6 Best CMA Regulated Forex Brokers in Nigeria
The 6 Best CMA Regulated Forex Brokers in Nigeria revealed. We tested and verified the best CMA-regulated forex brokers for Nigerian Traders.
This is a complete guide to CMA-regulated forex brokers for Nigerians.
In this in-depth guide you’ll learn:
- What the Capital Market Authority (CMA)?
- Why traders in Nigeria should sign up with a Kenyan CMA-regulated broker?
- Who are the best CMA-regulated forex brokers for Nigerians in 2022?
- How to choose a forex broker – Compare them side by side by market activities, licensing, and best minimum deposits.
- Which brokers offer a sign-up bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best-verified Capital Market Authority (CMA) forex brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best CMA Regulated Forex Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ CMA Regulated Broker? | ⚖️ Regulation | 🏛 CBN Regulation? | 💸 NGN Deposits Allowed? | 👉 Open An Account |
| 1. FXPesa | Yes | CMA | No | No | 👉 Open Account |
| 2. Exinity East Africa Limited | Yes | CMA | No | No | 👉 Open Account |
| 3. Scope Markets | Yes | CMA, CySEC, FSCA | No | No | 👉 Open Account |
| 4. Pepperstone | Yes | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | No | Yes | 👉 Open Account |
| 5. HFM | Yes | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | No | Yes | 👉 Open Account |
| 6. Windsor Markets | Yes | CMA, CySEC, FCA, FSC | No | No | 👉 Open Account |
What is a CMA Regulated Broker?
👉 The Capital Markets Authority (CMA) is responsible for licensing and regulating the activities of forex brokers in Kenya.
6 Best CMA Regulated Forex Brokers in Nigeria (2023)
- FXPesa – Best Low Minimum Deposit for Nigerians
- Exinity East Africa Limited – Top Islamic Account Broker
- Scope Markets – Verified MT5 Forex Broker
- HFM – Best Broker that offers NGN Accounts
- Windsor Brokers – Top Commission-Free Trading in Nigeria
1. Pepperstone Markets Kenya Limited
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 The STP trading executions provided by Pepperstone Markets Kenya Limited ensure that there is no conflict of interest between Nigerian traders and the brokerage firm. They charge cheap commissions on trades.
👉 Trading is facilitated on trading platforms like MetaTrader 4 and 5, web-based trading platforms, and cTrader for PC, and they are considered to be among the most secure choices available.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💸 Minimum Deposit (₦) | 60,700 Nigerian Naira |
| 💵 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indicies |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There are some leverage restrictions |
| Well-regulated by some of the top market regulatory entities | |
| Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners | |
| There is a demo account and Islamic account offered | |
| There are several funding options offered to traders | |
| Deposit fees and withdrawal fees are not charged |
Trust Score and Nigerian Market Share
👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.
2. FXPesa
Overall Rating
- 4.1/5
Min Deposit
USD 5 / 2073 NGN
Regulators
Capital Markets Authority Kenya
Trading Desk
FXPesa mobile, MyFXPesa, MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FXPesa is a multi-platform exchange that allows Nigerian clients to trade using both Windows and Mac operating systems at the same time.
👉 They do, however, allow Nigerian traders to access their trading services via Apple or Android mobile devices as an option.
👉 In light of the fact that mobile trading has surpassed desktop trading in terms of popularity, it isn’t surprising that FXPesa delivers an extremely dependable mobile service to users in Nigeria.
