Last Updated on February 16, 2022 by Patrick Mahinge
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. In this guide, we are going to focus on the best forex brokers with Mpesa. We have included a list of 10 of the best forex brokers with Mpesa.
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. XM Forex
Why Choose XM Forex
XM Forex is one of the best forex brokers with Mpesa. The broker has consistently featured on our list of the best forex brokers that accept Mpesa. The company has been in existence since 2009, and has grown to become such a force to reckon with.
I personally trade with XM Forex and find their services excellent. Everything from customer support to trading conditions is just lovable. So, if you’re in the market for a top forex broker that accepts Mpesa, I’d highly recommend that you open an account with XM Forex.
XM Forex Regulation
XM is fully licensed and regulated by 3 highly regarded regulatory bodies. They include:
- Cyprus Securities and Exchange Commission (CySec)
- Financial Service Commission
- Australian Securities & Investments Commission (ASIC)
There are a few reasons why you should only trade forex with regulated forex brokers. For one, it ensures that your broker is reputable and financially stable. Secondly, it ensures that your broker follows strict rules and regulations when it comes to handling customer funds. Lastly, it provides you with recourse if something goes wrong with your trading account. That’s why XM Forex is one of the most recommended forex brokers in Kenya.
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
- 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.
2. HotForex – Best Mpesa Forex Broker Overall
Why Choose HotForex?
HotForex has consistently ranked top on our list of forex brokers that accept Mpesa in Kenya, and for good reasons too. The HotForex Mpesa deposit process is as easy as it can get. This is because HotForex is one of the few CMA licensed forex brokers in Kenya.
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 offers 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
It is always a good idea to trade with licensed forex brokers in Kenya. And in that regard, HotForex scores a hundred percent. Not only is HotForex licensed and regulated by the Capital Markets Authority, but also has regulation from most of the top-tier jurisdictions. For instance, HotForex is regulated in the UK by the Financial Conduct Authority (FCA), which is one of the most coveted licenses an online forex broker can acquire.
Additionally, the forex broker hold licenses from other top jurisdictions including Seychelles’ Financial Service Authority and the Dubai Financial Services Authority.
So, if you’re looking for forex brokers with Mpesa, I highly recommend that you sign up with HotForex.
3. LiteFinance – Best ECN Forex Broker With Mpesa Deposits
Why Choose LiteFinance?
Every successful forex trader in Kenya prefers to trade using an ECN account. An ECN account charges a fixed commission for trades as opposed to the conventional spreads. LiteFinance is one of the best ECN forex brokers that accept Mpesa.
LiteFinance is regulated by CySec, which is one of the top-tier overseers of forex brokers. The regulation by CySec translates to more security for your deposited capital and fair trade practices. Additionally, LiteFinance has been in existence ever since 2005, which means it has stood the test of time and is one of the most legit Mpesa forex brokers that you can choose to trade with.
The minimum deposit at LiteFinance is capped at $50. This applies to their classic accounts as well as ECN accounts. However, for the classic accounts, traders have an option of choosing whether they would like to claim a 30% deposit bonus, which the broker offers.
4. FxPesa – Best Mpesa Forex Broker for Beginners
Why Choose FXPesa?
Also known as EGM Securities, FXPesa is the 3rd forex broker that accepts Mpesa.
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.
FxPesa Account Types
FxPesa 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