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Introduction
A few years ago, forex trading in Kenya with mpesa was impossible. however, after mpesa established itself as a dominant mode of payment, brokers have been incorporating mpesa into their payment options. There are now more than a handful mpesa forex brokers in the country. Knowing the trading platforms that accept mpesa in Kenya can be useful in deciding which broker to use.
Choosing the right forex broker plays a significant role in one’s forex trading career. Familiarising yourself with the best forex brokers in Kenya with Mpesa option will not only help you make an informed choice but also save you loads of time and effort. In as much as many brokers do exist out here, there is only a limited number of forex brokers with Mpesa Option. If you’ve been wondering how to do forex trading in Kenya using Mpesa, then this blog post is for you.
Since forex brokers with Mpesa option have become a great consideration amongst many Kenyan forex traders, in this comprehensive blog post, we cover the list of the 8 best forex brokers with the M-Pesa option.
[table id=24 /]Best Forex Brokers in Kenya with MPesa Option
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FXpesa
Thanks to Fxpesa, forex trading in Kenya with mpesa is a possibility. FXpesa operates under the EGM Securities and is one of the Kenya forex brokers with Mpesa Option. The company is among the list of forex brokers regulated by the Kenya Capital Market Authority (CMA). It doesn’t require any commissions from the trader and no transactional fees charged for Kenyan nationals, making it among Kenya’s 8 best forex brokers with an M-Pesa option. However, when the user remains inactive for 180 days, he/she gets fined the inactivity fee.
Depositing Funds
The broker accepts deposits to be made through four methods, bank transfer, debit and credit cards, mobile payments, and through the E-wallet.
- Log in to your portal, and on the top left side of your account, you will see the option Deposit.
- Click on the option and have a good look at the following page with all the options available.
- Choose the payment method that you are most comfortable then click on it.
- Enter how much you are willing to spend on it.
How to Withdraw
To withdraw your funds, follow the following steps:
- Log into your account and click the withdrawal option.
- Choose your preferred method of withdrawal, M-Pesa/ bank/ credit cards, etc.
- On the next page, submit the required information.
- Wait for your transaction to be processed, and you will get a notification an email to confirm it.
Spreads
One of the disadvantages of FXpesa is the high spread charged on all major currency pairs. For example, the standard spread for the EUR/USD pair is at 1.4 pips according to the usual lot. However, even with a minimum deposit of $5, you get a 1:400 leverage depending on your deposits and withdrawals.
Customer Support
The customer can talk to customer care through a live chat that has been reviewed slow on several occasions. However, they still reply to emails, occurs in less than one hour, or through phone calls.
Related: EGM securities review
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Scope Markets Kenya
Scope markets is another forex broker with Mpesa Option. The Scope Markets Kenya broking firm was formed in 2014 and regulated by the Capital Markets of Kenya (CMA). They serve as an STP broker, which means that they have created an environment convenient with no conflict of interests between them and the traders. They have no deposit or withdrawal fees, no inactivity fees, but they charge a commission on the standard lot size.
How to Deposit
To deposit funds, follow the following steps:
- Head on to the deposit button and click it.
- On the next page, you get to choose your payment method,
- Fill in how much you are willing to pay.
- You will be asked for a few personal details. Enter them then confirm the deposit and you will be done.
They accept mobile payments, Credit cards, Wire Transfers, bank transfers, and E-wallets. The minimum deposit limit is $20 for both silver and gold accounts.
How to Withdraw
To be eligible for a withdrawal, you have to the minimum balance in your account, and your account needs to be verified. The user then has to make a withdrawal request at any given time then wait for approval. To withdraw:
- Head to the your portal and click on your wallet button.
- You will see the withdrawal button. Click on it.
- Choose your preferred withdrawal method.
- Choose the amount you want to withdraw and the currency
- Verify your phone number then proceed to check out.
Spreads
Scope Markets Kenya has average spreads. On average, they are known for 1.7 pips spread on most major currency pairs on the silver accounts. However, the spread may go as high as over 2 pips, but it is similar to its other brokers in forex trading.