👉 New clients who are unsure of how to trade with these products can take use of instructive trading videos and guided tutorials to get them up to speed.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CMA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Executive Account, Premier Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, FXPesa Mobile App, FXPesa proprietary platform |
| 💸 Minimum Deposit (₦) | 2,072 Nigerian Naira |
| 💵 Trading Assets | • Index CFDs • Forex • Commodity CFDs • Share CFDs |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FXPesa offers over 60 currency pairs, many of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDMXN, USDNOK, USDHKD, USDDKK and USDCNH. Other instruments include CFDs on silver, gold, platinum and oil, 11 indices and stocks. | The benchmark EUR USD spread on the FXPesa web based trading platform floated above 1,6 pips and that is somewhat higher than the levels traders would usually consider attractive |
| Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions offered to retail clients at 1:30 in the summer of 2018, currently leverage as high as 1:400. | the benchmark EUR USD spread on the FXPesa web based trading platform floated above 1,6 pips and that is somewhat higher than the levels traders would usually consider attractive. |
| You can open a trading account at FXPesa with just 5 USD and that is in the lower range of what most brokers would usually require. |
Trust Score and Nigerian Market Share
👉 FXPesa has a trust score of 93% and a market share of <5% in Nigeria.c
3. Exinity East Africa Limited
Overall Rating
- 4.5/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 A subsidiary of Exinity Group, a new global wealth management organization supported by 20 years of trading and investment experience, Exinity is a component of the Exinity Group.
👉 Exinity provides a competitive trading environment to Nigeria traders that includes an ECN pricing structure, industry-renowned platforms, and swap-free, halal trading, among other features and benefits.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CMA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Single retail trading account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💸 Minimum Deposit (₦) | Not indicated |
| 💵 Trading Assets | currencies, metals, energies, commodities, indices, and equity CFDs |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Great trading costs with raw spreads from 0.0 pips and high leverage | Limited selection of withdrawal options |
| Seven days swap free trading followed by a fixed fee | Minimum deposit not indicated by broker – larger entity has a very high minimum deposit of $10 000. |
| Regulated broker with a trusted management team | |
| Competitive trading tools and Live workshop for beginner traders |
Trust Score and Nigerian Market Share
👉 Exinity East Africa Limited has a trust score of 72% and a market share of <5% in Nigeria.
4. Scope Markets
Overall Rating
- 4.6/5
Min Deposit
50% of your initial deposit
Regulators
–
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Scope Markets is a global online trading broker that provides forex, commodities, stocks, and indices trading as well as leveraged and investment products in a variety of markets in Nigeria.
👉 The company provides access to MetaTrader 5 as well as a variety of account types, payment methods, and educational materials that should be sufficient to suit the demands of most traders, from Nigeria and Kenya to Mexico and beyond, according to the corporation.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CMA, CySEC, FSCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Gold Account, Platinum Account, Investment Account |
| 📱 Trading Platform | MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 82 900 naira |
| 💵 Trading Assets | Forex, CFDs on commodities, stocks and indices |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 1.5 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Great trading costs with raw spreads from 0.0 pips and high leverage | Limited selection of withdrawal options |
| Seven days swap free trading followed by a fixed fee | Minimum deposit not indicated by broker – larger entity has a very high minimum deposit of $10 000 |
| Regulated broker with a trusted management team | |
| Competitive trading tools and Live workshop for beginner traders |
Trust Score and Nigerian Market Share
👉 Scope Markets has a trust score of 92% and a market share of <5% in Nigeria.
5. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Founded in 2010, HFM is a London-based Forex and commodities trader. HFM announced in 2012 that it had added the Financial Conduct Authority (FCA) to its long list of accreditations (licensed no. 801701).
👉 The HF App, which gives Nigerian traders access to their accounts as well as a variety of trading tools, news, and financial analysis, further distinguishes HFM from the competition. As a HFM customer, you’ll be able to trade a wider range of assets, including specialty CFDs.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 2,000 Naira |
| 💵 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 💰 Nigerian Naira-based Account? | Yes, along with ZAR and USD |
| 💳 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| There are tight, competitive spreads from 0.0 pips on EUR/USD | HFM only offers a few deposit and withdrawal methods to Nigerians |
| There is a demo account for beginners who are learning to trade and professional traders who are testing strategies | |
| Nigerian traders can register a trading account in either USD, ZAR, or NGN | |
| Several asset classes can be traded through HFM | |
| Nigerian traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms |
Trust Score and Nigerian Market Share
👉 HFM has a trust score of 83% and a Nigerian market share of 2.5%.
