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8 Best Forex Brokers Accepting M-Pesa in Kenya

8 Best Forex Brokers Accepting M-Pesa in Kenya

The 8 Best Forex Brokers Accepting M-PESA in Kenya revealed. We tested the best forex brokers that accept M-PESA for Kenyan Traders.

This is a complete guide to forex brokers accepting M-PESA in Kenya.

In this in-depth guide you’ll learn:

  • What is M-PESA?
  • Which forex traders offer the best trading platforms for Kenyan traders?
  • Forex trading in Kenya using mpesa explained.
  • Which brokers accepts M-PESA are best for beginner traders?
  • How to compare the best forex brokers against each other? 
  • Best Mpesa trading apps.
  • Best forex brokers in Kenya with mpesa
  • Which brokers offer a sign-up bonus for first-time traders in Kenya? 
  • Which brokers offer binary options with M-PESA?
  • Which brokers offer a low minimum deposit of $5 (583 KES) to start trading? 
  • Which trading platforms offer a mobile app on IOS and Android for Kenyan Traders? 


And lots more…

So if you’re ready to go “all in” with the best-tested forex brokers accepting M-PESA

Let’s dive right in…

10 Best Forex Brokers in Kenya

#1

$100

Minimum Deposit

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#2

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

#3

CySEC, FSA, FCA, FSC, FSCA, CMA

$10

#4

FSA, CySEC, FSCA, FSC

$1

#5

FSC, DFSA, CySEC, ASIC, CMA

$5

#6

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

$0

#7

FSCA, FSC, FSA

$10

#8

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$10

#2

$100

Minimum Deposit

#3

$10

Minimum Deposit

#4

$1

Minimum Deposit

#5

$5

Minimum Deposit

#6

$0

Minimum Deposit

#7

$10

Minimum Deposit

#8

$10

Minimum Deposit

#9

$5

Minimum Deposit

#10

$5

Minimum Deposit

Updated : July 10, 2023

Best Forex Brokers Accepting M-Pesa in Kenya + The Best Apps

🥇 Broker✔️ Accepting M-PESA?💰 Minimum Deposit?💸 Kenyan Shilling (KES) Deposits Allowed?👉 Open Account
1. HFMYes$5 (570 KES)Yes👉 Open Account
2. ExnessYes$1 (116 KES)Yes👉 Open Account
3. PepperstoneYes$150 (17 670 KES)No👉 Open Account
4. AxiYes$0 (0 KES)No👉 Open Account
5. CM TradingYes$100,000 (114,000,000 KES)Yes👉 Open Account
6. FXPesaYes$5 (583 KES)No👉 Open Account
7. SuperForexYes$1 (116 KES)No👉 Open Account
8. LiteFinanceYes$50 (20,000 KES)No👉 Open Account

8 Best Forex Brokers Accepting M-Pesa in Kenya (Updated 2024)

  1. HFM – Overall, Best Forex Broker
  2. Pepperstone Markets Kenya Limited – Top MT5/MetaTrader 5 Broker
  3. Axi – Verified MT4/MetaTrader4 Broker Accepting M-PESA
  4. CM Trading – User-Friendly Forex Broker for Beginner Traders
  5. FX Pesa – Top ECN Brokers Accepting M-PESA
  6. SuperForex – Best Islamic/Swap-Free Broker
  7. LiteFinance – Verified Low Minimum Deposit Broker Accepting M-PESA
  8. Scope Markets – Top STP Broker in Kenya

What is M-Pesa?

👉 M-Pesa (M for Money, and Pesa meaning “Money” in Swahili), was launched in the Democratic Republic of the Congo (DRC), Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania on 6 March 2007 by Vodafone’s Kenyan affiliate, Safaricom, is the biggest mobile money provider in Africa.

 

👉 M-Pesa is an app that enables users to bank from their mobile devices and send and receive money.

