Top 8 Locally Based Brokers
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?
- Which brokers accepting M-PESA are best for beginner traders?
- How to compare the best forex brokers against each other?
- 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 for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best Forex Brokers Accepting M-Pesa in Kenya
| 🥇 Broker | ✔️ Accepting M-PESA? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. HFM | Yes | $5 (570 KES) | Yes | 👉 Open Account |
| 2. Exness | Yes | $1 (116 KES) | Yes | 👉 Open Account |
| 3. Pepperstone | Yes | $150 (17 670 KES) | No | 👉 Open Account |
| 4. Axi | Yes | $0 (0 KES) | No | 👉 Open Account |
| 5. CM Trading | Yes | $100,000 (114,000,000 KES) | Yes | 👉 Open Account |
| 6. FXPesa | Yes | $5 (583 KES) | No | 👉 Open Account |
| 7. SuperForex | Yes | $1 (116 KES) | No | 👉 Open Account |
| 8. LiteFinance | Yes | $50 (20,000 KES) | No | 👉 Open Account |
8 Best Forex Brokers Accepting M-Pesa in Kenya (Updated 2023)
- HFM – Overall, Best Forex Broker
- Pepperstone Markets Kenya Limited – Top MT5/MetaTrader 5 Broker
- Axi – Verified MT4/MetaTrader4 Broker Accepting M-PESA
- CM Trading – User-Friendly Forex Broker for Beginner Traders
- FX Pesa – Top ECN Brokers Accepting M-PESA
- SuperForex – Best Islamic/Swap-Free Broker
- LiteFinance – Verified Low Minimum Deposit Broker Accepting M-PESA
- 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
- 4.8/5
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
| Feature | Information |
| ⚖️ Regulation | CMA, CySEC, FSA, FSCA, DFSA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | Micro Account Premium Account HFcopy Account Zero Spread Account Auto Account |
| 📊 Trading Platform | MT4, MT5, HFM Trading App |
| 💰 Minimum Deposit | 570 KES or an equivalent to $5 |
| ✅ Tradable Assets | • Forex • Precious Metals • Energies • Indices • Shares • Commodities • Cryptocurrencies • Bonds • Stocks DMA • ETFs |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| HFM is a multi-regulated and award-winning broker with an impressive track record and trust score | There is no KES-denominated trading account offered |
| There are low and competitive spreads offered | There is a limited selection of deposit and withdrawal options |
| Kenyan traders have a choice between several account types | There 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
- 4.9/5
Min Deposit
USD 10 / 1156 KES
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
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
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Tradable Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 📉 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | Exness offers a limited number of payment methods for deposits and withdrawals |
| Traders can choose between several retail investor accounts | Exness 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
- 4.1/5
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
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💰 Minimum Deposit | 150 USD |
| ✅ Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | No |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone caters for traders of all trading experience or style | Leverage restrictions apply |
| Pepperstone is a multi-regulated and multi-award-winning broker | Additional 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
- 4.8/5
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
| Feature | Information |
| ⚖️ Regulation | ASIC, SVG, FCA, FMA, DFSA |
| 📱 Social Media Platforms | • Facebook • Telegram |
| 💻 Trading Accounts | • Standard Account • Pro Account • Elite Account • Demo Account • Islamic Account |
| 📊 Trading Platform | • MetaTrader 4 |
| 💰 Minimum Deposit | 0 KES |
| ✅ Trading Assets | • Forex • Share CFDs • Indices • Commodities • Oil • Precious Metals • Cryptocurrency CFDs • CFDs |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Axi is multi-regulated with three Tier-1, one Tier-2, and one Tier-3 regulation | An 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 KES | There is only one trading platform supported |
| There are no account fees charged when Kenyans register an account | The 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 trading | There is no KES-denominated trading account |
| There are social trading opportunities |
5. CM Trading
Overall Rating
- 4.8/5
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 Feature | Value |
| 💰 Minimum Deposit | 114,000,000 Kenyan shilling and more (equivalent to $100,000+) |
| 💵 Maximum Deposit | None |
| ✔️ Demo Account | Yes |
| 📚 Educational materials | Yes, Trading eBook, Webinars |
| ✍️ Market Reviews | Yes |
| 📊 Spreads from | 0.9 pips |
