14 forex brokers verified on Kenya's CMA register. Check license numbers, verify any broker yourself, and learn what Kenya's Investor Compensation Fund covers.

CMA Regulated Forex Brokers: 14 Verified and Active (2026)

The Capital Markets Authority (CMA) is Kenya's financial regulator, established in 1989 under the Capital Markets Act (Cap 485A). As of March 2026, the CMA has licensed 14 entities as online foreign exchange brokers — a category it formally created in 2017, making Kenya the second African nation after South Africa to regulate retail forex. CMA-licensed brokers must maintain minimum capital of KES 50 million, segregate client funds in separate accounts, provide negative balance protection, and operate a physical office in Kenya. We verified every broker below directly against the CMA Licensees Register.

Last verified: March 2026 | Brokers checked: 14 | Source: CMA Public Licensees Register

TL;DR: 14 brokers hold verified, active CMA authorisation as of March 2026. CMA-licensed forex brokers must maintain KES 50 million in capital, segregate client funds, and provide negative balance protection. Maximum retail leverage is 1:400. The Investor Compensation Fund covers up to KES 200,000 per claimant if a licensed broker fails. Always verify the specific Kenyan entity on licensees.cma.or.ke — not just the group brand name.

CMA at a Glance

Detail	Value
Full Name	Capital Markets Authority
Abbreviation	CMA
Jurisdiction	Kenya
Established	1989 (Capital Markets Act, Cap 485A)
Forex Licensing Introduced	2017 (Capital Markets (Online Foreign Exchange Trading) Regulations)
Supervised Forex Brokers	14 (non-dealing and dealing categories)
Minimum Capital Requirement	KES 50 million (~USD 330,000)
Compensation Scheme	Investor Compensation Fund (max KES 200,000 per claimant)
Segregated Funds Required	Yes
Negative Balance Protection	Yes — required for all retail clients
Max Retail Leverage	1:400 (major forex pairs)
Physical Office Requirement	Yes — Kenyan incorporation or local branch required
Public Registry URL	licensees.cma.or.ke
Warning List / CDSC Alerts	cma.or.ke/cdsc-alerts

CMA Verified Broker Database

Every broker below was checked against the CMA Non-Dealing Online Foreign Exchange Broker register in March 2026. License numbers and entity names are listed exactly as they appear on the register.

Broker	License #	Entity Name	Status	Licensed Since	Negative Balance	Warnings	Verify
FX Pesa (EGM Securities)	107	EGM Securities Limited	✅ Active	2018	Yes	None	Registry →
Scope Markets	123	SCFM Limited	✅ Active	2019	Yes	None	Registry →
Pepperstone	128	Pepperstone Markets Kenya Limited	✅ Active	2020	Yes	None	Registry →
Exinity	135	Exinity Capital East Africa Limited	✅ Active	2021	Yes	None	Registry →
HF Markets (HFM)	155	HFM Investments Limited	✅ Active	2022	Yes	None	Registry →
Windsor Brokers	156	Windsor Markets Kenya Limited	✅ Active	2022	Yes	None	Registry →
Exness	162	Exness KE Limited	✅ Active	2022	Yes	None	Registry →
Ingot Brokers	173	Ingot KE Limited	✅ Active	2023	Yes	None	Registry →
Admirals	178	Admirals KE Limited	✅ Active	2023	Yes	None	Registry →
FP Markets	193	FP Markets Limited	✅ Active	2024	Yes	None	Registry →
IC Markets	199	IC Markets (KE) Limited	✅ Active	2024	Yes	None	Registry →
ANZO Capital	219	ANZO CAPITAL LIMITED	✅ Active	2024	Yes	None	Registry →
TPXM Global	233	TPXMGLOBAL Kenya Limited	✅ Active	2025	Yes	None	Registry →
Capital.com	244	Capital.com (Kenya) Limited	✅ Active	2026	Yes	None	Registry →

All license numbers verified from the CMA Licensees Register as of March 2026. Licensing year is approximate based on sequential license numbers; CMA does not publish exact grant dates on the public register.

