Most forex brokers have been of late trying to adopt M-PESA as a method of deposit and withdrawal. But unfortunately, most of them have taken into keenness on PesaLink. XM is ready to adopt PesaLink as the method of payment.
Since the Central Bank of Kenya (CBK) and Capital Markets Authority have been warning Kenyans from engaging in trading with unlicensed brokers. Several brokers both local and international ones have been rushing to adhere to the rules of the regulator.
XM is one of the international brokers with a good reputation that is looking forward to being regulated and open an office in Nairobi. The process is in the final touches. I will update you once the process is over.
Why choose XM over other brokers?
XM has low trading fees for CFDs and charges no withdrawal fee. While some deposit methods involve charges XM refunds any charges a client might incur when depositing with any method.
On the other hand, forex fees are average, and there is an inactivity fee. The fees are built into the spread, 0.7 is the average spread cost. With XM Zero accounts, there is a $3.5 commission per $100 000 traded and the average spread is 0.1 pips.
These are just a few advantages of XM which is celebrating its 10th anniversary, you check our review of forex brokers and decide on your own although we strongly recommend XM.
Guide on how to Deposit to XM using PesaLink
Let us look at the process of depositing with PesaLink that is being tested by XM ready to launch soon.
- The first step you need to login to your XM account if you don’t have an account you can open an account here. After opening an account you can verify the account if you don’t know what is needed when verifying the account please check our guide here.
- Next after login just visit the deposit dashboard and you will see where its indicated PesaLink. (As of writing this only my account had a PesaLink account because I was chosen to test the deposit process. Nway you can follow the procedure to be conversant if by the time of reading this PesaLink has not been added on your account.
- After Login we are going to test with $5 i.e Ksh.564 (It varies with exchange rates).
- Just add the amount you want to deposit the on ID add you Kenyan National ID. NB. Passport not being used for time being.
- On this step confirm the details if they are correctly added. Please read the instructions given. Then click confirm.
- This step is very essential since after confirming the previous step. The step will automatically give you a unique Reference Number. Make sure you copy this reference number well since it will be used to deposit. If you don’t copy the reference number well then you might deposit the money and it goes elsewhere.
- Another issue is to make sure you copy the account number given below well.
- NB: If you are Equity Bank Customer then you can use the instructions below for depositing with an Equity sim card. But if you are using another bank as long it’s a Kenyan bank it’s supported with PesaLink. For those also who don’t have an Equity bank Sim card you can download their mobile app here.
- If you are in another bank after copying the account number and reference number just proceed to your bank online platform even their mobile bank and proceed to deposit.
- In this illustration, I have used NCBA Bank. So just visit your CBA Loop account and proceed by inputting the correct account number, reference number, and amount that we copied the previous step. The details will appears as shown below then click confirm.
- In the next its a notification telling you that you have are successfully deposited the money.
- After depositing with any bank with any method either a mobile app or equity sim card you will receive an SMS with the mobile number that is linked with your account number.
After you are done with depositing just take note that the money that you deposited will appear in your XM account and receive an email confirming that you have deposited simultaneously.
As XM gets ready to adopt PesaLink you can still be using the M-PESA deposit method. Apart from the two XM offers Skrill, Debit and Credit Cards, Neteller, Astro Pay Card, and WebMoney.
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.