The attraction of mpesa forex brokers is it enables locals use M-Pesa — a popular mobile money payment service in Kenya and Tanzania. Exness, XM, Tickmill , and Forextime FXTM are the best forex brokers that accept mpesa by Safaricom in Kenya and Vodacom in Tanzania. If you are a trader in Zimbabwe, you are not left out; Exness and XM are some of the forex brokers that accept EcoCash.

Exness is the best forex broker that accepts mobile money and mpesa. When you withdraw from XM, expect the money to land on your mobile wallet within 30 minutes to 2 hours. Once in a while, withdrawals may take 24 hours. You can not withdraw profits to Mobile Money. You can only withdraw your deposit to mobile money, use alternative methods to withdraw profits.

Let me know which of these brokers provides the best mobile money experience? Is there a forex broker that accepts mobile money or a mobile money service we need to include on the list? Forex Brokers The Best Forex Brokers A guide to Copy Trading How To Choose a Forex Broker No Deposit Forex Brokers Forex Broker Reviews XM ForexTime FXTM Exness TICKMILL HotForex IC Markets Forex Brokers by Continent Forex Brokers in Africa Forex Brokers in Asia Forex Brokers in South America Forex Brokers in Europe Forex Brokers in Middle East Trading Articles Trading Psychology Trading Strategies Trade Ideas Forex Rebates Coaching.

You May Also Enjoy These Articles. Open an Account. Why trade forex with Exness. To withdraw:. Scope Markets Kenya has average spreads. On average, they are known for 1. However, the spread may go as high as over 2 pips, but it is similar to its other brokers in forex trading. They have friendly customer support, quick to respond, and have an ever-present team all round the clock with little to no hold time.

You can reach them through calls or emails, or live chats. Scope Markets Kenya is among the best Forex brokers in Kenya with an M-Pesa option. Another broker that has made forex trading in Kenya using Mpesa easy is XM Forex. The payment option available at XM Forex includes mobile payments, bank and Wire Transfer, and credit and debit cards. You should provide a Know Your Customer KYC document, which first needs to be verified.

They offer variable spreads, something that they have highlighted, stating that fixed spreads are mostly costly. They have a fractional Pip pricing that allows users to use up to five-digit quoting services. Their range is somewhat lower than most brokers.

For example, for the EURUSD combination, with a minimum price fluctuation of 0. Unfortunately, in Kenya, there is no particular phone number for customer support at XM.

Exness is another one of the forex brokers that accept mpesa in Kenya. Exness is a tremendously-low-spread Forex broking firm that has been in operation since They are great brokers and have a safe environment. if you are looking for Kenyan fforex brokers with Mpesa Option, then this may be a good bet for you. They have mobile transfer options, bank and wire transfers, and debit and credit cards.

The transaction is processed instantly, with the money reflecting into your account in almost an instant. Exness has a competitive spread rate compared to its competitors and can go for as low as pips. They can leverage as high as , making it among the best forex brokers in Kenya. All this is done in over ten different languages.

FXTM is one of the forex brokers that accept mpesa in Kenya. CMA is responsible for regulating the company, making it among the safest and best Forex brokers in Kenya with Mpesa option. It has two kinds of accounts, standard and ECN accounts. Unfortunately, FXTM is known for having a high spread, especially for live spreads.

The phone call service runs only during market days. However, they are relatively quick when it comes to responding to clients.

It remains to be among the best forex brokers in Kenya with Mpesa option. Among the trading platforms that accept Mpesa is Tickmill.

It is, however, safe and regulated with Tier 1, Tier 2, and Tier 3 regulators authorized by the FCA UK. Founded in , Tickmill offers three separate accounts, namely Classic, Pro, and VIP accounts. It enables forex trading in Kenya using mpesa. Tickmill has relatively cheap spreads of as low as 0.

Therefore, the total cost equals 0. First, you can get help through emails, live chats, or a phone call as a member. They have a social support system that is very fast at responding to client requests. They are regulated by the FCA UK , FSA, and FSCA, known as Tiers 1 and 2 regulators.

They have different accounts for their members, such as Premium, Auto, Micro, PAMM, HFCOPY, and Zero Spread accounts. Hotforex supports credit cards, debit cards, bank transfers, wire transfers, E-wallets, and mobile payments. To deposit:. The spreads at Hotforex are determined for the Zero Spread account. For example, the EURUSD currency pair is 0. However, the spread may go to as high as 1. Their response time is relatively fast. It may not be the best forex broker in the market, but they worth mentioning.

Liteforex was founded in and boasts of over , clients worldwide. It uses over 14 languages globally and remains supported in several well-known trading platforms like the MetaTrader 4 and 5.

It has leverage that can go up to and has different accounts, namely Classic and ECN accounts. They support mobile payments, bank and wire transfers, credit and debit cards, and cryptocurrencies. This means that Liteforex uses variable spreads, which is much cheaper than fixed spreads.

Last Updated: February 11, 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. 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. 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. 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.

Deposits and withdrawals with FXPesa do not have fees. 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. HotForex is a CMA licensed Non-dealing forex broker, and they were authorized in HotForex is a legit forex broker successfully operating in the industry for 10 plus years.

Their regulations include the FCA — Financial Conduct Authority and FSCA — Financial Security Conduct Authority FSP No.

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. Premium is free of commission — spread only trading account.

There are 53 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. XM Forex is also a highly regulated Forex broker that is regulated with top-tier global Financial Authorities.

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 leverage offered to traders is Traders get to trade in 57 Currency pairs and 1, 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. 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. Exness has been operating from 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. There is no commission on the trading volume, other than spread.

For Standard Account — the costs are based on tight spreads starting from 0. The spreads overall are very low with Exness. 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 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.

ForexTime is regulated in diverse jurisdictions globally. Their top-tier Financial Regulations are with CMA, FCA, CYSEC, and FSCA FSP No. The Standard Account has an average of higher than 2. The FXTM Cent Account has even higher spread. FXTM charges commission for its ECN Account. All deposits are free of charge at FXTM, including for MPesa. However, there are fees for withdrawals depending on the method. 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. Here are the major factors that we have considered while reviewing the Forex Brokers accepting MPesa:.

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 forex broker is regulated by CMA in Kenya then it is considered safe.

This is most important to check in your forex broker. This makes them a well-regulated forex broker with low risk. One of them is FXPesa. Once you have the license no.

There is a high risk that you could lose your deposits with such broker. Overall Fees: The factors considered here are spread, commissions, and charges on withdrawals and deposits.

Some of them also levy extra fees where you are trading other CFD instruments. So, it is vital to research the overall fees of the asset that you are seeking to trade. All regulated CFD brokers have spread comparison table. Make sure to check the fees for the instrument that you want to trade, and see if there is any other regulated broker offering the same instrument at lower fees.

Like, the broker in the below table has 0. There are other brokers with lower fees also. For ex. But if your account is in another base currency like USD, then your funds may be converted into KES at a lower exchange rates than the actual rates. So, you need to consider this commission too.

Also, there must be multi-device support, quick execution, no freezing, and multiple order types. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility. Cookie settings ACCEPT. Exness is the best forex broker that accepts mobile money and mpesa. Forex brokers that accept MPesa in Kenya include, HotForex , FXPrimus and Naga. How to Invest Money What to Invest In How to Invest in Index Funds How to Invest in ETFs Menu. We did not experience a hold time of more than 60 seconds during our tests when connecting.

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