AvaTrade Gets License in Kenya
AvaTrade has secured a non-dealing online foreign exchange brokerage license from the Kenyan Capital Markets Authority, becoming the 14th broker to hold such a license in the country.
AvaTrade, a retail CFD brokerage, has been granted a non-dealing online foreign exchange brokerage license by the Capital Markets Authority (CMA) of Kenya. The approval adds the firm to a growing list of brokers operating under the CMA’s regulatory framework.
With this license, the number of brokers holding a non-dealing forex brokerage license in Kenya now stands at 14. Other market participants include well-known industry players such as Exinity, IC Markets, and Pepperstone, as well as newer entrants like Capital.com and XM.
Kenya has become an increasingly attractive market for forex and CFD brokers, alongside Nigeria and South Africa, as Sub-Saharan Africa sees a surge in trading activity. Some brokers continue to draw substantial traffic from the region even without local licensing, but AvaTrade’s move aligns with the trend of securing formal regulatory approval to operate in the country.
The CMA’s licensing regime requires non-dealing brokers to adhere to specific operational standards, distinguishing them from firms that may offer forex services under other regulatory categories.
Source: AvaTrade