1. HFM

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

CMA, CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5, HFM Trading App 

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 HFM is a low-risk CFD and forex broker for Kenyan traders with a trust score of 83% and an overall rating of 9/10 in terms of trading conditions, retail investor accounts, client fund security, and customer support.

 

👉 HFM is well-regulated by several reputable entities and recently, HFM Investments Limited, a subsidiary of the brokerage company, has been given a license by the Capital Markets Authority (CMA) in Kenya.

 

👉 HFM is a proud MetaTrader broker, offering both MetaTrader 4 and MetaTrader 5 trading platforms. HFM’s retail investor accounts are suitable for both novice and expert traders, as well as professional traders looking to get a competitive advantage in their trading.

 

Unique Features

FeatureInformation
⚖️ RegulationCMA, CySEC, FSA, FSCA, DFSA
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
💻 Trading AccountsMicro Account
Premium Account
HFcopy Account
Zero Spread Account
Auto Account
📊 Trading PlatformMT4, MT5, HFM Trading App
💰 Minimum Deposit570 KES or an equivalent to $5
✅ Tradable Assets• Forex
• Precious Metals
• Energies
• Indices
• Shares
• Commodities
• Cryptocurrencies
• Bonds
• Stocks DMA
• ETFs
📉 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
HFM is a multi-regulated and award-winning broker with an impressive track record and trust scoreThere is no KES-denominated trading account offered
There are low and competitive spreads offeredThere is a limited selection of deposit and withdrawal options
Kenyan traders have a choice between several account typesThere is a limited selection of base account currencies and deposit currencies
There is an ultra-low minimum deposit on accounts
There are several educational materials offered to beginner traders
Advanced traders have access to many advanced, helpful trading tools
There is a comprehensive affiliate program offered
HFM offers Kenyan traders a choice between MetaTrader 4 and 5 across different devices

2. Exness

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Platform

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Overview

👉 Exness makes trading easy for everyone, from beginners to seasoned pros, with its flexible account options. Spread accounts, commission-based accounts, and commission-free accounts are all options.

 

👉 Exness guarantees less exposure to risk in trading thanks to its innovative software and hardware. Traders’ orders will be executed swiftly and safely in this scenario.

 

👉 The company accepts deposits and withdrawals from over 30 different institutions. Most of its deposit and withdrawal methods are also free of charge. Furthermore, Exness offers free VPS hosting and instant withdrawal access upon request.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💰 Minimum Deposit1 USD (116 KES)
✅ Tradable AssetsForex, Metals, Crypto, Energies, Indices, Stocks
📉 Minimum spreadFrom 0.0 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutionsExness offers a limited number of payment methods for deposits and withdrawals
Traders can choose between several retail investor accountsExness only offers a limited portfolio of financial instruments to traders
Exness offers an Islamic account conversion with no additional fees charged
Instant deposits and withdrawals are offered
Exness has customer support available 24 hours a day, 7 days a week

3. Pepperstone Markets Kenya Limited

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

 

Overview

👉 Pepperstone, based out of Australia with local offices in Kenya, is a currency broker that also provides contracts for difference. Pepperstone allows for several deposit and withdrawal methods, as well as multiple account base currencies.

 

👉 Pepperstone has clients from all around the globe, with Pepperstone Markets Kenya Limited as the local entity that serves all retail and institutional Kenyan traders.

 

👉 All trading and non-trading activities on Pepperstone are free of charge, and there are no inactivity or account fees. To be sure, there are certain assets where the cost of CFD financing is quite expensive.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
💻 Trading AccountsStandard account, Razor Account, Professional Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💰 Minimum Deposit150 USD
✅ Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indices
✔️ Kenyan Naira-Based AccountNo
💳 Bonuses for Kenyan traders?No
📉 Minimum spreadfrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Pepperstone caters for traders of all trading experience or styleLeverage restrictions apply
Pepperstone is a multi-regulated and multi-award-winning brokerAdditional fees applied to the Islamic account
Pepperstone ensures client fund security by keeping it in segregated accounts
Pepperstone accepts Kenyan traders and provides enough educational material for beginners
Demo account and Islamic account offered
Several funding options offered
No deposit fees and withdrawal fees charged

4. Axi

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 The Financial Conduct Authority (FCA) in the United Kingdom and the Australian Securities and Investments Commission (ASIC) give Axi a prominent level of credibility among Forex traders.

