Forex brokers that accept mpesa

Many well-regarded international forex brokerage companies use M-pesa, including fair forex.

Top-3 forex bonuses

Meet the Forex Brokers that Accept Payments via M-Pesa, forex brokers that accept mpesa.

The widely accessible and easy to use platform guarantees big opportunities for businesses to expand their operations in african markets. Apart from fair forex, here are other brokers that accept payments via M-pesa. All you need is an ID or any document validating your identity. If you encounter problems with the registration process, get in touch with their customer service team for swift support.

Meet the forex brokers that accept payments via M-pesa

Trading is a global service and foreign exchange (forex) brokers usually work with traders from different countries. It’s important for traders to work with brokers who accept major currencies, especially in their region of origin.

Some forex brokers do not accept major currencies. But to stay relevant internationally, they accept payment methods for in-demand currencies. One of the most popular examples of these payment platforms is M-pesa, a mobile money system that uses the SIM card’s USSD feature.

M-pesa started as a mobile payment and money sending tool for person-to-person transactions in kenya, but it has grown to include consumer-to-business and B2B transactions, including payment of salaries to workers in very remote areas. It works by allowing individuals to deposit their cash to an account electronically through one of the M-pesa shops. Today, it’s a successful mobile money service in africa.

Forex brokers that accept M-pesa

Many well-regarded international forex brokerage companies use M-pesa, including fair forex. The widely accessible and easy to use platform guarantees big opportunities for businesses to expand their operations in african markets. Apart from fair forex, here are other brokers that accept payments via M-pesa.

The XM group is one of the global brokers that provide easy M-pesa deposits and withdrawals. The company’s account approval process is simple and handy, which makes the broker an appealing choice for traders. Unlike other brokers that deal with proof of residence issues upon opening an account, XM gets the approval without such issues.

All you need is an ID or any document validating your identity. If you encounter problems with the registration process, get in touch with their customer service team for swift support.

Liteforex

Another brokerage company accepting M-pesa is liteforex, a customer-oriented broker that allows deposits for the residents of tanzania and kenya. Its minimum deposit requirement is 1070, which, if you convert to USD, amounts to $10.

Their unique selling point is their customer-oriented policy, which simplifies the account opening process. They do not use any complex platform; just the common ones, such as the MT4 and MT5 trading platforms.

Templerfx

This company is known as the pioneer of the M-pesa deposits in kenya. Opening an account with templerfx is straightforward. Simply provide a document proving your residence in kenya plus an ID. Also, the company offers many payment methods, including electronic wallet, debit card, and bank wire.

If you wish to learn more about other brokers who accept M-pesa deposits, how M-pesa payment works, or how fair forex can help, get in touch with us today.

Forex brokers that accept M-pesa

Forex brokers that accept M-pesa offer the opportunity to deposit and withdraw funds from a forex account using the M-pesa payment channel. The M-pesa payment channel is particularly popular in kenya and tanzania, but its popularity is also increasing throughout afghanistan, mozambique and india. M-pesa is coined from a swahili term: “m” stands for “mobile” and “pesa” stands for “money”. M-pesa is a mobile payment method set up by vodafone’s kenyan partner, safaricom as a means of transferring payments using mobile phone technology.

This payment solution was devised as a means of helping unbanked populations get financial inclusion. Most payment channels on forex platforms require access to conventional banking methods. Without financial inclusion, the unbanked are locked out of this market. For the large unbanked populations in africa and other areas, M-pesa has changed this narrative and offers access to the forex market via forex brokers that accept M-pesa on their platforms.

What forex brokers accept M-pesa

The number of forex brokers that accept M-pesa for deposits and withdrawals is still relatively low. Despite this fact, some big international forex brokers offering good trading conditions already do support using M-pesa. Here is a list of some of the most popular brokers that allow forex trading and support the use of M-pesa as a funding method.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading cfds.

You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

¹ variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1.

* available to traders outside the european economic area.

Why forex brokers accept M-pesa?

Forex brokerage services were not originally offered to many emerging market economies until a full decade after the market was deregulated in 1997. Therefore, some of the peculiarities of the traditional financial systems of these economies were not accommodated in the design of payment channels for forex trading. The use of credit cards, bank wires and e-wallets all depends on the users within the target markets, owning and operating bank accounts. Given that some countries in africa have unbanked populations that are as high as 85%, forex brokers that target such market using conventional payment channels typically miss out on a huge segment of their target market. Some FX brokers have realized this and are now offering payment channels that are specifically tailored towards the unbanked populations in these underserved countries. This is how M-pesa came to be used as a payment channel that targets countries where there is a good penetration of mobile technology without commensurate financial inclusion. Ironically, some of these countries have large populations of people who already operate in the online gaming niche, where M-pesa features prominently. While nearly 50% of the whole population of kenya has an mpesa account, in other african countries, such as ghana, rwanda, or tanzania often dominate other mobile money providers such as airtel money, MTN mobile money, tigo pesa, ecocash or orange money.

M-pesa as a funding method

M-pesa targets the unbanked populations and is a form of mobile money. It enables the user to use his or her phone number as the account number. Typically, the regulators of the communications industry mandate the telecom companies to register all SIM card owners in a country using biometric registration methods. Therefore, a phone number can be assigned to an individual with a biometric stamp, ensuring that the number is unique to the individual and cannot be duplicated anywhere else. This process in itself enhances the know-your-customer requirements that forex brokers must fulfil when onboarding a new client.

