Best Forex brokers that accept M-Pesa
Best Forex broker that accept M-Pesa - Exness
Top Forex brokers that accept M-Pesa:
Exness - Accept M-Pesa in Kenya and Tanzania
XM - Instant M-Pesa deposit
Pepperstone - No minimum M-Pesa deposit
HFM (HotForex) - Free M-Pesa deposit and withdrawal
LiteForex - Available in Tanzania and Kenya
If you've been eager to start trading forex but haven't been able to fund an account, M-Pesa offers a game-changing solution. As Kenya's widely-adopted money transfer platform accessible right from your mobile phone, M-Pesa allows even those without bank accounts to easily deposit and withdraw from licensed forex brokers. Now, you can access the global forex markets and trade currencies using just your phone. The freedom and flexibility to respond to market shifts has never been easier within reach.
In this article, we cut through the noise to spotlight the top regulated brokers that integrate M-Pesa payments in Kenya as of 2023. We consider factors like minimum deposits, fees, speed of transactions and overall user experience.
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What are the benefits of using M-Pesa for forex trading?
It allows you to deposit and withdraw locally via a familiar service without international bank transfers. Transaction fees are also typically lower than traditional options.
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Do M-Pesa forex brokers offer demo accounts?
Yes, most brokers allow traders to open free demo accounts to practice trading without risking real funds.
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What is the minimum deposit required by M-Pesa brokers?
Minimums vary by broker but most major ones allow deposits from as low as $1 or no minimum at all. Some require a higher minimum for certain account types.
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How do I start trading forex using an M-Pesa broker?
First, sign up for an account and verify your identity. Then deposit funds via M-Pesa. Search currency pairs, read market analysis, place your first trade and later withdraw your profits back to M-Pesa.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What are the best M-Pesa Forex brokers?
If you are searching for the best M-Pesa Forex brokers, there are plenty of things to consider. However, here are some of the top features possessed by most of the best M-Pesa Forex brokers.
1. Accept M-Pesa as Payment Options: One of the top features of the best M-Pesa Forex brokers is that they accept M-Pesa as payment options.
2. Low Minimum Deposit: Another important feature is that the platform offers a low minimum deposit. This is because platforms can choose how large or small the minimum deposit is. Therefore, you will want to select one that offers lower deposit requirements.
3. Low Fees: Moreover, you will also want to use M-Pesa Forex brokers that have low fees. Fees are often somewhat hidden, and many investors don’t realize how much they affect the bottom line in terms of making trades.
Brokerage Fees And Commissions Explained4. Forex Bonuses: Lastly, you will want to work with M-Pesa Forex brokers that offer Forex bonuses. This is because these brokers make it possible to make even larger profits from your trades.
Best M-Pesa brokers in Kenya comparison
| Brokers | M-Pesa deposit and withdrawal conditions | Minimum deposit | Fees | Other conditions | |
|---|---|---|---|---|---|
Accept M-Pesa in Kenya and Tanzania |
Min $10 Max 820 |
Free M-Pesa deposit and withdrawal |
Max deposit time from 1h to 24h |
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Instant M-Pesa deposit |
$5 |
Free M-Pesa deposit and withdrawal |
Instant deposit |
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No minimum M-Pesa deposit |
$0 |
Free M-Pesa deposit and withdrawal |
Instant deposit and withdrawal |
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Accepts deposits and withdrawals |
300 USD for SPs and 100 USD |
Free M-Pesa deposit and withdrawal |
Minimum withdrawal $100 |
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Available in Tanzania and Kenya |
$50 |
Flat fee of 100 KES or 2000 TZS when depositing or withdrawing with M-Pesa. |
Conversion fees may be charged because EUR and USD are the only account base currencies available at LiteForex. |
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For Kenyan clients |
$0 |
$0 |
Instant deposit |
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For Kenyan clients |
$1 |
$0 |
Instant deposit |
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How to choose the best broker that accepts M-Pesa
If you want to choose the best broker that accepts M-Pesa, here are some steps to take:
Local Currency: Make sure the broker accepts local currency as many do not.
Conversion Fees: Moreover, you should also pay close attention to conversion fees. Many brokers are known for charging high conversion fees, while many others charge little to no conversion fees.
Extra Bonuses: Additionally, you should check to find out if the broker offers extra bonuses. This is because certain brokers offer extra bonuses in order to allow traders to make more money from their trades. For example, certain brokers, such as XM, offer a deposit bonus. On the other hand, some brokers offer affiliate programs and much more.
How to deposit and withdraw money with M-Pesa
Are you wondering how to deposit or withdraw via M-Pesa? Here is a short guide on how to do just that:
Exness
How to deposit money
Navigate to M-Pesa on the platform.
Choose your preferred trading account, select the currency, and deposit the amount.
Click Confirm Payment to proceed.
Enter your M-Pesa registered phone number, making sure to enter your country code (+254 for Kenya) -- click Pay.
Wait for the confirmation page.
You will then receive USSD instructions on your mobile phone. Follow these instructions carefully to complete the transaction.
How to withdraw money
Navigate to M-Pesa to begin the withdrawal.
Choose your preferred trading account from which to withdraw funds.
Enter the verification code sent via email or SMS. Confirm withdrawal.
Next, provide your M-Pesa registered mobile number, as well as your registered name.
When done, click, Confirm.
Wait for your final summary which will be sent via email or SMS.
Methodology for compiling our ratings of Forex brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).