Forex trading via mpesa

Trading fees: as low as 0.8 pips for EUR/USD with ultra low account regulations: CMA

My list of forex bonuses

Best Forex Brokers that accept MPesa in Kenya, forex trading via mpesa.

Best forex brokers that accept mpesa in kenya

We've ranked the forex brokers accepting mpesa after comparing their trading fees, regulations, ease of withdrawals & 5 other factors.

Last updated: december 30, 2020

Trading forex in kenya is legal & regulated. But there are only a few brokers that offer local deposit & withdrawal methods. Traders in kenya must select only from among the very few highly regulated forex brokers that offer mpesa.

Only a handful of reputed forex brokers in kenya accept mpesa payments. The majority of brokers offering mpesa option are either unsafe or unregulated.

We reviewed 18 brokers that accepted mpesa, and have chosen only those forex brokers that are highly regulated – having minimum 2 tier-1 & tier-2 regulations. All these are also having an established track record and reputation.

We have also made a comparison for their diverse plus points including trading fees, platforms, and others.

Comparison table of best forex brokers in kenya that accept mpesa

6 best forex brokers that accept mpesa

These reputed forex brokers accept mpesa from traders in kenya:

Let’s compare all the pros & cons of each broker that accepts mpesa.

#1 fxpesa – best forex broker that accepts mpesa in kenya

Regulations: CMA kenya

Minimum deposit: ksh. 500 or $5

Trading fees: from 1.5 pips for EUR/USD with standard account

EGM securities is the parent company of fxpesa. They are among the only 4 forex brokers in kenya regulated by CMA – capital markets authority. So, they are regulated and considered safe for traders in kenya.

In comparison with other brokers, fxpesa charges a higher spread on standard currency pairs. For a major currency pair like EUR/USD, the typical spread is 1.6 pips per standard lot. They offer trading on MT4, web trader, and mobile platforms.

Fxpesa offers only a single account type to traders. It is a no-commission – spread only account. The minimum deposit required is $5 and maximum leverage is 1:400. Deposits and withdrawals with fxpesa do not have fees.

66 pairs of currency are offered to trade on fxpesa’s platform. Their other instruments are limited – include 12 global indices, a wide variety of share cfds, and cfds on 8 commodities including platinum, silver, gold, and oil.

Customer support offered by fxpesa is good. During our test, the live chat response was a bit slow though with some holding at times. The E-mail response to our queries was in under 1 hour. Fxpesa does offer support & sales through a phone number in kenya.

Fxpesa’s parent company EGN securities is CMA regulated. So, considered safe.

The fee structure is very simple.

Their support is very good. They also offer local phone number for support to traders in kenya.

Higher spreads of 1.6 pips and above.

Limited CFD instruments other than forex.

#2 XM forex – zero commission mpesa accepting broker

Regulations: ASIC, cysec of cyprus

Minimum deposit: $5

Trading fees: as low as 0.8 pips for EUR/USD with ultra low account

XM forex is also a highly regulated forex broker that is regulated with top-tier global financial authorities. These include the ASIC & CYSEC. XM broker is one of the largest forex brokers in the world & is well reputed. It is thus regarded as quite secure for traders.

XM charges fees with their account only through the spread. They do not charge any additional commission per lot. The fees for XM ultra-low account are among the lowest among leading forex brokers.

The ultra-low account as per our benchmark with the EUR/USD has average spread of as low as 0.8 pips.

The minimum deposit required for opening an XM account is $5. The leverage offered to traders is 1:888. Traders get to trade in 57 currency pairs and 1, 183 stock cfds. The other asset classes are 9 equity indices cfds, 5 cfds on energies, 10 commodity cfds, and 4 precious metals cfds. XM however does not offer crypto cfds.

XM offers customer support 24X7 via E-mail and live chat. We did not experience a hold time of more than 2 minutes when we tested their support with live chat at 3 different occasions. They offered us fast & accurate responses to all your queries on their fees, regulations, funding & withdrawals.

A local phone number support in kenya is not offered by XM. You can however request a call back through E-mail or live chat.

Regulated by ASIC, and CYSEC

Ultra-low account offers very low standard spread for EUR/USD with 0.8 pips.

Quick execution of orders and nil re-quotes.

Negative balance protection offered.

Withdrawals and deposit fees are not charged.

Well-informed and quick support via live chat.

Phone number support in kenya not available.

Limited cfds other than forex.

XM does not offer CFD trading on cryptos.

#3 exness – low spread forex trading using mpesa

Regulations: FCA (UK), cysec of cyprus

Minimum deposit: $1

Trading fees: as low as 0.1 pips for EUR/USD

Exness has been operating from 2008 and is regulated by multiple tier-1 and tier-2 regulators. These include the FCA (UK) and CYSEC – cyprus securities and exchange commission.

Spread with exness is variable based on account type but generally they have tight spreads. The spreads for standard cent account begin from 0.3 pips. There is no commission on the trading volume, other than spread. For standard account – the costs are based on tight spreads starting from 0.1 pips. The spreads overall are very low with exness.

You can open an account with exness with as less a $1. The professional account however requires a $ 200 deposit. Professional ECN account has raw spread with a commission for each trade.

A metatrader only broker, exness offers you to trade on both MT5 and MT4 platforms. Trade executions are almost instant. Like hotforex, there are no fees for withdrawals and deposits.

