In this article, we will delve into an exploration of forex brokers that accept Mpesa in Kenya that embrace Mpesa as a payment method. This dual focus is prompted by the fact that certain brokers extend both forex and binary options services.
The prevalence of Mpesa as a dominant payment mode, particularly in East and Central Africa, has led to a growing number of forex brokers incorporating it into their payment options.
The popularity of M-Pesa among Kenyans is rooted in its efficiency, convenience, speed, and simplicity. Its widespread adoption has positioned it as a preferred choice for many, including Forex traders seeking seamless payment solutions. Given its impact, we aim to shed light on the forex brokers in Kenya that readily accept Mpesa.
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Since this is a very long and detailed review, please use the navigation below to get to the appropriate section.
1. XM GLOBAL
XM is one of the top-rated brokers with over 12 years in existence that accepts M-Pesa for depositing and withdrawals. All withdrawals are processed and sent to your M-Pesa account within 24 hours.
The other advantage of it is that they easily verify trading accounts. Unlike other forex brokers who have issues with proof of residence when opening an account. They do accept a Kenyan identity card (ID) only for Kenyan clients. You can check out my guide on how to verify a trading account.
XM Global offers access to either the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms that will allow you to trade hundreds of assets. They include forex currencies, Cryptocurrencies, CFDs, Equity Indices, Shares (only on MT5) Precious metals such as gold, and energy CFDs that include crude oil.
XM offers four account types. They are Micro account, Standard account, XM Ultra-Low account, and XM zero account (“XM Ultra Low and XM Zero accounts are not available to all entities of the Group”).
Spreads on all account types start from as low as 0.1 pips depending on the currency you are trading and the time at which you are trading. XM covers all funds transfer fees regardless of which payment method you use.
The minimum deposit XM accepts is $5.00. If you need to learn more about XM you can visit a full review here.
2. HotForex
HotForex is also on the list of the forex brokers in Kenya that accept M-Pesa. The company has over 2,500,000 live trading accounts and more than 200 employees globally. It also recently acquired a license from the Capital Markets Authority (CMA) of Kenya.
The HotForex trading platform offers a lot of innovative trading tools. I particularly like their social trading feature that is HotForexCopy. However, I would prefer you trade with eToro if you wish to use CopyTrading.
With HotForex’s HFCopy feature, you get to follow and copy trades of successful forex traders who are on the platform.
The account type will still let you deposit and withdraw money using Mpesa, and you get the benefit of increased profitability by simply emulating successful traders on the platform. Click here to open an HFCopy account Now.
With HotForex’s HFCopy:
- You retain 100% control of your account – Withdraw your funds when you want
- Save time and energy by automatically copying trades of the most successful traders on the platform
- Set the ratio at which you want to copy a strategy provider – Don’t over-leverage.
- You can follow more than one strategy provider and increase your chances of turning a profit.
Depositing money into your HotForex account using Mpesa is very simple. You can have a look at a comprehensive review of HotForex.
3. Exness
Exness is one of the other forex brokers that have a wide client base in Kenya, partly because it was among the fast brokers to accept M-Pesa. The broker has been serving traders since 2008. It offers instant trade executions and unlimited Leverage on MT4 accounts making this forex broker one of the best for retail traders.
Exness offers different account types that cater to every type of trader:-
- In any case you do not have trading experience and you’d like an account to learn and practice trading, the Standard Cent Account with a minimum deposit of $1 and staggering unlimited leverage comes highly recommended.
- Exness offers a social trading platform that allows you to copy successful forex traders. This is for If those who don’t have the necessary mastery to trade profitably but still desire to make money from trading,
- If you want to trade for a decent profit that you can live off, the Pro Account with a minimum deposit of $200 and a maximum spread of $200 is what you’d want.
- For traders whose only goal is to milk the market, the Raw and Zero account types are the way to go. These account types charge commissions to trade. If you trade heavily, this is the way to go.
If you like to learn more about Exness with a full review.
4. FXPesa
FXPesa is the first broker to be regulated in Kenya in 2018 by Capital Markets Authority as a non-dealing online forex broker. The broker opened its first office in Africa in Nairobi Kenya and it has several offices in Kenya. FXPesa offers multiple deposit and withdrawal channels including mobile payment channels such as M-Pesa, Equitel, PesaLink, and AirtelMoney.