Key Broker Verification Briefs

FX Pesa (EGM Securities) — License 107

License: CMA 107 | Entity: EGM Securities Limited | Since: 2018 Verify on CMA Register →

EGM Securities Limited, trading as FX Pesa, holds the oldest CMA forex broker licence on the register. It was the first entity to receive CMA authorisation as a non-dealing online foreign exchange broker when the framework launched in 2018. That 8-year operating history under CMA oversight is the longest of any firm on this list.

The license authorises EGM Securities to operate as a non-dealing broker, meaning client orders are passed to liquidity providers rather than executed against an internal dealing desk. CMA non-dealing status reduces certain conflict-of-interest risks common with dealing brokers.

Key finding: First CMA-licensed forex broker; longest compliance track record in Kenya.

Pepperstone — License 128

License: CMA 128 | Entity: Pepperstone Markets Kenya Limited | Since: 2020 Verify on CMA Register →

Pepperstone established a dedicated Kenyan entity — Pepperstone Markets Kenya Limited — specifically to obtain CMA authorisation rather than relying on its international licences. This matters: if you trade via this entity, you're under CMA rules and jurisdiction, not under Pepperstone's Australian (ASIC) or UK (FCA) entities.

Pepperstone also holds licences from the FCA (FCA 684312), ASIC (AFSL 414530), and CySEC (388/20), making it one of the more heavily multi-regulated brokers on the CMA list. For Kenyan traders specifically, the CMA licence is the relevant one.

Key finding: Kenyan entity established separately from international group structure; multi-jurisdiction oversight confirms ongoing compliance culture.

Exness — License 162

License: CMA 162 | Entity: Exness KE Limited | Since: 2022 Verify on CMA Register →

Exness established a dedicated Kenyan entity — Exness KE Limited — licensed as a non-dealing online foreign exchange broker by the CMA. As one of the world's largest forex brokers by monthly trading volume, Exness's decision to pursue a CMA licence reflects the growing significance of Kenya's retail forex market.

The CMA authorisation covers clients who open accounts under the Exness KE entity. Clients who registered through other Exness entities (Cyprus, Seychelles, British Virgin Islands) are not covered by the CMA framework — an important distinction that many traders miss.

Key finding: CMA protection only applies if your account is opened under Exness KE Limited. Check your account documents.

HF Markets (HFM) — License 155

License: CMA 155 | Entity: HFM Investments Limited | Since: 2022 Verify on CMA Register →

HFM Investments Limited holds CMA licence 155. The parent group (HF Markets) also holds licences from the FCA, CySEC, FSCA, and DFSA. The Kenyan entity was established to serve traders under local CMA regulation specifically.

For Kenyan clients, trading under HFM Investments Limited means CMA oversight applies — including segregated funds requirements, negative balance protection, and the KES 50 million capital buffer the entity must maintain.

Key finding: Multi-regulated group with dedicated CMA entity; verify you're signed up under HFM Investments Limited, not a different group entity.

Windsor Brokers — License 156

License: CMA 156 | Entity: Windsor Markets Kenya Limited | Since: 2022 Verify on CMA Register →

Windsor Brokers obtained CMA authorisation through Windsor Markets Kenya Limited in 2022. The international Windsor group is also regulated by CySEC in Cyprus. The Kenyan entity is locally incorporated and separately authorised.

Key finding: CMA licence is for the Kenya-incorporated entity only; confirm your account documents reference Windsor Markets Kenya Limited.

FP Markets — License 193

License: CMA 193 | Entity: FP Markets Limited | Since: 2024 Verify on CMA Register →

FP Markets received its CMA forex broker licence in 2024 (FP Markets announcement). The Australian parent holds an ASIC licence (AFSL 286354). FP Markets Limited is the Kenyan-incorporated entity that carries the CMA authorisation.

Key finding: Recently licensed (2024); FP Markets publicly announced the CMA approval, confirming the specific entity structure.

