Forex trading is one of the most important financial markets all over the world. If you are thinking about signing up for an account with a forex broker to trade on the Kenyan market, then this post is for you.

You could register with one of the six Kenyan forex brokers that accept M-Pesa and credit your account instantly. Many foreign brokers that accept MPesa are unregulated or not safe.

We have listed only brokers that are regulated with Capital Markets Authority (CMA) in Kenya, or at least one Tier 1 regulator, with details on their trading fees, withdrawal time, platforms & more.

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Comparison of Best Forex Brokers in Kenya that Accept MPesa

Forex Broker Regulation EUR/USD Spread Minimum Deposit
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FxPesa

CMA,FCA
1.4 pips with Executive Account
$5 for Executive Account
Visit Broker
Exness

FSCA, FCA, CySEC
1 pip with Standard Account
$1
Visit Broker
Scope Markets

CMA
1.1 pips with Silver account
$50
Visit Broker
XM Forex Kenya

CySEC, FSC Belize
1.7 pips with Standard Account
$5
Visit Broker
FXTM

FSCA, FCA, CySEC
1.5 pips
$50
Visit Broker
HotForex

CySEC, CMA, FCA, FSCA
1.3 pips on Micro Account
$5
Visit Broker

Best Forex Brokers in Kenya that Accept MPesa

Below is the list of Best Forex Brokers in Kenya accepting Mpesa:

  1. FxPesa – Best Forex broker for Trading with MPesa
  2. Exness -Forex Trading with MPesa at Low Fees
  3. Scope Markets Kenya – Regulated Forex Broker for MPesa
  4. XM Forex – MPesa Forex Broker with Zero Commission Accounts
  5. FXTM – CMA Regulated MPesa Forex Trading Platform
  6. HotForex – Good MPesa Forex Broker

Here is a description of each and their trading application:

#1 FxPesa – Best Forex broker for Trading with MPesa

EUR/USD Benchmark:
0 pips with Premiere Account

Trading Platforms:
MT4

Account Minimum:
$5 for Executive Account

FxPesa is a local forex broker in Kenya registered as EGM Securities Limited and is one of the only 6 forex brokers that is regulated in Kenya under the CMA.

The company is also licensed by the Financial Conduct Authority (FCA), in the UK.

You can access the FxPesa trading platform on the web, MT4 trader and mobile applications on Android and iOS devices, from which you can trade Forex and CFDs on Indices, over 60 currencies pairs, Shares, Commodities, and they accept MPesa.

FxPesa offers traders two account types. The executive account requires a minimum deposit of $5 to start trading, has an average spread of 1.4 pips, with no commissions. While the Premiere account requires a minimum deposit of $100, has zero spreads, with a commission of $7.0.

FxPesa offers free deposits to traders. While direct wire bank transfers take 1-3 days to credit to the trading account, payments through cards, e-wallets (Skrill, Neteller), and mobile money (MPesa) are credited instantly.

Withdrawals to Kenyan bank accounts are received within 1-3 days and have no fees. Withdrawals to e-wallets attract a 1% charge, which is capped at $30 and is received within 3 hours. Withdrawals to MPesa are received in 3 hours and are free of charge.

It is important to note that withdrawals are only sent to the same account from which the deposit was made and withdrawals initiated after 3:00 PM EST are processed the next day.

FxPesa has email and toll-free phone number support for traders in Kenya. Their 24/6 live chat responds in under 2 minutes and refers you to send an email if no representative is available.

FxPesa has Forex educational materials and news updates on its website insights section.

FxPesa Pros

  • CMA regulation
  • Fee structure is easy to understand
  • Good customer support

FxPesa Cons

  • High spreads
  • Limited number of shares CFDs

#2 Exness -Forex Trading with MPesa at Low Fees

EUR/USD Benchmark:
1 pip with Standard Account

Trading Platforms:
MT4, MT5

Account Minimum:
$1

The Exness Group is a leading financial services provider founded in 2008 that offers trading in financial instruments and CFDs including stocks, currency pairs, cryptocurrencies, metals, energies, and indices.

Exness is licensed by 1 Tier 1 regulation – FCA & 1 Tier 2 Cyprus Securities and Exchange Commission (CySEC) and by the Financial Sector Conduct Authority (FSCA) in South Africa. This makes them safe to trade with.

Exness has MT4, MT5, and WebTerminal trading platforms, with mobile apps available on the App Store and Google Play Store.

