Forex Trading in Kenya Using Mpesa- Best Brokers for Mpesa

Forex Trading in Kenya Using Mpesa- Best Brokers for Mpesa
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In this article, I am going to review the best and most reliable forex brokers that accept Mpesa. As you will ultimately learn, one of the key determinants on how successful you become as a forex trader is the ease at which you can get money in and out of your forex trading account. And if you’re in Kenya, no other payment method beats Mpesa.

But are there good forex brokers that accept Mpesa payments in Kenya? And if they exist, who is the very best forex broker that accepts Mpesa?

Well, the jury is out. And here are the 8 best forex brokers that accept Mpesa. While we have tested all of them, LiteForex, comes highly recommended and I’d encourage you to check them first.

7 Best Forex Brokers That Accept Mpesa

  1. LiteForex
  2. XM Global
  3. TemplerFx
  4. FXTM (aka ForexTime)
  5. HotForex
  6. Exness
  7. Grand Capital

1. Liteforex

forex brokers that accept mpesa 2020

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 creates 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.

2. XM Forex Brokers

XM Forex Brokers in Kenya

Apart from their easy Mpesa funding and withdrawal, what I like most about XM Global is the ease with which they approve trading accounts. Unlike other forex brokers who have issues with proof of residence when opening an account, at XM Global you can get past that hurdle by simply submitting the back part of your Kenyan identity card.

Here’s how to go about it:

  1. Take a photo of both the front and back parts of your identity card (You can use your phone, and then crop the images accordingly)
  2. Submit the front part as the proof of identity
  3. Provide the back part as the proof of residence.

If after this you still have problems verifying your XM trading account, have a look at my Account Validation Service. I can help you procure valid utility bills to help you get through the verification process.

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 instantaneous Mpesa withdrawals without any charges for the same.

XM Forex Spreads & Commissions

Spreads at XM vary depending on your choice of an account. The broker offers the following account types:

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 Forex Global offers a free bonus of $30 when you open a live account.
  • You do not need to deposit any money in your live forex trading account to access this discount.
  • Simply open a Live Forex Trading Account and you are ready to roll.
  • You can withdraw all the profits you earn from the Live Account at any time that you want.

The most convenient way 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, which is second easiest after Mpesa. You can withdraw funds from Skrill right into your Mpesa account in Kenya.

If you do not have a Skrill Account, click here to open one for free.

XM Forex Bonus on Deposits

One of the reasons why I always recommend XM Forex Brokers to my forex proteges is because of the low amount of minimum deposits required to operate an account.

The minimum deposit stands at $5.00 only.

And incredibly, you get up to 50% bonus on the amount that you have deposited. So, whenever you deposit $5.00 into your XM forex account, you will get a bonus of $2.50. Your total trading balance will therefore be $7.50.

The 50% bonus applies to all amounts below $1,000. For amounts exceeding $1,000, a 20% bonus is included.

The XM Forex bonus keeps accumulating with every subsequent deposit you make until you have earned a total bonus of  $5,000!

If I were you, I would be headed to XM Forex Brokers right now to claim my bonus. Click on this link to open your account and claim your bonus right now.

 

  1. TemplerFX

templerfx kenya for Mpesa trading

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.

4. Grand Capital Forex Brokers

Grand Capital Forex Brokers for Mpesa deposits

If the fact that Grand Capital has been in the market for the last 13 years doesn’t convince you, then their practical cent account will do. Check it out here.

5. FXTM

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.

6. HotForex Accepts Mpesa

forex trading platforms in kenya

HotForex makes it in the list of the best forex brokers in Kenya that accept Mpesa. 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 a HFCopy account Now.

forex brokers in kenya that accept

HotForex will provide you with a list of the top performing traders together with their stats so that you can make a more informed choice on who you’ll follow and copy.