Capital.com — License 244

License: CMA 244 | Entity: Capital.com (Kenya) Limited | Since: 2026 Verify on CMA Register →

Capital.com received CMA authorisation in January 2026 as a dealing online foreign exchange broker — one of the most recent entries on the register. The licence number 244 reflects its position as a newer entrant. Capital.com (Kenya) Limited operates under CMA oversight as a dealing broker, a distinct category from the non-dealing licence held by most others on this list.

Key finding: Newest CMA-licensed broker (January 2026); dealing licence category means Capital.com can execute orders internally rather than passing them to external liquidity providers.

How to Verify a Forex Broker's CMA Licence Yourself

You don't have to take anyone's word for it. The CMA publishes a free, public register of all licensed entities. Here's how to check directly:

Step 1: Go to the CMA Licensees Register

Visit licensees.cma.or.ke. This is the only authoritative source. Third-party websites and broker homepage claims are not reliable on their own.

Step 2: Navigate to the Forex Broker Category

Select "NON-DEALING ONLINE FOREIGN EXCHANGE BROKER" or "DEALING ONLINE FOREIGN EXCHANGE BROKER" from the category list. The direct link for non-dealing brokers is licensees.cma.or.ke/licenses/5/.

Step 3: Locate the Broker by Name or License Number

Search for the broker's registered entity name — not necessarily the trading name. "Exness" won't appear; "Exness KE Limited" will. If a broker gave you a licence number, match it against the entry on the register.

Step 4: Confirm the Entity Name Matches Your Account Documents

This is the step most people skip. A broker group may have multiple entities across different jurisdictions. Check your account opening agreement — the legal entity name on your contract must match the CMA-registered entity. If you signed up under a Seychelles or Vanuatu entity, CMA rules don't apply to your account.

Step 5: Check the Licence Status

Ensure the listing shows an active licence status. The CMA can suspend or revoke licences; a broker may have held a CMA licence in the past but no longer hold an active one.

Step 6: Search the CMA Warning List

Visit cma.or.ke/cdsc-alerts and also check the CMA press releases for any warnings or enforcement notices related to the broker. This surfaces clone firms and unlicensed entities that the CMA has publicly flagged.

What CMA Regulation Actually Means for Kenyan Traders

CMA authorisation provides several concrete protections. These aren't marketing promises — they're legally required conditions of the licence.

Segregated client funds. CMA-licensed brokers must keep client money in accounts separate from company operating funds (Capital Markets (Online Foreign Exchange Trading) Regulations, 2017). If the broker's business fails, your deposited funds are not mixed with company assets.

Negative balance protection. All CMA-licensed retail forex brokers are required to ensure that client accounts cannot go below zero. If a sudden market move wipes through your stop-loss, the broker absorbs the residual loss — not you. This rule applies automatically to all retail clients.

KES 50 million capital buffer. Non-dealing brokers must maintain minimum capital of KES 50 million (~USD 330,000). That's not a trivial barrier. It ensures the broker has real financial substance before operating — and means fly-by-night operations can't easily obtain a CMA licence.

Local incorporation and physical presence. Every CMA-licensed forex broker must be incorporated in Kenya or maintain a licensed local branch. This means there's a real, locally accountable legal entity you can pursue in Kenyan courts if something goes wrong.

Investor Compensation Fund. The CMA administers an Investor Compensation Fund (ICF) covering investors who suffer financial losses due to the failure of a licensed entity to meet contractual obligations (CMA ICF page). Maximum payout per individual claimant is KES 200,000. Note: this fund was originally established for stock market participants; its specific applicability to forex clients depends on the licence category. Consult the CMA directly if you have a claim.

Maximum leverage cap. Retail clients under CMA-regulated brokers are subject to a maximum leverage of 1:400 on major forex pairs. This is significantly higher than the 1:30 cap the FCA imposes on UK retail traders — which means Kenyan traders face greater potential losses on leveraged positions. CMA-regulated brokers must disclose this risk explicitly.

