Trading online forex in Kenya using Mpesa is simple and straightforward. But finding a reliable forex broker that accepts Mpesa is another issue altogether. There’s just a handful of forex brokers that accept Mpesa.
In this detailed guide we are going to be reviewing the best of the best forex brokers with Mpesa. But here’s a quick list of the top 10 Mpesa forex brokers (just in case you’re in a rush and don’t have time to read the whole guide)
These are forex brokers that are fully licensed and regulated, have tight spreads, and do not make the account opening process hard.
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10 Best Forex Brokers With Mpesa (2021 List)
- FxPesa – Best Mpesa Forex Broker for Beginners
- HotForex – Best Regulated Forex Broker in Kenya
- XM Forex- Huge Deposit Bonus (Up to $4500 in bonuses)
- LiteForex – Best ECN Forex Broker
- SuperForex – Best ‘No-Deposit Bonus’ Forex Broker in Kenya ($1000 no-deposit bonus)
- FxPrimus – Best Mpesa Forex Broker for Professional traders
- CMTrading – Best African Forex Broker
- InstaForex
- FreshForex
- ScopeMarkets
There you have it. The list of the best forex brokers with Mpesa. In most cases, deposits and withdrawals with Mpesa is instant with all of the above forex brokers. At the worst, it will take only a few hours to get money in or out of your account.
The fees for depositing money in and out of your forex trading account are also minimal. Most forex brokers in the above list will actually waive/reimburse any fees you may incur when depositing money into your account using Mpesa. It’s therefore not a wonder that many Kenyans prefer to trade forex with forex brokers that accept Mpesa.
Let us know have an in-depth look at each one of the above Mpesa forex brokers.
1. FxPesa – Best Mpesa Forex Broker for Beginners
If you’re a beginner forex trader, please choose FxPesa, for your own peace of mind.
If you’ve not yet heard about FxPesa, they were the first forex broker to comply with Capital Markets Authority (CMA) regulations in 2019. They were consequently licensed by CMA to offer forex broker services in the country.
FxPesa offers two types of trading accounts:
- FxPesa Executive Account – $5 Minimum deposit & spreads from 1.4 pips
- FxPesa Premier Account – $100 minimum deposit, 30% deposit bonus, spreads from 0.0 pips, and $7 round turn commission
Between the two trading accounts, the Premier Account offers the best trading conditions. It is an ECN account, which means that your orders are passed directly to liquidity providers.
Also, with an ECN account, instead of paying spreads (which ate substantially high at FxPesa,) traders are charged a round turn commission of $7 per lot.
Why Choose FxPesa?
FxPesa is a locally based forex broker, which means that they are better positioned to understand the problems that enthusiastic beginner forex traders in Kenya might face. And there are loads of problems that a beginner can face. From having verification documents rejected to not knowing how to navigate through the MT4 trading platform.
FxPesa promises to hold your hand and help you navigate through the treacherous world of forex trading. The team is so dedicated that they have even put up a full online course about forex trading.
FxPesa also holds frequent live webinars where you can learn how to trade like a pro. What’s more, you can book an appointment to visit their offices for personalized help with your forex trading journey.
But that’s not the only reasons why you should FxPesa. Apart from Mpesa, FxPesa also accepts deposits using other local payment methods including Airtel Money and EazzyPay.
2. XM Forex – Best Mpesa Forex Broker With Huge Deposit Bonus
XM Forex is our all-time favorite forex broker that accepts Mpesa in Kenya. For starters, the account opening process at XM Forex is much easier than you’d find with other offshore brokers.
Our in-house forex traders and account managers have personally been trading with XM Forex for the past 7+ years, way before the broker even started accepting Mpesa.
XM Forex has over 10 years in the industry, having been established in 2009. The forex broker is fully licensed regulated in 4 jurisdictions namely:
- Australia
- Belize
- Cyprus
- Dubai
Among all the licenses, the Australian license carries the heaviest weight. Not many forex brokers are able to obtain trading licenses in top-tier countries like Australia. The fact that XM Forex is licensed in Australia should boost your confidence when choosing to trade with them.
To verify your account, you’ll only need to provide your identification document (National ID or passport). We recommend you use your Kenyan National ID to verify the account. When registering, make sure you provide the details indicated at the back of your ID as the address details.
Why Choose XM Forex in Kenya?
- Low Minimum Deposit
The minimum deposit at XM Forex is $5 (about 500 Kenya Shillings). This low minimum deposit requirement allows anyone who’s interested in online forex trading to get started without risking a lot of money.
- Huge bonuses on deposits
For deposits upto $500, XM Forex offers 50% bonus. That means that funding your account with $100 makes it $200. The deposit bonus offered by XM Forex is among the best bonuses in the industry, and we recommend that traders take advantage of it.
