Kenyan online forex traders recorded billions of shillings in losses in 2025, with new data showing that losses increased significantly even as the number of active trading accounts declined.
According to the Capital Markets Authority (CMA), traders lost KSh7.12 billion (US$54.8 million) during the year, compared with KSh4.86 billion (US$37.39 million) lost in 2024. The losses represented a 46.6% increase year-on-year.
During the same period, traders recorded winnings of KSh1.25 billion (US$9.66 million), resulting in a net loss of approximately KSh5.87 billion after gains were factored in.
The data shows that while online foreign exchange trading continues to attract Kenyan investors, most participants ended the year with losses, raising concerns over the risks associated with leveraged retail forex trading.
Kenyan Forex Accounts Record Losses in 2025
Online forex trading accounts in Kenya declined by 46.2% to 152,110 accounts in 2025, compared with the previous year.
According to CMA, 77.58% of forex accounts lost money in 2025, an improvement from 90.91% recorded in 2024.
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Forex trading involves buying and selling currency pairs to benefit from changes in exchange rates.
Retail traders use leverage, which allows them to control larger positions with smaller amounts of money.
Among brokers operating in Kenya, Exness recorded the highest value of trader losses, with accounts losing KSh2.96 billion against winnings of KSh646.52 million.
The broker had 58,610 accounts, with 82.1% of traders recording losses. The value of losses represented an 82.1% loss-value rate.
HF Markets, which had the highest number of accounts at 63,140, recorded trader losses of KSh1.21 billion against winnings of KSh322.90 million. About 79.7% of accounts under the broker recorded losses.
Brokers Record Billions in Losses as Trading Risks Persist
Other major brokers also recorded significant losses among Kenyan traders.
At Pepperstone Markets Kenya, traders lost KSh1.18 billion compared with winnings of KSh136.94 million. The broker had 19,850 accounts, with 83% of traders losing money.
FXPesa/EGM Securities recorded losses of KSh866.76 million against winnings of KSh95.85 million. The broker had 27,510 accounts, with 86.3% of accounts making losses.
Smaller brokers also recorded high loss rates. Exinity Capital East Africa, despite having only 728 accounts, reported losses of KSh771.28 million compared with winnings of KSh20.51 million. The broker recorded a 97.4% loss-value rate, the highest among the listed firms.
IC Markets Kenya, with 454 accounts, recorded losses of KSh25.13 million against winnings of KSh1.52 million, with 82% of accounts losing money.
Also Read: Forex Income in Kenya: How Banks Make Billions from Currency and What Individuals Can Learn
Forex Wealth Promises Face Scrutiny After Heavy Losses
The latest figures come amid increased popularity of online forex trading in Kenya, where some traders and online personalities frequently showcase luxury lifestyles linked to trading success.
Luxury cars, expensive holidays, and claims of making quick profits have contributed to growing interest in forex markets, particularly among young investors seeking alternative income sources.
However, the CMA data highlights the gap between online portrayals of forex success and the actual performance of most retail traders.
Following the data from CMA, Kenyans have questioned the traders on the lavish displays amid the huge losses.
Other brokers, including Windsor Markets Kenya, recorded losses of KSh61.86 million against winnings of KSh10.87 million, while Empire FX Trade reported losses of KSh8.16 million against winnings of KSh2.80 million.
Ingot Kenya recorded losses of KSh43.46 million against winnings of KSh13.07 million, with 62.7% of accounts losing money.
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