With HotForex’s HFCopy:

  1. You retain 100% control of your account – Withdraw your funds when you want
  2. Save time and energy by automatically copying trades of the most successful traders on the platform
  3. Set the ratio at which you want to copy a strategy provider – Don’t over-leverage
  4. 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

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 practise trading, the Standard Cent Account with a minimum deposit of $1 and a 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 way to go. These account types charge a commissions to trade. If you trade heavily, this is the way to go.
 Min. DepositMax. LeverageMin. SpreadCommission 
ProUSD 2002000:10.1 pipsNone Account Details
Raw SpreadUSD 2002000:10.0 pips$3.50 Account Details
Standard Cent MT4USD 1Unlimited:10.3 pipsNone Account Details
Standard MT4USD 1Unlimited:10.1 pipsNone Account Details
Standard MT5USD 1Unlimited:10.2 pipsNone Account Details
ZeroUSD 2002000:1 pips$3.50 Account Details

Broker

Details

Website

  • $5 Minimum Deposit
  • $30 Deposit Bonus
  • MT4, MT5 & WebTrader Trading Platforms
  • Founded in 2009
  • Regulated by: CySEC, FCA, ASIC
  • $10 Minimum Deposit
  • $10 Minimum Deposit
  • $1 Minimum Deposit
$100 Minimum Deposit

Online forex trading has caught up in Kenya. So much that we even have two forex brokers registered in Kenya:

  1. Scope Markets, and
  2. EGM Securitites

Although these are in no way our best recommended brokers, it goes to show how much online forex trading has become an acceptable and alternative way of making money online.

In this review article, I am going to focus on both local and international Forex brokers that accept Mpesa deposits.

 

Why Trade Forex in Kenya Using Mpesa?

Forex Trading in Kenya Using Mpesa

Forex is the largest and by far the most popular financial market in the world, which is traded by vast number of individuals, organizations and major banks. The second largest financial market namely New York Stock Exchange (NYSE) averages a daily trade volume of $74 billion which is no match for the daily trade volume of the forex market at an astonishing $4,000,000,000,000.

This $4 trillion market provides real time access and superb liquidity of the global currency exchange as there is always someone ready to buy/sell a currency to/from you, permitting you to place trades instantly. Forex is not limited to a rising market, you can also profit from a falling market.

Initial Investment

Large capital or large investments are not required. In fact you can join millions of other traders from as little as $25 and open trades from $2.5. Many Forex service providers offer generous leverage, typically x400 converting your $25 to 10,000 units of tradable currency.

The Currencies:

There are numerous currencies available to trade on a forex platform. A few have been listed below which can be cross traded with one another.

EUR (Euro) GBP (Great British Pound) USD (US Dollar) NZD (New Zealand Dollar) AUD (Australian Dollar)
JPY (Japanese Yen) CHF (Swiss Franc) CAD (Canadian Dollar) HKD( Hong Kong Dollar) SGB (Singapore Dollar)
MXN (Mexican Peso) TRY (Turkish Lira) DKK (Danish Krone) NOK (Norwegian Krone) SEK (Swedish Krona)

On a forex platform you are not only limited to currencies. The majority of broker trading platforms include commodities such as gold, silver and oil which are also tradable. Also some brokers extend to stocks, allowing you to diversify your portfolio of trades.

When/Where Can I Trade?

Forex trading using Mpesa in Kenya

Access to the forex market is available from the comfort of your own home, empowering you to trade instantly from anywhere on a 24-hour market. Demo accounts are available with live rates and virtual money enabling you to master your skills prior to real investment. You do not require previous experience, just sheer enthusiasm and the dedication to learn is necessary. The FX market can be traded whether you are employed full-time or part-time, giving you financial independence and allowing you to be your own boss.

Forex Brokers That Accept Mpesa

  1. XM
  2. LiteForex
  3. Iron Trade
  4. TemplerFx
  5. FXTM
  6. Hot Forex
  7. Exness
  8. Grand Capital

Have you been thinking of trading forex but you are afraid of losing your money?

Fear no more.

 

 

I am a forex trader with a genuine concern to help other Kenyans succeed in forex trading.

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