VCG Markets Announces Kenya CMA Approval as a Non-Dealing Forex Broker
VCG Markets says its Kenyan company has been approved by the Capital Markets Authority as a non-dealing online forex broker. The approval is not yet shown on the CMA register. Here is what has been confirmed, what has not, and what Kenyan traders should check before signing up.
Kenya keeps pulling in international forex brokers. The latest is VCG Markets, which says its Kenyan company, VCG Markets Limited, has been approved by the Capital Markets Authority (CMA) as a Non-Dealing Online Foreign Exchange Broker.
BrokerBazaar has not been able to confirm the approval on the CMA's official register. Until it appears there, treat it as announced, not verified.
Key takeaways
- VCG Markets has announced that VCG Markets Limited received CMA approval as a non-dealing online forex broker in Kenya. No effective date or licence number has been published.
- When BrokerBazaar checked the CMA register of non-dealing online forex brokers on 11 November 2026, VCG Markets Limited was not listed. That does not mean the company is unlicensed, but the approval cannot yet be independently confirmed.
- A non-dealing licence means the firm acts as an intermediary. It cannot take the other side of client trades.
- Any approval covers only VCG Markets Limited and its authorised activities, not other VCG companies or every product the group sells.
- Outside Kenya, VCG says it serves clients through companies licensed in Mauritius and Seychelles. BrokerBazaar has not yet confirmed those entries on the official registers either.
About VCG Markets
VCG Markets is a multi-asset online broker offering forex, metals and CFDs to retail clients. According to its own regulation page, the group operates through these companies:
- VCG Markets Ltd, which VCG says is licensed by the Financial Services Commission (FSC) of Mauritius.
- VCG Markets (Seychelles) Ltd, which VCG says is licensed by the Financial Services Authority (FSA) of Seychelles as a Securities Dealer.
- VCG Tech Limited, a company registered in Limassol, Cyprus, which VCG says operates the website and processes payments.
VCG's regulation page did not list a Kenyan company when checked on 11 November 2026. VCG Markets Limited is named only in the group's announcement.
Clients trade on MetaTrader 5 (desktop, web and mobile) or the group's own VCG Mobile App, launched in 2024. VCG describes its execution as ECN and publishes two retail accounts, Standard and Premium. The group is led by Brian Myers, Group CEO.
What VCG Markets has announced
The group says it is investing locally and plans to bring its own trading app to Kenya.
"We are investing locally and bringing the VCG Mobile App, our flagship trading platform, to Kenyan investors," said Brian Myers, Group CEO of VCG Markets.
Kenya was already on VCG's list. The group named it as a target market in July, when its Seychelles licence was reported.
The Kenya licence type explained
Kenya has regulated online forex trading under a dedicated framework since 2017, supervised by the Capital Markets Authority. The CMA licenses two main types of online forex broker:
| Licence type | What the broker can do |
|---|---|
| Non-dealing online forex broker | Handles client orders as an intermediary and passes them to liquidity providers. It does not deal against clients. |
| Dealing online forex broker | Can also act as counterparty, taking the other side of client trades |
The approval VCG describes is the non-dealing type. According to the report, getting it requires:
- incorporation of a local Kenyan company
- client money held in segregated accounts
- minimum capital of KES 30 million (about $231,000)
| Detail | VCG Markets Limited (Kenya) |
|---|---|
| Regulator named | Capital Markets Authority (CMA), Kenya |
| Category announced | Non-Dealing Online Foreign Exchange Broker |
| Effective date | Not published |
| Licence number | Not published |
| On official CMA register | Not listed, as checked 11 November 2026 |
| Status on BrokerBazaar | Announced, not verified |
The register check traders should not skip
Before funding an account as a Kenyan resident:
- Search for VCG Markets Limited on the CMA register of non-dealing online forex brokers.
- If it is listed, confirm the category is Non-Dealing Online Foreign Exchange Broker and note the licence number.
- Check that your client agreement names VCG Markets Limited, not an offshore group company. Kenyan regulatory protections only apply if you contract with the Kenyan entity.
