Forex broker with mpesa

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

New forex bonuses

Forex brokers that accept mobile money and mpesa (2021), forex broker with mpesa.

Trading is stressful and risky enough, when you make the profits, you want a convenient way of withdrawing your forex trading profits.

Forex brokers that accept mobile money and mpesa (2021)

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

Trading is stressful and risky enough; when you make the profits, you want a convenient way of withdrawing your forex trading profits.

The solution, mobile money: a convenient service by telecoms and finetechs driving financial inclusion in remote places beyond the reach of mainstream banking.

In this article are forex brokers that accept all the major mobile money services like MTN mobile money, airtel money, mpesa forex brokers, and ecocash forex brokers.

What is mobile money?

Mobile money is an electronic financial service using mobile devices to send and receive money.

It is widely popular in many african and asian countries with a low penetration of VISA and other online payment services.

Thanks to telecom companies, you can deposit to and withdraw money with forex brokers that accept mobile money and forex brokers using mpesa.

Mobile money providers for funding A forex trading account

Forex brokers that accept MTN mobile money

MTN’s mobile money is arguably the most used mobile money service in africa.

So if you want to forex brokers that accept MTN MOMO in uganda, nigeria, ghana, guinea bissau, benin, ivory coast, cameroon, rwanda, and south africa, try exness, XM, and forextime (FXTM).

Forex brokers that accept airtel money.

Airtel provides a tremendous mobile money service for forex traders.

Exness, XM, and forextime (FXTM) are the forex brokers that accept airtel money from traders who live in any of these countries: uganda, kenya, burkina faso, democratic republic of congo (DRC), congo brazzaville, gabon, ghana, nigeria, malawi, chad, niger, rwanda, seychelles, sierra leone, tanzania, zambia, madagascar, bangladesh, india, and sri lanka.

Forex brokers using mpesa

The attraction of mpesa forex brokers is it enables locals use M-pesa – a popular mobile money payment service in kenya and tanzania.

Exness, XM, tickmill, and forextime (FXTM) are the best forex brokers that accept mpesa by safaricom in kenya and vodacom in tanzania

Forex brokers that accept ecocash

If you are a trader in zimbabwe, you are not left out; exness and XM are some of the forex brokers that accept ecocash.

Quick review of forex brokers that accept mobile money and mpesa

Exness

Exness is the best forex broker that accepts mobile money and mpesa. Withdrawals are instant 24/7.

Exness’ mobile money deposit and withdraw limit is $500

When you withdraw from XM, expect the money to land on your mobile wallet within 30 minutes to 2 hours. Once in awhile, withdrawals may take 24 hours.

XM’s mobile money deposit and withdraw limit is $500

FXTM – forextime

Forextime – FXTM accepts funding a forex trading account with mobile money wallets.

FXTM’s mobile money withdraw and deposit limit is $1,500

Advantages of trading with a broker that accepts mobile money.

Withdrawals and deposits are fast.

Mobile money is available 24 hours a day

A forex broker like exness provides instant withdrawals 24/7

Over to you – what is the best forex broker that accepts mobile money in your country?

Let me know which of these brokers provides the best mobile money experience? Is there a forex broker that accepts mobile money or a mobile money service we need to include on the list?

Forex brokers that accept mobile money and mpesa (2021)

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

Trading is stressful and risky enough; when you make the profits, you want a convenient way of withdrawing your forex trading profits.

The solution, mobile money: a convenient service by telecoms and finetechs driving financial inclusion in remote places beyond the reach of mainstream banking.

In this article are forex brokers that accept all the major mobile money services like MTN mobile money, airtel money, mpesa forex brokers, and ecocash forex brokers.

What is mobile money?

Mobile money is an electronic financial service using mobile devices to send and receive money.

It is widely popular in many african and asian countries with a low penetration of VISA and other online payment services.

Thanks to telecom companies, you can deposit to and withdraw money with forex brokers that accept mobile money and forex brokers using mpesa.

Mobile money providers for funding A forex trading account

Forex brokers that accept MTN mobile money

MTN’s mobile money is arguably the most used mobile money service in africa.

