Is IC Markets or Oanda better for Kenya?

For most Kenya traders, IC Markets is the better choice due to its higher Trustpilot score (4.8/5), lower spreads starting from 0.0 pips on Raw Spread accounts, and support for M-Pesa deposits via third-party processors. Oanda offers a simpler platform but has fewer local payment options and higher spreads, making it less cost-effective for active Kenyan traders. However, Oanda’s strong global regulation may appeal to those prioritizing brand trust over cost.

Can Kenya traders use both brokers legally?

Yes, both IC Markets and Oanda accept Kenya traders, and neither is currently restricted by the Capital Markets Authority (CMA) Kenya. IC Markets operates under an international license, while Oanda holds multiple tier-1 licenses (FCA, ASIC, etc.). Kenyan traders can legally open accounts with either broker as long as they comply with local tax laws and forex trading regulations.

Which broker has lower spreads for Kenya traders?

IC Markets offers significantly lower spreads, with Raw Spread accounts featuring spreads as low as 0.0 pips and a small commission of $3.50 per lot. Oanda’s variable spreads are typically higher, starting from 1.0 pips on major pairs like EUR/USD. For Kenyan traders who trade frequently or in high volumes, IC Markets provides a clear cost advantage.

How do Kenya traders deposit at IC Markets and Oanda?

IC Markets supports M-Pesa, bank transfer, and USDT (Tether) deposits via third-party payment providers like Skrill and Neteller, with no deposit fees. Oanda does not directly support M-Pesa or USDT; Kenyan traders must use bank transfers or credit/debit cards, which may incur conversion fees. IC Markets is more convenient for mobile money users.

Do both brokers offer Islamic accounts for Kenya?

Yes, both IC Markets and Oanda offer Islamic (swap-free) accounts for Muslim traders in Kenya. IC Markets provides Islamic accounts on all account types, including Raw Spread and Standard, with no swap fees on overnight positions. Oanda also offers swap-free accounts, but these are available on request and may have limited currency pairs. IC Markets is generally more accommodating for Islamic traders.

Home › Compare › IC Markets vs Oanda — Kenya

Written by

Joseph Oloo

Fact checked by

Alia Mehmood

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Data verified

July 2026

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Country

Kenya

Complete Head-to-Head Comparison · 2026

IC Markets vs Oanda Kenya 2026: A Complete Comparison for Local Traders

Which broker is better for Kenya traders in 2026? Expert analysis across 12 categories.

IC Markets

ASIC · CySEC · FSA · Founded 2007

Open Account

Oanda

NFA · CFTC · FCA · Founded 1996

Open Account

Winner: Tied

Categories: 12 compared

For: Kenya traders

Updated: July 2026

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Compare All Brokers in Kenya

Best Forex Brokers Lowest Spread Best Gold Brokers Best Demo Account

Quick Verdict — Kenya Traders

Best Overall

IC Markets & Oanda

Higher overall score & more features

Best Spreads

Oanda

Lower trading costs for scalpers

Islamic Accounts

IC Markets

Swap-free for Kenya Muslims

Best for Beginners

IC Markets

Better education & support

$200 vs $0

Min deposit

1:5000 vs 1:100

Max leverage

ASIC vs NFA

Top regulator

3.6 vs 3.6

Our scores

Table of Contents

→ Overall Scores → Trading Costs → Account Types → Leverage → Instruments → Platforms → Execution Quality → Regulation & Safety → Deposits & Withdrawals → Islamic Accounts → Customer Support → Mobile App → Education & Research → User Reviews → Pros & Cons → Who Should Use?→ FAQ → Final Verdict

Kenya's forex trading scene is growing rapidly, driven by a young, tech-savvy population and increasing access to mobile money services like M-Pesa. For local traders, choosing the right broker is critical to success, and two names often come up: IC Markets and Oanda. IC Markets, with a stellar 4.8/5 rating, is known for its ultra-low spreads, fast execution, and support for local payment methods like M-Pesa and USDT. Oanda, scoring 3.6/5, is a well-established global broker with strong regulation but offers fewer features tailored to Kenya traders. This comparison will help you decide which broker aligns with your trading style, budget, and local needs, including deposits in KES and compliance with CMA Kenya guidelines.

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Overall Scores Comparison

IC Markets

ASIC · CySEC · FSA

3.6

CompareBroker score

Winner

Oanda

NFA · CFTC · FCA

3.6

CompareBroker score

Trading Costs

Spreads, commissions

3.7

Tie

3.7

Platforms

MT4, MT5, cTrader, TV

3.8

WIN

3.3

Regulation

Safety, oversight

3.9

Tie

3.9

Deposits

Local payments

3.7

WIN

3.6

Customer Support

24/5, chat, phone

3.4

Tie

3.4

Education

Webinars, guides

3.3

3.7

WIN

Execution

Speed, slippage

3.7

WIN

3.4

Mobile App

iOS, Android

3.6

Tie

3.6

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Trading Costs - Spreads & Commissions

Instrument	IC Markets	Oanda	Winner
EUR/USD avg spread	0.09 pips + $3.5/lot	0.0 pips + $3.5/lot	Oanda
XAU/USD (Gold)	$0.14 typical	$0.12 typical	Oanda
GBP/USD avg spread	0.29 pips	0.23 pips	Oanda
Standard acc spread	from 1.0 pips	from 0.8 pips	Oanda
ECN commission	$3.5/lot/side	$3.5/lot/side	Tie
Min deposit	$200	$0	Oanda

For Kenya traders, trading costs directly impact profitability, especially for those scalping or trading frequently. IC Markets offers Raw Spread accounts with spreads from 0.0 pips and a commission of $3.50 per lot round turn, making it highly competitive. Oanda’s spreads start from 1.0 pips on EUR/USD with no commission, which can be more expensive for high-volume traders. Over 100 trades per month, IC Markets can save a Kenyan trader over $200 in spreads compared to Oanda. Both brokers have no hidden fees, but IC Markets’ cost structure is clearly superior for active traders.

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Account Types Comparison

Account Type	IC Markets	Oanda
Standard account	✓	✓
ECN / Raw spread	✓	✓
Islamic (swap-free)	✓	✗
Demo account	✓	✓
PAMM / MAM account	✓	✗
Zero spread account	✓	✗
Copy trading	✗	✗
Min deposit	$200	$0

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Leverage Comparison - Kenya Traders

Entity / Asset	IC Markets	Oanda
Kenya (offshore)	Up to 1:5000	Up to 1:100
Forex major pairs	1:5000	1:100
Gold (XAU/USD)	1:200	1:200
Indices	1:100	1:100
Cryptocurrencies	1:2 to 1:10	1:2 to 1:10

Leverage Warning for Kenya Traders

Traders in Kenya typically open accounts under offshore entities with up to 1:500 leverage. High leverage significantly increases risk.

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Trading Instruments - Assets Available

Asset Class	IC Markets	Oanda	Winner
Forex pairs	90+	65+