Additionally, XM Forex does not charge any fee for depositing or withdrawing money from your trading account.
2. HotForex – Best Regulated Forex Broker With Mpesa
HotForex is an ECN/STP forex broker that has been in existence for the past 1o years (founded 2010). As an ECN/STP forex broker, HotForex is able to offer its clients some of the lowest spreads in the market, and that’s why we recommend it as our #3 forex broker in Kenya.
HotForex has many incredible features that we’re sure you will love. The broker offers MT4 and MT5 trading platforms and allows for Mpesa fund transfers, which is very convenient for Kenyans.
HotForex also provides its clients with one of the widest selections of trading instruments including shares of the Fortune 500 companies like Apple Inc., Microsoft, and Google.
Apart from CFDs, you can also trade commodities, currencies and indices. As a matter of fact, HotForex has the largest selection of CFDs from all forex brokers operating in Kenya!
Apart from the tight spreads, which start from as low as 0 pips, HotForex also doesn’t charge any fees or commissions when you’re funding your account.
As for legitimacy, you’ll be delighted to know that HotForex is one of the highly regulated forex brokers that accepts Mpesa. The broker is regulated by CySec, which is a top-tier regulator.
The broker offers MT4 and MT5 trading platforms and allows for Mpesa funding.
3. LiteForex – Best ECN Forex Broker That Accepts Mpesa
LiteForex is the other broker that accepts Mpesa and makes the forex trading account opening process a bliss. Not only that, but this Mpesa Forex Broker also offers revolutionary trading features including a copy trading platform that lets you copy trades from the most successful traders on the platform.
Just to show you how innovative LiteForex has been, they were the first forex brokers to pioneer cent accounts, whose minimum deposit is as low as $1.00.
Mpesa deposits at LiteForex are free and instant. Withdrawals using Mpesa are also instant and incur a fee of 100 shillings only per withdrawal.
LiteForex boosts over 15 years in the market, having been established in 2015.
Why Choose LiteForex in Kenya?
- Forex Copy Trading
Forex copy trading is one of the most revolutionary forex trading systems of our time. With the copy trading system, you simply deposit money into your LiteForex trading account, choose a successful forex trader to follow/copy, and watch your profits roll in.
The copy trading system works on profit sharing basis. Mostly 70:30 where you get 70% of the profits earned from your capital while the strategy provider gets the other 30%. Considering that all you have to do is deposit money into your trading and watch the professional trader do the bulk of the work, I’d say a 70:30 profit share is something to smile about.
It is almost impossible to blow your account when using forex copy trading if you choose the right strategy provider to follow. Your money is also safe and you can withdraw it at any time as the money is held by the forex broker, not the strategy provider.
If you’re a professional and profitable forex trader, you can also earn extra income from copy trading by sharing your forex trading strategies to be copied. The process is easy and seamless.
9. Exness
Exness is a forex and CFDs forex broker that offers an array of trading instruments and competitive spreads.
The company is registered in Cyprus with registration number HE346535, license obtained on September 16th 2015 as a CySEC regulated broker, providing financial services to retail clients through its website. The group was founded by Vladimir Ribakov who has been involved in the industry for more than 20 years now.
Exness accepts Mpesa payments which makes it possible for Kenyan traders to deposit funds directly into their accounts via mobile money transfer service provider. It’s worth noting that this feature is available only if you have verified your trading account.
10. FreshForex
Russian based forex broker with a lot of bonuses for new traders
Who’d have thought that a Russian-based forex broker would feature in our list of the top forex brokers that accept Mpesa in Kenya… But wonders never cease, and it is what it is.
A Russian forex broker, FreshForex (or Fresh Forest, as some people call it) caps the list of our top 10 best forex brokers with Mpesa.
However, instead of the automatic Mpesa payments that we are have so far seen with other forex brokers, FreshForex uses local agents (introducing brokers) to facilitate the deposits.
FreshForex is suited more for beginners and those who are on their first steps in the forex trading journey. The broker offers many incredible bonuses that will help the rooking forex trader become familiar with forex trading.
We usually recommend beginners to take advantage of the huge bonuses offered by forex brokers so that they can have a feel of how it is like to trade with big money.
Why Choose FreshForex Mpesa Broker?
There are a few reasons that make FreshForex the ideal Mpesa forex broker for traders in Kenya. These include:
- High Leverage: FreshForex offers one of the highest leverage among all the forex brokers with Mpesa. At 1:2000, the leverage is really enticing and in the hands of a trader who knows what they are doing, it is possible to get rich even from a small capital.