6. Windsor Brokers
Overview
👉 There is a lot to like about Windsor Brokers, which caters to both new and seasoned traders in Nigeria, offering low spreads on forex and CFD trading, as well as a plethora of training materials and CySEC regulation.
👉 The spreads at Windsor Brokers are different depending on the type of account you have. The EUR/USD spread for Prime account holders is normally 1.5 pips, but the EUR/USD spread for Zero account holders is around 0.2 pips, though it can go as low as 0 for Nigerian traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CMA, CySEC, FCA, FSC |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Prime or Zero MT4 Account |
| 📱 Trading Platform | MetaTrader 4 |
| 💸 Minimum Deposit (₦) | 41, 452 Naira |
| 💵 Trading Assets | • Forex • Metals • Spot and CFD indices • Spot and CFD energies • Commodities • Treasuries • Shares |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Well-regulated broker in several jurisdictions | Limited selection of trading platforms |
| Commission-free trading available to Nigerian traders. | |
| Technical Signals updated up to four times a day. | |
| Over 33 years of experience in the global markets and a well-established reputation. |
Trust Score and Nigerian Market Share
👉 Windsor Brokers has a trust score of 92% and a Nigerian market share of <55%
Overview
👉 An independent government financial regulatory agency known as the Capital Markets Authority of Kenya, or CMA, is charged with overseeing the activities of market intermediaries such as the stock exchange, the central depository, and all other persons licensed under the Capital Markets Act of Kenya.
👉 Regulating the financial services sector, the Capital Markets Authority sets criteria for asset allocation. Guidelines for the amount of funds to be invested in each asset type (equities, government bonds and bills) are stated in ranges in the Cap 485A modified in 2013.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 The phrase “capital markets” refers to a group of markets that facilitate the purchase and sale of long-term and medium-term securities. Derivatives, Treasury bills and bonds, corporate bonds, and commercial papers are only some of the instruments traded on the capital markets.
The Role of the CMA
👉 It is the primary job of the CMA to supervise, license, and monitor the actions of market intermediaries, such as the stock exchange, the central depository, and the settlement system, and everyone else who is authorized to operate under the Capital Markets Act of 2000.
👉 Long-term productive investments are financed using this mechanism, which has a significant impact on the economy.
👉 A few examples of the Authority’s duties are as follows:
➡️ granting licenses and overseeing the activities of all capital market intermediaries;
➡️ monitoring the conduct of all licensed individuals and market institutions;
➡️ controlling the issuance of capital market products;
➡️ fostering market development by investigating new products and institutions;
➡️ promoting investor education and public awareness; and safeguarding investors’ interests, among others.
Benefits of trading with a CMA-regulated Forex broker
👉 There are numerous benefits for Nigerian traders who choose to sign up with a CMA-regulated Forex brokers. These include the following:
➡️ This regulatory organisation ensures that forex brokers are transparent to their customers and that they are unable to do business with them. Because they are bound by these regulations, their trading options are frequently legitimate.
➡️ Nigerian customers’ money is protected and cannot be misappropriated by the corporation, which has vowed to keep its customers’ money separate from their own money.
➡️ Every broker must have operational customer service assistance, which is ensured by regulators. Consequently, if any problems arise, the Nigerian consumer will be able to receive support as soon as possible.
➡️ In order to protect the interests of their traders, regulators ensure that licensed forex brokers do not engage in any malpractices or fraudulent actions that could jeopardize the reputation of their firms.
➡️ Because of the requirements established by the regulators, Nigerian forex traders can benefit from lower fees and spreads, resulting in greater profits.
➡️ In order to be properly licensed, your broker must be constantly on the lookout for fresh business prospects.