 

👉 Axi provides a wide variety of banking channels for both deposits and withdrawals. Customers may pay using a variety of methods, including credit cards, bank transfers, and e-wallets like Neteller, Skrill, FasaPay, M-Pesa, and Sofort, to only name a few.

 

👉 To add that its credentials, Axi is also one of the few brokers to accept Bitcoin as payment. Axi’s trading tools are extensive and compatible with the MT4 platform.

 

Unique features

FeatureInformation
⚖️ RegulationASIC, SVG, FCA, FMA, DFSA
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• LinkedIn
💻 Trading Accounts• Standard Account
• Pro Account
• Elite Account
• Demo Account
• Islamic Account
📊 Trading Platform• MetaTrader 4
💰 Minimum Deposit0 KES
✅ Trading Assets• Forex
• Share CFDs
• Indices
• Commodities
• Oil
• Precious Metals
• Cryptocurrency CFDs
• CFDs
✔️ Kenyan Shilling-based Account?No
💵 KES Deposits Allowed?Yes
📉 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Axi is multi-regulated with three Tier-1, one Tier-2, and one Tier-3 regulationAn inactivity fee is applied to dormant accounts
MetaTrader 4 is provided across devices alongside useful plugins such as AutoChartist, MyFXBook, and more.Deposit and withdrawal fees are charged
Kenyan traders are given access to local payment providers and can deposit/withdraw in KESThere is only one trading platform supported
There are no account fees charged when Kenyans register an accountThe demo account is only available for 30 daya
Axi offers beginner traders access to a comprehensive trading academy where they can learn how to trade and refine their tradingThere is no KES-denominated trading account
There are social trading opportunities

5. CM Trading

Overall Rating

Min Deposit

USD100

Regulators

FSA

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

154

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Among the many available online Forex and CFD companies in South Africa, CM Trading stands out. There are four live commission-free accounts accessible for trading, and Kenyan traders can get the MT4 platform and the CM WebTrader system for free.

 

👉 CM Trading adheres to a strict policy due to laws and regulations as well as a set of operational rules. Trading signals, copy trading, and one-on-one coaching are just a few of the unique elements that set CM Trading apart from the competition.

 

Unique Features

Account FeatureValue
💰 Minimum Deposit114,000,000 Kenyan shilling and more (equivalent to $100,000+)
💵 Maximum DepositNone
✔️ Demo AccountYes
📚 Educational materialsYes, Trading eBook, Webinars
✍️ Market ReviewsYes
📊 Spreads from0.9 pips
🚨 Live Trading SignalsYes
✔️ Risk-Free Trades offered
3 Risk-Free Trade
👥 Personal Assistant offered?Yes
🚨 Trading Central Trading SignalsYes
📈 Trading Central Live Trading SignalsYes
💸 Cashback RebatesYes
✔️ Access to ECN?Yes

 

✔️ Pros❌ Cons
Well-regulated broker with a wide variety of financial instruments offeredAn inactivity fee may apply to dormant accounts
Client capital is kept in segregated accounts with top tier-1 banks.Both deposit fees and withdrawal fees are charged
Offers a wide range of trading tools that can be usedCompetitive spreads, but not the lowest in the industry when compared to competitors
Supports several trading strategies including algorithmic trading, scalping, hedging, and more.
There is a comprehensive proprietary trader platform offered along with third-party apps and platforms
CM Trading accommodates the Kenyan market
Reasonable minimum deposit requirements for account tiers
CM Trading has a good reputation and a long-standing history as a CFD and forex provider

6. FX Pesa

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 FXPesa is widely used in Kenya as a retail forex and CFD trading platform. The company behind FXPesa is called EGM Securities Limited, but everyone knows it by its trading moniker, FXPesa.

