Full List of Licensed Derivatives Brokers in Kenya 2026 and How to Check One

Updated 24 October 2026

A derivatives broker is a firm licensed by the Capital Markets Authority (CMA) to buy and sell futures contracts on behalf of clients on Kenya’s regulated derivatives market. If someone offers to trade futures, options or contracts for difference for you and their company is not on the CMA register, you have no regulator to complain to when money goes missing. That is the single most useful thing to check before you send a shilling.

The list below is taken from the CMA’s official licensee register at licensees.cma.or.ke, which we checked in October 2026. Licences can be added, suspended or withdrawn at any time, so treat the register itself as the final word and check it again on the day you open an account.

In this guide

1. Full list of CMA licensed derivatives brokers in Kenya
2. What a derivatives broker actually does
3. Derivatives brokers vs online forex brokers
4. How to check that a broker is licensed
5. Red flags that a trading platform is not regulated
6. What to ask a derivatives broker before you open an account
7. How to complain about a broker
8. Frequently asked questions

Full list of CMA licensed derivatives brokers in Kenya

The CMA register currently shows 12 licensed derivatives brokers. Most of them are also investment banks or stockbrokers, which means you can usually open one account and trade both shares and futures with the same firm.

Broker	CMA licence no.	Postal address
AIB-AXYS Africa Limited	119	P.O. Box 43676-00100, Nairobi
EGM Securities Limited (trading as FX Pesa)	120	P.O. Box 14747-00800, Westlands, Nairobi
Faida Investment Bank Limited	121	P.O. Box 45236-00100, Nairobi
Genghis Capital Limited	122	P.O. Box 9959-00100, Nairobi
Kingdom Securities Limited	123	P.O. Box 48231-00100, Nairobi
SCFM Limited (trading as Scope Markets)	124	P.O. Box 40719-00200, Nairobi
Standard Investment Bank Limited	125	P.O. Box 13714-00800, Nairobi
Sterling Capital Limited	126	P.O. Box 45080-00100, Nairobi
NCBA Investment Bank Limited	127	P.O. Box 44599-00100, Nairobi
Dyer and Blair Investment Bank Limited	128	P.O. Box 45396-00100, Nairobi
SBG Securities Limited	129	P.O. Box 47198-00100, Nairobi
Kestrel Capital (East Africa) Limited	130	P.O. Box 40005-00100, Nairobi

Two names on this list, FX Pesa and Scope Markets, also hold separate licences as online forex brokers. That is a different licence category, and it matters which one covers the product you are being sold. A derivatives broker licence covers exchange traded futures. Online forex and contracts for difference are covered by the online foreign exchange licences explained below.

What a derivatives broker actually does

Futures are contracts to buy or sell something at an agreed price on a future date. In Kenya the regulated futures that retail investors can reach are listed on the exchange’s derivatives market, which covers equity index futures and single stock futures on some of the biggest listed companies. Instead of paying the full price of the shares, you put down a margin, which is a deposit held against your position. Gains and losses are worked out every day, and if your position moves against you the broker will ask you to top up the margin.

The licensed broker opens your trading account, takes your orders to the market, collects and holds margin, and passes on the daily settlement. Because margin is only a fraction of the contract value, a small price move can wipe out your deposit quickly. That leverage is the main reason the CMA insists that only vetted firms handle client money in this market.

Derivatives brokers vs online forex brokers

Many Kenyans who search for derivatives brokers are really looking for a place to trade forex, gold or indices online. Those products are offered under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017, and the CMA licenses them separately. There are three kinds of online forex licence:

Licence type	What it allows	Licensed firms on the register
Non-dealing online forex broker	Passes your trades to outside liquidity providers and does not take the other side	FX Pesa (EGM Securities), Scope Markets (SCFM), Pepperstone Markets Kenya, Exinity Capital East Africa, HF Markets (HFM Investments), Windsor Markets Kenya, Exness KE, Ingot KE, Admirals KE, FP Markets, IC Markets (KE), Anzo Capital, TPXMGLOBAL Kenya, Ava Trade Kenya
Dealing online forex broker	Acts as market maker and takes the other side of client trades	Empire FX Trade Limited, CC Kenya Securities (trading as Capital.com)
Online forex money manager	Trades a pooled or individual forex account on your behalf	Standard Investment Bank (MANSA X), Trade Sense Limited, Store Poa Enterprise Limited

Capital.com’s Kenyan company was licensed as a dealing broker in December 2025, which took that category to two firms. Trade Sense was reported suspended from 28 February 2025, so check its current status on the register before dealing with it. If a platform is not in any of these lists, it is not licensed to take Kenyan clients for online forex.