➡️ Regulated forex broker have no right to disrupt the market, ensuring that Nigerian traders can make the most of their investments in the currency market.
The best CMA-regulated Forex brokers in Nigeria
👉 Nigerian traders will enjoy numerous benefits when signing up with a CMA-regulated Forex broker. Only a handful of brokers are regulated by the CMA, and we have listed the best of these in this article.
How to Choose a Forex Broker
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The best Forex brokers in Nigeria
👉 In this article we have outlined the best CMA-regulated Forex brokers which operate in Nigeria. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best Forex broker with no withdrawal fees for Nigerian traders
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Overall, Pepperstone is considered a low-risk broker and can be summarised as a trustworthy and reliable agency-execution broker. Regarding spread and security, Pepperstone guarantees fast trading speeds from a few milliseconds. In terms of users, Pepperstone has over 8000 registered clients in the UK.
Best Forex broker with a low minimum deposit for Nigerian traders
Overall Rating
- 4.1/5
Min Deposit
USD 5 / 2073 NGN
Regulators
Capital Markets Authority Kenya
Trading Desk
FXPesa mobile, MyFXPesa, MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXPesa is considered a low-risk broker and can be summarised as a trustworthy and reliable NDD broker. Regarding spread and security, FXPesa guarantees fast trading speeds from a few milliseconds. In terms of users, FXPesa has over 2000 registered clients in Kenya.
Best Forex broker offering Islamic Accounts to Nigerian traders
Overall Rating
- 4.5/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exinity East Africa is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Exinity Easy Africa guarantees fast trading speeds from a few milliseconds. In terms of users, Exinity has registered clients from over 120 countries.
Best MT5 Forex broker for Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
50% of your initial deposit
Regulators
–
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Scope Markets is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Scope Markets guarantees fast trading speeds from a few milliseconds.
Best Forex broker with NGN accounts for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HFM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, HFM guarantees fast trading speeds from a few milliseconds. In terms of users, HFM has over 2.5 million registered clients around the world.
Best Forex broker with commission-free trading for Nigerian traders
Overall Rating
- 4.1/5
Min Deposit
USD 100 / 1 296 BWP
Regulators
CySEC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
50
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Windsor Brokers is considered a low-risk broker and can be summarised as a trustworthy and reliable market-making broker. Regarding spread and security, Windsor Brokers guarantees fast trading speeds from a few milliseconds. In terms of users, Windsor Brokers has registered traders from over 80 countries.
Frequently Asked Questions
How do I verify CMA authorisation?
To identify if a forex broker is licensed to operate under the CMA, the first step is to identify the register number from the disclosure text at the bottom of the broker’s homepage. This can then be checked on the official list of the CMA website.
Does the CMA protect me as a trader?
Yes, because the CMA actually oversees the way in which financial companies and best spread betting brokers in Nigeria and Kenya operate.
What is the CMA?
An independent government financial regulatory agency known as the Capital Markets Authority of Kenya, or CMA, is charged with overseeing the activities of market intermediaries such as the stock exchange, the central depository, and all other persons licensed under the Capital Markets Act of Kenya.
What is the role of the CMA?
It is the primary job of the CMA to supervise, license, and monitor the actions of market intermediaries, such as the stock exchange, the central depository, and the settlement system, and everyone else who is authorized to operate under the Capital Markets Act of 2000.
Long-term productive investments are financed using this mechanism, which has a significant impact on the economy.
How does the CMA protect me?
A few examples of the Authority’s duties are as follows:
- granting licenses and overseeing the activities of all capital market intermediaries;
- monitoring the conduct of all licensed individuals and market institutions;
- controlling the issuance of capital market products;
- fostering market development by investigating new products and institutions;
Conclusion
👉 Now it is your turn to participate:
➡️ Which broker from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the minimum deposit or because of leverage?
👉 Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
Top 3 Brokers
