Forex Trading in Kenya Using Mpesa- Best Brokers for Mpesa

We tested, analyzed, and thoroughly reviewed all the forex brokers that accept Mpesa. At the end of the day, we came up with a list of the 10 best forex brokers in Kenya with Mpesa.

Some of the forex brokers in this review are regulated by the Capital Markets Authority (CMA) while others hold regulations from other top-tier regulators such as the FSA, FCA, and CySEC.

All the forex brokers included in our review are legit and safe to transact with.

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1. XM - Best Mpesa Forex Broker

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Apart from their easy Mpesa funding and withdrawal, what I like most about XM Forex Kenya is the ease with which they approve trading accounts. Unlike other Mpesa forex brokers who have issues with proof of residence when opening an account, at XM Forex 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 proof of identity

3. Provide the back part as proof of residence.

If after this you still have problems verifying your XM trading account, have a look at my Account Validation Service.

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 account. The broker offers the following account types:

• Micro Account

• Standard Account

• Forex Islamic Accounts, and

• XM Ultra Low Account

You can choose the type of account you’d like to use when opening your trading account.

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 $30 no-deposit bonus to new clients

• 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

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.

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.

Kindly note that trading bonus and Loyalty Program are not eligible for clients registered under Trading Point of Financial Instruments Ltd.

2. FBS

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FBS accepts Mpesa deposits and withdrawals

FBS Official Website

FBS is a well-known international forex broker that accepts Mpesa. Traders in Kenya and other East Africa countries can easily fund their trading accounts using Mpesa. Mpesa deposits are processed within 15-20 minutes while can take anywhere from a few minutes to 24 hours.

FBS was founded in 2009, and is regulated in top-tier jurisdictions.

The minimum amount you can deposit at FBS with Mpesa is 350 KES. Traders can enjoy leverage as high as 1:3000, which makes FBS one of the forex brokers with the highest leverage in the world.

FBS has a variety of account types to cater for different level and caliber of traders. Forex traders can choose to trade on the cent account, Micro, standard accounts or ECN accounts. The broker also has a dedicated Crypto account for traders who might want to trade on Crypto CFDs.

The cent and Micro accounts are best suited for forex traders with little to no trading experience. For professional, traders, FBS recommends their Zero Spread and ECN accounts.

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10 Best Forex Brokers With Mpesa

1. HotForex

2. FxPesa by EGM Securities

3. XM Forex

4. Pepperstone Markets Kenya

5. LiteForex

6. Exness

7. SuperForex

8. FXTM (aka ForexTime)

9. Grand Capital

10. Scope Markets

11. TemplerFx (Currently not accepting new clients)

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1. HotForex - Best Forex Trading Platform in Kenya with Mpesa

HotForex is the #1 recommended forex broker among all the other forex brokers with Mpesa.

There are a number of reasons why you might choose to trade with HotForex. Perhaps the most important reason, however, is that HotForex is an award-winning broker that is regulated by some of the most respected financial authorities in the world, including the Capital Markets Authority (CMA). This means that you can rest assured knowing that your money is safe and secure with HotForex.

In addition to being regulated, HotForex is also known for its exceptional customer service, which includes 24/5 support and a wide range of account types and features. So whether you’re a seasoned trader or just starting out, you can be sure that you’re in good hands when trading with HotForex.

HotForex Mpesa Deposits

A seamless process to deposit funds and withdraw profits is desirable when trading forex. And no other forex broker makes this process easy than HotForex.

The HotForex Mpesa deposits and withdrawals are as easy as logging into the MyHf dashboard, going to the deposit options and selecting Mpesa. You’ll be given steps that you can follow to complete the payment on your phone.

After choosing Mpesa from the deposit options available at HotForex, you’ll receive a notification on your phone.

To successfully complete the deposit process, you’ll need to have your cell phone with you and ideally unlocked as you’ll receive a prompt (push notification) to enter your Mpesa pin.

You’ll also need to have sufficient money in your Mpesa account to cover your requested deposit amount.

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. [caption id=“attachment_17792” align=“aligncenter” width=“890”]

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.[/caption]

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.

Read the Full HotForex Review Here

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2.  FxPesa by EGM Securities – Best Overall Mpesa Forex Broker

Open FxPesa Demo Account

The second company on our list of forex brokers that accept Mpesa needs no introduction to most Kenyans.

FxPesa is a regulated forex broker that is licensed by the Capital Markets Authority in Kenya.

This means that FxPesa must adhere to strict rules and regulations governing how it operates, which helps to ensure that your money is always safe. In addition, FxPesa offers a wide range of products and services, including forex, commodities, indices, and stocks.

So if you’re looking for a reliable and reputable forex broker that offers a wide range of products and services, then FxPesa is definitely worth considering.