So if you want to forex brokers that accept MTN MOMO in uganda, nigeria, ghana, guinea bissau, benin, ivory coast, cameroon, rwanda, and south africa, try exness, XM, and forextime (FXTM).

Forex brokers that accept airtel money.

Airtel provides a tremendous mobile money service for forex traders.

Forex brokers using mpesa

The attraction of mpesa forex brokers is it enables locals use M-pesa – a popular mobile money payment service in kenya and tanzania.

Exness, XM, tickmill, and forextime (FXTM) are the best forex brokers that accept mpesa by safaricom in kenya and vodacom in tanzania

Forex brokers that accept ecocash

If you are a trader in zimbabwe, you are not left out; exness and XM are some of the forex brokers that accept ecocash.

Quick review of forex brokers that accept mobile money and mpesa

Exness

Exness is the best forex broker that accepts mobile money and mpesa. Withdrawals are instant 24/7.

Exness’ mobile money deposit and withdraw limit is $500

When you withdraw from XM, expect the money to land on your mobile wallet within 30 minutes to 2 hours. Once in awhile, withdrawals may take 24 hours.

XM’s mobile money deposit and withdraw limit is $500

FXTM – forextime

Forextime – FXTM accepts funding a forex trading account with mobile money wallets.

FXTM’s mobile money withdraw and deposit limit is $1,500

Advantages of trading with a broker that accepts mobile money.

Withdrawals and deposits are fast.

Mobile money is available 24 hours a day

A forex broker like exness provides instant withdrawals 24/7

Over to you – what is the best forex broker that accepts mobile money in your country?

Let me know which of these brokers provides the best mobile money experience? Is there a forex broker that accepts mobile money or a mobile money service we need to include on the list?

A to Z guide to how to trade with forex brokers using mpesa

Mpesa payment system for forex brokers is extremely popular right now. Over the past few years, it has become one of the most widely-used payment methods for forex, and has amassed quite a large number of traders who consider it to be the top payment system for forex trading.

Mpesa has managed to achieve this by offering a great solution to some of the central issues surrounding payment, such as simplicity, speed and convenience. By focusing on these key points and excelling at them majorly, mpesa has secured itself a top spot as a forex payment solution.

In this guide, we will be talking about what mpesa really is, how it works, what are its interesting quirks and features, and how to use it as a forex trader for maximum benefits. In the meantime, make sure to check out XM, one of the top brokers offering mpesa payments on their website.

Top forex trading brokers working with mpesa

Before we talk about what mpesa is why it works so well with forex brokers and what are some of its most interesting features, we would like to give you a shortlist of what we believe to be the best brokers that accept mpesa. With the huge amount of so many brokers out there, and so many many more constantly being added, it can definitely be difficult to choose a good, trustworthy and reliable forex broker, especially for the beginners and especially when there’s so much conflicting info online. With that in mind, we hope that our list of top forex brokers accepting mpesa will prove to be useful to you!

What exactly is mpesa and how does it work?

Mpesa is an online payment system provider that is especially popular in africa, mainly kenya and tanzania but has recently made efforts to expand to afghanistan, south africa, india, and several other countries as well.

Mpesa is quickly gaining in popularity, with forex trading in kenya using mpesa becoming the norm, and more and more people see it as a viable option of payment for all sorts of different services. Mpesa is essentially a mobile-based money transfer service and is discerned by some of its main qualities of simplicity, speed, and accessibility.

As stated, forex brokers that have mpesa are predominantly popular in kenya, in part because of how easy it has made the payment process for many different services. With that being said, those interested in using it from the other countries should definitely not be discouraged, as it’s a great service that anyone can benefit from, whether or not they are from kenya.

High leverage, tier one liquidity, great ECN trading conditions and fast execution speeds

What are the advantages do mpesa forex traders gain?

