Online Trading Starts Here
EN /
AR Arabic
AZ Azerbaijan
CS Czech
DA Danish
DE Deutsche
EL Greek
EN English
ES Spanish
ET Estonian
FI Finnish
FR French
HE Hebrew
HI Hindi
HU Hungarian
HY Armenian
IND Indonesian
IT Italian
JA Japan
KK Kazakh
KM Khmer
KO Korean
MS Melayu
NB Norwegian
NL Dutch
PL Polish
PT Portuguese
RO Romanian
... Русский
SQ Albanian
SV Swedish
TG Tajik
TH Thai
TL Tagalog
TR Turkish
UA Ukrainian
UR Urdu
UZ Uzbek
VI Vietnamese
ZH Chinese
Menu
Advertiser Disclosure

Best Forex brokers that accept M-Pesa

Mikhail Vnuchkov
Written by:
Mikhail Vnuchkov
Olga Shendetskaya
Reviewed by:
Olga Shendetskaya
Mirjan Hipolito
Fact-checked by:
Mirjan Hipolito
Updated:
February 11, 2025

Editorial Note: While we adhere to strict Editorial Integrity, this post may contain references to products from our partners. Here's an explanation for How We Make Money. None of the data and information on this webpage constitutes investment advice according to our Disclaimer.

Go to broker’s website Trading.com USA Overview

If you're too busy to read the entire article and want a quick answer, the best Forex brokers that accept M-Pesa is Trading.com USA. Why? Here are its key advantages:

  • Is legit in your country (Identified as United States Nationalflagg United States)
  • Has a good user satisfaction score 8.8 out of 10
  • Low transaction fees
  • Free demo account
Go to broker’s website Trading.com USA Overview
Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Top Forex brokers that accept M-Pesa:

  1. Exness - Accept M-Pesa in Kenya and Tanzania
  2. XM - Instant M-Pesa deposit
  3. Pepperstone - No minimum M-Pesa deposit
  4. HFM (HotForex) - Free M-Pesa deposit and withdrawal
  5. 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.

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 Explained

4. 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 Brokers M-Pesa deposit and withdrawal conditionsMinimum depositFeesOther conditions
ExnessAccept M-Pesa in Kenya and TanzaniaMin $10 Max 820Free M-Pesa deposit and withdrawalMax deposit time from 1h to 24hGo to broker
Your capital is at risk.
XMInstant M-Pesa deposit$5Free M-Pesa deposit and withdrawalInstant depositGo to broker
Your capital is at risk.
PepperstoneNo minimum M-Pesa deposit$0Free M-Pesa deposit and withdrawalInstant deposit and withdrawalGo to broker
Your capital is at risk.
HFM (HotForex)Accepts deposits and withdrawals300 USD for SPs and 100 USDFree M-Pesa deposit and withdrawalMinimum withdrawal $100Go to broker
Your capital is at risk.
LiteForex Available in Tanzania and Kenya$50Flat 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.Go to broker
Your capital is at risk.
FXTMFor Kenyan clients$0$0Instant depositGo to broker
Your capital is at risk.
FBSFor Kenyan clients$1$0Instant depositStudy review

Rules and Regulation

  • Licensing in Kenya

    Forex brokers in Kenya are overseen by the Capital Markets Authority (CMA). To obtain a license, a company must meet a number of requirements, includi

    • minimum registered capital.
    • experience and qualifications of the senior management and employees.
    • reliable risk management systems and procedures.
    • financial stability.
  • Investor protection in Kenya

    The Investor Compensation Fund (ICF) protects investors and traders in Kenya from losses incurred as a result of unlawful activity of brokerage companies. The maximum compensation the ICF can pay an investor is 500,000 Kenyan shillings. To resolve disputes with brokers, traders can file complaints with the CMA.

  • Taxation in Kenya

    Residents of Kenya pay a 30% tax on profits from all types of investments.

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:

ExnessExness

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.

21 Best Forex Brokers in Kenya

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.

FAQs

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.

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.

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.

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.

