Kenyan online forex traders recorded KSh7.12 billion in gross losses during 2025, even as the reported number of active accounts fell by 46.2% to 152,110. Gross gains reached KSh1.25 billion, leaving traders with an estimated net loss of KSh5.87 billion.
The proportion of accounts recording losses improved to 77.58% from 90.91% in 2024. However, the value of gross losses rose by approximately 46.6%, showing that the remaining market participants collectively absorbed much heavier losses despite the contraction in activity.
Key Overview
- Gross client losses reached KSh7.12 billion, compared with KSh1.25 billion in gains.
- Losses represented approximately 85.1% of combined winning and losing outcomes by value.
- Traders lost about KSh5.69 for every KSh1 recorded as a gain.
- Active accounts declined from 282,836 to 152,110.
- Exness, HF Markets, Pepperstone and FXPesa generated roughly 87.3% of reported client losses.
- Regulated brokers reduced their combined corporate net loss to KSh48.74 million.
Fewer Accounts, but Much Larger Losses
The latest market figures show gross losses increasing from approximately KSh4.86 billion in 2024 to KSh7.12 billion in 2025. Over the same period, active accounts declined from 282,836 to 152,110.
That combination is more revealing than either figure alone. When gross losses are divided across all reported active accounts, the implied loss intensity rises from about KSh17,183 per account in 2024 to roughly KSh46,808 in 2025. This does not represent the exact loss of an individual trader, because outcomes were unevenly distributed and an account is not necessarily the same as a unique person. It nevertheless indicates that losses grew much faster than participation declined.
Traders recorded approximately KSh1.25 billion in gross gains, equivalent to US$9.62 million using the stated conversion rate of US$1 to KSh130. Gross losses of KSh7.12 billion were equivalent to about US$54.80 million, producing a net trading loss of approximately KSh5.87 billion.
The net loss was about 42.1% higher than the KSh4.13 billion recorded in 2024. Independent reporting of the CMA statistics also confirms the sharp fall in accounts and the increase in overall losses.
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Four Brokers Dominated Reported Client Losses
Client losses were heavily concentrated among the largest platforms. Exness recorded approximately KSh2.96 billion in client losses, the highest total in the regulated market. HF Markets followed with about KSh1.21 billion, while Pepperstone Markets Kenya and FXPesa recorded roughly KSh1.18 billion and KSh866.76 million, respectively.
Together, those four firms accounted for approximately KSh6.22 billion, or 87.3%, of all reported gross losses. The concentration partly reflects the scale of their Kenyan operations rather than proving that one platform was inherently riskier than another. A fair comparison would also require information on client deposits, trading volumes, leverage, average account sizes and the types of instruments traded.
HF Markets had the largest reported client base, while Exness recorded the largest value of losses. Pepperstone was also one of the most active platforms, and FXPesa remained a significant local participant. These firms appear on the official register of licensed non-dealing online forex brokers, which distinguishes regulated providers from unlicensed operators.
Broker Finances Improved as Traders Lost More
The financial position of the brokerage companies improved even as client outcomes deteriorated. The non-dealing online forex broker segment narrowed its combined net loss by approximately 74%, from KSh190.08 million in 2024 to KSh48.74 million in 2025. Total sector income declined by about 5% to KSh2.41 billion.
Pepperstone remained the largest broker by income, generating KSh872.81 million and returning to a KSh99.18 million profit after a loss in the previous year. Exinity Capital East Africa, Exness, EGM Securities, HFM Investments and SCFM were also profitable, while Windsor Markets Kenya and Ingot Africa reported the largest corporate losses.
Client trading losses and broker corporate profits should not be interpreted as direct mirror images. The first measure captures gains and losses inside customer accounts, while the second reflects each broker’s complete income statement, operating expenses and business model.
What the Figures Mean for Retail Traders
The 2025 data reinforces the risks associated with leveraged forex and contract-for-difference trading. Leverage allows traders to control positions larger than their deposited capital, magnifying potential gains but also accelerating losses when markets move against them.
A regulated broker provides legal oversight, client-account rules and a route for complaints, but regulation does not guarantee profitable trading. Traders still need to understand leverage, margin calls, spreads, overnight financing costs and position sizing before committing capital.
The decline in the losing-account rate is encouraging in isolation, but it should not overshadow the rise in the total value of losses. The broader lesson from 2025 is that fewer participants did not create a safer market: the traders who remained collectively lost substantially more money.
Sources: Capital Markets Authority / The Kenyan Wall Street / The Kenya Times
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