The user then registers on the M-pesa platform and is assigned a unique set of login details. Verification of the user’s identity and address is done through submission of a government-issued ID card and other relevant documents.

Benefits of FX brokers that use M-pesa

The benefits of using an FX broker that accepts M-pesa are as follows:

A) very fast deposits and withdrawals: transaction times are very fast, as transfers are done instantly.

B) it is cashless, which means that traders do not need to carry large amounts of money. In countries with high denomination notes and high exchange rates to the US dollar, this is very convenient.

Drawbacks of FX brokers that use M-pesa

What are the drawbacks of using forex brokers that accept using M-pesa?

A) the initial verification process can be strenuous

B) the use of M-pesa is not widely available on forex platforms. This narrows the user’s choice of brokers.

Choosing a forex broker that accepts M-pesa

Presently, not many forex brokers accept M-pesa on their platforms, but the list is growing. You can either use one of the brokers listed above in which we verified they support M-pesa payment system or you can use online forums and other information sources to find out what the experience of other users of M-pesa forex brokers have been. Also, pay attention to other parameters to gauge the broker’s performance. You can do some test transactions to see how easy it is to make a deposit or withdraw funds from a set of M-pesa compliant forex brokers. You can also check out the quality of customer service from your first interaction with the forex broker as a prospect. Using these methods, you will find a forex broker that accepts M-pesa that is good for you.

Best forex brokers in kenya 2021

We researched 20+ popular forex brokers that accept kenyan traders to select the best brokers overall in terms of fees, regulations, support & 8 other factors.

Last updated: december 23, 2020

Retail forex trading & cfds on forex are legal & popular trading instruments in kenya, which are regulated by kenya’s CMA (capital markets authority). There are estimated to be around 90,000 active forex traders in kenya and this number is growing.

As the kenya’s forex trading is getting popular so are the challenges – like security of the traders, oversight on trading conditions is becoming a concern.

As a trader making an investment in forex market, you must look for a broker that gives you secure environment & proper trading conditions without any conflict of interest. For this, it is very important to choose a broker that is regulated with local kenyan regulator (CMA) or reputed international regulators (like FCA, FSCA, cysec or ASIC).

We have compared and listed brokers that matched our criteria for regulation, reputation, security, fees for kenyan traders.

Comparison table of best forex brokers in kenya

7 best forex brokers in kenya

Here’s our list of best forex brokers for kenyan traders:

Now we will explore the detailed features of each broker in our list, one by one, starting from hotforex.

#1 fxpesa – best forex broker in kenya

Regulations: capital markets authority (CMA) of kenya

Minimum deposit: $5

Available platforms: metatrader 4 for desktop, web & mobile and fxpesa mobile app

Fxpesa is the brand of EGM securities which is the kenya’s first non-dealing online forex broker, based in nairobi. They are authorized by CMA of kenya (which is the local regulator body), so we consider them as a safe broker for traders in kenya.

Fxpesa is a non-dealing desk (NDD) broker, which means that there is no conflict of interest. They provide market execution of trades with all their trading account. They offer 2 trading accounts: ‘executive’ that required $5 deposit, it is a standard account without any commission & spread from 1.4 pips. The other account is premiere ($100 deposit), but has lower spread from 0 pips + $7 commission per standard lot for FX.

They offer 66 currency pairs, but their other CFD offerings are bit limited though.

Fxpesa are a metatrader 4 offering broker, so latest MT5 or ctrader is not available with them. But they have their own platform available on all devices.

They have an office in nairobi & local phone number for support. Their live chat is also very friendly & knowledgable.

They offer funding in USD as well as in kenyan shilling (ksh.) via local bank transfer. But the account curreny will be in USD. They also accept deposits & offer withdrawals via mpesa & airtel money.

#2 exness – low spread forex broker

Regulations: cysec, FCA & FSA.

Minimum deposit: $1

Available platforms: metatrader 4 and metatrader 5 for desktop, webtrader & mobile app.

Exness, a cyprus based broker, that is one of the largest broker in the world. They are well regulated under multiple top-tier regulators, so we consider them a safe broker.

Exness offers features like excellent support, low spreads, education through tutorials, strategies and free analysis tools.

Exness provides services for two types of accounts – standard and professional. While standard account has a minimum deposit of $1 with minimum spread starting from 0.3 pips on EUR/USD currency pair, and professional account requires a minimum account balance of $500. The maximum leverage offered for both accounts is 1:2000.

One of the major benefits with exness is they have very low spread compared to most other competing brokers. Account types available help both newbies and pro traders. Other benefits include readily available support, fast executions, daily market reports, support from expert advisors and meta trader plugin supports.

#3 XM forex – low fees, good support

Regulations: ASIC of australia, IFSC of belize and cysec of cyprus

Minimum deposit: $5

Available platforms: MT4, MT5, XM web trader and mobile device platforms

XM trading is another broker that offers low cost forex & CFD trading. There are more than 1000 instruments to choose from including forex, cfds on precious metals, energy and indices.

XM are regulated with 2 top-tier regulators including cysec & ASIC. XM’s trading fees is quite competitive, and they offer straight standard spread only trading accounts without any extra commissions. Their fees is lowest with their ultra low account.

