Best international online brokers for citizens in Kenya

Interactive Brokers
4.9
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Saxo Bank
4.8
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Oanda
4.6
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73.5% of retail CFD accounts lose money
Best international online brokers for citizens in Kenya

To find the best international online brokers in Kenya, we went ahead and did the research for you. After testing, analyzing and comparing 57 brokers, 5 made it to the top. We highly recommend all 5 to you. And now, without further ado...

The top 5 picks for the best international online brokers of 2020 for citizens in Kenya:

  1. Interactive Brokers is the number one international online broker in 2020. Wide range of products. Many great research tools. Regulated by several authorities.
  2. Saxo Bank in the second place. Great trading platform. Outstanding research. Broad product portfolio.
  3. Oanda rounded out the top three. Generally low fees. Easy-to-use web trading platform. Easy and digital account opening.
  4. City Index, numero quatro. Low fees for forex and index CFDs. Fast and smooth account opening. Diverse research tools.
  5. eToro. Free stock and ETF trading in the EU. Seamless account opening. Social trading experience. Just made it to the list with being number five.
Best international online brokers of 2020 for citizens in Kenya
Broker Info Score Best in
#1 Interactive Brokers US discount broker 4.9 Best online broker
#2 Saxo Bank Danish investment bank 4.8 Best forex broker
#3 Oanda US forex broker 4.6 Best mobile trading platform
#4 City Index Global CFD and forex broker 4.6
#5 eToro Global social trading broker 4.6 Best broker for cryptos

What makes a good online broker? First of all, they need to offer fair fees and to have a good safety score. It must also be easy to open an account and deposit money. They should give access to many products and need to have a great platform.

Easy to list, but hard to figure it out. We are testing brokers more than 100 criteria with real accounts and real money. We know what's up. You can find all the ranking criteria in our methodology.

Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best international online brokers in 2020 for citizens in Kenya one by one, starting with the winner, Interactive Brokers.

Interactive Brokers Logo

#1 Best international online brokers for citizens in Kenya
Interactive Brokers

4.9

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

Pros Cons
Wide range of products Extremely complex desktop trading platform
Many great research tools Complicated account opening process
Regulated by several authorities Funding and withdrawal only via bank transfer

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#1 Interactive Brokers
Fees
4.0

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
Pros Cons
Low trading fees Inactivity fee
Low stock and ETF fees
Low financing rate
Free stock and ETF trading for US clients
Interactive Brokers fees
Interactive Brokers Saxo Bank Oanda City Index eToro
US stock $1.0 $10.0 - - $0.0
UK stock $7.2 $9.6 - - $0.0
EURUSD benchmark fee $17.9 $15.5 $15.9 $12.8 $19.6

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

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#1 Interactive Brokers
Account opening
3.0

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most accounts types Confusing messages throughout the process
Interactive Brokers minimum deposit and time to open an account
Interactive Brokers Saxo Bank Oanda City Index eToro
Minimum deposit $0 $600 $0 $0 $200
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1 day

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#1 Interactive Brokers
Deposit and withdrawal
3.0

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies Not user-friendly
First withdrawal each month free
Interactive Brokers withdrawal fee and options
Interactive Brokers Saxo Bank Oanda City Index eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $25

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#1 Interactive Brokers
Markets and products
5.0

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
Interactive Brokers markets and products
Interactive Brokers Saxo Bank Oanda City Index eToro
Stock Yes Yes No No Yes
ETF Yes Yes No No Yes
Forex Yes Yes Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No No
Futures Yes Yes No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

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#1 Interactive Brokers
Web trading platform
4.0

Interactive Brokers's web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Kenya - Interactive Brokers trading platform
Interactive Brokers trading platforms
Interactive Brokers Saxo Bank Oanda City Index eToro
Web platform score 4.0 5.0 5.0 4.0 4.0
Mobile platform score 4.0 5.0 5.0 4.0 5.0
Desktop platform score 3.0 5.0 4.0 3.0 -

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#1 Interactive Brokers
Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs

There are some drawbacks though: you can only fund your account via wire transfer and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC.
Fees score 4.0
Recommended for Traders looking for low fees and a professional trading environment