Exness offers multiple instrument classes, including trading forex on 107 pairs of currencies. It also includes 7 cryptocurrencies, metals, energies, and cfds on indices and stocks.

Customer support at exness is available 24X5. This is via live chat and E-mail. Live chat support in the english language is offered 24X7. They offer quite good support to the traders as per our tests. However, they too do not offer support through a local phone in kenya.

Exness is regulated with multiple regulators.

Several types of accounts and methods of execution, suitable for both professionals and beginners.

Higher options of currency pairs available for trading forex.

MT4 & MT5 platforms, with advanced range of tools and analysis for research.

Limited account base currency options.

Limited cfds other than forex.

No local phone support in kenya.

#4 scope markets kenya – local forex broker that accepts mpesa

Regulations: CMA

Minimum deposit: $20

Commission/trading fees (benchmark): lowest, 1.1 pips for EUR/USD

#5 hotforex – low cost forex broker that accepts mpesa

Regulations: FCA (UK), FSCA, FSA

Minimum deposit: $5

Commission/trading fees (benchmark): on average, 1.2 pips for EUR/USD trade with premium account

Hotforex is a legit forex broker successfully operating in the industry for 10 plus years. They are extremely well regulated – including with 1 tier-1 & multiple tier-2 regulators. Their regulations include the FCA – financial conduct authority and FSCA – financial security conduct authority (FSP no.46632). Thus hotforex is considered safe for traders in kenya.

Hotforex has competitive fees with the premium account. You are not charged for withdrawals or deposits through mpesa. The average USD/EUR spread with the premium account is 1.2 pips. This account needs a minimum deposit of $ 100. However, the micro account needs just a $ 5 deposit for activation.

Premium is free of commission – spread only trading account. The zero account meanwhile has a low spread + $6 per 100,000 units (1 standard lot). Trading on the latest MT4 and MT5 platforms for all devices are offered by HF.

There are 50 currency pairs available for trading at hotforex platform – that includes majors, minors, and exotic. Its trading assets also include 4 cryptocurrencies, cfds on 56 shares, 8 commodities, leading 11 indices globally, 3 top global bonds, energies such as brent oil, crude oil, US natural gas, and spot metals – gold and silver.

Hotforex has excellent customer support as per our tests. Live chat is available 24 hours on weekdays. We did not experience a hold time of more than 60 seconds during our tests when connecting.

E-mail response to your queries is quite fair. We received a reply usually within 2 hours on weekdays. But hotforex does not have local phone support for traders in kenya. Nevertheless, overall customer support services are good.

Hotforex is regulated with multiple regulators in different countries. So considered safe.

STP (straight through processor) forex broker, so there is no conflict of interest.

No fees are charged for your withdrawals or deposits, including no fees for mpesa.

Offers some of the most generous bonuses to new traders, especially 100% credit bonus.

Quick execution of trades.

Spreads are tight.

Excellent and very helpful customer support.

Not regulated with CMA in kenya.

Does not offer local phone support in kenya.

#6 FXTM – CMA regulated forex broker accepting mpesa

Regulations: CMA, FCA, FSCA, cysec

Minimum deposit: $10

Trading fees: from 2.1 pips for EUR/USD with cent account

Forextime is regulated in diverse jurisdictions globally. Their top-tier financial regulations are with CMA, FCA, CYSEC, and FSCA (FSP no. 46614).

But a higher average spread is charged with FXTM’s standard accounts as per our benchmark test for EUR/USD. The standard account has an average of higher than 2.1 pips spread. The FXTM cent account has even higher spread.

FXTM charges commission for its ECN account. This is $2 for each side which adds to $ 4 per trade for 1 standard lot. All deposits are free of charge at FXTM, including for mpesa. However, there are fees for withdrawals depending on the method.

The minimum deposit to open an FXTM cent account is $10. The standard account requires $100.

You can trade with FXTM through the metatrader 4 and 5 platforms. Their financial instruments include forex currency pairs, cryptocurrencies, stocks, cfds, commodities, and precious metals.

FXTM offers fair customer support. Live chat offers a quick response and we did not find any hold times of over a minute during our test. We got a response to our queries within 3 hours through E-mail on a weekday. They do not have a local phone number in kenya.

Well regulated with multiple regulators.

Account opening process is fast.

Good educational section on their website.

High trading fees on forex & cfds. Also, fees for withdrawal and inactivity.

No local phone number dedicated for kenya.

How we selected the best mpesa accepting forex brokers?

Here are the major factors that we have considered while reviewing the forex brokers accepting mpesa:

1. Top-tier regulation(s): the most crucial factor is the number of tier-1 regulators that regulate the forex broker. FCA, ASIC, NFA are considered as tier-1 by the forex industry. FSCA and CYSEC are tier-2 regulators. If the forex broker is listed publicly in a major stock exchange, then it is an extra trust factor.

Also, if the broker is regulated in kenya then it is to be considered safe. There are just 3 brokers regulated with kenya’s CMA if you are looking to trade with only a local broker. One of them is fxpesa.

2. Overall fees: the factors considered here are spread, commissions, and charges on withdrawals and deposits.

Majority of the brokers charge fees for dormant/inactive accounts too. Some of them also levy extra fees on a few CFD instruments. So, it is vital to research the overall fees of the asset that you are seeking to trade.