FxPesa by EGM Securities deserves to be on the top of the best forex brokers in Kenya. For starters, this was the first CMA Licensed forex broker in Kenya.

Being a local broker and totally complaint with the regulations laid down by the Capital Markets Authority means that deposits and withdrawals using Mpesa are flawless and almost instantaneous. And apart from Mpesa, you can also deposit and withdraw money into your FxPesa account using Airtel Money or EazzyPay by Equity Bank.

The minimum deposit at FxPesa is $5 for their Executive Account. However, it is recommended that you start trading with an initial deposit of at least $100. FxPesa gifts $100 extra to new traders who deposit at least $100 into the trading account.

Read The Full Fxpesa Review Here.

FxPesa is particularly suited to beginner forex traders since the account opening process is quite easy compared to the other brokers in this list. With just a copy of your ID and your Mpesa statement, you’ll be on your way to making money from the forex market with this broker.

They offer support via phone and a very responsive online chat.

FxPesa offers two account types with different trading conditions and minimum deposit requirements.

1. FxPesa Premier Account
2. FxPesa Executive Account

FxPesa Premier Account

The FxPesa Premier Account is an ECN account (your orders are passed straight to liquidity providers, minimizing the chances of the broker trading against you or manipulating spreads).

This is the account that we highly recommend. It has a minimum deposit of $100 (11,000/=) and spreads as low as 0.4 pips. We have in fact been able to at times trade with zero spreads on the EUR/USD.

Apart from being the safest FxPesa account to trade, EGM Securities offers a 30% bonus up to $150 for deposits on the FxPesa Premier Account.

What does this mean?

It means that for every deposit you make, you get 30% more in your account. For instance, if you were to deposit $300 into your account, the amount would reflect as $275. And the only requirement is that you deposit a minimum of $100.

Read the Full Fx Pesa Review Here

4. Pepperstone Kenya

Pepperstone is a reliable Forex broker that has been in business since 2010. They are registered with the Australian Securities and Investments Commission (ASIC) and are known for their high-quality customer service. In Kenya, Pepperstone is licensed and regulated by the Capital Markets Authority.

Pepperstone offers a variety of trading platforms, including MetaTrader 4, cTrader, and Web Trader. They also offer a wide range of accounts to suit traders of all experience levels, including Micro, Standard, and ECN accounts.

If you’re looking for a reliable Forex broker with Mpesa and high-quality customer service, Pepperstone is a good option.

Read the Full Pepperstone Review Here.

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4. LiteFinance - Easiest Account Opening Broker with Mpesa

Up until recently, LiteFinance was going by the name of LiteForex, but decided to rebrand to reflect their expansion plans, both in offering new services and in getting licenses in multiple jurisdictions.

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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 LiteFinance.

One of the areas that creates problems for most beginner forex traders is account verification. Luckily, with LiteFinance, 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.

Litefinance 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.

Visit LiteFinance.com

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6. Grand Capital Forex Brokers

Update: Grand Capital bowed to the pressure from the Capital Markets Authority and no longer offers Mpesa transactions in Kenya. We’ll notify you when the broker resumes forex trading in Kenya using Mpesa.

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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.

7. 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.

8. TemplerFX

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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 forex trading app 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. Read a full TemplerFx Review.

9. Scope Markets Kenya

Scope Markets is a local and CMA Licensed broker that started operations in the country in 2019. With Scope Markets you can trade stocks of popular companies such as Apple and Facebook. Additionally, Scope Markets lets you trade stocks, indices, and commodities.

The broker offers 3 account types

Exness- Best Mpesa Forex Broker with Low Minimum Deposit

Exness made forex trading in Kenya using Mpesa very convenient, however, the broker has been the latest forex broker to stop offering Mpesa deposits after a lot of pressure from the CMA.

Exness has however assured us that they will be resuming their Mpesa electronic transfers some time this year.

Exness is one of the other trading apps that accept Mpesa 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.

Read the Full Exness Review Here.

How to Choose the Best Forex Brokers with Mpesa

Why you need a Forex Broker with Mpesa

Forex brokers that use Mpesa allow you to trade the forex marketplace.  They act as a middleman between you and the large banking institutions.  If you’ve got a spare million then you can trade directly with the bank, however most people don’t have that kind of cash lying around, so need to use a Forex Broker.

Your Mpesa forex broker will deal with multiple banks and allow you access to their liquidity.  As you place a long (buy) trade, your broker should get you the best buy price from all of their available liquidity providers.   When you close out your trade, they’ll get you the best sell price from all available liquidity providers.

Types of Forex Brokers in Kenya That Use Mpesa

There are 3 main types of Forex broker.  Spreadbetting (Market-Makers), CFD, and Direct to Market.

When you are spreadbetting with a broker, you are betting on which way the market is likely to move, rather than actually trading the marketplace.  This means that your position never makes it to the marketplace.  Your broker typically takes the other side of the trade, which means that when you win, they lose, and vice versa. 