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Saxo Bank Logo

#2 Best international online brokers for citizens in Kenya
Saxo Bank

4.8

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for a great trading platform and solid research

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

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#2 Saxo Bank
Fees
3.0

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
Pros Cons
Low fund fees Inactivity fee
No withdrawal fee High bond, options and futures fees
Transparent fee structure
Lower fees for Platinum and VIP clients
Saxo Bank fees
Interactive Brokers Saxo Bank Oanda City Index eToro
US stock $1.0 $10.0 - - $0.0
UK stock $7.2 $9.6 - - $0.0
EURUSD benchmark fee $17.9 $15.5 $15.9 $12.8 $19.6

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

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#2 Saxo Bank
Account opening
3.0

Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high, and account verification could be faster.
Pros Cons
Fully digital Minimum deposit is higher than $500
User-friendly Relatively slow account verification
Available in almost every country
Saxo Bank minimum deposit and time to open an account
Interactive Brokers Saxo Bank Oanda City Index eToro
Minimum deposit $0 $600 $0 $0 $200
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1 day

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#2 Saxo Bank
Deposit and withdrawal
5.0

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Saxo Bank withdrawal fee and options
Interactive Brokers Saxo Bank Oanda City Index eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $25

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#2 Saxo Bank
Markets and products
5.0

Saxo Bank's product portfolio is great. It covers all asset classes and a lot of markets globally. Mutual funds and crypto are the only areas where its selection could be improved.
Saxo Bank markets and products
Interactive Brokers Saxo Bank Oanda City Index eToro
Stock Yes Yes No No Yes
ETF Yes Yes No No Yes
Forex Yes Yes Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No No
Futures Yes Yes No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

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#2 Saxo Bank
Web trading platform
5.0

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel. On the negative side, there is no two-step login.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best international online brokers for citizens in Kenya - Saxo Bank trading platform
Saxo Bank trading platforms
Interactive Brokers Saxo Bank Oanda City Index eToro
Web platform score 4.0 5.0 5.0 4.0 4.0
Mobile platform score 4.0 5.0 5.0 4.0 5.0
Desktop platform score 3.0 5.0 4.0 3.0 -

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#2 Saxo Bank
Verdict

Saxo Bank is a great broker, providing a complex and good service.

Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.

Saxo Bank
Summary Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA.
Fees score 3.0
Recommended for Investors and traders looking for a great trading platform and solid research

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Oanda Logo

#3 Best international online brokers for citizens in Kenya
Oanda

4.6

Oanda is an American forex broker founded in 1996.

It is considered safe because it has a long track record, discloses its financials, and is regulated by top-tier authorities, such as the US Retail Foreign Exchange Dealer (RFED) and the UK's Financial Conduct Authority (FCA).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% 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.

Recommended for forex traders who value a user-friendly platform and great research tools

Pros Cons
Generally low fees Only FX and some CFDs
Easy-to-use web trading platform Poor customer service
Easy and digital account opening High bank withdrawal fee

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73.5% of retail CFD accounts lose money

#3 Oanda
Fees
4.0

Oanda charges low CFD and low forex fees. Non-trading fees are low, though the withdrawal fee is quite high for bank transfers.
Pros Cons
Low trading fees High withdrawal fee for bank transfers
Low forex fees
No withdrawal fee
No withdrawal fee in most cases
Oanda fees
Interactive Brokers Saxo Bank Oanda City Index eToro
US stock $1.0 $10.0 - - $0.0
UK stock $7.2 $9.6 - - $0.0
EURUSD benchmark fee $17.9 $15.5 $15.9 $12.8 $19.6

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

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73.5% of retail CFD accounts lose money

#3 Oanda
Account opening
4.0

Oanda's account opening is straightforward, with no required minimum balance.
Pros Cons
Fully digital Issues with ID verification can slow account opening
No minimum deposit
Low minimum deposit
Oanda minimum deposit and time to open an account
Interactive Brokers Saxo Bank Oanda City Index eToro
Minimum deposit $0 $600 $0 $0 $200
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1 day

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73.5% of retail CFD accounts lose money