3. Solid trading platform on mobile & desktop: the broker must offer a well-equipped and user-friendly trading platform.

Also, there must be multi-device support, quick execution, no freezing, and multiple order types. These can significantly enhance your trading comfort.

4. Easy & quick account opening: the account opening must be easy and fast. The approval of the account upon submission of documents (ID & address proof) must not take more than 48 hours.

5. Overall trading conditions: the execution of orders must be fast without slippage or re-quotes. The best option is to choose a broker offering direct market access than market maker brokers.

You must also be offered negative balance protection so that the loss does not exceed the account balance. Availability of guaranteed stop-loss protection is also an advantage.

The broker must also offer funds segregation for the security of funds. The number of available product classes/trading instruments is also a factor. You must also check if the instrument that you are looking to trade is offered for the lowest fees or not.

6. How is the customer support: customer support must be accessible 24X5 through live chat, E-mail, and phone. The chat support must be helpful with minimal hold time. The E-mail revert to your queries must be quick and preferably within 1 or 2 hours max.

The local phone number support in kenya will be another plus point. The knowledge base must provide instant solutions.

Frequently asked questions: forex brokers that accept mpesa

Which reputed forex brokers accept mpesa?

As per our research, hotforex & exness offer the best trading conditions for traders, and both of them accept mpesa with zero fees on funding & withdrawals.

If you are looking for a local broker that has office in kenya, then we recommend fxpesa, which is the brand of EGM securities – a CMA regulated broker.

What is the minimum deposit required for forex trading using mpesa?

Here is a brief overview for traders in kenya:

Hotforex – $5 deposit with micro account. $100 for lower spread premium account.

Exness – as low as $1 with standard account

XM forex – $5 minimum deposit for opening micro account. $50 for ultra low account

Fxpesa – $5 deposit required for standard account

How can you start trading forex in kenya using mpesa?

You should start by learning forex trading. If you are a beginner then start by reading our forex trading for beginners guide.

Once you have understanding of the concepts like technical analysis, risk management & fundamentals, then you can take then next step & open demo account with the broker of your choice.

Only when you are profitable on demo, you should open live account with a regulated broker that accepts mpesa & has low minimum deposit requirements. After trading, analyze all your trades & only scale if you have good understanding of all the risks & trading strategy.

A to Z guide to how to trade with forex brokers using mpesa

Mpesa payment system for forex brokers is extremely popular right now. Over the past few years, it has become 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.

Mpesa has managed to achieve this by offering a great solution to some of the central issues surrounding payment, such as simplicity, speed and convenience. By focusing on these key points and excelling at them majorly, mpesa has secured itself a top spot as a forex payment solution.

In this guide, we will be talking about what mpesa really is, how it works, what are its interesting quirks and features, and how to use it as a forex trader for maximum benefits. In the meantime, make sure to check out XM, one of the top brokers offering mpesa payments on their website.

Top forex trading brokers working with mpesa

Before we talk about what mpesa is why it works so well with forex brokers and what are some of its most interesting features, we would like to give you a shortlist of what we believe to be the best brokers that accept mpesa. With the huge amount of so many brokers out there, and so many many more constantly being added, it can definitely be difficult to choose a good, trustworthy and reliable forex broker, especially for the beginners and especially when there’s so much conflicting info online. With that in mind, we hope that our list of top forex brokers accepting mpesa will prove to be useful to you!

What exactly is mpesa and how does it work?

Mpesa is an online payment system provider that is especially popular in africa, mainly kenya and tanzania but has recently made efforts to expand to afghanistan, south africa, india, and several other countries as well.

Mpesa is quickly gaining in popularity, with forex trading in kenya using mpesa becoming the norm, and more and more people see it as a viable option of payment for all sorts of different services. Mpesa is essentially a mobile-based money transfer service and is discerned by some of its main qualities of simplicity, speed, and accessibility.

As stated, forex brokers that have mpesa are predominantly popular in kenya, in part because of how easy it has made the payment process for many different services. With that being said, those interested in using it from the other countries should definitely not be discouraged, as it’s a great service that anyone can benefit from, whether or not they are from kenya.

High leverage, tier one liquidity, great ECN trading conditions and fast execution speeds

What are the advantages do mpesa forex traders gain?

The idea mpesa itself, and how it works, is a fairly similar concept to grasp. There’s not much into it. In fact, it seems to be fairly similar to all online payment methods like paypal and skrill. So, what’s the point? Why go with mpesa over the alternatives? Well, there’s no universal answer to that. The point is, while something may work the best for you, there are tons of other people for whom something else may be preferable. It all comes down to your specific requirements, and how they may be fulfilled. Having said that, we believe that the forex broker mpesa deposit definitely has its own strong advantages. Let’s discuss all of them below:

Simplicity and ease of use

One of the primary benefits of depositing with a forex broker with mpesa is how simple it can all be. It’s probably not a secret to many, that getting into forex is not simple. There are tons of steps that you have to go through. After finding a decent broker, which is a big task in and of itself, you then have to go through an oft-tedious process of signing up and going through all the verification trials and tribulations, which can sometimes be a very frustrating and time-stretched process. Even after that, sometimes, the hardest part may be the payment process. For some forex brokers, payment systems are a big pain, as not all of them are able to easily facilitate convenient payment due to a large number of reasons that are simply outside their control.

Forex brokers are fully aware of this, and that’s exactly why forex brokers that accept mpesa are becoming so common. Making payment systems easier and more accessible is one of the biggest priorities of any forex broker, no matter which market they are in. In a way, the very structure of mpesa allows for unparalleled simplicity. How exactly?