EGM Securities is the company behind FXPesa. They rebranded the trading platform to FXPesa which offers a trading platform for Forex and CFDs.
The company has since established a fully resourced staff complement of qualified and experienced professionals across various disciplines including compliance, finance, operations, and IT in Nairobi, Kenya.
To start trading in EGM you need to deposit at least $100 depending on if you want to start trading with an executive or a premium account.
Unlike its international competitors spreads in EGM are high at 1.6 with a maximum leverage of 1:400. EGM supports MT4 and its android app for trading. We have both the EGM Securities review which is the parent company and the FXPesa review for you to understand more about it.
5. LiteForex
Liteforex is an old and well-established forex broker. At the time of writing this review, the company is clocking 15 years in operation. It is one of the best forex brokers and is constantly rated among the 100 top forex broker firms in the world
Opening an account is just easy and funding it using Mpesa is even much easier. You will fall in love with the ease of doing business at LiteForex.
One of the areas that create problems for most Kenyans is account verification. Luckily, with LiteForex, that’s an issue of the past. If you don’t have a utility bill that’s in your name, you will be able to verify your account using your KRA pin.
Liteforex offers Mpesa deposits in Kenya, Uganda, and Tanzania, and any fees incurred when depositing money into this broker are instantly refunded.
It supports the two most popular forex trading platforms MT4 and MT5. Additionally, both Android and iOS apps are available for traders who prefer to trade forex on their mobile devices. You can check out our LiteForex review here.
6. FXTM
FXTM is a Forex and CFD broker founded in 2011, despite that it has quickly spread operations across Europe, Asia, and finally Africa. This broker is also among forex brokers that accept Mpesa in Kenya. FXTM brand is regulated by CYSEC (the regulatory body for Cyprus) and the FCA (the financial regulatory body for the UK), and the FSC (the regulatory body in Mauritius).
FXTM offers different account types, mobile the trading app, the demo account, and of course the trading platform, including MT4.
Depositing money into your FXTM account you need to log in to your account, select African Payment Solutions as the mode of payment and walk through the next steps of depositing. On the final step, you’ll be prompted to enter your Mpesa pin, and that’s it. Withdrawing your profits is also as easy.
You can check out the fully FXTM review here.
7. ExpertOption
ExpertOption is a popular online broker offering binary options and fast online trading. It began providing services to traders in 2014 and currently executes more than 30 million deals each month. The brand currently boasts over 10 million customer accounts.
The goal of ExpertOption is to deliver a completely transparent online trading experience. To achieve this, it provides its users with an intuitive trading platform and plenty of educational materials.
Customer service is a priority in ExpertOption, and the brand has over 100 account managers which focus on a range of different client needs. ExpertOptions also pledges to deliver the fastest possible trading in the industry via its own dedicated platform.
ExpertOption provides users with a variety of intuitive trading platforms, with the option to trade via the web, mobile app, or dedicated desktop app. Unlike many brokers who choose to use MetaTrader 4 or MetaTrader 5 to save time, ExpertOption instead created its own platform which is fully customizable and can be tailored to the needs of each client.
This means that all features on offer from ExpertOption are easily integrated, whether the user is trading via a desktop or mobile device, although the downside is that there are no exterior support resources available.
However, with such an intuitive interface, it’s unlikely that users are going to need outside resources to understand how to trade with ExpertOption.
ExpertOption is currently licensed by the Financial Services Authority of St. Vincent and the Grenadines (SVGFSA). Get to know more about ExpertOption in the full review.
8. IQ Option
IQ Option is a regulated broker under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC) under the name of the holding company IQ Option Europe.
Unlike most CFDs and binary brokers, IQ Option has only chosen to offer 3 types of trading accounts, a standard trading account, a VIP account, and a demo account.
To open a standard account, only a minimum deposit of $10 is required. As for the VIP trading account, you need to place a minimum deposit of $1900 (or currency equivalent) but hit a trading volume of $15000. Get to learn more about the broker in our detailed review.
9. Deriv.com
Deriv.com is a new broker platform developed and backed by Binary.com. It offers binary options, Volatility trading, Crypto CFD, and forex, the new platform delivers trading via a web-based platform (DTrader), an MT5 platform (DMT5), and automated trading system called DBot.