#3 Oanda
Deposit and withdrawal
4.0

There is no deposit fee and you can conveniently use your debit card for deposit. While withdrawal is free in most cases, it is expensive for bank transfers, and it involves a fee if you withdraw to your card more than once a month.
Pros Cons
Credit/Debit card available High withdrawal fee for bank transfers
No deposit fee
Withdrawal is free for PayPal and for the first debit card transaction each month
Oanda withdrawal fee and options
Interactive Brokers Saxo Bank Oanda City Index eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $25

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73.5% of retail CFD accounts lose money

#3 Oanda
Markets and products
2.0

At Oanda you can trade only forex and CFDs. It offers fewer forex pairs but more CFDs than its closest competitors.
Oanda markets and products
Interactive Brokers Saxo Bank Oanda City Index eToro
Stock Yes Yes No No Yes
ETF Yes Yes No No Yes
Forex Yes Yes Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No No
Futures Yes Yes No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

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73.5% of retail CFD accounts lose money

#3 Oanda
Web trading platform
5.0

Oanda's web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.
Pros Cons
User-friendly No price alerts
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Kenya - Oanda trading platform
Oanda trading platforms
Interactive Brokers Saxo Bank Oanda City Index eToro
Web platform score 4.0 5.0 5.0 4.0 4.0
Mobile platform score 4.0 5.0 5.0 4.0 5.0
Desktop platform score 3.0 5.0 4.0 3.0 -

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73.5% of retail CFD accounts lose money

#3 Oanda
Verdict

Oanda is a good forex broker: its fees are great, and it has a good web trading platform where you will quickly feel comfortable. It provides a user-friendly and fully digital account opening process, as well as powerful research tools, especially API.

On the other hand, Oanda has a limited product portfolio, as only forex and CFDs are available. Customer support is slow, and bank withdrawal fees can be high.

Feel free to try Oanda: it is regulated by top-tier regulators, there is no minimum deposit, and the inactivity fee only kicks in after two years.

Oanda
Summary Oanda is a US forex broker. It is regulated by top-tier authorities like the UK FCA and Australia's ASIC.
Fees score 4.0
Recommended for Forex traders who value a user-friendly platform and great research tools

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73.5% of retail CFD accounts lose money

City Index Logo

#4 Best international online brokers for citizens in Kenya
City Index

4.6

City Index was founded in 1983 and it is a global CFD and FX broker. City Index is the brand name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS). 

City Index is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.

Recommended for forex and cfd traders looking for low forex fees and great research tools

Pros Cons
Low fees for forex and index CFDs Limited product portfolio
Fast and smooth account opening High stock CFD fees
Diverse research tools Not user-friendly desktop platform

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72% of retail CFD accounts lose money

#4 City Index
Fees
4.0

City Index has low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high and there is an inactivity fee.
Pros Cons
Low forex fees Inactivity fee
No withdrawal fee High stock CFD fee
Low stock index CFD fees
City Index fees
Interactive Brokers Saxo Bank Oanda City Index eToro
US stock $1.0 $10.0 - - $0.0
UK stock $7.2 $9.6 - - $0.0
EURUSD benchmark fee $17.9 $15.5 $15.9 $12.8 $19.6

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

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72% of retail CFD accounts lose money

#4 City Index
Account opening
5.0

City Index account opening is fully digital and there is no minimum deposit. It took us one day to have an approved open account.
Pros Cons
Fast None
Fully digital
No minimum deposit
City Index minimum deposit and time to open an account
Interactive Brokers Saxo Bank Oanda City Index eToro
Minimum deposit $0 $600 $0 $0 $200
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1 day

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72% of retail CFD accounts lose money

#4 City Index
Deposit and withdrawal
4.0

City Index provides multiple options for deposit and withdrawal and they are free of charge. However, the withdrawal with some credit cards is not possible.
Pros Cons
Credit/Debit card available Problem with credit card withdrawal
Free withdrawal
No deposit fee
City Index withdrawal fee and options
Interactive Brokers Saxo Bank Oanda City Index eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $25

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72% of retail CFD accounts lose money