Mpesa works in a way that it basically lets you use your mobile phone as an e-wallet. You are essentially attaching your SIM card and mobile account to your banking account, and use it to pay for a large number of services. This means, that you have a very powerful and versatile method of payment in your pocket 24/7.

In some cases, transferring money from one account to another is as simple as sending a text message, which allows for unprecedented accessibility. In countries like kenya where for a lot of people the main access-point for internet connection and other computer activities are their mobile phones, this can be a game-changer.

As compared to other payment methods, which may sometimes require some needlessly-complicated extra steps, this kind of simplicity gives any broker a huge advantage.

Security and safety

Another advantage of using mpesa powered FX broker is the added benefit of security that you automatically gain. When it comes to investing your hard-earned money, your time and your energy, security is one of the things that you should consider to be of utmost importance.

Mpesa was built and developed by vodafone, which is one of the biggest mobile networks in the world. They have been on the market for decades, and have successfully managed to supply great mobile service for millions upon millions of people around the world. Needless to say, their experience and track record gives you an assurance that their service will be of impeccable standard, and so will be the security of their software. This is one of the very important aspects that many people don’t pay a lot of attention to when choosing their payment method, which is rather unfortunate, as when it comes down to investing your money, you have to make sure that you are covering all your bases on the security-side of the things.

What also aids in the security of forex trading brokers with mpesa is the fact your funds on your mpesa accounts are not actually in the hands of mpesa itself, but rather, they are stored in segregated accounts at safaricom headquarters. The latter is managed by the kenyan government, which supervises the money itself. During all of this, the money isn’t just laying around. Rather, they are used for the development and advancement of the kenyan economy by spreading across different banks and other commercial sectors. Kenyan government conducts full supervision and makes sure everything is accounted for, which means that the security and stability of your funds is in the very interests of the government of kenya, attesting to the security of mpesa forex trading even more. If you like what you’re seeing about mpesa so far, check out these welcome bonuses by XM, one of the top brokers accepting mpesa today.

Less chance of any issues with processing payment

When it comes to forex payments, one of the most common problems that a lot of traders face is the fact that their charges have trouble going through. This happens when the bank decides to step in and decline the charge until it’s approved by the account-owner. This is usually done due to security reasons and is automatic in the vast majority of the cases. While the added security is always appreciated and welcome, it can definitely be a problem in some cases. A forex brokerage accepting mpesa rarely has this problem, and there’s a reason why.

Mpesa is one of the biggest money transfer services in the region, handling millions of dollars’ worth of transfers every single day. This means they need to have a very robust and effective payment processing system of world-class standards. Especially in countries on the african continent, where mpesa is so popular and so many transactions are made every single day, the chances of your bank declining their charge is almost no-existent.

This is a huge benefit for the broker as well, as it makes it much easier for them to facilitate the payment, and avoid losing any possible deposits because of a declined charge, giving a great advantage to trading platforms that accept mpesa.

Mpesa synergizes with forex very well

It’s not a coincidence that the number of forex brokers allowing mpesa payments. By design, mpesa is almost custom-made for forex. First off, we have to understand that the forex market is extremely volatile, it’s simply designed to be that way. The reason why people are able to make very large amounts of profit in such a short time and can multiply their investments manyfold is because of the fact that forex is so volatile. After all, it’s a currency-trading market, and currencies themselves are dependent on so many things, that they can change in a blink of an eye.

Due to this, speed and timing are some of the most important factors in being successful at forex. To be successful, you need to be able to maneuver around the events correctly, and most importantly, fast. Making last-minute decisions on the fly is extremely common, and you need to be able to make frequent transactions without wasting time. This is where benefits like forex broker top up mpesa come into play, and lets you stay ahead of things with its flexibility and versatility. This is coupled with the fact that mpesa has very low fees, which is great as you’ll be making a lot of microtransactions for quick redeposits.

Looking at the perspective of the brokers, they have a lot to gain from using mpesa too. By letting the traders pay via mpesa, they take a lot of load from their own shoulders. The payment will be handled by mpesa’s own secure server, which creates a win-win scenario for both parties and gives them some peace of mind. Additionally, since mpesa is so popular among forex traders, it allows them to create one unified ecosystem for transferring the money between different accounts. It’s not uncommon for experienced traders to be trading with multiple different websites at any given time, so this kind of cross-website flexibility can really come in handy with mpesa forex brokers.

So, is mpesa for you?

The global market for forex is very dynamic and ever-changing. As more and more people join with each passing year, the market changes accordingly. One of the main challenges for the forex brokers is to make the whole process, from start to finish, easier and more accessible for the general public. Payment is at the center of all this, as it is the beginning point for the whole trading process. It’s exactly because of this that forex trading via mpesa and other similar payment methods is gaining popularity, and they have proven to be one of the most effective methods to make trading more attractive to people.

Mpesa doesn’t offer anything extraordinary. Rather, it does an extraordinarily good job at ordinary things like speed, usability, and convenience. If these are what you are looking for, and feel that you are ready to go, click the link below to check out XM, one of the best brokers where you can make your first deposit with mpesa today!

