Kenyan Forex Traders Lost KSh 7.12Billion in 2025

Kenyan online forex traders suffered US$ 54.80Million (KSh 7.12Billion) in gross trading losses in 2025 despite a sharp decline in market participation, as the number of active accounts fell 46.2% to 152,110, according to the latest data by the Capital Markets Authority (CMA).

• •Although the share of losing accounts improved to 77.58% from 90.91% a year earlier, total losses rose 46.6%, highlighting larger average losses among remaining traders even as forex brokers narrowed their own corporate losses.
• •Overall, traders lost about KSh5.69 for every KSh1 won, with gross losses accounting for roughly 85% of all reported trading outcomes by value.
• •Exness, HF Markets, Pepperstone and FXPesa accounted for nearly 87% of all reported client losses, underscoring the concentration of Kenya’s regulated online forex market among a handful of large brokers.

Clients recorded US$ 9.62Million (KSh 1.25Billion) in trading gains during the year, leaving a net trading loss of US$ 45.18Million (KSh 5.87Billion), up 42.1% from US$ 31.79Million (KSh 4.13Billion) in 2024.

The market contraction was evident across trading activity. Active accounts almost halved from 282,836 in 2024 to 152,110 in 2025, yet the value of losses rose, suggesting that while fewer investors participated in the market, those who remained incurred significantly larger losses on average.

Exness accounted for the largest client losses among licensed online forex brokers, with traders on its platform losing about US$ 22.77Mn (KSh 2.96Bn) during the year, equivalent to roughly 41.6% of the industry’s reported gross losses. HF Markets had the largest client base, with 63,138 active accounts, of which 79.69% recorded losses. Clients on the platform lost approximately US$ 9.27Mn (KSh 1.21Bn) against US$ 2.48Mn (KSh 322.90Mn) in winnings.

Pepperstone Markets Kenya ranked among the largest platforms by trading activity, with client losses of approximately US$ 9.05Mn (KSh 1.18Bn), while FXPesa, operated by EGM Securities, recorded client losses of about US$ 6.67Mn (KSh 866.76Mn).

Despite the worsening client outcomes, the brokers themselves reported stronger financial performance. The non-dealing online forex broker segment narrowed its aggregate net loss by 74% to KSh 48.74Mn from KSh 190.08Mn in 2024, although total sector income declined 5% to KSh 2.41Bn.

Pepperstone remained the industry’s largest broker by income, generating KSh 872.81Mn and returning to profitability with a KSh 99.18Mn profit after posting a loss a year earlier. Exinity Capital East Africa, HFM Investments, EGM Securities and SCFM also remained profitable, while Exness stayed in the black despite a 70% decline in earnings. Windsor Markets and Ingot Africa recorded the largest corporate losses among brokers.

FX rate used US$ 1= KSh 130.00

Kenya Online Forex Brokers: Income and Profit Performance (FY 2025 vs FY 2024):