#4 City Index
Markets and products
2.0

At City Index, you can only trade with CFDs, forex, and cryptos. Unfortunately, real stocks, bonds and ETFs are not available.
City Index markets and products
Interactive Brokers Saxo Bank Oanda City Index eToro
Stock Yes Yes No No Yes
ETF Yes Yes No No Yes
Forex Yes Yes Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No No
Futures Yes Yes No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

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72% of retail CFD accounts lose money

#4 City Index
Web trading platform
4.0

City Index's web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login.
Pros Cons
User-friendly No two-step (safer) login
Good customizability (for charts, workspace)
Good variety of order types
Best international online brokers for citizens in Kenya - City Index trading platform
City Index trading platforms
Interactive Brokers Saxo Bank Oanda City Index eToro
Web platform score 4.0 5.0 5.0 4.0 4.0
Mobile platform score 4.0 5.0 5.0 4.0 5.0
Desktop platform score 3.0 5.0 4.0 3.0 -

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72% of retail CFD accounts lose money

#4 City Index
Verdict

City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK FCA.

On the bright side, it has low forex and stock index CFD fees, a smooth account opening process, and high-quality research tools.

It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform is not easy-to-use.

As there is no minimum balance, no withdrawal fee and inactivity fee only kicks in after one year, feel free to try City Index out.

City Index
Summary City Index is a global CFD broker, regulated by many financial authorities including the top-tier UK FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange.
Fees score 4.0
Recommended for Forex and CFD traders looking for low forex fees and great research tools

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72% of retail CFD accounts lose money

eToro Logo

#5 Best international online brokers for citizens in Kenya
eToro

4.6

eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.

eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

Recommended for traders interested in social trading (i.e. copying other investors’ trades)

Pros Cons
Free stock and ETF trading in the EU High forex fees
Seamless account opening Withdrawing money is slow and expensive
Social trading experience Only one account base currency

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75% of retail CFD accounts lose money

#5 eToro
Fees
4.0

eToro offers free stock trading in Europe and has low CFD fees. On the negative side, forex trading fees and withdrawal fees are high.
Pros Cons
Free stock and ETF trading in the EU High non-trading fees
Low CFD fees High forex fees
Withdrawal fee
eToro fees
Interactive Brokers Saxo Bank Oanda City Index eToro
US stock $1.0 $10.0 - - $0.0
UK stock $7.2 $9.6 - - $0.0
EURUSD benchmark fee $17.9 $15.5 $15.9 $12.8 $19.6

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

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75% of retail CFD accounts lose money

#5 eToro
Account opening
5.0

Account opening at eToro is seamless and very fast.
Pros Cons
Fast None
Fully digital
Low minimum deposit
eToro minimum deposit and time to open an account
Interactive Brokers Saxo Bank Oanda City Index eToro
Minimum deposit $0 $600 $0 $0 $200
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1 day

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75% of retail CFD accounts lose money

#5 eToro
Deposit and withdrawal
3.0

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
Pros Cons
Credit/Debit card available High withdrawal fee
No deposit fee Only one account base currency
User-friendly Slow withdrawal - over 3 days
eToro withdrawal fee and options
Interactive Brokers Saxo Bank Oanda City Index eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $25

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75% of retail CFD accounts lose money

#5 eToro
Markets and products
4.0

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.
eToro markets and products
Interactive Brokers Saxo Bank Oanda City Index eToro
Stock Yes Yes No No Yes
ETF Yes Yes No No Yes
Forex Yes Yes Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No No
Futures Yes Yes No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

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75% of retail CFD accounts lose money

#5 eToro
Web trading platform
4.0

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Kenya - eToro trading platform
eToro trading platforms
Interactive Brokers Saxo Bank Oanda City Index eToro
Web platform score 4.0 5.0 5.0 4.0 4.0
Mobile platform score 4.0 5.0 5.0 4.0 5.0
Desktop platform score 3.0 5.0 4.0 3.0 -

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75% of retail CFD accounts lose money

#5 eToro
Verdict

eToro has zero-commission stock trading in Europe. Account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

It has some drawbacks, though. Forex fees and non-trading fees are high, and eToro only allows USD accounts

Overall, we would recommend eToro for its social trading feature and cheap stock trading.