Frequently asked questions

Contrary to popular belief, trading isn’t all that uncommon nowadays. People from all sorts of different backgrounds are finding it much easier and much more interesting to join trading. The thing is, the internet has opened up a lot of doors to a lot of things that were simply not open for a lot of people, and this includes trading as well. Gone are the days when you had to prepare thousands upon thousands of dollars of capital only to get started with trading. Nowadays, people investing very small amounts of money and getting started with smaller-scale trading endeavors is very common.

Without any doubt, one of the biggest reasons as to why we have been seeing this development today is forex. Forex has shown the world that trading doesn’t have to be hard, expensive and intimidating. It has shown us, that pretty much anyone can trade, and with enough time, dedication and patience, anyone can be successful at it. With that being said, since the popularity and demand for forex has been increasing so rapidly over the years, the number of brokers has been increasing as well, to the point where there are hundreds upon hundreds of forex brokers out there. With such fierce competition, companies are constantly challenged with coming up with newer and more effective ways to help them differentiate themselves from all the other competitors out there who are offering the same thing. One of the biggest focuses for forex companies who are looking to improve their service is the payment process. Payment is one of the key pieces of the whole forex puzzle, and by making it easier, faster and more accessible is a surefire way for forex companies to attract more customers, and that’s exactly the reason why mpesa is one of the fastest-growing and most preferred payment methods.

Benefit from high leveraged, full STP/ECN CFD trading through tier one liquidity

Forex brokers that accept M-pesa

Forex brokers that accept M-pesa offer the opportunity to deposit and withdraw funds from a forex account using the M-pesa payment channel. The M-pesa payment channel is particularly popular in kenya and tanzania, but its popularity is also increasing throughout afghanistan, mozambique and india. M-pesa is coined from a swahili term: “m” stands for “mobile” and “pesa” stands for “money”. M-pesa is a mobile payment method set up by vodafone’s kenyan partner, safaricom as a means of transferring payments using mobile phone technology.

This payment solution was devised as a means of helping unbanked populations get financial inclusion. Most payment channels on forex platforms require access to conventional banking methods. Without financial inclusion, the unbanked are locked out of this market. For the large unbanked populations in africa and other areas, M-pesa has changed this narrative and offers access to the forex market via forex brokers that accept M-pesa on their platforms.

What forex brokers accept M-pesa

The number of forex brokers that accept M-pesa for deposits and withdrawals is still relatively low. Despite this fact, some big international forex brokers offering good trading conditions already do support using M-pesa. Here is a list of some of the most popular brokers that allow forex trading and support the use of M-pesa as a funding method.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading cfds.

You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

¹ variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1.

* available to traders outside the european economic area.

Why forex brokers accept M-pesa?

Forex brokerage services were not originally offered to many emerging market economies until a full decade after the market was deregulated in 1997. Therefore, some of the peculiarities of the traditional financial systems of these economies were not accommodated in the design of payment channels for forex trading. The use of credit cards, bank wires and e-wallets all depends on the users within the target markets, owning and operating bank accounts. Given that some countries in africa have unbanked populations that are as high as 85%, forex brokers that target such market using conventional payment channels typically miss out on a huge segment of their target market. Some FX brokers have realized this and are now offering payment channels that are specifically tailored towards the unbanked populations in these underserved countries. This is how M-pesa came to be used as a payment channel that targets countries where there is a good penetration of mobile technology without commensurate financial inclusion. Ironically, some of these countries have large populations of people who already operate in the online gaming niche, where M-pesa features prominently. While nearly 50% of the whole population of kenya has an mpesa account, in other african countries, such as ghana, rwanda, or tanzania often dominate other mobile money providers such as airtel money, MTN mobile money, tigo pesa, ecocash or orange money.

M-pesa as a funding method

M-pesa targets the unbanked populations and is a form of mobile money. It enables the user to use his or her phone number as the account number. Typically, the regulators of the communications industry mandate the telecom companies to register all SIM card owners in a country using biometric registration methods. Therefore, a phone number can be assigned to an individual with a biometric stamp, ensuring that the number is unique to the individual and cannot be duplicated anywhere else. This process in itself enhances the know-your-customer requirements that forex brokers must fulfil when onboarding a new client.

The user then registers on the M-pesa platform and is assigned a unique set of login details. Verification of the user’s identity and address is done through submission of a government-issued ID card and other relevant documents.

Benefits of FX brokers that use M-pesa

The benefits of using an FX broker that accepts M-pesa are as follows:

A) very fast deposits and withdrawals: transaction times are very fast, as transfers are done instantly.

B) it is cashless, which means that traders do not need to carry large amounts of money. In countries with high denomination notes and high exchange rates to the US dollar, this is very convenient.

Drawbacks of FX brokers that use M-pesa

What are the drawbacks of using forex brokers that accept using M-pesa?

A) the initial verification process can be strenuous

B) the use of M-pesa is not widely available on forex platforms. This narrows the user’s choice of brokers.

Choosing a forex broker that accepts M-pesa

Presently, not many forex brokers accept M-pesa on their platforms, but the list is growing. You can either use one of the brokers listed above in which we verified they support M-pesa payment system or you can use online forums and other information sources to find out what the experience of other users of M-pesa forex brokers have been. Also, pay attention to other parameters to gauge the broker’s performance. You can do some test transactions to see how easy it is to make a deposit or withdraw funds from a set of M-pesa compliant forex brokers. You can also check out the quality of customer service from your first interaction with the forex broker as a prospect. Using these methods, you will find a forex broker that accepts M-pesa that is good for you.