The broker is so much popular because of its synthetic indices. Also, the broker is regulated by several financial bodies. You can get more information about Deriv.com here.
10. SuperForex
SuperForex is a multi-asset online securities and derivatives broker offering 400+ instruments on the MetaTrader 4 platform with ECN and STP execution account types.
The broker offers several real account types with either ECN or STP execution. Each account has different trading conditions, suitable for different strategies. Minimum
11. Olymp Trade
Olymp Trade is one of the popular online brokers in the industry, with over 25,000 clients currently trading on its platform every day. It has been operational since 2014, and the firm has a reputation for continuing to improve its trading platform with each successive year.
In terms of fees, Olymp Trade charges a fixed rate overnight fee on overnight trades, which is limited to 15% of the total investment amount.
Olymp Trade is regulated by the International Financial Commission (IFC) and headquartered in St. Vincent and the Grenadines.
However, concern has been raised in the past about the legitimacy of the International Financial Commission, and users may want to conduct a little bit of research into this body before deciding whether to consider Olymp Trade as a completely trustworthy broker.
The reason for this is that funds are generally only considered safe when a broker is regulated by an official body such as the UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), or the Australian Securities & Investments Commission (ASIC).
You can check out our Olymp Trade review and tutorial.
12. MTrading
MTrading is an online Forex broker, which offers trading precious metals, CFDs, currency pairs, shares, and fossil fuels. It has operated since 2012 and is an international business company (IBC) duly registered in St. Vincent and the Grenadines with more than 250,000 clients and 5,000 partners. It is also a member of the Hong Kong-based Financial Commission.
It is owned and operated by Bartoli Management S.A of address 306 Premier Building, Albert Street, Victoria, Mahe, Republic of Seychelles. You can check out my full review of MTrading here.
13. Pepperstone
Pepperstone allows trading of multiple financial assets as well as a good selection of payment methods for deposits and withdrawals.
Currently, traders with Pepperstone trade various items, not only Forex but also gold, energy commodity, soft commodity, and cryptocurrencies.
Pepperstone offers different payment and withdrawal methods including Bank Wire, Credit Card, Neteller, WebMoney, PayPal, and M-Pesa.
The broker offers 4 different account types, that is Edge Standard, Edge Razor, Edge Swap-Free, and Edge Active Traders. The availability of 4 different accounts helps users in finding a platform that is best suited for them. We have a comprehensive review of Pepperstone.
14. CMTrading
CMTrading is a South African-based forex & CFD broker. Clients can access markets through an MT4 download or the Sirix web trader platform.
It was founded in 2012 by a group of international traders. The company has since grown to become the largest online broker in South Africa with headquarters in Johannesburg.
CMTrading offers 50 forex pairs, from majors to minors and exotics, CFD trading on close to 20 stock indices, such as the FTSE and Nasdaq, plus shares on large companies. In addition, traders can speculate on the price of precious metals, energies, and a handful of cryptocurrencies, such as Bitcoin.
Check our full review of CMTrading and learn more about its platform, pros, and cons.
15. Scope Markets
Scope Markets is a global online trading broker, offering both leveraged and investment products that cover forex, commodities, shares, and indices. It offers MT5 as the trading platform for the assets that it provides.
Clients can open either a CFD account or an Investment account. The CFD provides access to leveraged instruments for shorter-term trading approaches, while the latter allows the exchange of equity shares.
Scope Markets is also regulated by CMA in Kenya you check other brokers regulated in Kenya by CMA.
To get to know more about the broker you can check our Scope markets comprehensive review.
16. Exinity
Exinity is a part of Exinity Group, a new global wealth management organization backed by 20 years of experience in trading and investment. The parent company also runs the established FXTM and Alpari Group brokerage firms. Exinity Group Limited is regulated across several countries including in Kenya by Capital Markets Authority.
Exinity offers clients trading opportunities in assets like Indices, Stocks, Forex, and Commodities. However, they don’t offer cryptocurrency for now.
Exinity offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading terminal options.
Conclusion
Finally, we recommend that you use XM because the spreads are minimal and they have the best customer support. But on another hand, if you wish to trade binary options and indices we recommend you go for Deriv.com.
I hope this article helped you to highlight forex brokers that accept Mpesa in Kenya. We will keep updating it once we come across new brokers that accept Mpesa. Finally, don’t forget to leave a comment below.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
