CMA licenses two non-dealing Online Forex Trading Brokers

Nairobi, 8 November 2021…The Capital Markets Authority (CMA) has announced the grant of licenses to HFM Investments Limited and Windsor Markets (Kenya) Limited to operate as non-dealing Online Foreign Exchange Trading brokers lifting the number of entities in this space to six.

In a statement released to newsrooms, the CMA Chief Executive Wyckliffe Shamiah noted, ‘the Authority is pleased to grow the pool of licensed entities that can offer non-dealing online foreign exchange trading services to investors. The first intermediary in this space was licensed in 2018 and since then, there have been five additional licenses.’ The licenses were issued pursuant to the Capital Markets Act, Cap 485A and the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.

As non-dealing online foreign exchange brokers, the entities are licensed by the Authority to act as a link between the online foreign exchange market and a client in return for a commission or mark-up in spreads. The licensees do not engage in market-making activities (buying and selling of foreign currencies). They will provide their clients with access to trading platforms, enabling them trade from anywhere and at any time using their electronic devices. Online foreign exchange trading platforms give access to global markets and an opportunity for clients to educate themselves on the global financial markets. Non- dealing Online Forex brokers do not offer client advice or trade on behalf of their clients.

The other four CMA-licensed non-dealing online foreign exchange brokers are: EGM Securities Limited (trading as “FXPesa”), SCFM Limited (trading as “Scope Markets”), Pepperstone Markets Kenya Limited and Exinity East Africa Limited.




The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.


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