Their trading accounts are quite straightforward. XM provides four account options. For standard and micro account, the required minimum deposit amount is 5 USD and gives a maximum leverage of 1:888. For XM ultra low account, the required minimum deposit amount is 50 USD with similar leverage. XM also provides a share account for equity trading, with minimum deposit of $10,000 and no leverage.

Their support is also very good, and available 24/5 during the market trading hours. Plus they have free access to forex market education including their research, forex webinars, video tutorials and free daily technical analysis that is available to all their customers. Plus, they accept M-pesa for account funding.

#4 hotforex – low spread & FCA regulated forex broker

Regulations: FCA (UK), FSCA, FSA

Minimum deposit: $5

Available platforms: MT4 & MT5 platforms, webtrader and mobile trading

Hotforex is our recommend forex broker for kenyan traders. Although hotforex is not regulated by CMA, but they are regulated by other tier-1 regulators such as FSCA of south africa, DFSA of UAE, FCA of UK & FSA of seychelles.

In terms of fees, they charge a low spread i.E. 1.2 pips on average for EURUSD with their premium account, and no deposit and withdrawal charges. The minimum deposit required to open a micro account is $5, while the maximum leverage offered on this account is upto 1:1000 (1:500 with premium account but depends on the trading instrument).

Hotforex have a 100% deposit bonus for new customers in kenya and great loyalty programs for existing clients. They have a very supportive live chat system for the clients as well.

#5 FXTM – good ECN broker with low minimum deposit

Regulations: CMA (exinity group), FSCA, FCA, cysec.

Minimum deposit: $10 with cent account

Available platforms: metatrader 4 and metatrader 5 for desktop and mobile and webtrader.

The parent company of FXTM, exinity group (exinity capital east africa) is regulated by CMA, so it is considered a safe broker to trade with for kenyan traders.

FXTM is a mauritius based broker which is trusted with features as superfast execution, regulated and licensed, quick client approval and education and tutorials.

FXTM offers two broad account options – standard and ECN, both accounts having further sub-account types. The minimum deposit needed for a standard account is $100 and spread starts from 1.5 pips for EUR/USD but there are no commissions on the standard account. While the ECN zero MT4 & MT5 requires a deposit of $200 which has commissions of $4 per lot on ECN MT4 and ECN MT5 accounts. Both accounts come with a maximum leverage of upto 1:2000.

They have real time access data from world’s two largest stock exchanges NYSE & NASDAQ. Additional benefits include in-depth market analysis, tutorials through webinars and seminars. Additionally, FXTM also supports trading in cryptocurrency.

Frequently asked questions

Which are the CMA licensed forex brokers in kenya?

There are 3 CMA licensed brokers in kenya currently. First is EGM securities (operating as fxpesa kenya) and the others are pepperstone kenya & scope markets kenya.

EGM securities (fxpesa) is #3 in our list of recommended forex broker for kenya. Scope markets is a new kenyan broker which stated its operations since may 2019.

There are not a lot of brokers regulated with CMA, but traders in kenya should only choose brokers regulated locally with CMA. Or reputed foreign brokers like hotforex, XM forex which are regulated with top-tier regulators like FCA, ASIC, cysec.

What are the best forex trading platforms in kenya?

The most popular trading platforms in kenya are the MT4 & MT5. Most popular brokers like hotforex, forextime provide trading on these two platforms with additional support for webtrader and mobile devices.

MT4 & MT5 are popular and widely used not only in kenya but around the globe as well. Both these platforms have features of fundamental and technical analysis tools, copy trading and other additional features.

Is online forex trading legal in kenya?

Online forex trading is legal in kenya, and is regulated by kenyan financial regulator CMA i.E. Capital markets authority (CMA) of kenya. It was founded under capital markets act 1989. CMA’s goal is to regulate and improve the safety of kenya’s capital market for local investors.

As per law, the brokers offering their services in kenya are required to be regulated under CMA, which was done in order to safeguard the investors from fraudulent schemes and misconducts. In 2017, stricter regulations were passed in which CMA had to strictly oversee online forex business in kenya. Capital markets (online foreign exchange trading) regulation 2017 required organizations to register under CMA.

Although it is required for brokers offering FX trading & cfds, to be registered under CMA and have a local office in kenya for the local citizens to be able to trade in a secure & regulated environment. But currently the market is limited to only 4 local providers i.E. EGM securities (which operates fxpesa) & scope markets, pepperstone kenya, FXTM (exinity group) and foreign brokers like exness, hotforex, XM are still very popular among kenyan traders.

Which forex broker in kenya has the lowest minimum deposit?

All brokers have different minimum deposit, but generally the some forex brokers have as low as $1 minimum deposit to open account. But it is advised to trade with a well funded account of atleast $500 or more & avoid the use of leverage (restrict it to 1:10 max.).

Fxpesa has a minimum deposit of $5. Exness has $1 lowest deposit, and most other brokers accept minimum deposit in that range.

Which forex brokers accept mpesa?

The brokers XM, exness, FXTM & EGM securities (fxpesa) accept mpesa for funding. M-pesa is a popular mobile money in kenya. Most forex brokers that accept mpesa offer instant funding or deposit within few hours, so you should check with the broker first on their deposit time.

Top forex brokers that accept mpesa deposits in kenya

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

Regulated

:available on all devices

:101 trading tools

:demo account available

:trading signals available

:24/7 support

:trading community

12 trading platforms

:6 account types

:150+ trading platforms

:15+ funding methods

As a writer of forex content; one of the questions that I’m constantly asked is to recommend a good forex broker that accepts mpesa deposits in kenya.