The idea mpesa itself, and how it works, is a fairly similar concept to grasp. There’s not much into it. In fact, it seems to be fairly similar to all online payment methods like paypal and skrill. So, what’s the point? Why go with mpesa over the alternatives? Well, there’s no universal answer to that. The point is, while something may work the best for you, there are tons of other people for whom something else may be preferable. It all comes down to your specific requirements, and how they may be fulfilled. Having said that, we believe that the forex broker mpesa deposit definitely has its own strong advantages. Let’s discuss all of them below:

Simplicity and ease of use

One of the primary benefits of depositing with a forex broker with mpesa is how simple it can all be. It’s probably not a secret to many, that getting into forex is not simple. There are tons of steps that you have to go through. After finding a decent broker, which is a big task in and of itself, you then have to go through an oft-tedious process of signing up and going through all the verification trials and tribulations, which can sometimes be a very frustrating and time-stretched process. Even after that, sometimes, the hardest part may be the payment process. For some forex brokers, payment systems are a big pain, as not all of them are able to easily facilitate convenient payment due to a large number of reasons that are simply outside their control.

Forex brokers are fully aware of this, and that’s exactly why forex brokers that accept mpesa are becoming so common. Making payment systems easier and more accessible is one of the biggest priorities of any forex broker, no matter which market they are in. In a way, the very structure of mpesa allows for unparalleled simplicity. How exactly?

Mpesa works in a way that it basically lets you use your mobile phone as an e-wallet. You are essentially attaching your SIM card and mobile account to your banking account, and use it to pay for a large number of services. This means, that you have a very powerful and versatile method of payment in your pocket 24/7.

In some cases, transferring money from one account to another is as simple as sending a text message, which allows for unprecedented accessibility. In countries like kenya where for a lot of people the main access-point for internet connection and other computer activities are their mobile phones, this can be a game-changer.

As compared to other payment methods, which may sometimes require some needlessly-complicated extra steps, this kind of simplicity gives any broker a huge advantage.

Security and safety

Another advantage of using mpesa powered FX broker is the added benefit of security that you automatically gain. When it comes to investing your hard-earned money, your time and your energy, security is one of the things that you should consider to be of utmost importance.

Mpesa was built and developed by vodafone, which is one of the biggest mobile networks in the world. They have been on the market for decades, and have successfully managed to supply great mobile service for millions upon millions of people around the world. Needless to say, their experience and track record gives you an assurance that their service will be of impeccable standard, and so will be the security of their software. This is one of the very important aspects that many people don’t pay a lot of attention to when choosing their payment method, which is rather unfortunate, as when it comes down to investing your money, you have to make sure that you are covering all your bases on the security-side of the things.

What also aids in the security of forex trading brokers with mpesa is the fact your funds on your mpesa accounts are not actually in the hands of mpesa itself, but rather, they are stored in segregated accounts at safaricom headquarters. The latter is managed by the kenyan government, which supervises the money itself. During all of this, the money isn’t just laying around. Rather, they are used for the development and advancement of the kenyan economy by spreading across different banks and other commercial sectors. Kenyan government conducts full supervision and makes sure everything is accounted for, which means that the security and stability of your funds is in the very interests of the government of kenya, attesting to the security of mpesa forex trading even more. If you like what you’re seeing about mpesa so far, check out these welcome bonuses by XM, one of the top brokers accepting mpesa today.

Less chance of any issues with processing payment

When it comes to forex payments, one of the most common problems that a lot of traders face is the fact that their charges have trouble going through. This happens when the bank decides to step in and decline the charge until it’s approved by the account-owner. This is usually done due to security reasons and is automatic in the vast majority of the cases. While the added security is always appreciated and welcome, it can definitely be a problem in some cases. A forex brokerage accepting mpesa rarely has this problem, and there’s a reason why.

Mpesa is one of the biggest money transfer services in the region, handling millions of dollars’ worth of transfers every single day. This means they need to have a very robust and effective payment processing system of world-class standards. Especially in countries on the african continent, where mpesa is so popular and so many transactions are made every single day, the chances of your bank declining their charge is almost no-existent.

This is a huge benefit for the broker as well, as it makes it much easier for them to facilitate the payment, and avoid losing any possible deposits because of a declined charge, giving a great advantage to trading platforms that accept mpesa.

