FP Markets is real, and for Kenyan traders it's one of the few international brokers holding a genuine local licence, not just an offshore registration.
The firm has been running since 2005 out of Sydney, Australia. For Kenya specifically, it holds a Non-Dealing Online Foreign Exchange Broker licence (No. 103) from the Capital Markets Authority, granted in late 2023. Most of the brokers Kenyan traders see advertised online can't say the same.
What the CMA Licence Means
The CMA governs online forex in Kenya under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017, and hands out three types of licence: dealing (market maker), non-dealing (STP/agency), and money manager. FP Markets holds the non-dealing one.
The local entity routes your orders rather than taking the other side of them. Licensed firms also have to hit a minimum paid-up capital of KES 50 million, keep client money segregated, cap leverage, and submit to audits.
Whether you're onboarded under the locally licensed FP Markets Ltd or through the offshore arm changes what protections you're actually covered by. Check which entity is on your paperwork at signup. It's one line in the account agreement most people scroll past.
Checking the Licence Yourself
The register is the place to verify FP Markets rather than take our word for it. Search the firm name, confirm licence No. 103, and check the licence type and status date. The whole process takes under two minutes.
A few things that trip people up:
- The register lists the legal entity name, not always the trading brand, so match on "FP Markets Ltd".
- Licence categories matter. A non-dealing licence is not the same as a money-manager licence, and vice versa.
- Third-party review sites are not the CMA register.
- If a platform is only reachable through a Telegram link or an app download, that's usually a cloned or unlicensed operation wearing a known brand.
The CMA has repeatedly published cautionary statements about unlicensed online forex entities and points victims to its Capital Markets Fraud Investigation Unit. Common local scams include Ponzi-style forex "investment" schemes, paid account managers promising guaranteed returns, and copy-trade or signal groups running through social media and M-Pesa.
Costs and Account Types
| Feature | Standard | Raw |
|---|---|---|
| EUR/USD spread | ~1.0-1.2 pips | From 0.0-0.1 pips |
| Commission | None | ~USD 6 per round-turn lot |
| Minimum deposit | USD 100 | USD 100 |
| Platforms | MT4, MT5, cTrader, TradingView | Same |
| Best for | Lower trade frequency | Frequent or scalping styles |
On the Raw account you pay roughly USD 6 per round-turn lot on top of a near-zero spread. On Standard, the cost sits in the spread. If you trade a few times a month, Standard usually comes out cheaper. If you're in and out of positions daily, Raw wins on cost, but only if your average position size justifies the commission.
Platforms are MT4, MT5, cTrader and TradingView (IRESS is Australia-only). Instruments run past 10,000 CFDs: 60+ FX pairs, indices, commodities, shares, ETFs, bonds and crypto CFDs.
There's a swap-free option for traders who need it, which matters for Kenya's Muslim trading community.
Funding Your Account in Kenya
Minimum deposit is USD 100, and there are no broker-side deposit fees. Base currencies are USD, EUR, GBP, AUD and others, though as of our review a local KES account wasn't confirmed. That means currency conversion cost likely applies on deposits and withdrawals.
On the payment side, FP Markets supports cards, bank wire and e-wallets. Local M-Pesa and KES rails are likely usable given how dominant M-Pesa is in Kenya, but we couldn't verify that at the time of writing. Confirm it with support before you set up funding. M-Pesa's per-transaction limit is KES 250,000 with a KES 500,000 daily cap.
The Fee Comparison That Matters
Whether Standard or Raw is cheaper depends entirely on your trading style.
| Scenario | Standard cost | Raw cost |
|---|---|---|
| 1 lot EUR/USD, spread 1.1 pips | ~USD 11 | ~USD 6 commission |
| 1 lot, tight 0.1 pip spread | n/a at that level | ~USD 6-7 all in |
| 20 lots per month | ~USD 220 | ~USD 120 + spread |
| Break-even volume | Lower volumes | Above ~5-6 lots/month |
The crossover sits somewhere around five to six round-turn lots a month. Below that, Standard's spread-only pricing is simpler and cheaper. Above it, Raw starts paying for itself.
Several brokers advertising "commission-free" in Kenya do that by widening spreads, so the fee didn't disappear, it just moved.
What the Risks Really Mean
No broker is risk-free, and FP Markets is no exception. The differences are in degree and in what you can actually do about them.
The CMA licence caps leverage at roughly 1:400 on major FX pairs for retail accounts. FP Markets group leverage can go up to 1:500, but CMA-regulated conditions apply to the local entity. Negative-balance protection isn't confirmed as a blanket statutory mandate in Kenya, so verify that with the CMA or the broker directly rather than assuming it.
Offshore and unlicensed brokers advertise 1:1000 and higher. That leverage is a signal: they're outside CMA oversight, which means no local recourse if something goes wrong.
Two other practical points. First, currency conversion cost applies on USD-denominated accounts when you deposit in KES. Second, M-Pesa rails weren't verified for this broker at review, so if instant mobile deposits matter to you, confirm before signing up.
Kenyan tax treatment is also worth flagging. Forex and CFD profits are usually treated as ordinary income, not capital gains, taxed on graduated bands from roughly 10% up to 35% at the top marginal rate. Trading through a company gets you a 30% corporate rate. Tax residents file annually between 1 January and 30 June, declaring worldwide income. Deductible costs include platform fees, internet and training. Confirm anything specific with KRA rather than relying on a general summary.
When to Walk Away
Consider it if you value a CMA licence you can verify on the public register, want MT4, MT5, cTrader or TradingView without switching brokers, trade enough volume that Raw pricing pays off, or need a swap-free account. The local licence puts it in a small group in Kenya. Onboarding under the locally licensed entity is the version with local oversight, so confirm that at signup.
Walk away, or at least slow down, if the KES conversion cost on a USD account is a dealbreaker for your deposit size, if you need verified M-Pesa funding and it turns out not to be available, or if you're a beginner chasing maximum leverage. In that last case, a broker with tighter regulation and published investor-protection rules will serve you better. Also check the payment method timeline and withdrawal process before you commit.