Of course, they aren’t so many.

And just until recently, the few brokers who provided mobile payment solutions were either unreliable or new.

In this post, we list forex brokers that accept mpesa deposits and withdrawals in kenya.

Some of these brokers are strict to forex trading. Others are diverse and also provide options trading on the side.

1. XM forex.

How to fund your XM broker account with safaricom – mpesa.

To deposit money to your XM account with mpesa,

Click on the quick deposit button on top of your trading chart.

You can fund XM with VISA, mastercard, skrill, neteller, astropay, bitcoin, webmoney, and dusupay. But for the purpose of this blog, click on dusupay.

Scroll down to the mobile payment method and click on safaricom mpesa.

Enter your phone number and the amount you wish to deposit.

Confirm that you want to fund XM forex via dusupay.

You will see this message after clicking continue –

Payment pending.

If you have followed the steps correctly, your account will be credited soon.

8. Check your phone for push notification from dusupay and enter your mpesa pin to complete the transaction.

2. Iron trade.

Updated on 8/13/2019 – before opening an account with iron trade or investing your money with the platform, know you can lose all your investments. Another thing, people who have invested in iron trade in kenya have reported trouble in withdrawing their money.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

It is owned and operated by bartoli management S.A of address 306 premier building, albert street, victoria, mahe, republic of seychelles .

Iron trade offers forex and options trading with the lowest trading time in the market.

You can open a trade that runs for 30 seconds and get 80% returns (or more) when you win.

The best thing about iron trade is, it operates 24 hours – 7 days a week.

Take note that deals made during the weekend are over the counter deals (OTC).

What’s the meaning of OTC?

Over the counter, trade means a transaction made between two parties without publishing it anywhere. These types of deals are unique to iron trade and can be a source of income when forex is off.

Is the iron trade platform user friendly?

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

It is easy to open an iron trade account, navigate, and to actually trade on the platform.

To confirm that it is, in fact, easy to use and that the OTC option works just fine; I opened an iron trade account over the weekend;

Traded on the demo account, lost, recovered, and made some profits.

Does iron trade accept mpesa deposits?

Yes, in fact; the system is so easy to use and very convenient.

You will be redirected to the dusu pay page with an option to choose your preferred payment choice.

Payments are localized such that if you are in kenya you can use mpesa; cameroonians can use MTN money to deposit to iron trade; ghanaians can use mobile money; nigerians to use mastercard, verve, and visa; rwandan traders can use MTN mobile money to deposit; tanzanians can use mobile money and the people of uganda can make a deposit to iron trade with either airtel money or MTN mobile money.

Payments in iron trade are safe and secure and you can deposit ksh. 1,000 minimum.

3. Expert option.

How to fund your expert option account in kenya.

There are 11 easy ways to deposit money to your expert option account in kenya. You could use your visa card, mastercard, maestro, yandex money, qiwi, crypto, perfect money, fasapay, webmoney, neteller, or skrill. But perhaps the only method you’d want to learn how works is the newly introduced mpesa deposit method.

How to use mpesa to deposit money to your expert option account.

Login to your expert option account or register here if you are new to trading. Now click on the deposit button on the top right corner of your browser and choose mpesa.

Enter your mpesa number and click continue.

Enter your mpesa number again and click pay. Your number must not have a (+) sign at the beginning. In case of any difficulty in payment, just reply to the live chat pop up on your computer and you will get instant help.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

You will get a push notification (on your phone) asking if you want to pay the specified amount to flutterwave account number expertoti… enter your mpesa pin to complete the transaction.

Your account will be updated instantly.

Remember, after your first deposit you won’t be able to change your deposit and withdrawal method.

4. Templerfx.

Templerfx is one of the most popular forex brokers in kenya. And a pioneer of forex deposits via mpesa.

Like most international brokers, templerfx is licensed to the financial services authority (FSA) of saint vincent and the grenadines.

You can trade forex, metals, energies, cfds and spot indices on templerfx.

How to deposit money to templerfx.

Templer accepts deposits from different wallets from across the world.

People in russia can use alfa-bank to make a quick deposit; georgians, kazakhstanis, and ukrainians can use self-service terminals for instant deposits.

Kenyan and tanzanians can use mpesa for mobile wallet deposits. Nigerians, south africans, europeans, and people of aisa – can use: – skrill, perfect money, contact, visa, mastercard, leader, OK pay, paxum, name it..

The minimum deposit in templer is ksh. 100.

Are spreads in templer good enough for newbies?

Here’s a sneak peek of templer contract specifications.

Learn more about templerfx here.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

5. Olymp trade.

Olymp trade is so far the best option trading broker in the world.

If you don’t have an account with olymp trade already, register.

Olymp trade does not currently accept mpesa deposits but I believe it is a service that they will soon integrate.

At the moment though, you can deposit from mpesa via skrill to olymp trade.

It is also possible to deposit to olymp trade from mpesa via neteller.

6. EGM securities accepts mpesa deposits.

EGM securities is a local broker in kenya that provides a platform for trading both forex and cfds.

Hard as it is to believe, EGM is the only FX company that is regulated in kenya under the capital markets authority.

To start trading in EGM you need to deposit at least $200 or $5000 depending on if you want to start trading with an executive or a premium account.

Unlike it’s international competitors spreads in EGM are high at 1.6 with a maximum leverage of 1:400.