 

👉 Given that FXPesa’s parent firm is subject to oversight by the CMA, Kenyan investors feel comfortable using it. FXPesa does not impose any fees on deposits, yet they do enforce minimums.

 

👉 The processing time for a bank transfer is usually between one and three business days, whereas M-Pesa deposits are quick. Currency conversions may result in additional fees if performed by a third party.

 

Unique Features

FeatureInformation
⚖️ RegulationCapital Markets Authority (CMA), Financial Conduct Authority (FCA)
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
💻 Trading Accounts• Executive Account
• Premiere Account
📊 Trading Platform• FXPesa Mobile
• MyFXPesa
• MetaTrader 4
• MetaTrader 5
💰 Minimum Deposit$5 (583 KES)
✅ Trading Assets• Forex
• Indices
• Commodities
• US Shares
• UK Shares
• EU Shares
📉 Minimum spread0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Several financial instruments can be tradedSpreads are higher on the Executive Account
FXPesa is well-regulated by the FCA and CMAThe commission fees are not the lowest
The account verification is simple and quickNo KES-denominated account available
There is a choice between trading platformsWithdrawal fees are charged
There is an unlimited demo accountNo negative balance protection on ECN accounts
There are local Kenyan deposits and withdrawals offered
Kenyan traders can deposit and withdraw funds in KES
There are many positive broker reviews for FXPesa
There is maximum leverage of 1:400 offered

7. SuperForex

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 SuperForex is a trusted broker that provides for all its customers’ trading requirements. There is a platform and set of trading tools available to meet the needs of every kind of trader, thanks to the availability of thousands of different assets and the simplification of the trading process.

 

👉 The several types of accounts offered by SuperForex provide traders with the freedom to choose the one that is most suitable for their needs in terms of expertise, capital to invest, and trading style.

 

👉 The broker accommodates clients from different countries with different payment needs by providing a wide range of efficient, rapid, and simple payment options.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC
⚖️ CBN RegulationNo
✔️ Accepts Kenyan Traders?Yes
💳 Minimum deposit (NGN)116 Kenyan Shilling ($1)
Average spread fromVariable spread
📈 Maximum Leverage1:1000
👥 Customer Support 24/5

 

✔️ Pros❌ Cons
The broker offers both variable and fixed spreadsUnregulated and offshore broker
There is no minimum deposit requirementThere are several regions restricted from accessing SuperForex’s services
There are daily analysis tools and trading signals availableSpreads are marked-up
VPS access is provided to eligible clientsThere is a limited selection of markets offered
There are several flexible account types to choose from

8. LiteFinance

Overall Rating

Min Deposit

USD 50 / 5825 KES

Regulators

CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, Web-based

Crypto

No

Total Pairs

40

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Foreign exchange (Forex) and contracts for difference (CFDs) trading are possible via LiteFinance, a regulated online broker. Client funds are held in a separate bank account.

 

👉 They provide the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, both of which are well regarded for their user-friendliness, stability, versatility, and power when it comes to incorporating a wide range of trading tools and doing in-depth chart analysis.

 

👉 Additionally, Kenyan traders have the option to engage in social and copy trading, which is emulating the trades of other traders based on their analysis of the signals they get.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC
⚖️ CBN Regulation?No
📊 Trading Accounts
📊 Trading PlatformMetaTrader 4, MetaTrader 5, LiteFinance Mobile Trading App
💰 Minimum Deposit (₦)20,000 Kenyan Naira equivalent to $50
💰 Trading AssetsForex, Precious Metals, Oil, Global Stock Indexes, CFD NYSE, CFD NASDAQ, CFD EURONEXT, CFD LONDON LSE, CFD XETRA, Cryptocurrencies
🔎 Kenyan Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💰 Bonuses for Kenyan traders?Yes
📈 Minimum spread0.0 pips EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedYes

 

✔️ Pros❌ Cons
LiteFinance is well-regulated and compliant with MiFID requirementsVPS is not provided free of charge
Expert analysis is provided through Claws & HornsCommission charges are not the cheapest
There is a market-leading analysis app provided to Kenyan tradersThere is a limited selection of tradable instruments
Dedicated client support offered in several languages

9. Scope Markets

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 If you are a trader in Kenya and want to work with a broker based in the country, Scope Markets is a great option, especially where local deposit and withdrawal payment methods are concerned, including M-Pesa.

 

👉 The fact that they are subject to oversight by the Kenyan Capital Markets Authority (CMA) is a major positive. The fees are reasonable, the account structure is easy, and the minimum opening deposit is reasonable.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC, FSCA, CMA, CySEC
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
💻 Trading AccountsOne Account
📊 Trading Platform• MetaTrader 4
• MetaTrader 5
💰 Minimum Deposit$100 (11 671 KES)
✅ Trading Assets• Forex
• Indices
• Energies
• Metals
• Shares
📉 Minimum spread0.9 pips
✔️ Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Scope Markets is well-regulatedThe spread is marked-up
The broker has a local office in KenyaThere are limited additional trading tools and resources
There is a choice between MetaTrader 4 and 5 across devicesThere are limited tradable instruments
Dedicated customer support is offeredThere is no KES-denominated trading account
Trading fees are transparent and competitive
There are local deposit and withdrawal options for Kenyan traders
Client fund safety is guaranteed and there is investor protection provided by Scope Markets
All trades are commission-free

How to choose the right M-Pesa Forex Broker in Kenya

How to choose the right M-Pesa Forex Broker in Kenya

👉 Kenyan traders must evaluate the following components of an M-Pesa forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Regulations and Licenses

👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.

 

Account Features

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

 

Deposits and Withdrawals

👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

 

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.

 

Customer Support

👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

 

Trading Platform

👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

 

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best M-Pesa Forex Brokers in Kenya

👉 In this article, we have listed the best Forex brokers which offer M-Pesa as a payment option to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 Forex Broker in Kenya

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Axi is the best MT4 forex broker in Kenya. Although Axi only supports MT4, it provides its traders with access to several excellent technical analysis tools at no additional cost.

 

Best MetaTrader 5 / MT5 Forex Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

👉 Overall, Pepperstone is the best MetaTrader 5 forex broker in Kenya. A wide variety of tradable marketplaces are available on Pepperstone. There are several social copy trading sites to choose from.

 

👉 When high-volume traders couple Pepperstone’s Razor account with MetaTrader 5 and the Active Trader software, they can take advantage of the broker’s competitive pricing.

 

Best Forex Broker for beginners in Kenya

Overall Rating

Min Deposit

USD100

Regulators

FSA

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

154

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, CM Trading is the best forex broker for beginners in Kenya. There is a wide variety of trading systems available to customers, each with its own set of benefits.

 

👉 Since its inception, CM Trading’s innovative platform and a plethora of helpful extras have made it the go-to brokerage of choice. Additionally, news and alert systems are available to assist you in always keeping up with the market.

 

Best Low Minimum Deposit Forex Broker in Kenya

Overall Rating

Min Deposit

USD 50 / 5825 KES

Regulators

CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, Web-based

Crypto

No

Total Pairs

40

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, LiteFinance is the best Low Minimum Deposit Forex Broker in Kenya. LiteFinance has been operating for over 15 years and has offices in countries all over the globe.

 

👉 Because of the numerous investor education tools available on the website and the brokerage’s cooperation with Claws & Horns, LiteFinance is highly recommended for Kenyan traders of all skill levels who want a low deposit forex broker.

 

Best ECN Forex Broker in Kenya

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FXPesa is the best ECN forex broker in Kenya. In Kenya, the FXPesa brand operates under the supervision of the CMA, or Capital Markets Authority.

