Last updated on September 17, 2020 by Vincent Nyagaka
There are several brokers in Kenya, but I am going to review forex brokers that accept Mpesa as a method of depositing and withdrawing in Kenya. There are several brokers that most Kenyans use but most don’t use Mpesa that accept other means of depositing.
Definitely, if you are in Kenya there is no other method of transaction that is very efficient and flexible as Mpesa. With Mpesa you can access your money any moment you need it.
Several years back Skrill was the favorite method to transact with since they were the only online platform in the World that accepted Mpesa around 2016. But things have changed fast most brokers are adopting Mpesa because there is a huge market in Kenya.
Since the Capital Markets Authority began regulating Kenya’s retail forex market in 2018 and allowed retail traders, investors, and brokers to take part in this market. There has been a rise in the numbers of forex traders that are trading in Kenya. Central Bank of Kenya estimates that as of September 2020 there are over 100,000 forex traders in Kenya.
They are even projecting that the figures might rise higher by end of 2020 since most Kenyans have lost jobs because of the Covid-19 pandemic and there are a lot of jobless youths.
Looking at those figures several brokers are trying to get a slice of the investors.
Below they are forex brokers that accept Mpesa in Kenya
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 and water bill, an affidavit, or an electricity bill. You can check our guide on how to verify an account here.
If after this you still have problems verifying your XM trading account. I can help you to get a valid utility bill document to help you get through the verification process. Just contact me on this contact form and I will give you a callback or call me on +254718447905.
Once you open your account, you will have access to either the MT4 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.
Withdrawing your earnings from XM is also as easy as making the deposits. The broker offers instant Mpesa withdrawals without any charges for the same.
XM Spreads and Commission
In XM spreads differ with the account you open. Different Accounts have different spreads of Commissions that are charged. Check our full review on XM here.
Below are the type of accounts that XM offers.
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. To enjoy the lowest spreads, it is best to trade the major currencies during market hours.
XM has a very strict “no hidden fees policy”. Only their XM Zero accounts attract a commission on trades. You’ll also be delighted to note that XM covers all funds transfer fees regardless of which payment processor you use. All withdrawals are finalized on the same day as requested.
XM is the most convenient broker to withdraw your forex profits in Kenya with this broker is using Mpesa. However, other funding and withdrawal methods are also available. These include Skrill and PesaLink which are also very common.
The minimum deposit XM accepts is $5.00 only.
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.
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 straight forward as it gets.
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).
- If 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.
- If you don’t have the necessary mastery to trade profitably but still desire to make money from trading, Exness offers a social trading platform that allows you to copy successful forex traders.
- 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
If the fact that Grand Capital has been in the market for the last 13 years doesn’t convince you, then
5. EGM Securities
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. There is a minimum deposit of 1070/= using Mpesa, which is converted by the system to an equivalent of 10 USD. Any fees incurred when depositing money into this broker is instantly refunded.
LiteForex supports the two most popular forex trading platforms – MT4 & 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.
FXTM (aka ForexTime) 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.
TemplerFx is regarded by many forex traders in Kenya as the pioneer of Mpesa deposits in Kenya. The only reason it ranks third in our list of the best forex brokers that accept Mpesa is because of their unpredictable spreads at times of high market volatility. Otherwise, if you want to start trading with a broker who makes it easy to open an account and start trading, Templerfx is the way to go.
For starters, this broker is not overly insistent on Proof of Residence as a requirement to start trading. You’ll only be needing to provide that bit of information if you intend to make deposits using a Visa/MasterCard, Skrill or a direct bank transfer. But since you’re here, I believe your intent is to fund and withdraw money from your forex trading account using Mpesa. So, you can as well go ahead and open a live account now.
TemplerFX offers several account types including:
- Cent Account: Minimum $1 deposit and more suited for beginners (Not recommended)
- A Universal account: Minimum deposit $25 suited for all level of traders
- A Muslim account: A Swap/interest free account version of the universal account
Spreads on all accounts start from as low as 0.1 pips. The broker supports trading on MT4 as well as Android and iOS apps.
9. Scope Markets
Minimum deposit $30. They offer $30 No deposit bonus.