EGM supports MT4 trading and it also accepts mpesa deposits.

7. IQ option.

When we talk about options trading, which trading platform comes to your mind?

Expert option?

Binomo?

Avatrade?

To most of us, we think IQ option when we think trading.

And even though IQ option isn’t currently as popular to kenyans as the wildebeest migration is to the serengeti; it is still a broker to recon with.

IQ option doesn’t currently accept mpesa deposits.

However, you can still deposit from mpesa to IQ option via skrill or neteller.

8. FXTM accepts mpesa deposits


MT4	✓
MT5	✓
minimum deposit	$10
ECN (minimum deposit	$200
mpesa deposit kenya	available
start trading	register

Did you know that FXTM is now the only international and most reputable forex broker that offers almost all the local deposits solutions to almost all african countries?

Nigerians can deposit to FXTM using nigeria local bank wire transfer

Indonesians can deposit using indonesian local transfer

Algerians can deposit with algerian local transfers (local currency supported)

Kenyans can deposit to FXTM using mpesa ( join FXTM )

Pakistani can deposit to FXTM using local transfer for india and pakistan

People of malaysia can deposit using online banking malaysia services

Traders from afghanistan can deposit with afghani local transfers services

Chinese traders can deposit to FXTM using china online banking (P) services

Traders from tanzania can deposit using tanzanian local transfers (BRK)

FXTM traders from vietnam, thailand, and iraq can also deposit using local transfer services

FXTM also accepts all E-wallets including dusupay which allows rwanda and ugandan traders to deposit using MTN mobile money.

P.S mobile money deposits are instant.

9. Hot forex kenya

Hotforex is the latest forex broker to accept mpesa deposits in kenya.

If offers different account types to different traders. Accounts which include: –

A. A micro account which only needs a $5 deposit to activate

B. A premium account that needs $100 to activate and an auto account.

You can trade over 47 different currency pairs, gold, and metals, oil and energies, commodities, stocks and indices with hotforex.

And even more interesting, you can deposit and withdraw money to the broker via all these methods

Bank transfer

Credit card

Debit card

Boleto

China unionpay

Fasapay

NETELLER

Mpesa

Skrill

Webmoney

Yandex money

Forex brokers that accept mpesa in kenya

In this article, I am going to review the forex brokers that accept mpesa in kenya. Mpesa payment system for forex brokers is extremely popular right now.

Over the past few years, mpesa has become one of the most widely-used payment methods for forex and has amassed quite a large number of traders who consider it to be the top payment system for forex trading.

M-pesa has managed to achieve this by offering a great solution to some of the central issues surrounding payment, such as simplicity, speed, and convenience. Due to this, I am going to look at the forex brokers that accept mpesa in kenya.

Below they are forex brokers that accept mpesa in kenya

1. XM GLOBAL

2. Hotforex

3. Exness

4. Grand capital

5. EGM securities (fxpesa)

6. Liteforex

7. FXTM

8. Expertoption

9. IQ option

10. Superforex

11. Olymp trade

12. Iron trade

1. XM GLOBAL

One of most rated broker with 10 years in existence they accept M-pesa for depositing and withdrawals.

Apart from them accepting M-pesa transactions, XM global easily verify trading accounts. Unlike other forex brokers who have issues with proof of residence when opening an account, XM global just accepts a kenyan identity card (ID) only for kenyan clients. You can check our guide on how to verify an account here.

Once you open your account, you will have access to either the metatrader 4 or MT5 trading platforms that will allow you to trade hundreds of assets including forex currencies, cfds, equity indices, precious metals such as gold, and energy cfds that include crude oil.

XM offers different account types that are micro account, standard account, forex islamic accounts, and XM zero account. You can choose the type of account you’d like to use when opening your trading account. I’d highly recommend the standard account if you have a deposit above $100 and the micro account if your account opening balance is less than $100.

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 processor you use. All withdrawals are processed and sent to your mpesa account on the same day as requested.

The minimum deposit XM accepts is $5.00 only while on withdrawals they accept a minimum withdrawal of of $5.

You can check our full review and tutorial on XM here.

2. Hotforex

Hotforex makes it in the list of the best forex brokers in kenya that accept M-pesa. But that’s not even why I have so much love for this broker.

The hotforex trading platform offers a lot of innovative trading tools. I particularly like their social trading feature that is christened hfcopy.

With hotforex’s hfcopy feature, you get to follow and copy trades of successful forex traders who are in the platform. This is the type of account that I would recommend you open if you want to trade with hotforex.

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.

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.

The process of depositing money into your hotforex account using mpesa is as straight forward as it gets. Check out my hotforex review on hotforex here

3. Exness

Exness is one of the other forex brokers that have a wide client base in kenya, partly because the broker accepts mpesa, and mostly because there is nothing to not like about exness. The broker has been serving traders since 2008. Instant trade executions and unlimited leverage on MT4 accounts makes this forex broker one of the best for retail traders.

Exness account types

Exness offers account types that cater for every type of trader (see the table below).

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.

4. Grand capital

Grand capital is an online forex broker that also offers CFD and cryptocurrency trading. It comprises two companies, both named grand capital ltd, based in st vincent and the grenadines and seychelles. The broker does not appear to have regulation from a major financial authority. However, it is a member of both serenity and the financial commission, which are dispute resolution and compensation bodies.

They offer up $500 no deposit bonus.

5. EGM securities (fxpesa)

EGM securities (fxpesa) is the first broker to regulated in kenya in 2018 by capital markets authority as a non-dealing online forex broker. The broker opened the first office in africa in nairobi kenya. EGM securities offer multiple deposit and withdrawal channels including mobile payment channels such as M-pesa.

EGM securities is the company behind fxpesa. They rebranded the trading platform to fxpesa. You can open an account here.

The company has since established a fully-resourced staff complement of qualified and experienced professionals across various disciplines including compliance, finance, operations, IT in nairobi, kenya.

EGM securities is a local broker in kenya that provides a platform for trading both forex and cfds. EGM was the first forex company that is regulated in kenya under the capital markets authority.

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 trading and it also accepts mpesa deposits.

6. Liteforex

If you’ve ever dreamed of trading with a customer-centric forex broker that accepts mpesa, liteforex is the way to go. No other broker offers customer support to the level that liteforex does. Opening an account is a breeze and funding it using mpesa is even 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 and tanzania. Any fees incurred when depositing money into this broker is 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.

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.

7. FXTM

These forex brokers are particularly suited to kenyan traders as they accept mpesa as a means of depositing and withdrawing money from your forex account.

Depositing money into your FXTM account using mpesa is a walk in a park. Once you’re logged in, 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.

8. Expertoption

9. IQ option

Over the few short years that it has been operational, IQ option has won numerous awards praising the quality of its services and its reliability. Today, it has been recognized as one of the leading brokers in the industry as well. IQ option is a regulated broker under the jurisdiction of the cyprus securities exchange commission (cysec) under the name of holding company IQ option europe.

10. Superforex

11. Olymp trade

Olymp trade is one of the most popular online brokers in the industry, with over 25,000 clients currently trading on its platform every day.

Olymp trade has been operational since 2014, and the firm has a reputation for continuing to improve their 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 because 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).

12. Iron trade

It is owned and operated by bartoli management S.A of address 306 premier building, albert street, victoria, mahe, republic of seychelles.

Iron trade offers forex and options trading with the lowest trading time in the market. You can open a trade that runs for 30 seconds and get 80% returns (or more) when you win.

The best thing about iron trade is, it operates 24 hours – 7 days a week. Take note that deals made during the weekend are over the counter deals (OTC). It is easy to open an iron trade account, navigate, and actually trade on the platform.

You can check out our fully review and tutorial on irontrade.

We will keep updating more forex brokers that accept mpesa in kenya with time.

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. You can also check our forex signals telegram channel. Finally, don’t forget to leave a comment below.

Now that you wet your toes, we are ready to start swimming lessons… let’s jump right in. We will now read more

In this chapter we will show you which trading strategies you can combine to get the best results (two is read more

In will discuss how to maximize your profits while minimizing your risk, using one of the most important tools of read more

In this chapter you will learn about the relationship between stocks, indices, and commodities to the forex market. In addition, read more

Vincent nyagaka is a professional trader, analyst &. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Checkout vincent’s professional trading course here.

Best forex brokers in kenya 2021

We researched 20+ popular forex brokers that accept kenyan traders to select the best brokers overall in terms of fees, regulations, support & 8 other factors.

Last updated: december 23, 2020

As the kenya’s forex trading is getting popular so are the challenges – like security of the traders, oversight on trading conditions is becoming a concern.

We have compared and listed brokers that matched our criteria for regulation, reputation, security, fees for kenyan traders.

Comparison table of best forex brokers in kenya

7 best forex brokers in kenya

Here’s our list of best forex brokers for kenyan traders:

Now we will explore the detailed features of each broker in our list, one by one, starting from hotforex.

#1 fxpesa – best forex broker in kenya

Regulations: capital markets authority (CMA) of kenya

Minimum deposit: $5

Available platforms: metatrader 4 for desktop, web & mobile and fxpesa mobile app

They offer 66 currency pairs, but their other CFD offerings are bit limited though.

Fxpesa are a metatrader 4 offering broker, so latest MT5 or ctrader is not available with them. But they have their own platform available on all devices.

They have an office in nairobi & local phone number for support. Their live chat is also very friendly & knowledgable.

They offer funding in USD as well as in kenyan shilling (ksh.) via local bank transfer. But the account curreny will be in USD. They also accept deposits & offer withdrawals via mpesa & airtel money.

#2 exness – low spread forex broker

Regulations: cysec, FCA & FSA.

Minimum deposit: $1

Available platforms: metatrader 4 and metatrader 5 for desktop, webtrader & mobile app.

Exness, a cyprus based broker, that is one of the largest broker in the world. They are well regulated under multiple top-tier regulators, so we consider them a safe broker.

Exness offers features like excellent support, low spreads, education through tutorials, strategies and free analysis tools.

#3 XM forex – low fees, good support

Regulations: ASIC of australia, IFSC of belize and cysec of cyprus

Minimum deposit: $5

Available platforms: MT4, MT5, XM web trader and mobile device platforms

XM trading is another broker that offers low cost forex & CFD trading. There are more than 1000 instruments to choose from including forex, cfds on precious metals, energy and indices.

#4 hotforex – low spread & FCA regulated forex broker

Regulations: FCA (UK), FSCA, FSA

Minimum deposit: $5

Available platforms: MT4 & MT5 platforms, webtrader and mobile trading

Hotforex have a 100% deposit bonus for new customers in kenya and great loyalty programs for existing clients. They have a very supportive live chat system for the clients as well.

#5 FXTM – good ECN broker with low minimum deposit

Regulations: CMA (exinity group), FSCA, FCA, cysec.

Minimum deposit: $10 with cent account

Available platforms: metatrader 4 and metatrader 5 for desktop and mobile and webtrader.

The parent company of FXTM, exinity group (exinity capital east africa) is regulated by CMA, so it is considered a safe broker to trade with for kenyan traders.

FXTM is a mauritius based broker which is trusted with features as superfast execution, regulated and licensed, quick client approval and education and tutorials.

Frequently asked questions

Which are the CMA licensed forex brokers in kenya?

There are 3 CMA licensed brokers in kenya currently. First is EGM securities (operating as fxpesa kenya) and the others are pepperstone kenya & scope markets kenya.

EGM securities (fxpesa) is #3 in our list of recommended forex broker for kenya. Scope markets is a new kenyan broker which stated its operations since may 2019.

What are the best forex trading platforms in kenya?

Is online forex trading legal in kenya?

Which forex broker in kenya has the lowest minimum deposit?

Fxpesa has a minimum deposit of $5. Exness has $1 lowest deposit, and most other brokers accept minimum deposit in that range.

Which forex brokers accept mpesa?

Is hotforex A good forex broker for kenyans?: find out in our detailed review

If you are looking for a reputable forex broker in kenya, hotforex is the way to go. I will break it down for you in a nutshell.

Hotforex is one of the few online forex brokers that accept mpesa, which means ease of deposits and withdrawals for forex traders in kenya

You can open a micro trading account with as little as $5 (not that I recommend you start trading with only five dollars, but you know…)

Hotforex is an STP (straight through processor) broker which means your order is passed straight on to the liqudity providers and your bet is not hedged or manipulated like on using a market maker broker

And to top it up, hotforex offers some of the most generous bonuses to new traders. I particularly like the 100% credit bonus, which I shall be discussing shortly.

If you’re not the kind of person that likes lengthy discussions after the point has been made, this is the chance for you. Go open an account at hotforex. Use this link to claim your 100% credit bonus.

Does hotforex accept mpesa?

Yes. Hotforex accepts mpesa deposits and withdrawals. To deposit money into your hotforex account using mpesa, you’ll first need to log into your account at my.Hotforex.Com and then proceed to follow the instructions provided by the broker. The minimum deposit using mpesa is kes 1,000 ($10) and it takes less than 10 minutes for the money to be reflected in your trading account.

Open a live trading account

Hotforex review summary

feature	hotforex
minimum initial deposit	$50
forex: spot trading	yes
currency pairs (total forex pairs)	49
cfds - total offered	104
social trading / copy-trading	yes
cryptocurrency traded as actual	no
cryptocurrency traded as CFD	yes
average spread	1.2 pips on EUR/USD

Is hotforex regulated in kenya?

Hotforex is a legitimate forex broker that has been in the industry for more than 10 years. The broker is regulated by more than 3 reputable regulatory authorities including the financial conduct authority (FCA), which is one of the best regulatory authorities in the world.

This is one of the forex brokers that we highly recommend to kenyans as the they accept mpesa as a means of depositing and withdrawing money from your trading account.

We insist on trading with forex brokers that accept mpesa as the ease of depositing and withdrawing money into your forex account plays a major role on your journey to becoming a successful forex trader. Here is an up to date list of the best forex brokers that accept mpesa.

Hotforex account types

Hot forex offers 6 account types namely:

Micro account from only $5

Premium account from just $100

PAMM account for fund managers

Hotforex ZERO spread account

Unlimited risk free demo account

Which account type is right for you is a matter of personal choice. If you just trading for hobby, you’ll probably want to go with the micro account. Day traders and swing traders go for the premium account while scalpers are best suited with the hotforex zero spread account.

Is hotforex an ECN provider?

How long does it take to withdraw from hotforex?

One of the areas where hotforex fails miserably is on withdrawals. While many other brokers offer instant withdrawals, hotforex makes you wait anywhere from 3-24 hours to process withdrawal requests.

Forex brokers that accept mobile money

This article describes forex brokers who accept the use of mobile money for forex deposits and withdrawals. But what is mobile money all about?

Mobile money refers to money stored in an account that is operated by telecom companies, in which the user’s mobile phone and other telephony details such as the phone number are integral components of the transaction process. This is possible because phone numbers are unique in themselves, and every phone device comes with a unique international mobile equipment (IMEI) number. The unique nature of phone numbers can be enhanced by subjecting each user to biometric registration, in which physical traits that cannot be replicated in any other human being such as the fingerprint, are captured and assigned to the phone number. That way, a user can perform financial transactions over a mobile network using the phone number as a unique identification number, just the way every bank customer would have a unique bank account number, cheque books or savings passbooks of years gone by.

The mobile money payment channel is very common in africa, where it is used as a tool for financial inclusion. Many african countries and indeed countries of the middle east have large unbanked populations. Accessing services such as a forex trading account require financial inclusion, where a user of the financial system can be identified and the individual’s financial history can be profiled, in compliance with international laws against money laundering.

What forex brokers accept mobile money

The number of forex brokers that accept mobile money for deposits and withdrawals is still relatively low. Despite this fact, there are already a couple of solid forex brokers who work with mobile money.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading cfds.

You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

¹ variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1.

Forex brokers and mobile money

With the passage of the european securities and markets authority (ESMA) rules of 2018, it has become very expensive for traders to open and operate trading accounts with UK and EU forex brokers. This has led to a mass migration of traders to so-called offshore locations and loss of business for many of these EU brokers. The loss of business has hit many of them so badly, that their loud protests have caught the attention of the european commission, which has instituted a process to review the mifid II protocols that ESMA derives its regulatory powers from.

Some EU brokerages have been able to adapt to the situation by creating international divisions to handle clients from outside the EU. Africa represents a huge opportunity for forex brokers because the penetration of forex trading on the continent is relatively low. However, there is a large unbanked population in the african market. For the unbanked, mobile money represents one of the major means of transaction. This has led to a slight increase in the number of forex brokers that accept mobile money for transactions. Kenya and ghana are two countries where the use of mobile money is very high.

Forex brokers that accept mobile money in ghana have an advantage because even those who operate bank accounts also have access to mobile money. Mobile money usage in ghana is driven by telecom companies such as airtel/tigo, MTN and glo. In kenya on the other hand, the most popular mobile money payment system is vodafone’s M-pesa.

Mobile money as a funding method

To be able to get registered on a mobile money network, the user must have a phone number, with a registered SIM card matched to the user by means of biometrics. This provides an infallible means of identification, allowing the user to perform transactions on the mobile phone.

Forex brokers that accept mobile money in ghana are then able to accept deposits in the local currency, the ghana cedis (GHS). Withdrawals are also conducted in the local currency. Users have the option of operating forex accounts in the local currency (if the broker allows it), or they can still maintain foreign currency accounts, in which case the appropriate conversion rates and charges are applied.

Since the mobile money registration process also incorporates biometric registration, all data can be harmonized and checked by the brokerage’s compliance department to ensure that appropriate know-your-customer (KYC) protocols are followed.

Benefits of using a forex broker that accepts mobile money

The benefits of using an FX broker that accepts mobile money are as follows:

A) very fast deposits and withdrawals: transaction times are very fast, as transfers are processed in a matter of minutes.

B) it is a cashless method which allows the user to transact without carrying money.

C) the convenience of this transaction method is virtually unrivalled. A country like ghana has mobile money outlets on virtually every street. You can simply walk into a vendor’s shop, deposit ghana cedis with the vendor, have your mobile money wallet funded and you proceed to fund your forex account.

D) no need to fill any forms and there is no waiting time. You can do your forex account funding anytime, including weekends and holidays.

Drawbacks of using a forex broker that accepts mobile money

What are the drawbacks of using forex brokers that accept mobile money?

A) initial sign-up processes can be a hassle. There are instances of registration failure due to problems with the internet network.

B) forex brokers that accept mobile money are relatively few. This narrows the user’s choice of brokers.

Choosing a forex broker that accepts mobile money

Presently, the number of forex brokers accept mobile money in ghana and around africa are few. However, this could change quickly as more brokers are entering the african market. For a user, make sure to use online forums and other information sources to get a first-hand account on the experience others have had with the mobile money transaction process. You can also check the table above to see some of the most popular FX brokers that are accepting mobile money.

Forex brokers that accept M-pesa

Compare brokers that accept M-pesa for deposits and withdrawals to and from your trading account.

Share to win a $1,000 amazon voucher. Find out more ▷

You can fund your 4XC account 24 hours a day, 7 days a week. When you fund your account through M-pesa, 4XC will instantly credit your balance. In comparison, it can take anywhere between 2 and 3 business days for bank transfers to complete. 4XC (4xc.Com) is the only broker in our panel to accept deposits through M-pesa.

At the time of writing, 4XC will credit your first deposit with a 50% bonus (capped at US$ 2,500) when you deposit through M-pesa. This offer is only available to new customers who have a kenyan phone number. Enquire about the bonus through 4xc.Com.

Please note that a flat 35 KES fee applies for deposits up to 1,500 KES. A 2.9% fee applies when you deposit over 1,500 KES.

Best execution

MT4 floating - instant execution

Trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant . More trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant execution. All eas are allowed.

$500 deposit

1:500 leverage ?

1.71 pips EUR/USD

Best conditions

Islamic account [BVI]

Trade a wide range of financial instruments with a shariah compliant account. Avatrade does not . More trade a wide range of financial instruments with a shariah compliant account. Avatrade does not charge rollover fees or swaps on overnight positions. You cannot invest in crypto-currencies through this account.

$100 deposit

1:400 leverage ?

1.9 pips EUR/USD

Best platform

Islamic account

Trade forex as well as cfds on cryptocurrencies, shares, indices and metals on floating spreads . More trade forex as well as cfds on cryptocurrencies, shares, indices and metals on floating spreads without commission. This account, designed for muslim clients, does not incur swap or rollover charges for holding positions overnight. Terms and conditions apply.

$100 deposit

1:500 leverage ?

1.2 pips EUR/USD

Pro account

Professional account [EU]

Trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and. More trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and commodities. Avatrade accepts all metatrader eas except those with a focus on arbitrage.

$100 deposit

1:400 leverage ?

0.6 pips EUR/USD

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 66-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

So, let's see, what we have: M-pesa is a popular mobile payment tool that services clients in kenya. Learn more about the brokers who accept payments via this platform. At forex brokers that accept mpesa