 

👉 When a Kenyan opens an account with FXPesa, they will have access to the same instruments and positions sies in addition to ECN trade execution.

 

Best Islamic / Swap-Free Forex Broker in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, SuperForex is the best Islamic / Swap-Free forex broker in Kenya. SuperForex is the best Islamic Forex Broker because there are dedicated halal trading accounts for Muslims. SuperForex also offers a range of trading instruments along with competitive trading conditions.

 

Best Kenyan Shilling Trading Account Forex Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Platform

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

👉 Overall, Exness is the best Kenyan Shilling trading account forex broker in Kenya. Exness offers the lowest spreads on its KES-denominated account. Exness offers a range of local deposit and withdrawal options to Kenyans, including M-Pesa.

 

Best STP Forex Broker in Kenya

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Scope Markets is the best STP forex broker in Kenya. Scope Markets provides access to over 250 spot & CFD products for day trading and investment.

 

👉 Scope Markets has MetaTrader 5 access and a selection of retail trading account types. Scope Markets also offers several local payment methods for deposits/withdrawals and education material that should fulfil the requirements of most traders from Kenya.

How does M-Pesa work?

👉 M-Pesa’s unique strategy of bridging the gap between the telecommunications and banking industries is quickly expanding in sub-Saharan Africa, where many people lack access to conventional financial institutions.

 

👉 M-Pesa is a SIM-based electronic payment system that functions as a virtual bank account. After inserting a SIM card into a mobile device, consumers may use SMS to send money to friends, family, and businesses.

 

👉 Users without bank accounts may still use M-Pesa because of the widespread network of retail locations. The user hands the cash over to the kiosk worker, who deposits the funds digitally into the user’s M-Pesa account.

 

👉 Cash from M-Pesa transactions is put into Safaricom’s bank accounts. The bank accounts function similarly to checking accounts and are covered by the Deposit Protection Fund for up to one million shillings ($1,000).

 

👉 To verify a purchase, M-Pesa issues receipts. Phone numbers serve as account numbers. Therefore, they must be exchanged before any kind of transaction can take place.

 

👉 When a transaction is settled, both parties are notified through SMS, which includes the counterparty’s complete name and the amount credited or debited from the user’s account.

 

👉 The instantaneous availability of mobile receipts aids in maintaining open communication between all parties.

Benefits of using M-Pesa to Deposit or Withdraw Funds

Benefits of using M-Pesa to Deposit or Withdraw Funds

👉 Safaricom, a subsidiary of Vodafone in Kenya, operates the M-Pesa mobile money service. With M-Pesa, even those with the most basic smartphones can send and receive money, pay bills, and get quick loans.

 

👉 Over 37 million clients and approximately 400,000 agents in 7 countries (the Democratic Republic of the Congo, Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania) make M-Pesa the biggest mobile money provider in Africa, according to the Vodafone website.

 

