There’s no doubt about it, Mpesa has revolutionized the way we do business, and it continues to get more innovative with every passing day.
Among the industries that have seen a bigger impact from Mpesa’s global penetration is forex trading in Kenya using Mpesa.
You see, there used to be a time when depositing money into your forex trading account used to be a real hassle. Banks were declining transactions, and sending money into online wallets such as Skrill and Neteller used to be a real hassle.
Enter Mpesa, however, and its global acceptability. That really changed things for many forex traders in Kenya. Although a lot of forex brokers still do not offer Mpesa deposits and withdrawals, there’s a good number who have the payment system.
10 Best Forex Brokers With Mpesa Deposits & Withdrawals
- XM Forex
- FreshForex – Using Local Depositors
1. HotForex – Best Mpesa Forex Broker Overall
HotForex has consistently ranked top on our list of forex brokers that accept Mpesa in Kenya, and for good reasons too.
But before I show you why this forex broker happens to be our #1 rated Mpesa forex broker, let’s first discuss about who they really are and why you should choose them as your goto forex broker in Kenya.
To start with, HotForex allows you to
Why Choose HotForex in Kenya
Apart from the obvious fact that HotForex accepts Mpesa, here are 5 other reasons why most Kenyans prefer to trade with HotForex
1. Easy Copy Trading for Beginners
HotForex has one of the most developed copy trading platforms in the world. This platform, which is christened HfCopy allows beginners who do not have any knowledge/skills to profitably invest in the forex market by automatically copying trades of the most successful and skilled forex traders on the platform.
2. Low Minimum Deposit
HotForex offer a Micro trading account with a minimum deposit of $5. This is approximately 600 Kenya shillings. This low amount allows you to test the trading platform without investing so much of your capital.
Even better, HotForex offers leverage of up to 1:1000 on the micro account, allowing forex traders to control huge transactions with very minimal upfront investment. However, you should use leverage with a lot of care since it is a double edged sword.
Once you’ve tested and experienced how the HotForex trading platform works, you can then proceed and deposit more trading funds. We recommend at least $250 minimum trading capital if you want to make substantial profits at the end of the day.
3. Highly Regulated
HotForex is one of the best regulated forex brokers in Kenya. The broker is regulated in the UK by the Financial Conduct Authority (FCA), which is one of the most coveted licenses an online forex can acquire.
Additionally, the forex broker hold licenses from other top jurisdictions including Seychelles’ Financial Service Authority and the Dubai Financial Services Authority.
2. XM Forex – Best Mpesa Broker With Huge Bonus Offerings
XM Forex also always features on our list of the best forex brokers with Mpesa. The company has been in existence since 2009, and has grown to become such a force to reckon with.
XM Forex is fully licensed and regulated by CySec and the International Finanacial Commission, meaning that any disputes between broker and trader are fairly settled by a third-party oversight authority.
The one reason why a lot of forex traders choose XM Forex is because of the many bonus offerings that the broker offers. To start with, once you’ve created and verified your account, you get access to a $30 No-Deposit Bonus that you can use to test the trading platform.
The forex broker offers 4 account types including:
- XM Micro Account
- Standard Account
- XM Ultra Low Account (Recommended)
- And Shares Account
All accounts with the exemption of the Shares Account are similar in their trade execution, leverage (1:888), and minimum deposit ($5). The Ultra Low Account offers the best spreads starting at only 0.6 pips per lot.
3. FxPesa – Best Mpesa Forex Broker for Beginners
If you’re a beginner to online forex trading, FxPesa is the forex broker you should be thinking about. This is because the forex broker is locally based and therefore able to support you not just with the whole account opening process but also with profitable trading strategies.
FxPesa was the first forex broker to get licensed by the CMA in 2019 and has since then endeavored to give Kenyans the best trading conditions including instant Mpesa deposits and withdrawals.
Being a locally based forex broker, FxPesa understands local problems and provides solutions tailored to the enthusiastic beginner trader.
The broker offers two account types:
- FxPesa Executive Account– $5 minimum deposit & spreads from 1.4 pips
- FxPesa Premier Account – $100 minimum deposit, $7.00 commission per lot, and 30% deposit bonus
The leverage for FxPesa is capped at 1:400, which is sufficient for most forex traders.
Why Are There So Few Forex Brokers With Mpesa in Kenya
With its global acceptability, you’d expect that there would be more than 7 forex brokers with Mpesa in Kenya. But that’s not the case.
We peg the lack of more brokers that accept Mpesa on bureaucracy and an insatiable appetite for taxes by the Kenyan government. You see, a few months ago, there was no shortage of forex brokers that accept in Kenya. But things changed when the Capital Markets Authority (CMA) started enforcing its regulations on the online forex market, and mostly brokers.
The CMA regulations made it an offence for an offshore forex broker to onboard clients from Kenya without a license from the body (CMA). And in order to enforce this directive, they directed Mpesa to cut connections with any forex broker