Forex trading big

Reap big in currency trading

What you need to know about using M-pesa to trade forex

You probably already know that M-pesa is the king of mobile money services. What you might not be aware of is that in the third quarter of 2019 alone, 655.95 million of kenya’s 810.9 million mobile money transactions happened via the nation’s leading mobile finance app.

Indeed, M-pesa has become such a crucial part of developing the global transition towards using digital cash. In order to fully understand the current role of this game-changing app in the foreign exchange market, we first need to take a closer look at how it fits into the disruptive fintech sector.

The rise of digital payment apps

In the last couple of years, mobile and digital payment channels have been growing in popularity throughout the world.

In the western world, apps like paypal one touch and apple pay have set consumer standards and raised expectations for both security and convenience in mobile payments. The resulting surge in confidence with digital payment methods has, in turn, spurred newcomers to join the digital currency game.

For instance, petal card is a new credit card and financing app that wants to make it easier for consumers with zero credit history to raise their scores. Meanwhile, other apps like venmo and zelle are designed for sending money to family and friends—a more social approach to fintech compared to most other prominent digital payment platforms.

In kenya, M-pesa had already achieved mainstream popularity even before most of the aforementioned apps and platforms saw mass use.

What You Need to Know About Using M-Pesa to Trade Forex

The global financial impact of M-pesa

Through M-pesa, kenya became the world leader in mobile payments back in 2015. Despite the nation’s low ranking in the world economy, at the time, it was already easier to pay for a taxi through a mobile phone in nairobi, the country’s capital, than in places like london, hong kong, or new york.

While the world’s fintech developers have since caught up to M-pesa, kenya’s mobile payments king has already made an indelible mark on world finance.

In 2018, kenya’s first regulated online forex broker—EGM securities—allowed kenyans to use M-pesa and other mobile payment channels to participate in the global forex market.

Today, apart from the few locally registered forex brokers, many other brokerage firms now accept transactions through M-pesa. This includes some of the most prominent names in the forex trading industry, such as XM group, tickmill, octafx, plus500, and many others.

How do I use M-pesa to start forex trading?

Aspiring traders can start by picking a forex broker or brokerage firm, which can connect them to the rest of the market. In this article on how to choose the right tools for forex trading, we explained that you need to select the right platform for trading currencies online.

Nowadays, nearly all brokerage firms offer mobile platforms for making trades, which will make it easier to integrate your M-pesa with your new brokerage account. Using M-pesa and managing all your trading through one mobile device can greatly simplify the way you trade, which in turn may improve your chances of success.

The more you can simplify your trading and eliminate complicated transactions, the better you can focus on gleaning trading insights from the news, charts, signals, or indicators from which you can develop your trading strategies.

On the other hand, if you prefer the flexibility of trading via a web-based platform that’s not confined to one device, you can choose to do so and still integrate your M-pesa account for managing money transfers to and from your brokerage account.

By using M-pesa as a forex trading tool, you’ll be joining the growing number of forex traders from kenya, afghanistan, tanzania, india, south africa, and other countries throughout the world who are realizing the convenience of streamlining brokerage payments through the innovative east africa’s mobile payments technology.

Your forex broker of choice can tell you more about the specific steps you need to take to pay for your account via M-pesa.

M-pesa beyond forex

Recently, kenyan telecom company safaricom and south africa’s vodacom gained full ownership of M-pesa from the UK’s vodafone—one of its original developers.

In a statement explaining the acquisition, the two african companies said that the joint venture is aimed at having full control over the M-pesa brand and accelerate the development of the tech for new local markets.

For the foreseeable future, it’s safe to say that M-pesa will continue to be a leading disruptor not just in the forex markets, but also in the global development of fintech itself.

Forex trading brokers accepting mpesa payments in 2021

Forex trading is becoming more and more popular around the world every day. It is accessible for countries around the world that did not have any access to the world of forex a few decades ago. Because of that, it is important that these people have payment methods that they can trust to start forex trading.

There are many available payment methods on the market and they are created for specific demographics. It is very important that you choose the one that works well for you, and since there are many brokers who demand that withdrawals and deposits are made with the same payment method, you need to be sure that the method you have chosen offers you both of these transactions.

In this guide, we are going to talk about mpesa forex brokers, if you are one of those people who are thinking about using this payment method for FX trading, you should read our definitive guide carefully and start trading with mpesa accepted FX brokers today!

What are the best forex brokers on the market?

It is very hard to find a forex broker that will work perfectly for you. The market is very diverse and there are many forex brokers that offer an incredible trading experience to investors. However, finding the perfect FX broker is very hard for those who are new to the market.

When you do not have enough information, it gets hard to make decisions. To make your job a lot easier, we have come up with a list of the best forex brokers that you can see below. Check out our picks and start trading forex today.

Minimum deposit

Licences

Maximum leverage

Platforms

Oinvest

Minimum deposit

Licences

Maximum leverage

Platforms

IQ option

Minimum deposit

Licences

Maximum leverage

Platforms

What is mpesa and where can it be used?

M-pesa is a payment method created for a very specific demographic. The main idea behind this payment method is to provide citizens of countries like uganda, ghana, kenya, etc. With a safe and secure payment solution. Because of this, forex brokers who accept M-pesa deposits have access to a whole new demographic, which never had the opportunity to trade forex in the past. Thanks to M-pesa, forex trading became very popular in kenya in the previous years, and the majority of the investors use this payment solution. However, the field is still in its developing stages, which means that there still is a very long way to go. However, payment methods like M-pesa, help this development a lot.