✔️ PROS❌ CONS
M-Pesa helps unbaked individuals connect to the world
The World Bank has called M-Pesa a “leapfrogging technology” since it has made banking services available to the poor in Kenya, which were previously out of reach owing to the outgoing costs that are associated with storefronts and in-cash transactions.
It has enabled the formerly unbanked populace of Kenya to have access to formal financial services via their mobile phones. Consequently, it is considered a unifying factor in the financial sector that promotes financial inclusion.
There is heavy reliance on telecommunication and/or internet connectivity
The reliability of M-Pesa services cannot be guaranteed for users in remote locations with spotty or no internet connectivity.
The payment method is easy to use, convenient, and efficient
The service saves customers time since they do not have to physically go to a shop to conduct transactions like sending and receiving electronic currency or checking balances.
Instead, most M-Pesa marketplaces provide an app for smartphones that can do these functions.
M-Pesa is not immune to fraud
Converting one’s financial activities to the digital realm is not without its dangers, the most obvious of which is the possibility of falling victim to online fraud.
Even while this is a possibility, M-Pesa also recognizes that certain customers may lack the technical knowledge necessary to avoid being duped.
M-Pesa is Secure
Vodafone claims that M-Pesa makes cash-based economies safer by lowering the likelihood of crimes like robbery and burglary, as well as smaller forms of corruption.
By assigning each user a personal identification number (PIN) and issuing SMS verification codes to both parties, M-Pesa protects the safety of all financial transactions.
Debt Risks
M-partner Pesa’s business, M-Shwari, makes it possible to get small loans quickly and easily, which might lead to greater debt
M-Pesa is beneficial to governments and NGOs
M-Pesa helps governments to collect taxes and issue social security payments while allowing charities and non-governmental organizations to remit money to thousands of people simultaneously.
M-Pesa does not have a well-established academic foundation
A lot of the research that has been used to tout mobile banking’s success is based on shaky assumptions.
The availability of the mobile money system M-PESA in Kenya has reportedly been shown to have raised per capita spending and helped bring 194,000 people, or 2% of Kenyan households, out of poverty.
However, this research did not include a control group and did not examine failed micro-businesses.
There is the potential for siphoning money from Africa to other developed countries
Worries about Western influence in Africa’s most important economies are warranted. Presently, the Kenyan government owns 35% of Safaricom and a variety of international investors own the other 25%.
Forty percent of Safaricom is controlled by the British multinational Vodafone plc. Businesses like M-are Pesa’s a vital part of the African economy, but they need to be regulated so that the funds they generate stay on the continent rather than going to foreign investors.
There is the risk of side-lining progressive policies
While M-Pesa has the potential to help the impoverished, rural, and unbanked people of Africa, it should not be seen as a replacement for other social measures.

Special Considerations for Kenyans who want to use M-Pesa

Special Considerations for Kenyans who want to use M-Pesa

👉 The level of life in Kenya has significantly risen thanks to M-Pesa and other mobile payment systems. To do business, market dealers, debt collectors, farmers, and taxi drivers do not need to have a lot of cash on hand.

 

👉 Subsequently, crimes like stealing and robbery become less common, as does fraud. In addition, M-Pesa allows customers to pay their water and power bills without having to stand in line for extended periods.

 

👉 Kenyan users with a Safaricom SIM card who want to register for M-Pesa must provide a legitimate government ID, such as a passport or national identity card issued by the Republic of Kenya, to do so.

 

👉 All money transfers, payments, deposits, and withdrawals can be traced back to their respective senders and receivers in this fashion.

 

👉 A substantial portion of the population in developing countries has no or limited access to conventional banking services, hence mobile money has become more popular because of this.

 

👉 By shifting the economy from a cash culture to a digital one, revolutionary businesses like Paga, MTN Mobile Money, Airtel Money, and Orange Money are upending the common payment methods used by locals in developing countries.

Conclusion

👉 A substantial portion of the population in developing countries has no or limited access to conventional banking services, hence mobile money has become more popular because of this.

 

👉 This makes M-Pesa and several other mobile solutions extremely valuable and popular among Kenyan traders.

FAQ

Does forex pay through M-Pesa?

Yes, several well-established forex brokers have started accepting M-Pesa deposits and withdrawals from traders in developing countries.

Do you need a bank account to use M-Pesa in Kenya?

No, you do not need a bank account because M-Pesa is designed to serve customers who do not have any access to banking services.

Does M-Pesa work in Kenya?

Yes, M-Pesa traces its origins back to Kenya and it is currently being used in over 10 countries worldwide.

Does Exness accept M-Pesa?

Yes, Exness started supporting M-Pesa as a deposit/withdrawal method recently, allowing Kenyans to easily fund a trading account, and withdraw funds from one.

Does SuperForex have M-Pesa?

Yes, SuperForex offers all Kenyan traders access to M-Pesa for their deposits and withdrawals.

9/10 - (21 votes)