Customer Support
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.
Related: Scope Markets Review
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Start Trading with a CMA regulated Forex Broker
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XM Forex
Another broker that has made forex trading in Kenya using Mpesa easy is XM Forex. One of the most frequenently asked questions we receive is, “Does XM allow Mpesa?” The answer is that it does. XM is an international broker firm among the 8 best Forex brokers with an M-Pesa option globally, well reputed, and known for its users’ high security. However, it gets regulated with some of the biggest regulated firms in the world, such as CYSEC & ASIC.
How to Deposit
To deposit your funds:
- Head on to the deposit button.
- Choose your deposit method.
- Input how much you want to invest, pay, and wait as they process your transaction.
The payment option available at XM Forex includes mobile payments, bank and Wire Transfer, and credit and debit cards.
How to Withdraw
To withdraw your funds:
- Log onto your portal and click on the MyWallet button.
- Choose to withdraw.
- You will be asked to input your preferred withdrawal method. Choose it.
- Choose the amount you want to withdraw.
- Wait as they process your withdrawal.
You should provide a Know Your Customer (KYC) document, which first needs to be verified. Simultaneously, you can fill a customer’s information document that can be accessed both online and offline. The minimum amount to be withdrawn is $5, and the processing time takes around 24 hours.
Spread
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 0.00001, the spread is at 0.00016.
Customer Support
They have 24/7 customer support that any member of theirs can reach through emails and live chats. The hold time doesn’t take more than 2 minutes in most instances, especially when live chatting. Unfortunately, in Kenya, there is no particular phone number for customer support at XM.
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Exness
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 2008. They are great brokers and have a safe environment. Tier 1` and Tier 2 regulation firms such as FCA (UK) and the Cyprus Securities and Exchange Commission (CYSEC) regulate it. It’s an excellent firm for both beginners and professionals and has a higher option of currency pairs. if you are looking for Kenyan fforex brokers with Mpesa Option, then this may be a good bet for you.
How to Deposit
To deposit:
- Click on the deposit button,
- Pick your preferred payment method.
- Fill in the required fields
- Choose how much you want to invest in your account, and then wait as they process your transaction.
They have mobile transfer options, bank and wire transfers, and debit and credit cards. The minimum deposit is $1.
How to Withdraw
To withdraw:
- Go to the menu bar button and click on the option offered at the menu bar. You will see the withdraw button then click it.
- Please select the payment method that you want to use
- Complete the process by filling the other required areas then confirm it.
The transaction is processed instantly, with the money reflecting into your account in almost an instant.
Spreads
Exness has a competitive spread rate compared to its competitors and can go for as low as 0:0 pips. They charge a commission of $3.5 when transacting with a Zero Account. They can leverage as high as 1:2000, making it among the best forex brokers in Kenya.
Customer Support
Exness has 24/7 customer support services that are done through emails and live chats. They don’t have a local phone call that is offered in Kenya, and their customer service quality is a great one. All this is done in over ten different languages.
Ready to Open your Account?
Start Trading with Exness- A trusted Forex Broker
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FXTM
FXTM is one of the forex brokers that accept mpesa in Kenya. It’s the child from the parent company Exinity Capital East Africa (Exinity Group). 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.
How to Deposit
To deposit:
- You can find the deposit button on the My Money page in the MyFXTM section.
- Choose your payment method given that they accept M-Pesa transactions
- Pick a wallet or the MyFXTM account where your funds will be deposited.
- Confirm all details on the next page, then send.
The transaction will be processed, and a notification sent back.
How to Withdraw
To withdraw:
- Head to the MyFXTM section and click on the My Money button.
- You will see the withdraw button. Click it.
- Select your desired method of withdrawing, such as M-Pesa, input the amount you wish to withdraw, then confirm.
- You will need a PIN to finalize the last bit of the withdrawal process.
