6 minute read
Is JustMarkets Legal in Kenya? A Comprehensive Review
from JustMarkets
by Exness_India
Yes, JustMarkets is currently not regulated or licensed by the Capital Markets Authority (CMA) of Kenya, which means it is not legally authorized to operate as a financial service provider in Kenya. While Kenyan residents can access the platform, trading with JustMarkets involves regulatory risk. In this article, we’ll explore the legal status of JustMarkets in Kenya, the risks of using unregulated brokers, what CMA regulation means, and safer alternatives for traders in the country.
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What is JustMarkets?
JustMarkets is a global forex and CFD broker offering access to currency pairs, commodities, indices, and cryptocurrencies. Founded in 2012, it serves clients in over 180 countries. The broker provides trading on MetaTrader 4 and MetaTrader 5 platforms with account types like Standard, Raw Spread, and Pro.
JustMarkets promotes features such as:
High leverage (up to 1:3000)
Commission-free accounts
Copy trading
Islamic accounts
24/7 customer support
However, regardless of these features, the critical issue for Kenyan traders is whether the broker is operating legally within the country’s jurisdiction.
What Does "Legal" Mean in the Context of Forex in Kenya?
To understand whether a forex broker like JustMarkets is legal in Kenya, you must know how the financial regulatory system works. In Kenya, the Capital Markets Authority (CMA) is the only recognized financial regulatory body responsible for overseeing forex brokers and investment firms.
For a broker to operate legally in Kenya, they must:
Be licensed by the CMA
Comply with local investor protection laws
Offer transparency in operations
Be subject to audits and inspections by the CMA
Therefore, any broker not licensed by the CMA is considered unregulated and not legally authorized to offer forex services in Kenya — even if it is licensed elsewhere.
Is JustMarkets Regulated by the CMA?
No. JustMarkets is not licensed or regulated by the Capital Markets Authority (CMA) of Kenya.
As of the time of writing, JustMarkets is not listed on the CMA’s official list of approved online forex brokers. This means:
The broker is not legally allowed to solicit, market, or operate in Kenya.
Kenyan clients who use JustMarkets do so at their own risk.
There is no legal recourse for traders if a dispute or issue arises with the broker.
While JustMarkets holds offshore licenses (for example, from the Financial Services Authority of Seychelles), these do not equate to Kenyan regulatory compliance.
Can Kenyans Still Access JustMarkets?
Yes, Kenyans can still access and open accounts on JustMarkets. Like many offshore brokers, JustMarkets accepts clients from Kenya and other countries where it is not explicitly banned. However, this does not make it legal or safe.
Accessing an unregulated broker can expose Kenyan traders to several risks:
Lack of investor protection: If the broker collapses or refuses to honor withdrawals, Kenyan clients cannot turn to the CMA or any local authority.
No legal arbitration: You cannot pursue legal action through local courts or financial tribunals.
Possible account issues: Funds may be frozen without explanation, and terms may change without notice.
Low transparency: Regulatory oversight is minimal, and offshore jurisdictions rarely enforce strict compliance.
In essence, while JustMarkets is accessible, it is not authorized, and using it may violate CMA regulations.
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What Are the Risks of Using an Unregulated Broker Like JustMarkets?
Here are the key risks of using a broker not licensed by Kenya’s CMA:
1. No Protection of Client Funds
CMA-licensed brokers must keep client funds in segregated bank accounts. With an offshore broker like JustMarkets, your money could be mixed with operational funds, increasing the risk of loss.
2. Withdrawal Issues
Many complaints about offshore brokers revolve around delayed or denied withdrawals. Since there’s no local oversight, users often have no way to enforce their rights.
3. No Dispute Resolution
If a CMA-regulated broker wrongs you, you can escalate the issue to the CMA. With JustMarkets, your only options are to contact their support team or pursue international legal action — an expensive and often impossible process.
4. Aggressive Marketing and Bonus Traps
Offshore brokers often use high bonuses or trading incentives to lure customers, which come with hidden conditions. This can trap users in difficult financial situations.
5. Limited Transparency
Regulated brokers publish regular audits, financial statements, and comply with strict reporting. Offshore brokers like JustMarkets are not required to disclose much, which can hide operational risks.
Why Is CMA Regulation Important?
The Capital Markets Authority of Kenya was established to protect investors and promote fair, efficient capital markets. It sets stringent requirements for any forex broker wishing to operate in Kenya. These include:
Minimum capital thresholds
Internal compliance systems
Segregation of funds
Regular audits
Transparent fee structures
Strict know-your-customer (KYC) and anti-money laundering (AML) procedures
Using a CMA-regulated broker ensures your funds and trades are protected under Kenyan law. It also gives you the legal right to lodge complaints or claim compensation in case of broker misconduct.
Are There CMA-Licensed Forex Brokers in Kenya?
Yes. As of now, the following brokers are licensed and regulated by the CMA to operate in Kenya:
EGM Securities (FXPesa)
Scope Markets
Pepperstone Markets Kenya
HFM Investments (HotForex)
Exinity East Africa Ltd (Alpari & FXTM group)
These brokers have passed CMA requirements and are legally allowed to offer forex trading services to Kenyan residents.
Benefits of Using CMA-Regulated Brokers:
Legal protection under Kenyan law
Transparent fee structures
Easier funding and withdrawals via local methods
Local customer support
Access to local dispute resolution
What Should Kenyan Traders Do?
If you are a Kenyan forex trader or investor considering JustMarkets, it’s important to understand that:
It is not legal or authorized in Kenya
You will have no legal protection if issues arise
Better, safer alternatives exist
Here’s what you should do instead:
Choose a CMA-regulated broker: Check the official CMA website to find a current list of licensed forex brokers.
Verify licenses independently: Visit the regulator's site to confirm the broker's registration status.
Avoid offshore brokers promising high leverage or bonuses: These are usually marketing gimmicks with hidden risks.
Start with a demo account: Test the platform with virtual funds to assess usability and features.
Understand the risks of forex trading: Use risk management tools like stop-loss orders and educate yourself continuously.
Will JustMarkets Become Regulated in Kenya?
There is currently no public indication that JustMarkets is seeking CMA regulation. The company operates under offshore licenses, which are easier and cheaper to obtain but offer less protection to clients. If JustMarkets wishes to operate legally in Kenya, it would need to:
Establish a local presence
Apply for CMA licensing
Comply with local regulations and audits
Until then, JustMarkets remains unauthorized in Kenya and should be approached with caution.
Final Verdict: Is JustMarkets Legal in Kenya?
No, JustMarkets is not legally authorized or regulated to operate in Kenya. It does not hold a license from the Capital Markets Authority (CMA), which is a legal requirement for any forex broker serving Kenyan clients. While the platform is accessible from Kenya, traders who choose to use it do so at their own risk and without legal protection.
If you’re serious about trading forex safely and legally in Kenya, stick to CMA-regulated brokers. They offer a more secure trading environment, legal recourse, and full compliance with local investor protection laws.
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