This payment method was established in 2007 by a company called vodafone. As of today, it represents the largest mobile payment method in kenya and tanzania.

However, the company was not created to only offer services to african countries, it is actually trying its best to grow as much as possible and as of today, it offers services to countries like south africa, afghanistan, india, albania, romania, etc. The number of FX brokers accepting M-pesa is also very actively growing.

In addition to forex deposits, it offers many other services like deposits and withdrawals of funds, transfers, bill payments, and many others. The platform of this payment method is very similar to other payment methods in the region, especially those like kenya’s safaricom, and tanzania’s vodacom, this happened because M-pesa was actually created as a subsidiary of these companies.

How do M-pesa forex deposits work?

M-pesa is a mobile payment solution, which means that this payment method uses a mobile device as an e-wallet. All you need to have is a SIM card and mobile account and you will be able to easily make payments.

If you want to send money from one account to another, it is a very easy thing to do. Basically, it is the same as sending text messages, which makes M-pesa payments very easy for everyone.

The funds that you deposit to M-pesa account is not controlled by the company, it is actually stored in safaricom headquarters. These headquarters are managed by the government of kenya, and these funds are not just stored there, they are used for the development of the countries economy as they are being stored in different commercial banks.

This means that this payment method benefits the whole economy of the country, and if you decide to become one of the users of this payment method, it means that you will become part of this very important process.

How do M-pesa fees work and everything you need to know

The number of fees you pay for transactions depend on several factors. First of all, if you are paying money to someone who is not registered, you will have to pay more fees. Let’s say that you are sending unregistered user money in kenya. In this case, you will have to pay a 66 kshs fee for transfer that is between 101-500 kshs. However, if the user was registered, the fee would have been 27 kshs for the same amount.

The maximum money that you can transfer is 35,000 kshs, and the fee for this amount will be 275 kshs.

In the end, the thing that makes this payment so popular in the region is the fact that it is very easy to use and even those who have little to no experience can very easily make payments with M-pesa.

Regulatory framework and laws M-pesa has to follow

M-pesa representatives have said it many times that they are trying to reach a very high level of transparency and reliability when it comes to working with the users. Generally, it is regulated by several agencies. One of them is the financial conduct authority, FCA, of the UK, and the payment card industry, also known as the PCI.

In addition to these two giants, the company is also following the principles of know your customer, KYC. Because of this, the company requires its clients to provide personal data to make sure that they are real people. This data is kept confidential, but it helps the payment method representatives to make sure that you are not going to use M-pesa with bad intentions.

What role does M-pesa play for forex trading?

M-pesa offers a safe, secure, and transparent payment solution to the citizens of countries that have not had access to these things previously. Because of that, it plays a huge role in the development of forex trading in the region. Over the last few years, the number of forex brokers accepting M-pesa has grown significantly and changed the forex trading experience for the investors from these countries.

Thanks to M-pesa and other payment methods like this, forex trading has become more accessible for people in the region. As of today, not only local FX brokers but international and well-known companies are starting to adopt this payment method, which gives people of the region the ability to trade forex with the best possible services and enjoy the standers of europe.

Which countries are the most active users of M-pesa?

FX trading with M-Pesa accepted Forex brokers

Over the years, M-pesa started to offer its services to the citizens of many countries. In the beginning, it was available for the countries of africa only, but today, it has grown and offers services to a number of different jurisdictions around the world.

A huge part of the forex brokers accepting deposits via M-pesa is located in kenya actually. This payment method started offering services to the citizens of the country in 2007, this happened after the local company known as safaricom decided to establish its own money transfer company.

Although the company has had its share of problems and challenges, it was able to overcome them and became a very safe and secure solution. The kenyan finance minister tried to find fraudulent actions at some point, however, there was nothing that the company was doing legally, and the popularity of the company only continued to grow in the country.

Afghanistan is another country that has a number of local FX brokers accepting M-pesa deposits, M-pesa started functioning in afghanistan is 2008 and has been increasing in popularity ever since.

Tanzania welcomed M-pesa in 2007, and since then, it has become a very active part of the FX trading market in the country.

Other countries that accept this payment method are those like india, south africa, and many others. In india, the company started offering services in 2011, while south africans started enjoying M-pesa’s services in 2010.

Should you start trading forex with M-pesa FX brokers?

In the past few years, M-pesa has become a huge part of forex trading in many countries. The number of people using this payment method is rising every day and more and more brokers are accepting payments with M-pesa as well. Although the payment method still needs some re-adjustments and has some challenges, in the region it is thought to be one of the most successful ones and only continues to grow in popularity.

For the future development of forex trading in the region, it is very important that traders have access to a safe and secure payment method, which is very easy to use. In addition to forex trading, M-pesa has a huge influence on the development of the whole financial market in the region, which makes it an even more important payment method.

How to fund your XM trader account with safaricom-mpesa in kenya

XM broker is one of the oldest forex brokers in the kenyan financial market. It was founded in 2009 and it has since grown to be a globally recognized brand with millions of traders registered in over 196 countries.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

The platform offers 1,000+ trading instruments spread across 6 financial assets: – forex, indices, commodities, stocks, metals, and energies.