Spreads
Unfortunately, FXTM is known for having a high spread, especially for live spreads. For example, for a pair of currencies such as EUR/USD, it can spread between 1.8 to 2.1.
Customer Support
They have 24/7 customer support who can be contacted through emails, live chats, and phone calls. 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.
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Tickmill
Among the trading platforms that accept Mpesa is Tickmill. It is a forex broker with an average trust score of 81% out of 99%. It is, however, safe and regulated with Tier 1, Tier 2, and Tier 3 regulators authorized by the FCA (UK). Founded in 2014, Tickmill offers three separate accounts, namely Classic, Pro, and VIP accounts. It enables forex trading in Kenya using mpesa.
How to Deposit
To deposit:
- Find the deposit button and click on it
- Choose a payment method.
- Enter the amount that you want to invest
- Confirm that you want to make a deposit.
The minimum deposit required by Tickmill is $100.
How to Withdraw
To withdraw:
- Head on to your Client area and click on the Withdrawal button.
- You then choose the account that you want to withdraw from.
- Afterward, you are required to select the withdrawal method you desire and the amount you intend to withdraw.
- Submit the request for processing and await a notification
Spreads
Tickmill has relatively cheap spreads of as low as 0.13 pips for its Pro account when dealing with the EURUSD currency pair. Therefore, the total cost equals 0.53 pips on spreads recorded when trading in normal market conditions.
Customer Support
There are three ways of getting in touch with Tickmill’s customer support. 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.
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Hotforex
They are an international firm that still operates in Kenya, allowing for a minimum deposit of $5. 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.
How to Deposit
Hotforex supports credit cards, debit cards, bank transfers, wire transfers, E-wallets, and mobile payments. To deposit:
- Log in to an account and head on to the Deposit button.
- Click on the Deposit button and choose your preferred method of payment.
- Enter the amount you want to fund then confirm
- After getting the receipt of payment, you are supposed to send it to the email deposit@hotfortex.com together with your ID number.
How to Withdraw
To withdraw:
- Log into your account, then head over to the myHF area and click on it.
- You will find a Withdrawal button, click it and advance to the next page.
- Fill in the details as required, details such as withdrawal method and amount to be withdrawn.
Spreads
The spreads at Hotforex are determined for the Zero Spread account. For example, the EURUSD currency pair is 0.1 pips with limits and stop levels at 2. However, the spread may go to as high as 1.4 pips for some currency pairs, an aspect of the best forex brokers in Kenya.
Customer Support
The customer support at Hotforex is a 24/7 service that can be reached through email and phone. Their response time is relatively fast. It may not be the best forex broker in the market, but they worth mentioning.
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Liteforex
Liteforex was founded in 2005 and boasts of over 500,000 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 1:500 and has different accounts, namely Classic and ECN accounts. It’s another option if you are looking for forex trading in kenya using mpesa.
How to Deposit
They support mobile payments, bank and wire transfers, credit and debit cards, and cryptocurrencies. To deposit:
- Head to the Local Deposit section and click it. They do charge $1 fees for this transaction.
- Choose your payment method and fill several other blank spaces like the payment date and the proof of payment number.
- Attach a screenshot of the confirmation payment and enter the exchange rate.
- Confirm the payment and wait for the transaction to be through.
How to Withdraw
To withdraw:
- Go to the M-Pesa local Withdrawal section and fill in your withdrawal request.
- Choose the withdrawal method and the amount you wish to withdraw
- Submit your request and await confirmation.
The process doesn’t take too long, given that the money is deposited into your account the same day.
Spreads
Liteforex’s spreads remain specific to the asset and account being traded-in. This means that Liteforex uses variable spreads, which is much cheaper than fixed spreads. As a result, the spreads are competitive, but for the highly used currency pairs such as EURUSD, the spread can go as high as two pips.
Customer Support
Customer support can be in the form of emails, live chats, and a phone call. They can help members around many issues they may be facing and have a good response time. In addition, the phone call has a relatively easy hold making them one of the best forex brokers in Kenya with Mpesa option.