Spreadbetters make money when you lose trades.  They also profit from the entire spread as the trade is not going into the market.  The major benefit of spreadbetting is that it is tax-free in the United Kingdom.

CFD stands for contract for difference and is actually a very similar method of trading to spread betting.  CFD trading is not tax-free and is a way of packaging an instrument for countries where the laws prohibit direct-to-market trading.  Lots of countries support CFD trading.  CFD brokers profit from the whole bid/ask spread as they typically deal with all trades internally rather than putting them into the market.

Direct-to-market trading (ECN) is when you are trading the actual Forex market.  Your broker will put your positions to market at the best available rates, and take a small commission on each trade.  Direct-to-market trading is the fairest method of Forex trading as your positions are being put into the marketplace.  They can only profit from their small commission on each trade.  As direct-to-market Forex brokers don’t deal with any positions themselves apart from putting them directly into the marketplace, they are typically the fairest type of Forex trading broker.

What to look for in an Mpesa Forex Broker

You should try to opt for a direct-to-market legit Forex broker that will put your positions directly into the Forex marketplace.  Spreadbetting or CFD trading is also an option, but you’re more likely to be profitable when your positions are going into the market than if your broker is dealing in house.  Look for a direct-to-market forex broker with good spreads and execution.  A stable, easy to use trading platform like MetaTrader 4 is also a great plus point.

From a security of funds point of view, check that the Forex broker is regulated in the part of the world in which they operate.   For the UK that’s the FSA.  In the USA, the SEC, and for Australia that’s ASIC.  They’re the main countries where Forex brokers tend to originate from, but you may find some based in other locations – do your homework and check that they’re regulated.

It’s also worth finding out how quickly you can get money in and out of your trading account.  Does it cost?  If you’re withdrawing money from your account every 3 months, and paying a fee, that can really start to add up!

Things to Avoid When looking for a Trading App That Accepts Mpesa

Forex brokers are either a major player, or a white-label.  A ‘major player’ as we’ve just termed it deals directly with liquidity providers and banks, and allows you to trade through them.   A white label broker is another company that is operating through a major player with a small commission on top.  This means that their spreads are more likely to be larger.

The Forex broker that you choose is more than likely to have an effect on your trading profitability, as the larger their spreads, the less profitable you’re likely to be.

Update 29/06/2020: A Mass exodus of brokers from the Kenyan market is happening. It seems CMA has started tightening the noose on forex brokers that are not licensed in Kenya.

It will be hard to figure out how long the brokers in my list will continue having a presence in the country. TemplerFx and Tickmill have already vacated the Kenyan market. Others might soon follow.

To be on the safer side, it is wise that one only trades with forex brokers regulated by CMA. There are only 3 such brokers:

1. Pepperstone Markets

2. FxPesa (EGM Securities),

3. and Scope Markets.

Note

Pepperstone does not accept Mpesa deposits. This is strange considering they are one of the few CMA Licensed forex brokers in Kenya. However, unlike many other brokers, you can fund your Pepperstone account using PayPal. We hope that the broker will start accepting Mpesa deposits soon.

Why Trade Forex 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.

See: What is Leverage in Forex Trading?

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?

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.

Conclusion

Forex trading in Kenya using Mpesa is becoming popular by the day. In this article, I am going to review the best forex brokers with Mpesa. In most cases, you’ll find that these brokers also accept Mpesa in Tanzania and Uganda too.

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?

Does Oanda Accept Mpesa?

Oanda does not accept Mpesa for either deposits or withdrawals. However, there are a few other e-payment systems that you can use to fund your account. Forex traders in Kenya can use either Neteller or Skrill to deposit and withdraw money from Oanda. Additionally, traders can fund their accounts using direct bank transfer or credit/debit cards,

Does Interactive Brokers Accept Mpesa?

Interactive Brokers does not accept Mpesa for either deposits or withdrawals. The only way for traders in kenya to deposit and withdraw funds from Interactive Brokers is by use of Direct Bank Transfer.

Does Forex Pay Through MPesa?

Yes. Forex does pay through Mpesa. Most CMA-licensed forex brokers pay through Mpesa. In order to withdraw money from a broker using Mpesa, you must have used the same method to fund your account. This article discusses the best forex brokers that pay through Mpesa.

Does IC Markets Accept Mpesa?

IC Markets does not accept Mpesa as a payment method. They offer other methods such as bank wire transfer, credit/debit cards, and various e-wallets such as PayPal, Skrill and Neteller. The best way to fund your IC Markets in Kenya is to use a PayPal account that is linked to your Mpesa or Equity bank account. With PayPal, you can easily and securely deposit and withdraw funds to and from your trading account. This e-wallet option is a fast, convenient and secure way to move money online. Click here to see all the funding options that IC Markets supports.