Traders can choose either the standard account which has an average spread of 1.5 pips for currency pairs or a professional Zero account which has zero spreads but requires a minimum deposit of $500 with commissions starting at $0.1. Exness also offers Islamic accounts with zero spreads and swaps.

Offers deposits and withdrawals via MPesa. The minimum deposit is $10 and a maximum of $2,700 per transaction. The minimum withdrawal amount on Exness is $1 and a maximum of $1,000 via Rave or $4,800 via Duapay per transaction.

Exness charges zero deposit and withdrawal fees, no commissions, and withdrawals can only be made to the same source deposit was made from and can be initiated 24/7 from the platform.

Cards, mobile money, and e-wallet deposits are credited instantly while withdrawals to e-wallets are instant, it takes about 72 hours for card withdrawals to be credited. Deposits and withdrawals made with cryptocurrencies are executed in 72 hours.

Exness has support via email, phone number (no local phone in Kenya), and live chat. Their live chat virtual assistant starts by showing you some answers to frequently asked questions (FAQ) and you can request to be transferred to a live agent. Response time was under 5 minutes.

Exness Pros

  • Top-tier regulation with the FCA
  • Different account types with varying execution
  • MT4 and

Exness Cons

  • Not regulated in Kenya
  • High fees especially with commissions
  • No local mobile number

#3 Scope Markets Kenya – Regulated Forex Broker for MPesa

EUR/USD Benchmark:
1.1 pips with Silver account

Trading Platforms:
MT4, MT5

Account Minimum:
$50

Scope Markets Kenya is a CMA regulated broker, that offers forex and CFDs trading on Futures Indices, Cash Indices, Commodities, and Shares. They also hold a license to trade in derivatives.

Scope Markets Kenya has two account types for traders, Gold, and Silver. Their trading platforms are MT5 on the web, iOS, and Android.

Payment methods accepted are cards, e-wallets, MPesa, and direct bank transfers. The app has calculators for pips, margins, swaps, and profit.

Gold account charges a commission of $3.5 per side and 0.2 spread while silver charges spread only, starting at 1.1 pips for pairs like EURUSD.

There are no deposit or withdrawal fees on Scope Markets and all accounts are swap-free with maximum leverage of 1:400.

Deposits made via MPesa are credited instantly, while bank transfers take up to 24 hours. The minimum deposit amount is $100.

Withdrawals can be made at any time, those initiated after 6 PM GMT+3 are processed in the next business day. Withdrawals to MPesa are processed instantly with a minimum amount of $5 while withdrawals to bank accounts in Kenya take about 1-2 business days to be credited and the minimum amount is $1,500.

Scope Markets Kenya has an office in Nairobi, offers support via email, a local phone number, and live chat that responds within 2 minutes on weekdays.

Scope Markets Pros

  • Good education
  • Zero commission
  • Well regulated

Scope Markets Cons

  • Minimum deposit is high
  • Only one account is available

#4 XM Forex- MPesa Forex Broker with Zero Commission Accounts

EUR/USD Benchmark:
1.7 pips

Trading Platforms:
MT4, MT5

Account Minimum:
$5

XM is one of the biggest online Forex brokers offering CFDs trading on 1000+ financial instruments, including forex, commodities, indices, stocks, futures, energies, and metals on standard MT4 & MT5 based apps for all devices (web, android, and iOS).

XM is licensed by CySEC and Financial Services Commission (FSC), Belize, which makes them score moderate on trust and safety of funds for traders.

XM account types are Micro, Standard, Ultra Low, and Shares, with an option for an Islamic account. Traders can hold more than one account type.

All accounts have negative balance protection that prevents traders from losing more than the money in their trading account.

XM offer promotional loyalty deposit bonuses from time to time, up to $4,500, and a welcome bonus of $30 for new users.

There are no deposit or withdrawal fees. Only the Shares account has commission fees. Spread is 0.6 pips for Ultra-Low accounts and 1 pip for Micro and Standard.

If an account is inactive for six months, XM charges an inactivity fee of $5 monthly on the free balance. If there is no free balance, then no fee is charged.

The minimum deposit amount for Micro, Standard, and XM Ultra-Low accounts is $5, and $10,000 for Shares account.

You need to log in to your account to view the deposit methods. XM accepts MPesa, and you need to select the Mobile payment method in the deposit methods in the XM panel to see it. Deposits made via bank transfers and MPesa can take up to 5 days to be credited, while cards and e-wallet deposits are credited instantly.