CMA Leverage Limits by Asset Class

Asset Class	Max Retail Leverage
Major forex pairs	1:400
Minor forex pairs	Lower (broker-specific)
Gold	Lower (broker-specific)
Other commodities	Lower (broker-specific)
Equities	Typically 1:10–1:20
Cryptocurrencies	Not covered by CMA

Specific limits per asset class are set by individual brokers within CMA guidelines. Verify with the broker before trading.

What CMA regulation does NOT protect you from: Market losses from your own trading decisions, losses resulting from platform errors that don't breach the licence terms, or losses if your account is held under a non-CMA entity even if the broker group has a CMA licence.

Red Flags: When "CMA Regulated" Doesn't Mean You're Safe

CMA regulation exists — but several patterns can leave you exposed even when you think you're protected.

You're signed up under an offshore entity. This is the most common trap. A broker group can legitimately hold both a CMA licence (for the Kenyan entity) and a licence in the Seychelles, Vanuatu, or Marshall Islands (for other entities). If you opened your account on a website that routed you to the offshore entity, CMA rules don't apply to you — regardless of what the broker's homepage says. Check your account agreement, locate the counterparty entity name, and match it against the CMA register.

Unlicensed entities claiming CMA approval. The CMA has issued multiple public warnings about entities illegally conducting online forex trading in Kenya without proper authorisation. In 2018, the CMA issued a cease-and-desist order against Pesos Capital Markets Limited for operating as a forex dealer without a licence (CMA press release archive). Always verify the specific entity on the register — not just the group brand name.

Clone firms using real licence numbers. Fraudulent operators sometimes copy legitimate CMA licence numbers and present them on fake websites or in WhatsApp solicitations. The difference: a real CMA licensee will match on the register with a specific entity name, physical Kenyan address, and contact details. Cross-reference the website address and company registration number against what appears on the CMA register.

Brokers referencing old or expired authorisations. The CMA can revoke or suspend licences. A broker's marketing materials might reference a CMA licence that's no longer active. Always check the register directly — don't rely on a broker's own claims.

Forex schemes that aren't broker services. Some operators solicit Kenyan investors for managed forex accounts or "trading signals" without holding any CMA licence. Under Kenyan law, managing client money for forex trading requires a specific CMA licence category. If someone is taking your money and trading it on your behalf without showing you a CMA licence number and their entity on the register, it's unlicensed activity. The CMA recommends Kenyans verify any investment opportunity at cma.or.ke before committing funds.

Recent CMA Enforcement Activity

The CMA has enforcement powers that include licence suspension, revocation, cease-and-desist orders, public censure, fines of up to KES 10 million on institutions, and criminal referrals to the Director of Public Prosecutions (CMA enforcement framework).

Date	Entity	Action	Reason	Source
2018	Pesos Capital Markets Limited	Cease-and-desist order	Operating as forex dealer and fund manager without CMA licence	CMA press archive
2018	Multiple unnamed entities	Cautionary statement issued	Unlicensed online forex trading; traders warned of risk	CMA warning
2024–2025	Various unlicensed operators	Public warnings issued	Ongoing activity by unlicensed forex entities targeting Kenyan traders	CMA alerts

The CMA does not maintain a public enforcement action database comparable to the FCA or ASIC. Historical and current enforcement notices are published in the CMA press centre. Check there for the most recent actions.

Note: The December 2025 gazettal of the Capital Markets (Licensing Requirements) (General) Regulations, 2025 — repealing the 2002 framework entirely — signals significant regulatory evolution. New requirements around intermediary service platform providers and expanded licence categories are now in effect.

The Bottom Line on CMA Regulated Forex Brokers

Kenya's CMA is Africa's second-oldest forex regulatory framework and the fastest-growing — from 1 licensed broker in 2018 to 14 by March 2026. The 1:400 leverage limit is considerably higher than tier-1 regulators like the FCA (1:30) or ASIC (1:30), which means CMA regulation carries greater risk exposure for retail traders despite the mandatory negative balance protection and KES 50 million capital requirement. Before depositing with any broker claiming CMA authorisation, verify their specific Kenyan entity on licensees.cma.or.ke/licenses/5/ and confirm the entity name matches your account agreement. For comparison with other African and global regulators, see our FSCA regulated forex brokers guide and our FCA regulated forex brokers overview.

