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Forex trading in Kenya using Mpesa is becoming more popular among Kenyans every day. That is why a forex trader should be able to choose the broker they want to work with based on their country of residence. Today, this article will focus on outlining the best forex brokers in Kenya with mpesa as a deposit and withdrawal method. Mpesa is famous in Kenya and Africa as a mobile payment service that is easily accessible.
What every trader should consider when choosing the correct forex broker is as follows:
- Highly regulated forex brokers.
- Local Deposit and Withdrawal methods.
- Currencies accepted by the broker.
- Trading fees and commissions.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
FOREX TRADING IN KENYA USING MPESA
This is our list of the best forex brokers with mpesa in Kenya:
- FXPESA (EGM Securities)– Best forex broker in Kenya with mpesa.
- XM Broker– Best broker for forex trading beginners.
- HFM (HotForex)– low-cost forex broker.
- EXNESS BROKER– forex trading using mpesa.
- FXTM– CMA Regulated Forex Broker.
- Axi– verified forex broker.
LICENSED FOREX BROKERS IN KENYA THAT ACCEPT MPESA
| Forex Broker | Minimum Deposit | Lowest Spread (EURUSD) | Regulation | Maximum Leverage | Trading Instruments | Sign Up |
| FXPesa (EGM Securities) | $5 | 0pips | CMA (Kenya) | Forex 1:400, CFDs 1:100 | Forex, CFDs on Indices, Commodities, Shares | Register Now! |
| XM Global | $5 | 0.8pips | ASIC, CySEC | 1:1000 | Forex, CFDs | Register Now! |
| HFM Broker (HotForex) | $5 | 0.1pips | CMA, FCA, FSCA, CySEC | 1:400 | Forex, CFDs | Register Now! |
| Exness | $1 | 0.3pips | CySEC, FCA | 1:2000 | Forex, CFDs | Register Now! |
| FXTM | $10 | 1.5pips | CMA, FSC, FCA, CySEC & FSCA | 1:2000 | Forex, CFDs | Register Now! |
| Axi | $0 | 0.4pips | FSA, FCA, ASIC, DFSA | 1:500 | Forex, CFDs | Register Now! |
FOREX BROKER REVIEW
Few Forex brokers in Kenya accept mpesa as a payment method. We are going to do a forex broker review of some of the best forex brokers that accept mpesa below:
1. FXPESA (EGM Securities) – Best forex broker in Kenya with mpesa
FXPesa is a CMA-regulated forex broker in Kenya under the parent company EGM Securities. It is popular in Kenya for retail traders and CFD trading. There are no fees for deposits. Their trading platforms include MT4, Webtrader, and Mobile.
- CMA Regulated
- Minimum Deposit: $5
- Trading Fees: starting from 1.5pisp EURUSD.
- Accepts mpesa deposits and withdrawals.
- Instant deposits.
- Withdrawals may require up to 24hrs to be processed.
- Currencies supported; KES, TZS, UGX, and USD.
2. XM Broker – Best broker for forex trading beginners.
XM broker is highly regulated by world financial authorities including CySEC and ASIC. This is a well-known forex broker and their reputation precedes them. They currently have a high leverage of 1:1000 to cater to those with small trading accounts.
- ASIC & CySEC Regulated.
- Minimum Deposit: $5
- Trading Fees: starting from 0.8pips EURUSD.
- Accepts mpesa deposits and withdrawals.
- Instant deposits.
- All third-party charges are covered.
- Withdrawals may require up to 24hrs to be processed.
- Currencies supported; KES, and USD.
3. HFM Broker (HotForex) – low-cost forex broker
HotForex is a highly regulated forex broker with over 10 years of experience. They have been regulated in Kenya by the Capital Markets Authority since 2021. They also offer MT4 and MT5 trading platforms.
- CMA, FCA,FSCA & FSA Regulated.
- Minimum Deposit: $5
- Trading Fees: starting from 0.1pips EURUSD.
- Accepts mpesa deposits and withdrawals.
- Instant deposits.
- All third-party charges covered.
- Withdrawals may require up to 24hrs to be processed.
- Currencies supported: USD.
4. EXNESS – forex trading using mpesa
Exness broker is regulated by FCA and CySEC. It has been in operation since 2008. Exness has multiple account types based on your experience level, from beginners to professional traders. They offer spread, commission-based and non-commission accounts.
- FCA, CySEC Regulated.
- Minimum Deposit: $1
- Trading Fees: starting from 0.1pips EURUSD.
- Accepts mpesa deposits and withdrawals.
- Instant deposits.
- All third-party charges are covered.
- Withdrawals may require up to 24hrs to be processed.
- Currencies supported: USD.
5. FXTM – CMA Regulated Forex Broker
FXTM is a highly regulated forex broker globally such as CMA, FCA, and CySEC. It offers an ECN account that is commission-based. An average of $4 per lot. Trading platforms offered are MT4 and MT5.
- CMA, FCA, FSCA, CySEC Regulated.
- Minimum Deposit: $10
- Trading Fees: starting from 2.1pisp EURUSD.
- Accepts mpesa deposits and withdrawals.
- Instant deposits.
- All third-party charges covered.
- Withdrawals may require up to 24hrs to be processed.
- Currencies supported: USD.
6. Axi – verified forex broker
Axi broker is regulated by FCA and ASIC which makes it a reputable forex broker that a trader can trust their funds with. They also offer copy trading.
- FSA, FCA, ASIC Regulated.
- Minimum Deposit: $0
- Trading Fees: starting from 0.4pips EURUSD.
- Accepts mpesa deposits and withdrawals.
- Instant deposits.
- All third-party charges are covered.
- Withdrawals may require up to 24hrs to be processed.
- Currency Supported: USD
How to Select the Best Forex Brokers in Kenya with Mpesa
The broker you decide to choose for your trading activities is entirely up to you depending on your needs. But we recommend the following key factors when selecting your forex broker:
Regulations
This is inarguably the most important factor to consider since it involves the protection of your capital. The main regulations that are well-known in the forex market include FSCA, FCA, ASIC, and CySEC. In Kenya, you can also consider your forex broker to be regulated by CMA as an added advantage.
Payment Methods
Payment methods are important to evaluate since this ensures ease of transaction between the broker and your accounts. Also, ensure you check the fees involved for every transaction.
Customer Support
One other important factor to consider when choosing the right forex broker. Check on the quality and how fast the support team solves your issues with the broker.
Trading Platform
This will entirely be based on your needs. Every broker will have unique features in their platforms. But the most common platform is Metatrader 4 and 5. Check on the tools available for technical analysis.
Conclusion
In this article, we have gone through a list of highly regulated forex brokers in Kenya with Mpesa as a payment option. Mpesa is a popular payment system in Kenya and Africa that is being integrated with forex brokers. We shall update this list as more brokers embrace this payment method.
Our Recommended Broker
XM Broker – best broker for forex trading beginners.
- ASIC & CySEC Regulated.
- Minimum Deposit: $5
- Trading Fees: starting from 0.8pips EURUSD.
- Accepts mpesa deposits and withdrawals.
- Instant deposits.
- All third-party charges are covered.
- Withdrawals may require up to 24hrs to be processed.
- Currencies supported; KES, and USD.