Risk disclaimer

eToro is a multi-asset platform that offers both investing in stocks and cryptoassets, as well as trading CFD assets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

eToro
Summary eToro is a global social trading broker. It is regulated by top-tier authorities such as the UK FCA or Australia's ASIC.
Fees score 4.0
Recommended for Traders interested in social trading (i.e. copying other investors’ trades)

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75% of retail CFD accounts lose money

Best international online brokers for citizens in Kenya
What makes a good online broker

Now you know the top 5. You are probably curious about how we came up with this list. Let's go through a few points quickly. What is an online broker? Why do we think these brokers are safe? What are the most important factors when selecting the best online brokers?

What is an online broker?

Thirty years ago if you wanted to buy a stock, you had to pick up the phone and call your broker, who executed the transaction in return for a commission. Brokers were like in the Wolf of Wall Street movie. They were checking the stocks' prices while holding a telephone and shouting. Everything changed after the internet appeared. Nowadays if you want to buy Apple shares, you open online an account, deposit money, and make the order through the brokers' online platform. These brokers are the online brokers. Online brokers help you buying and selling securities, like stocks. After making your order, the online broker executes it immediately. Everything is online.

Are these brokers safe?

You can be sure none of them is a scam. They are regulated by top-tier regulators. Some of them are also listed on an exchange, and some have a banking background.

However, also brokerage companies can go down. Remember Lehman Brothers? In these cases, it is important to know what happens with your securities and cash. These are usually held in segregated accounts, so even in case of a broker bankruptcy, you are safe.

If everything goes very bad and for example, the broker steals your assets, then you have a last resort, the compensation fund of the country where the broker is regulated.

How did Brokerchooser pick the best international online brokers for a citizen in Kenya?

At Brokerchooser we test online brokers more than 100 criteria, with a real account and real money. Not to overwhelm you we list the five most important criteria.

The 5 most important criteria for best international online brokers are:

5 important criteria for the best international online brokers in 2020
1. Fees The trading fee of a typical US equity trade can be 50 times higher at one online broker compared to another. Worth to check the fees.
2. Account opening Some online brokers require a minimum to invest, others don't set a minimal first-time deposit. Check out what the best online brokers require.
3. Deposit and withdrawal Transferring money to your account can be 5 times longer and more expensive at one online broker compared to another.
4. Products and markets You want to invest in Amazon and Bitcoin? They might not be available. Check the product coverage before opening an account.
5. Trading platform A user-friendly and well-equipped trading platform can significantly increase your trading comfort.

Best international online brokers for citizens in Kenya
Bottom line

You saw the details, now let's zoom out. Here are the best international online brokers of 2020 for citizens in Kenya:

Best international online brokers for citizens in Kenya
Interactive Brokers Saxo Bank Oanda City Index eToro
Overall score 4.9 4.8 4.6 4.6 4.6
Best in Best online broker Best forex broker Best mobile trading platform Best broker for cryptos
Fees score 4.0 3.0 4.0 4.0 4.0
Account opening score 3.0 3.0 4.0 5.0 5.0
Deposit and withdrawal score 3.0 5.0 4.0 4.0 3.0
Markets and products score 5.0 5.0 2.0 2.0 4.0
Web platform score 4.0 5.0 5.0 4.0 4.0
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73.5% of retail CFD accounts lose money
Visit broker
72% of retail CFD accounts lose money
Visit broker
75% of retail CFD accounts lose money

Interactive Brokers is our winner, the best international online broker in Kenya of 2020. Wide range of products. Many great research tools. Regulated by several authorities.
All brokers are considered a great choice. Pick the winner, or any runner-up and take the next step in your investment journey. Let us know what you think in the comment section.
Still unsure? Use the broker finder and find the best international broker for you or learn more about investing your money.

Tibor Bedő

Tibor Bedő

Co-founder, CEO

Author of this article

Tibor believes having a good stockbroker is everybody's privilege. He worked extensively in the financial industry, including at Morgan Stanley and at The Boston Consulting Group (BCG). He advised leading European banks on strategy, finance and risk management.

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Visit Oanda
73.5% of retail CFD accounts lose money
Visit City Index
72% of retail CFD accounts lose money
Visit eToro
75% of retail CFD accounts lose money
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