Frequently Asked Questions

Is the CMA a legitimate forex regulator?

Yes. The Capital Markets Authority is Kenya's statutory financial regulator, established in 1989 under the Capital Markets Act (Cap 485A). It became the second African regulator after South Africa's FSCA to formally license retail forex brokers, doing so in 2017. The CMA has real enforcement powers including licence revocation, fines up to KES 10 million, and criminal referrals. It is considered an emerging-tier regulator — stronger than offshore jurisdictions like Seychelles or Vanuatu, but not equivalent to tier-1 regulators like the FCA or ASIC.

How do I check if a forex broker is CMA regulated?

Go directly to licensees.cma.or.ke/licenses/5/ and find the broker's registered entity name. Match the entity name to your account opening agreement. The trading brand name (e.g., "Exness") and the registered entity ("Exness KE Limited") are different — search by the legal entity name. Also check the CMA CDSC alerts page for any warnings against the firm.

What happens if my CMA regulated broker fails?

The CMA's Investor Compensation Fund (ICF) exists for investors who suffer losses due to a licensed entity failing to meet its obligations. Maximum payout is KES 200,000 per individual claimant. This is significantly lower than the FCA's £85,000 FSCS protection. The ICF was originally designed for the stock market context; its application to forex clients depends on the specific licence category. If your broker fails, contact the CMA at [email protected].

Are all CMA regulated brokers safe?

CMA regulation provides a meaningful baseline of protection — segregated funds, negative balance protection, minimum capital, and local accountability. But regulation is not a guarantee of safety. A CMA licence confirms the broker met the requirements at the time of licensing and has passed ongoing compliance checks. It does not protect you from trading losses, platform outages, or extreme market events. You must also ensure your account is under the CMA-licensed Kenyan entity, not a different offshore entity in the same broker group.

What is the maximum leverage with a CMA broker?

Up to 1:400 on major forex pairs. This is considerably higher than what the FCA (1:30) or ASIC (1:30) allow for retail clients. Higher leverage amplifies both gains and losses. CMA brokers must provide negative balance protection so your account cannot go below zero, but large leveraged positions can still result in complete loss of your deposited capital. Use leverage carefully.

Can I get my money back from the CMA if a broker scams me?

The CMA has powers to pursue unlicensed entities and issue enforcement actions, but recovering money from fraud is a separate legal process. If you've been defrauded by an unlicensed forex operator, file a report with the CMA (cma.or.ke) and with the Directorate of Criminal Investigations. The Investor Compensation Fund covers failures of licensed entities — not fraud by unlicensed ones.

Does the CMA regulate crypto trading?

No. The CMA's forex broker licensing framework covers foreign exchange (currency pairs) and CFDs on qualifying instruments. Cryptocurrency trading is not covered under the same framework. Be cautious of brokers claiming CMA regulation for crypto services — verify the specific activities authorised on their licence.

Why do some brokers have both CMA and FCA or ASIC licences?

Brokers serving multiple markets often hold licences in each jurisdiction. A broker with both CMA and FCA licences will typically have separate legal entities for each: one Kenyan-incorporated entity for CMA, and a UK entity for FCA. If you're a Kenyan trader, the relevant licence is the CMA one — but the existence of a tier-1 licence (FCA, ASIC) elsewhere in the group is a positive signal about the broader group's compliance culture.

How is the CMA different from the FSCA?

The FSCA (South Africa's Financial Sector Conduct Authority) is the older, more established African forex regulator. Both require segregated funds and local incorporation. Key differences: FSCA does not have a compensation fund for forex clients (no equivalent to the CMA's ICF), but FSCA sets stricter capital requirements and has a longer track record with forex enforcement. For pan-African trading operations, FSCA is generally considered the stronger framework.