Withdrawals to MPesa, e-wallets, bank accounts, and cards are processed within 24 hours. The minimum withdrawal amount is $5.

XM has email, international phone, and fast and responsive live chat support, which is available 24 hours Monday through Friday. They also have an educational section on their website for traders.

XM Pros

  • Top-tier regulation with ASIC
  • No order requotes
  • No deposit/withdrawal fees
  • Solid live chat support

XM Cons

  • Limited shares CFDs
  • No crypto CFDs

#5 FXTM – CMA Regulated MPesa Forex Trading Platform

EUR/USD Benchmark:
1.5 pips

Trading Platforms:
MT4, MT5

Account Minimum:
$50

FXTM is a leading online forex broker in Kenya that is regulated under the CMA as Exinity Group. They are registered as ForexTime Limited in Cyprus and are well regulated by the CySEC, FCA and FSCA.

FXTM offers a range of financial products and CFDs on currencies, cryptocurrencies, shares, and commodities. FXTM trading platforms are available on Web traders, Android & iOS Apps, MT4 & MT5.

Trading accounts are categorized into Micro, Advantage, and Advantage plus. Also, offer demo accounts for new traders to learn.

Micro and Advantage plus accounts attract zero commission and spread fees from 1.5 pips, while the Advantage account has commission fees from $0.2 to $2 and ultra-tight spreads starting at 0.0 pips.

Zero deposit fees apply. While no withdrawal fees are charged on e-wallets like Skrill and bank transfers in Kenya, transfers to cards attract a fee of $3 per transaction and 2% is charged on the withdrawal to WebMoney accounts.

FXTM charges a monthly inactivity fee of $5, after six months of an account being inactive.
If you request to withdraw funds without any trading activity after the deposit, FXTM charges 3% of the money as a withdrawal fee, and withdrawals can only be made to the same source deposit was made from.

Profits from trading can be withdrawn to different accounts.

To start trading, a minimum deposit of $10 is required for Micro accounts, while Advantage and Advantage Plus Account require $500.

Withdrawals are processed within 1 day and funds are received in your bank account. And you need to have enough free margins on your account to cover your withdrawals.

Note that FXTM does not accept MPesa.

FXTM has email and phone number support, with a live chat assistant that answers basic questions and you can request to be transferred to a live agent, who typically responds in 1 minute on working days.

FXTM Pros

  • Well regulated
  • Good education content on their website
  • Quick account opening
  • Payments are processed quickly

FXTM Cons

  • High trading fees
  • No local support for Kenya-based traders.

#6 HF Markets – Good MPesa Forex Broker

EUR/USD Benchmark:
1 pip

Trading Platforms:
MT4, MT5

Account Minimum:
$5

HF Markets is a well-regulated forex broker in Kenya that accepts MPesa, licensed by one Tier 1 regulator FCA, DFSA, FSCA, CMA, and Financial Services Authority (Seychelles).

HF Markets is a well-regulated forex broker in Kenya that accepts MPesa, licensed by one Tier 1 regulator FCA, DFSA, FSCA, CMA, and Financial Services Authority (Seychelles).

The company offers trading for 57 currency pairs (including majors & minors), CFDs on 56 shares, 7 crypto assets, commodities, indices, energies, and ETFs. They use the MT4 and MT5 web-based platforms, with mobile app versions (Android & iPhone).

Account types available with HF Markets are Premium, Zero, Micro, Auto, PAMM, and HFCopy. Traders can use robots like Expert Advisors (EAs) on HotForex.

Premium accounts are commission-free spread only, while there is a spread + $6 commission per 100,000 units (1 standard lot) with their Zero Account.

HF Markets provides technologies like Trading Calculator, Economic Calendar, VPS Hosting Services, Auto Trading, etc. to make trading easy and friendly.

They also have educational resources like courses, webinars, and video tutorials to help traders learn and understand the platform.

HF Markets fees are competitive with a Premium account, with no charges on deposits or withdrawals via MPesa.

Typical spreads for Premium, Micro and Auto accounts is 1.3 pips while it is 0.1 for Zero accounts.

The micro account requires a $5 minimum deposit for activation, $100 for Premium account, and $200 for Zero and Auto accounts.

