Kenyan online forex traders posted gross losses of KSh7.12 billion (US$54.8 million) in 2025, even as the number of active trading accounts fell by 46.2 percent to 152,110, according to the latest data from the Capital Markets Authority (CMA).
Although the proportion of losing accounts improved to 77.58 percent from 90.91 percent in 2024, the total value of losses increased by 46.6 percent, indicating that the traders who remained in the market suffered significantly larger losses on average.
Overall, traders lost about KSh5.69 for every KSh1 gained, with gross losses accounting for roughly 85 percent of all reported trading outcomes by value.
Four brokers, Exness, HF Markets, Pepperstone and FXPesa, accounted for nearly 87 percent of all client losses, highlighting the concentration of Kenya’s regulated online forex market among a small number of major platforms.
During the year, traders recorded KSh1.25 billion (US$9.62 million) in gains against KSh7.12 billion (US$54.8 million) in losses, resulting in a net loss of KSh5.87 billion (US$45.18 million), up 42.1 percent from KSh4.13 billion (US$31.79 million) in 2024.
Despite participation in the market nearly halving, the increase in losses suggests the remaining investors took on greater risk or experienced larger average trading losses.
Broker Performance
Exness recorded the largest client losses, with traders on its platform losing about KSh2.96 billion (US$22.77 million), representing approximately 41.6 percent of the industry’s total reported losses.
HF Markets had the largest active client base, with 63,138 accounts. Nearly 80 percent of its traders recorded losses, amounting to KSh1.21 billion (US$9.27 million), while winning trades generated KSh322.9 million (US$2.48 million).
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Pepperstone clients lost approximately KSh1.18 billion (US$9.05 million) during the year, while FXPesa, operated by EGM Securities, recorded client losses of around KSh866.8 million (US$6.67 million).
Brokers Improve Financial Results
While retail traders endured heavier losses, most forex brokers reported stronger financial performance.
The non-dealing online forex brokerage sector reduced its combined net loss by 74 percent to KSh48.74 million, down from KSh190.08 million in 2024, despite total industry income declining 5 percent to KSh2.41 billion.
Pepperstone remained the industry’s largest broker by revenue, generating KSh872.81 million and returning to profitability with a KSh99.18 million profit after recording a loss the previous year.
Exinity Capital East Africa, HFM Investments, EGM Securities and SCFM also remained profitable. Exness stayed in profit, although its earnings fell by 70 percent year-on-year.
Among the weaker performers, Windsor Markets Kenya and Ingot Africa posted the largest corporate losses, while newer entrants such as Anzo Capital reported their first profits.
The figures underscore the contrasting fortunes of Kenya’s regulated forex market, where brokerage firms generally strengthened their financial positions even as a majority of retail traders continued to record substantial losses.
