.

  • Risk warning: 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Markets: Forex (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5, Copy trading, Mirror trading
  • Regulators: Cyprus (EU) , Saint Vincent and the Grenadines

$50
deposit

1:1000
leverage

Market
execution

FxPro.com is a global broker, winner of 95+ awards including 'Best FX Service Provider' in 2023. Trade 250+ instruments across a wide range of asset classes on MT4/5 or cTrader. FxPro accepts all trading styles without restrictions.

  • Risk warning: 79.28% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Spread Betting work and whether you can afford to take the high risk of losing your money.
  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5, cTrader, Copy trading
  • Regulators: Bahamas, Cyprus (EU) , South Africa, UK

$100
deposit

1:200
leverage

Market
execution

$1000
deposit

1:200
leverage

Market
execution

$1000
deposit

1:200
leverage

Market
execution

4xc.com is an offshore broker founded by Forex industry veterans that we have met personally. Trade Forex, metals, oil and stocks with leverage up to 1:500. 4XC accepts all trading styles and Expert Advisors on MT4/5.

  • Risk warning: Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors as you could sustain losses in excess of your deposits. You should carefully consider your financial situation and experience level before trading.
  • Markets: Forex (CFD), Cryptos (CFD)*, Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5
  • Regulators: Cook Islands

$50
deposit

1:500
leverage

Market
execution

Exness.com is an offshore broker trusted by over 500,000 active clients. Trade Forex, crypto, commodities, stocks and indices on MetaTrader 4 or 5 with unlimited leverage. You may be able to avoid unncessary currency conversion fees by open a trading account in your local currency.

  • Risk warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital.
  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5
  • Regulated entity (Kenya): Tadenex Limited (License No. 162)

$100
deposit

1:500
leverage

Market
execution

HYCM.com, formerly HY Markets, is an award-winning regulated online broker. Trade over 300 instruments on fixed or variable spreads over MetaTrader 4 or 5. We particularly like that you're entitled to attend live trading sessions with professional traders twice a week.

  • Risk warning: 85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5
  • Regulators: Cayman Islands, Cyprus (EU) , Saint Vincent and the Grenadines, UAE , UK

$100
deposit

1:500
leverage

Instant
execution

$100
deposit

1:500
leverage

Instant
execution

$200
deposit

1:500
leverage

Instant
execution

HFM.com, formerly known as Hot Forex, is an award-winning Forex and CFD broker, with accounts tailored to new and experienced traders. Trade a wide range of markets including Forex, stocks, indices and commodities through MT4 or MT5.

  • Markets: Forex (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5, Currenex, Copy trading, Mirror trading
  • Regulated entity (Kenya): HFM Investments Ltd (CMA No. 155)

$5
deposit

1:1000
leverage

Market
execution

AvaTrade.com is an award-winning online broker, in business since 2006. Trade CFDs on one of the widest possible range of instruments and asset classes. AvaTrade accepts all Expert Advisors on MetaTrader 4 and 5, except those with a focus on arbitrage.

  • Risk warning: 77.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
    * Availability subject to regulation.
  • Platforms: MT4, MT5, Copy trading
  • Regulators: Australia, BVI, Cyprus (EU) , Gibraltar, Israel, Japan, South Africa, UAE

$100
deposit

1:400
leverage

Instant
execution

Verified Licenses

Our License Checker verifies the validity of EU, UK and UAE broker licenses in near real-time.

Unbiased Reviews

Our reviews are unbiased and reflect our own experience of trading through these brokers.

At Your Service

Compare trading accounts and find the best one for you, based on your preferences.

How to choose a broker for beginners

If you're new to Forex trading, choosing the right broker may seem daunting. Here are 5 things to look for in a Forex trading account for beginners.

1. Award-winning customer service

If you're new to Forex trading, you’ll need a broker that provides excellent customer service. This means having someone to answer your questions promptly and helpfully, in your mother tongue. To assess the quality and timeliness of your broker's customer service, we suggest contacting their support team prior to opening or funding your account. We like 4xc.com, winner of multiple awards in 2023 and 2022 commending the quality of its customer service(1).

2. User-friendly trading platform

Choose a user-friendly platform with advanced features. This is why all the brokers reviewed in this article support the popular MetaTrader 4 or 5 platforms. This will avoid any form of lock-in, and also make it easier for you to learn from their large communities of users. Both platforms support a rich ecosystem of apps. You'll also find more trading robots and indicators available for purchase from the MetaTrader Marketplace(2).

3. Low fixed spreads

Spreads are the difference between the buy price and the sell price of a currency pair. Low spreads mean that you will pay less in commissions when you trade. Spreads can either be fixed at all times, or float based on market conditions. We suggest trading through a broker that offers low fixed spreads, as this will make it easier for you to estimate each trade's profitability.

4. Learning material

As a beginner, you'll be keen to understand the basics of Forex trading and develop your trading skills. Take a look at the range of educational content available through FP Markets, that includes free online trading courses, ebooks and even weekly webinars. It's perhaps no surprise that FP Markets won the award for Best Education Material twice from Investment Trends Report(3). Some brokers will even give you the opportunity to ask professional traders questions in Q&A sessions.

5. Track record of success

Last but not least, choose a broker with a track record of success. Your chosen broker should have been in business for many years, and built a reputation among traders. This is why TrustedBrokers only partners with licensed brokers who've stood the test of time. However, we’d always encourage you to always do your own research before funding your trading account.

Featured Brokers

FXCC

ECN XL Account

Trade CFDs on 70+ currency pairs, crypto-currencies, commodities and indices with leverage up to 1:... More

  • $0 deposit
  • 1:500 leverage
  • 0 pips EUR/USD
  • Regulators: Cyprus (EU) , Nevis

LiteFinance

ECN Account

Trade Forex on floating spreads from 0 pips plus commission on MT4 or MT5. Get started from a low $... More

  • $50 deposit
  • 1:1000 leverage
  • 0 pips EUR/USD
  • Regulators: Cyprus (EU) , Saint Vincent and the Grenadines
Risk warning: 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Exness

Pro Account

Trade CFDs on Forex, crypto-currencies, stocks, indices, metals and energies with dynamic leverage ... More

  • $3000 deposit
  • 1:500 leverage
  • 0.1 pips EUR/USD
  • Regulators: BVI, Curaçao, Cyprus (EU) , Kenya, Mauritius, Seychelles, South Africa, UK
Risk warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital.