In this article, I am going to review the forex brokers that accept Mpesa in Kenya. Mpesa has become a dominant mode of payment more especially in East Africa, therefore several Forex brokers are adopting it now.
Over the past few years, Skrill has been 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.
However, with the introduction, M-Pesa most have opted to use it. Because of its efficiency, convenience, speed, and simplicity. Those from Kenya can testify to this. Therefore it has managed to achieve this by offering a great solution to Forex Traders. Due to that, I am going to look at the forex brokers that accept Mpesa in Kenya.
Below they are forex brokers that accept Mpesa in Kenya
Table of Contents
1. XM GLOBAL
It’s one of the top-rated brokers with 10 years in existence they accept M-Pesa for depositing and withdrawals.
Apart from XM Global them accepting M-Pesa for depositing and withdrawals, they 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 my guide on how to verify a trading account.
Once you open your account with XM Global, 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 $5.
You can check my full review and tutorial on XM here.
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 on 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.
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.
The process of depositing money into your HotForex account using Mpesa is as straightforward as it gets. Check out my HotForex review on HotForex Here
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 make this forex broker one of the best for retail traders.
Exness Account Types
Exness offers account types that cater to 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 to $500 no Deposit Bonus.
Check out my tutorial and review on Grand Capital here.
5. EGM Securities (FXPesa)
EGM Securities (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 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.
You can check my EGM (FXPesa) Securities review and tutorial here.
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 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.
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.
You can check out our LiteForex review and tutorial here.
FXTM has been named as one of the fastest-growing forex brokers in the world. Founded in 2011, the forex broker quickly spread operations across Europe, Asia, and finally Africa.
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.
You can check out my FXTM review and tutorial here.
ExpertOption is a popular online broker offering digital 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 9 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).
You can check out my full ExpertOption Review and Tutorial
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.
Check fully review and tutorial about IQ Option.
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 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 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).
You can check out our Olymp Trade review and tutorial.
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 full 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.
Vincent Nyagaka is a Professional Trader, Analyst & Author. 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. Check out Vincent’s Professional Trading Course here.