Editors' Top Picks and Insights

All news
Copy Trading: Smart Investing or Hidden Risk? | TU Research
Anastasiia Chabaniuk
1 day ago
Timeframes in Forex Trading: What Do Retail Traders Choose? | TU Research
Anastasiia Chabaniuk
1 day ago
Forex Trading Without Leverage | All You Need to Know
Aleksandra Chaikina
1 day ago
How Finfluencers Shape Retail Investment Decisions: TU Research
Anastasiia Chabaniuk
1 day ago
How Traders Use AI: TU Research
Anastasiia Chabaniuk
1 day ago

Team that worked on the article

Mikhail Vnuchkov
Mikhail Vnuchkov
Author at Traders Union

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.

Learn about our editorial policies
Olga Shendetskaya
Olga Shendetskaya
Author and editor at Traders Union

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.

Mirjan Hipolito
Mirjan Hipolito
Cryptocurrency and stock expert

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.

Table of Contents
Who We Are
Business Solutions
For Users
TU News
Popular Sections
Disclosures
CONTACT US
Legal
We are in Social Media
© IAFT Ltd., 2010-2026 All rights to the website are owned by IAFT Ltd.,
Registration number - HE 336186
  • Risk disclosure:

    Information on the TradersUnion.com website is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit. Trading in futures and options carries substantial risk of loss and is not suitable for every investor.

    That is why you should only invest money that you are prepared — or can afford — to lose at such high risks. Tradersunion.com does not provide any financial services, including investment or financial advisory services. Also, the Traders Union is not a broker and does not get money for trading in the Forex or CFD markets. Our website only provides information on brokers and the markets and helps its users to select the best brokerage company based on detailed information and objective analysis of brokers.

  • Disclaimer:

    Traders Union (TradersUnion.com) shall not be liable for the consequences of trading decisions made by the Client and for the possible loss of his capital resulting from the use of this website and information published on it.

    Forex market, CFD and cryptocurrency trading involves high risks and is not suitable for everyone. Before investing money, you need to adequately assess the level of your expertise and be aware of the risks, particularly in the context of trading with leverage. The information on this website is not intended for distribution or use by any person in any country or jurisdiction, where such distribution or use would be in violation of the local law or regulation. Any payments by Traders Union (TradersUnion.com) to the users of our website shall be legally interpreted solely as an incentive on our part for the activity on the website in the form of a deduction of a part of the advertising income; they shall not be a subject of any claims of our users or our obligations, a subject of disputes, as well as cannot be considered in relation to the services provided to users by brokers, both in fact and in their completeness and volume. The administration of the website shall not be liable for the content of user comments and reviews about the companies and shall not verify whether the authors of the reviews are indeed real clients of a specific company. All reviews, both negative and positive are published on the website without verification of their reliability; only offensive reviews that call for violence or any kind of discrimination and also reviews published from one group of IP addresses are moderated and removed. The authors of the materials shall be fully liable for the accuracy, completeness and impartiality of any information in the articles and reviews, including in the context of their use or mention of any brand names or trademarks. All mentions of the names of companies and their brands in any materials on the website shall be made in the context of communication of socially important information to the people about their activities by independent journalists, who are the authors. All evaluations and indicators on the website express the subjective opinion of the authors of the reviews (articles) and shall not be viewed as accurate statements and be a subject of disputes and claims against Traders Union.

  • Disclosure of advertisers and revenues:

    All the services on the Tradersunion.com website are free for you to use. Our team spends thousands of hours per annum researching brokers and gathering information about them to help investors all over the world to choose reliable companies and to avoid fraudsters.

    Indeed, the curating, sourcing, and organization of this process requires substantial financial investment by Tradersunion.com, which the website earns in the form of advertising payments. There are two types of advertising services on the website — direct advertising or partner (broker) participation programs. However, no services purchased by our partners shall affect the recommendations on our website, or our opinions, or ratings. Our ratings are based on our objective rating criteria and methodology; and the results are always equally and fairly applied to each broker. The work of our content authors and research groups does not involve any interaction with our advertisers and they do not have access to data concerning the amount of advertising purchased. For over 10 years we consider our independence, absolute openness, and objectivity as our main priority. Please follow the links to each of our affiliated broker’s websites. This will help Tradersunion.com to continue to provide our services to you for free.

onepercentfortheplanet.org World Association of News Publishers https://gdpr.eu/ GDPR