And, it also features spreads as low as 0.6 pips, leverage as high as 888:1 with up to $5,000 bonus.

Other benefits in XM forex include: –

Personal account managers for account holders.

Free access to forex market research.

Free access to daily forex webinars.

Unlimited access to video tutorials.

Daily access to forex trading signals.

16 platforms to choose from. Any device, anywhere.

Free daily technical analysis.

Daily forex market outlook.

24/5 hour live help.

Enjoy exclusive offers in kenya with joon online & XM forex.

Get whatsapp updates of free educational seminars – register here.

Watch nairobi, kempinski seminar here .

Get free VPS services for seamless trading.

50% deposit bonus of up to $500 or currency equivalent.

How to trade with XM forex in kenya.

Trading is easy. At least if in the past you have tried exchanging one currency for another with the aim of making profits.

But if this is your first time reading about forex, then perhaps I’ll excuse you more time to learn before I can advise you to trade.

Or better, take some time and go through the steps involved in forex trading as outlined in the guide below.

Step 1 – define currency pairs.

Do you know the difference between the base and quote currency in currency pairs?

As money control puts it, the first currency in the pair is the base currency.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

The base currency is the currency against which exchange rates are quoted in a given country. Examples: USD/JPY, the US dollar is the base currency; in EUR/USD, the EURO is the base currency.

Quote currency on the other hand is the second currency in a currency pair.

It is the currency you are paying with.

For example, in the EUR/USD pair; the quote currency is the USD.

Note: – the base currency is always equal to one unit. And the price of a currency pair determines how much of the quote currency is needed to buy 1 base currency.

Example: – if a currency pair (EUR/USD) has a bid price for 1.04372, it means you will buy USD 1.04372 for every EUR you sell.

Step 2 – when is the best time to buy or sell a currency?

You should buy a currency if you believe the base currency will become more expensive.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

On the flip side, you should sell that currency pair if you think the price of the currency will fall.

Trading with metatrader 5 android mobile app.

Trading with XM forex is easy. After creating an account and validating it, the next step is to download either an MT4 (metatrader 4) or a metatrader 5 (MT5) trading software.

These are electronic trading platforms widely used by traders – globally. While MT4 is popularly used, its successor MT5 is better and this is why: –

MT5 is a multi-asset platform for over 1000 instruments.

You can view 100 charts simultaneously in MT5.

MT5 supports all order types, including market, pending, stop orders, and trailing stop.

Has over 80 technical indicators and over 40 analytical objects.

You can use it to trade on android & IOS phones.

Allows web trading for windows, mac, linux operating systems.

How to trade in XM with metatrader 5 android mobile app.

First, you need to login to your XM trader account or register here if you are new to trading. You can either register for a demo or a real account .

Next, download the MT5 trading software in play store and add your XM trading account by clicking on the plus sign on the menu bar.

Now that you are logged in to your metatrader 5 account for android, start trading.

To open the list of pairs available to trade, click on the two arrows at the bottom left in your trading app. Or click on the menu and select t the quotes tab to open the list.

Now click on your currency pair of choice then on new order to access the trade execution options (BUY or SELL),

Trading on a real XM trader account.

In order to trade on a real account and make real profits in XM forex, you’ll first need to validate your account then fund it. If you are in kenya, there are only two viable ways to verify/validate your forex account: –

By uploading your bank statements – should have your residential address in it.

By uploading your utility bills (water/electricity bills).

Knowing our country, I wouldn’t put too much emphases on uploading utility bills. The majority of kenyans are on prepaid subscriptions. Rather, I will show you how to validate your forex account with bank statements or KRA receipt in place of bills.

How to validate your XM forex account with KRA PIN/ID card.

Print either of the receipts that resonate with your recent KRA activities or apply for a tax compliance certificate.

Download the acknowledgment receipt sent to your email address.

Login to your XM account, click on the arrow next to your name, navigate to upload documents, scan and upload national ID. That’s it.

How to fund your XM broker account with safaricom – mpesa.

To deposit money to your XM account with mpesa,

Click on the quick deposit button on top of your trading chart.

You can fund XM with VISA, mastercard, skrill, neteller, astropay, bitcoin, webmoney, and dusupay. But for the purpose of this blog, click on dusupay.

Scroll down to the mobile payment method and click on safaricom mpesa.

Enter your phone number and the amount you wish to deposit (in your base currency).

Confirm that you want to fund XM forex via dusupay.

You will see this message on your computer –

Payment pending.

If you have followed the steps correctly, your account will be credited soon.

8. Check your phone for push notification from dusupay and enter your mpesa pin to complete the transaction.

A to Z guide to how to trade with forex brokers using mpesa

Top forex trading brokers working with mpesa

What exactly is mpesa and how does it work?

High leverage, tier one liquidity, great ECN trading conditions and fast execution speeds

What are the advantages do mpesa forex traders gain?

Simplicity and ease of use

As compared to other payment methods, which may sometimes require some needlessly-complicated extra steps, this kind of simplicity gives any broker a huge advantage.

Security and safety

Less chance of any issues with processing payment

Mpesa synergizes with forex very well

So, is mpesa for you?

Frequently asked questions

Benefit from high leveraged, full STP/ECN CFD trading through tier one liquidity

so, let's see, what we have: we've ranked the best forex brokers that accept mpesa for forex trading in kenya. Our comparison metrics include fees, platforms, ease of withdrawals & more. At forex trading via mpesa