Forex Trading in Kenya With M-Pesa: CMA Rules, KES and Tax (2026)

Short answer: forex trading in Kenya is regulated by the Capital Markets Authority (CMA), which licenses online foreign exchange brokers under the Capital Markets Act and the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017. The CMA has warned the public against trading with brokers it has not licensed, so the first step is to find the company named in your client agreement on the CMA register. Some brokers list M-Pesa as a payment method, but listing a method is not a licence and not a recommendation. This guide covers the CMA's role, Kenyan shilling (KES) accounts, a pre-trade checklist, M-Pesa facts and tax.

Disclosure: OnForex earns a referral commission if you open an Exness account through our links.

Sources: the CMA licensee register (licensees.cma.or.ke) and the CMA cautionary statement on online forex trading, the Exness Help Center and the Exness Kenya website, checked November 6, 2026 unless stated. We did not open a Kenyan account or make deposits.

Who regulates forex trading in Kenya?

The Capital Markets Authority (CMA) regulates capital markets intermediaries in Kenya, including online forex brokers. In its cautionary statement on online forex trading by unlicensed entities, the CMA says it requires online foreign exchange brokers and money managers it has not licensed to stop onboarding Kenyan investors, and it cites the Capital Markets Act, which prohibits carrying on business as an online forex broker without a licence (CMA statement, PDF; the statement is undated on the file we read, so check the CMA site for the current position).

The CMA's licensee register shows the licensed companies in each category. On November 6, 2026 the non-dealing online forex broker list at licensees.cma.or.ke/licenses/5 named Kenyan companies including Exness KE Limited, Pepperstone Markets Kenya Limited, HF Markets (HFM Investments Limited) and IC Markets (KE) Limited, among others. The register also has a separate dealing category. For a side-by-side of the licensed companies, see forex brokers in Kenya.

What this means in practice:

• A licensed Kenyan company has a CMA register entry; a foreign website that accepts Kenyans does not, unless a Kenyan company stands behind it.
• A brand can have several companies. The one that counts is named in your client agreement.
• A register entry shows a firm is licensed, not that it will treat you well or that you will profit.

Is the Exness company serving Kenya licensed?

The CMA register lists Exness KE Limited as a non-dealing online forex broker. Exness operates through several group companies authorised by different regulators; confirm which one your agreement names, and see Exness regulation and Exness Kenya for what its Kenyan website states.

Kenyan shillings (KES) and dollar accounts

The Exness Help Center ("Trading account currencies", updated October 20, 2026) lists KES among the account currencies for Standard, Pro, Raw Spread and Zero, and says clients registered with the Kenyan entity can use KES, USD, GBP, AUD, EUR, KWD, USC, GBC, EUC and AUC. The currency cannot be changed after the account is created.

Choice	What it means
KES account	Balance, profit and loss in shillings; no conversion if you fund and withdraw in shillings
USD account	Pip values are dollar-based; your bank or payment provider converts shillings on the way in and out

Conversions apply whenever a deposit or withdrawal is in a different currency from the account, and the Help Center advises depositing in the account's currency. If you are charged a conversion rate, it is part of your cost. Note the rate on every deposit and withdrawal.

Before you trade: a short checklist

1. Company and register. Find the licensed company name and search it on the CMA register.
2. Costs. Compare spread, commission and swap on the pairs you trade, at the hours you trade (spread guide).
3. Money in and out. Check the methods, minimums and fees shown in your own client area, and test a small withdrawal early.
4. Leverage and stop out. Leverage rules depend on the company; read the stop out level (stop out guide).
5. Scams. Walk away from anyone promising fixed returns, offering to trade for you or asking for money before a withdrawal.
6. Demo first. Practise with virtual funds (demo account guide).

M-Pesa and forex trading: the facts

M-Pesa is a mobile wallet that holds Kenyan shillings. Facts that matter for forex trading:

• Not every broker lists it. Our check on November 3, 2026 found M-Pesa on an official page for three of the CMA-licensed brokers and could not confirm it for the rest, which means "unknown", not "no" (brokers that accept M-Pesa).
• Your own name. Brokers generally require payments to come from an account in your own name. Exness states this for its deposits.
• Conversion. A wallet in shillings funding a dollar account means a conversion, whatever the payment screen says.
• Limits and fees. Safaricom and the broker each set their own limits and charges; details and sources are on the M-Pesa page linked above.
• Withdrawals. Check whether the method works for withdrawals as well as deposits, and how long the broker says processing takes.

The deposit page in your own client area shows what is available to you. Do not rely on a review for this.

Kenya time (UTC+3) and market hours

Kenya is on East Africa Time, UTC+3, with no daylight saving. Exness published a schedule for the end of US daylight saving time on November 1, 2026: forex pairs open on Sunday at 22:05 UTC and close on Friday at 21:59 UTC (Help Center, article 31342732737180).

Event (forex pairs)	Nairobi time
Weekly open (Sunday 22:05 UTC)	Monday 01:05
Weekly close (Friday 21:59 UTC)	Saturday 00:59

From the second Sunday of March the Exness schedule moves one hour earlier. The London and New York overlap is the busiest period; a weekend gap can hit an open position. See Exness trading hours.

Tax on forex trading in Kenya

The Kenya Revenue Authority (KRA) administers income tax. We found no KRA guidance written specifically for retail forex trading profits, so we cannot say how your gains are classified or taxed. KRA publishes general material on taxation of foreign income. Ask KRA or a Kenyan tax adviser, and keep records of deposits, withdrawals and closed trades. General background is in our forex tax guide.

Frequently asked questions

Is forex trading legal in Kenya?

Online forex brokers need a CMA licence under the Capital Markets Act. Check the company on the CMA register before you deposit.

Can I trade forex using M-Pesa?

Some brokers list M-Pesa, and the details differ by company. Check the deposit page in your own client area and see our M-Pesa page for the facts.

Can I have an account in Kenyan shillings?

Exness lists KES as an account currency. Other brokers differ.

What time does the forex market open in Kenya?

Monday 01:05 Nairobi time, and it closes Saturday 00:59, on the current Exness schedule.

How do I compare licensed brokers?

Use the CMA register, then compare costs and funding. See forex brokers in Kenya.

Further reading

• Forex brokers in Kenya: the CMA-licensed list
• Brokers that accept M-Pesa
• Exness Kenya
• Exness regulation
• Forex tax guide
• Forex risk management

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Risk warning: Forex and CFD trading involves a high risk of loss. This article is general information, not investment advice.