| 🚨 Live Trading Signals | Yes |
| ✔️ Risk-Free Trades offered | 3 Risk-Free Trade |
| 👥 Personal Assistant offered? | Yes |
| 🚨 Trading Central Trading Signals | Yes |
| 📈 Trading Central Live Trading Signals | Yes |
| 💸 Cashback Rebates | Yes |
| ✔️ Access to ECN? | Yes |
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with a wide variety of financial instruments offered | An 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 used | Competitive 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
- 4.1/5
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
| Feature | Information |
| ⚖️ Regulation | Capital Markets Authority (CMA), Financial Conduct Authority (FCA) |
| 📱 Social Media Platforms | • Facebook • Telegram • 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 spread | 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Several financial instruments can be traded | Spreads are higher on the Executive Account |
| FXPesa is well-regulated by the FCA and CMA | The commission fees are not the lowest |
| The account verification is simple and quick | No KES-denominated account available |
| There is a choice between trading platforms | Withdrawal fees are charged |
| There is an unlimited demo account | No 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
- 4.5/5
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
| Feature | Information |
| ⚖️ Regulation | IFSC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Kenyan Traders? | Yes |
| 💳 Minimum deposit (NGN) | 116 Kenyan Shilling ($1) |
| Average spread from | Variable spread |
| 📈 Maximum Leverage | 1:1000 |
| 👥 Customer Support | 24/5 |
| ✔️ Pros | ❌ Cons |
| The broker offers both variable and fixed spreads | Unregulated and offshore broker |
| There is no minimum deposit requirement | There are several regions restricted from accessing SuperForex’s services |
| There are daily analysis tools and trading signals available | Spreads are marked-up |
| VPS access is provided to eligible clients | There is a limited selection of markets offered |
| There are several flexible account types to choose from |
8. LiteFinance
Overall Rating
- 4.5/5
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
| Feature | Information |
| ⚖️ Regulation | CySEC |
| ⚖️ CBN Regulation? | No |
| 📊 Trading Accounts | |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, LiteFinance Mobile Trading App |
| 💰 Minimum Deposit (₦) | 20,000 Kenyan Naira equivalent to $50 |
| 💰 Trading Assets | Forex, 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 spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | Yes |
| ✔️ Pros | ❌ Cons |
| LiteFinance is well-regulated and compliant with MiFID requirements | VPS is not provided free of charge |
| Expert analysis is provided through Claws & Horns | Commission charges are not the cheapest |
| There is a market-leading analysis app provided to Kenyan traders | There is a limited selection of tradable instruments |
| Dedicated client support offered in several languages |
9. Scope Markets
Overall Rating
- 4.6/5
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
| Feature | Information |
| ⚖️ Regulation | IFSC, FSCA, CMA, CySEC |
| 📱 Social Media Platforms | • Facebook |
| 💻 Trading Accounts | One Account |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 |
| 💰 Minimum Deposit | $100 (11 671 KES) |
| ✅ Trading Assets | • Forex • Indices • Energies • Metals • Shares |
| 📉 Minimum spread | 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Scope Markets is well-regulated | The spread is marked-up |
| The broker has a local office in Kenya | There are limited additional trading tools and resources |
| There is a choice between MetaTrader 4 and 5 across devices | There are limited tradable instruments |
| Dedicated customer support is offered | There 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
👉 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
- 4.8/5
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
- 4.1/5
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
- 4.8/5
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
- 4.5/5
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
- 4.1/5
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
- 4.5/5
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
- 4.9/5
Min Deposit
USD 10 / 1156 KES
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
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
- 4.6/5
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
👉 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. |
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| 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
👉 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.