While deposits through bank transfers are credited within 2-7 days, cards and mobile money (MPesa and WebMoney) deposits are credited instantly and it can take up to 10 minutes for e-wallets deposits to be credited.

Withdrawals through wire transfer require a minimum of $10 and $5 for cards. Both are processed within 2-10 business days. A minimum of $5 is required for mobile money and cryptocurrencies. While mobile money withdrawals are processed immediately, cryptocurrencies take about 2-10 business days with a 1% charge of the amount through bitpay.

HFMarkets offers 24 hours weekdays support via a phone helpline but does not have local phone support in Kenya. We didn’t experience a hold time of more than a minute anytime while connecting on their live chat, and email is fair & normally reply within 2 hours on. Overall support is good.

HF Markets Pros

  • Tight spreads
  • Fast execution
  • No deposit/withdrawal fees
  • Regulated in Kenya
  • STP execution so no dealing desk

HF Markets Cons

  • Customer service is not 24/7
  • Multiple accounts that might be difficult for beginners to grasp

What is MPesa

M-Pesa was launched by Vodafone and Safaricom in 2007. Since its launch in Kenya, M-Pesa has expanded to other African countries like Tanzania, Mozambique, DRC, Lesotho, Ghana, and Egypt. M-Pesa is a mobile-based money transfer service and a branchless banking service. In the financial year ending 31 March 2022, MPeas had read about 52.4 million active users.

M-Pesa also won the award for the most successful payment system in the developing world. M-Pesa is a mobile payment solution that allows users to use their app as an e-wallet. You can make deposits/withdrawals and pay for different services on the app. There are no fixed transaction costs with M-Pesa. The higher the size of your transaction, the more the transaction cost you will incur.

Finally, M-Pesa is safe because they are regulated in all the countries they operate. They are either regulated by
the Central Banks or a body that regulates financial service providers.

How to Open Forex Trading Account with MPesa?

1. Choose a Regulated Forex Broker: Is the broker regulated with CMA? The first step to opening a forex trading account is to pick a broker. It is important that you trade with well-regulated brokers. Currently, only 7 brokers are regulated by CMA. These include FXPesa, Scope Markets Kenya, FXTM, HotForex, Windsor Brokers, Tradenex Limited, and PepperStone.

  • You can verify registered brokers on the CMA website, by downloading the list of licenses. Next, you search for the broker’s name. It appears under the ‘Non-dealing Online Foreign Exchange Broker’ title.

    CMA Regulation

    Let’s take FxPesa for example.

    FXPesa CMA Regulation

    To start trading with FxPesa, you need to open a live account on their website:

    FXPesa Signup

    2. Signup with the Broker: This generally involves a straightforward process. We will break down the signup info into 3 processes.

    a. You will be required to enter contact information including phone number, email, and full name. A 4 digits code will be sent to your phone, you will enter the code and continue.

    b. Then fill in details on personal information, set a password, and choose an account type.

    c. Next, you will be required to provide some information about your trading experience and to read and sign the legal declaration online.

    3. Verify Your Account: A confirmation email will be sent to you, which will confirm that you have signed up with the broker. The email will also include the next steps which you need to follow.

    And you will be required to verify your identity by uploading a government-issued ID and an address verification document like a water bill.

    4. Account Approved: Afterwards, if your account opening is approved, you will receive an email with your login details and a link to download the app.

    On the app, you can make deposits and start trading. You can deposit via Mobile money MPesa. Generally, the deposits are instant (a few minutes) at most of the brokers using this method.

    How to Choose Forex Brokers in Kenya that Accept MPesa

    Apart from CMA regulation, there are other important factors to consider when choosing a broker that accepts MPesa. We have covered how you can verify a broker’s CMA regulation in the previous section. Here, we will be looking at other factors. Putting all of these factors together is important for a wholesome trading experience. Here are some of them.

    Tier-1 Regulations: The brokers in this review are regulated with the CMA. This is the local regulation and we have covered this. However, there are other top regulations that make trading low risk. Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). Both regulators operate in the UK and Australia respectively. If your broker accepts MPesa and is regulated with the CMA, FCA, and ASIC, then they are low risk. In fact, you should check it for yourself

    Fees: Deposit/withdrawal charges are non-trading fees. However, there are other trading fees like spread, commissions, and swaps. Most brokers charge spread and swaps. Commissions might or might not be charged based on account type.

    Trading fees affect your final profit or loss. Brokers charge them regardless of your trade result. This is why it is important you check if they are high or low. Here is how you can check for fees with Scope Markets (example broker).