FSCA Regulated Forex Brokers — South Africa's forex regulator: requirements, broker list, verification steps
FCA Regulated Forex Brokers — UK's Tier 1 regulator: FSCS £85,000 protection, leverage caps, verification guide
ASIC Regulated Forex Brokers — Australia's Tier 1 regulator: broker list and AFCA dispute resolution
BaFin Regulated Forex Brokers — Germany's strict regulatory framework
MAS Regulated Forex Brokers — Singapore's Monetary Authority: one of Asia's strongest forex regimes
How We Investigate Brokers — Our verification methodology

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CMA Regulated Forex Brokers — Verified List (2026)

CMA Regulated Forex Brokers: 14 Verified and Active (2026)

CMA at a Glance

CMA Verified Broker Database

Key Broker Verification Briefs

FX Pesa (EGM Securities) — License 107

Pepperstone — License 128

Exness — License 162

HF Markets (HFM) — License 155

Windsor Brokers — License 156

FP Markets — License 193

Capital.com — License 244

How to Verify a Forex Broker's CMA Licence Yourself

Step 1: Go to the CMA Licensees Register

Step 2: Navigate to the Forex Broker Category

Step 3: Locate the Broker by Name or License Number

Step 4: Confirm the Entity Name Matches Your Account Documents

Step 5: Check the Licence Status

Step 6: Search the CMA Warning List

What CMA Regulation Actually Means for Kenyan Traders

CMA Leverage Limits by Asset Class

Red Flags: When "CMA Regulated" Doesn't Mean You're Safe

Recent CMA Enforcement Activity

The Bottom Line on CMA Regulated Forex Brokers

Frequently Asked Questions

Is the CMA a legitimate forex regulator?

How do I check if a forex broker is CMA regulated?

What happens if my CMA regulated broker fails?

Are all CMA regulated brokers safe?

What is the maximum leverage with a CMA broker?

Can I get my money back from the CMA if a broker scams me?

Does the CMA regulate crypto trading?

Why do some brokers have both CMA and FCA or ASIC licences?

How is the CMA different from the FSCA?

Related Articles

DFSA Regulated Forex Brokers — Verified List (2026)

FSCA Regulated Forex Brokers — Verified List (2026)

MAS Regulated Forex Brokers — Verified List (2026)

CMA Regulated Forex Brokers — Verified List (2026)

CMA Regulated Forex Brokers: 14 Verified and Active (2026)

CMA at a Glance

CMA Verified Broker Database

Key Broker Verification Briefs

FX Pesa (EGM Securities) — License 107

Pepperstone — License 128

Exness — License 162

HF Markets (HFM) — License 155

Windsor Brokers — License 156

FP Markets — License 193

Capital.com — License 244

How to Verify a Forex Broker's CMA Licence Yourself

Step 1: Go to the CMA Licensees Register

Step 2: Navigate to the Forex Broker Category

Step 3: Locate the Broker by Name or License Number

Step 4: Confirm the Entity Name Matches Your Account Documents

Step 5: Check the Licence Status

Step 6: Search the CMA Warning List

What CMA Regulation Actually Means for Kenyan Traders

CMA Leverage Limits by Asset Class

Red Flags: When "CMA Regulated" Doesn't Mean You're Safe

Recent CMA Enforcement Activity

The Bottom Line on CMA Regulated Forex Brokers

Frequently Asked Questions

Is the CMA a legitimate forex regulator?

How do I check if a forex broker is CMA regulated?

What happens if my CMA regulated broker fails?

Are all CMA regulated brokers safe?

What is the maximum leverage with a CMA broker?

Can I get my money back from the CMA if a broker scams me?

Does the CMA regulate crypto trading?

Why do some brokers have both CMA and FCA or ASIC licences?

How is the CMA different from the FSCA?

Related Resources

Related Articles

DFSA Regulated Forex Brokers — Verified List (2026)

FSCA Regulated Forex Brokers — Verified List (2026)

MAS Regulated Forex Brokers — Verified List (2026)