How to check that a broker is licensed

1. Open the CMA licensee register at licensees.cma.or.ke and choose the right category: Derivatives Brokers, Non-Dealing Online Foreign Exchange Broker, Dealing Online Foreign Exchange Broker or Online Foreign Exchange Money Manager.
2. Match the full legal company name, not just the brand. A licence belongs to a Kenyan company such as Exness KE Limited, not to the global group name on an advert.
3. Compare the website on the register with the website you are using. Clone sites copy logos and names but use a different web address.
4. Check that you are signing up with the Kenyan entity. Many global brands run several companies, and only the one on the register is supervised by the CMA.
5. Look at CMA public notices and alerts for warnings about unlicensed platforms before you deposit.

The same register covers stockbrokers, fund managers and advisers. Our list of CMA licensed investment advisers walks through that category, and how to buy shares in Kenya explains CDS accounts and stockbroker fees if you want to own shares outright instead of trading futures.

Red flags that a trading platform is not regulated

• It promises fixed daily or weekly returns. No licensed broker can promise profit on futures or forex.
• It asks you to pay through a personal M-Pesa number or a crypto wallet instead of a company account.
• It pays you to recruit friends, or locks withdrawals until you bring in new members.
• Its company name does not appear in any CMA category, or the name is close to a licensed firm but not the same.

The collapse of the CBEX platform in early 2025, which left many Kenyan investors unable to withdraw, led the CMA to publicly remind traders to deal only with firms on its register. The authority has since chased other unlicensed schemes, as in its probe into Global Investment Group and QVSE.

What to ask a derivatives broker before you open an account

• What is the minimum deposit, and how much initial margin does each contract need?
• What commission and other charges apply per trade, and are they shown before you place the order?
• How will they contact you for a margin call, and how quickly must you top up before they close your position?
• Where is client money held, and is it kept separate from the firm’s own money?
• Which trading platform or app will you use, and is there a demo account?

If leverage sounds like more risk than you want, lower risk options such as Treasury bills and money market funds pay a steady return without margin calls. Our money market fund vs Treasury bills comparison and guide to the best investments in Kenya set out the trade offs in KSh terms.

How to complain about a broker

Start with the broker’s own complaints desk and ask for a reference number. If the issue is not resolved, file a complaint with the CMA through the complaints service on its online services portal, attaching your account statements, payment receipts and any messages. For a platform that is not licensed at all, report it to the CMA so it can issue a public warning, and to the police if money has been taken.

Frequently asked questions

How many derivatives brokers are licensed in Kenya?

The CMA register lists 12 licensed derivatives brokers, including Genghis Capital, Standard Investment Bank, SBG Securities, Faida Investment Bank, Dyer and Blair, Kestrel Capital, FX Pesa and Scope Markets.

Is a derivatives broker the same as a forex broker?

No. Derivatives brokers trade exchange listed futures. Online forex and CFD platforms need a separate CMA online foreign exchange licence, either dealing or non-dealing.

Is Exness licensed in Kenya?

Exness KE Limited is listed on the CMA register as a non-dealing online foreign exchange broker, licence number 162. Make sure you sign up with the Kenyan entity.

How do I confirm a broker is licensed by the CMA?

Search the right category on licensees.cma.or.ke and match the full company name and website. If the firm is not listed, do not deposit money.

Can I lose more than I deposit trading futures?

Yes, losses can exceed your margin if prices move sharply, and the broker will ask you to top up. Only trade money you can afford to lose.

Sources: Capital Markets Authority licensee register (Derivatives Brokers, Non-Dealing and Dealing Online Foreign Exchange Broker, and Online Foreign Exchange Money Manager lists), checked October 2026; CMA announcement on Capital.com, December 2025. This guide is general information, not investment advice.