    You begin by going to their website and clicking on ‘ACCOUNT’. You will see a single dropdown that says ‘ONE ACCOUNT’ (highlighted yellow). Click it as shown below

    HF Markets Website

    When you click ‘ONE ACCOUNT’, you will see the characteristics of Scope Markets account and trading fees as shown below

    HF Markets Website

    From the image, you can see that the average spread for CFDs begins from 0.9 which is quite high. However, there are no extra commissions charged per standard lot. It is good to note that not all brokers have their fees summarised in a page like this. It might take a few more clicks but you will be able to find the fees easily once you get to their website.

    Range of CFDs: It is no use if your broker accepts MPesa but does not have the instruments you want to trade. If you want to trade US stocks, for example, you need to be sure your broker has them. It should not be currency pairs only. Indices, commodities, and cryptocurrencies are other CFDs that should be offered by your preferred broker.

    This is why you should check the trading instruments on your broker’s website. Let us take HF Markets for example, on their homepage, click on ‘PRODUCTS’.

    HF Markets Website

    As you can see, HF Markets have 8 instruments. There are currency pairs, ETFs, commodities, metals, energies, etc. If you click on any of the instrument classes, you will find more details about them. Leverage, swaps, trading hours, and spread. Here is an illustration below

    CFDs at HF Market

    Deposit/Withdrawals: Your broker should not have just MPesa alone. You should check how effective it is. How long does it take to deposit/withdraw via MPesa? Can you fund via local currency? How soon does payment reflect in your accounts? These are questions that determine how effective your broker is with MPesa. To answer these questions, you can send an email to your broker. Ensure that you make the relevant inquiries.

    If you’d like to check yourself. Here is how you go about it (FxPesa is our example here). On FxPesa’s homepage, click on ‘Support’. You will see a dropdown with some options. Among the options, click on ‘Deposits and Withdrawals’ (in the red box)

    FxPesa Homepage

    As shown below, you can see that MPesa is available (under mobile payment) for funding your account. It is free and you can deposit in KES. Also, your money arrives in your trading account instantly.

    Deposit Transaction FxPesa

    If you scroll down to the withdrawals section, you will see the image below

    Withdrawal Transaction FxPesa

    Like deposits, MPesa is available for withdrawals, is free, and you can withdraw your money in KES. And it will take about 3 hours for the transaction to reflect in your account.

    Customer Support: Good customer service is key. Using MPesa involves the movement of money. Unforeseen circumstances can lead to incomplete transactions. In this case, you want to be able to contact your broker and get swift responses. This is why you should test a broker’s support before signing up. It should not be because they accept MPesa alone.

    Most brokers make their customer support accessible to non-clients. So you can test their email and live support to see how swiftly they respond. You also want to check if the responses you get are relevant to your inquiries. If the broker you are testing has an office in Kenya, you should ask if they receive customers there.

    Best MPesa Accepting Forex Brokers in Kenya FAQs

    Which MPesa Accepting Forex Brokers are regulated in Kenya?

    FXPesa, Scope Markets, and HotForex are the forex brokers that accept MPesa and are regulated in Kenya by the CMA.

    Which MPesa Forex Broker has the lowest fees?

    The Mpesa Forex Broker with the lowest fees in Kenya is HotForex because their spreads on the Zero Account start from 0.1 pips for majors like EURUSD and the account has a commission of $6 round-turn or KSh. 660.

    Is FxPesa a broker?

    Yes, FXPesa is an online exchange broker. Their parent company is EGM Securities Limited.

    How much minimum deposit is required for Forex Trading in Kenya via MPesa?

    The minimum deposit depends on the forex broker that you are choosing. FXPesa has a minimum deposit of $5 or KES equivalent for deposit via MPesa. HotForex has a minimum deposit of 600 KES via MPesa.

    How do I start Forex Trading with MPesa in Kenya?

    To start forex trading using MPesa in Kenya, first select a broker that accepts MPesa as deposit and withdrawal method, and is regulated by the Central Bank of Kenya.

    FXPesa, HF Markets, and Scope Markets accept MPesa and are regulated by the Capital Markets Authority in Kenya.

    After deciding which broker you want to use, check out the steps (above the FAQs) that take you through the process of creating an account and starting to trade forex.

  • FXPesa is our #1 Ranked Forex Broker using MPesaVisit