- Check who processes your deposits. VCG says payments on its global site are handled by VCG Tech Limited in Cyprus.
VCG has not said when its Kenyan entity will start accepting clients.
How VCG says it is regulated elsewhere
| Entity | Regulator | Licence, as stated by VCG | Confirmed by BrokerBazaar on official register |
|---|---|---|---|
| VCG Markets Ltd | Financial Services Commission (FSC), Mauritius | GB22200388, Investment Dealer (Full Service Dealer, excluding Underwriting) | Not yet |
| VCG Markets (Seychelles) Ltd | Financial Services Authority (FSA), Seychelles | Securities Dealer, SD243 | Not yet |
The licence details above come from VCG's own regulation page and client agreement. We tried to confirm them on the FSC and FSA public registers and could not complete the check, so we show them as stated by the broker.
Client protections and compensation
VCG says it offers negative balance protection and keeps client funds segregated. These are the broker's own statements, and they depend on the entity you sign up with and its client agreement.
VCG does not publish whether its clients, or the products they trade, are covered by any investor compensation scheme. Do not assume cover either way. Ask VCG in writing which entity you would contract with and whether any compensation arrangement applies to your account and the products you plan to trade.
Accounts and trading conditions
On its global website, VCG publishes two accounts on MetaTrader 5:
| Detail | Standard | Premium |
|---|---|---|
| Deposit required | $100 | $5,000 |
| Spreads | Dynamic | From 0 pips |
| Commission | None | $8 per standard lot |
| Max leverage, forex and metals | 1:500 | 1:500 |
| Max leverage, other CFDs | 1:200 | 1:200 |
| Execution | ECN | ECN |
| Stop-out level | 30% | 30% |
These are the global terms published by VCG. Conditions for Kenyan accounts may differ, including on leverage, and VCG has not yet published them.
A growing list of brokers in Kenya
Other international brokers have joined the CMA register this year. XM announced a non-dealing licence in February through TPXMGLOBAL Kenya Limited, which now appears on the CMA's non-dealing register. Capital.com secured a dealing licence in January, which lets it act as counterparty to client trades. The licence VCG describes does not include that function.
See the entity and account breakdown on the VCG Markets profile on BrokerBazaar.
Frequently asked questions
Is VCG Markets regulated in Kenya?
VCG says its Kenyan company, VCG Markets Limited, has been approved by the CMA as a non-dealing online forex broker. When BrokerBazaar checked on 11 November 2026, the company was not on the CMA's public register, so the approval is unverified. Check the register before opening an account.
What is a non-dealing forex broker?
A broker that handles client orders as an intermediary. Unlike a dealing broker, it does not take the other side of client trades.
Where else does VCG Markets say it is regulated?
VCG says VCG Markets Ltd is licensed by the FSC in Mauritius (GB22200388) and VCG Markets (Seychelles) Ltd by the FSA in Seychelles (Securities Dealer, SD243). BrokerBazaar has not yet confirmed these on the official registers.
Are VCG Markets clients covered by a compensation scheme?
VCG does not say. Ask the specific VCG company you would contract with whether any compensation arrangement covers your account and the products you trade.
Can Kenyans open a VCG Markets account now?
VCG has not announced when its Kenyan entity will start onboarding clients. Until it does, confirm which VCG company you would be contracting with.
Which platforms does VCG Markets offer?
MetaTrader 5 on desktop, web and mobile, plus its own VCG Mobile App, which it plans to bring to Kenyan investors.
Sources: company announcement from VCG Markets, as reported by Finance Magnates on 10 November 2026; the CMA Kenya register of non-dealing online forex brokers and VCG Markets' published regulation, client agreement and account pages, all checked 11 November 2026. Forex and CFDs are leveraged products and carry a high risk of losing money, and losses can exceed deposits. This article is for information only and is not investment advice.
BrokerBazaar is a technology platform that helps traders and brokers find information, compare options and resolve issues. We are not a regulator, ombudsman, law firm or arbitration service, and we do not determine legal liability or guarantee any specific outcome.