Mpesa synergizes with forex very well

It’s not a coincidence that the number of forex brokers allowing mpesa payments. By design, mpesa is almost custom-made for forex. First off, we have to understand that the forex market is extremely volatile, it’s simply designed to be that way. The reason why people are able to make very large amounts of profit in such a short time and can multiply their investments manyfold is because of the fact that forex is so volatile. After all, it’s a currency-trading market, and currencies themselves are dependent on so many things, that they can change in a blink of an eye.

Due to this, speed and timing are some of the most important factors in being successful at forex. To be successful, you need to be able to maneuver around the events correctly, and most importantly, fast. Making last-minute decisions on the fly is extremely common, and you need to be able to make frequent transactions without wasting time. This is where benefits like forex broker top up mpesa come into play, and lets you stay ahead of things with its flexibility and versatility. This is coupled with the fact that mpesa has very low fees, which is great as you’ll be making a lot of microtransactions for quick redeposits.

Looking at the perspective of the brokers, they have a lot to gain from using mpesa too. By letting the traders pay via mpesa, they take a lot of load from their own shoulders. The payment will be handled by mpesa’s own secure server, which creates a win-win scenario for both parties and gives them some peace of mind. Additionally, since mpesa is so popular among forex traders, it allows them to create one unified ecosystem for transferring the money between different accounts. It’s not uncommon for experienced traders to be trading with multiple different websites at any given time, so this kind of cross-website flexibility can really come in handy with mpesa forex brokers.

So, is mpesa for you?

The global market for forex is very dynamic and ever-changing. As more and more people join with each passing year, the market changes accordingly. One of the main challenges for the forex brokers is to make the whole process, from start to finish, easier and more accessible for the general public. Payment is at the center of all this, as it is the beginning point for the whole trading process. It’s exactly because of this that forex trading via mpesa and other similar payment methods is gaining popularity, and they have proven to be one of the most effective methods to make trading more attractive to people.

Mpesa doesn’t offer anything extraordinary. Rather, it does an extraordinarily good job at ordinary things like speed, usability, and convenience. If these are what you are looking for, and feel that you are ready to go, click the link below to check out XM, one of the best brokers where you can make your first deposit with mpesa today!

Frequently asked questions

Contrary to popular belief, trading isn’t all that uncommon nowadays. People from all sorts of different backgrounds are finding it much easier and much more interesting to join trading. The thing is, the internet has opened up a lot of doors to a lot of things that were simply not open for a lot of people, and this includes trading as well. Gone are the days when you had to prepare thousands upon thousands of dollars of capital only to get started with trading. Nowadays, people investing very small amounts of money and getting started with smaller-scale trading endeavors is very common.

Without any doubt, one of the biggest reasons as to why we have been seeing this development today is forex. Forex has shown the world that trading doesn’t have to be hard, expensive and intimidating. It has shown us, that pretty much anyone can trade, and with enough time, dedication and patience, anyone can be successful at it. With that being said, since the popularity and demand for forex has been increasing so rapidly over the years, the number of brokers has been increasing as well, to the point where there are hundreds upon hundreds of forex brokers out there. With such fierce competition, companies are constantly challenged with coming up with newer and more effective ways to help them differentiate themselves from all the other competitors out there who are offering the same thing. One of the biggest focuses for forex companies who are looking to improve their service is the payment process. Payment is one of the key pieces of the whole forex puzzle, and by making it easier, faster and more accessible is a surefire way for forex companies to attract more customers, and that’s exactly the reason why mpesa is one of the fastest-growing and most preferred payment methods.

Benefit from high leveraged, full STP/ECN CFD trading through tier one liquidity

Forex brokers that accept mpesa in kenya

In this article, I am going to review the forex brokers that accept mpesa in kenya. Mpesa payment system for forex brokers is extremely popular right now.

Over the past few years, mpesa has become one of the most widely-used payment methods for forex and has amassed quite a large number of traders who consider it to be the top payment system for forex trading.

M-pesa has managed to achieve this by offering a great solution to some of the central issues surrounding payment, such as simplicity, speed, and convenience. Due to this, I am going to look at the forex brokers that accept mpesa in kenya.

Below they are forex brokers that accept mpesa in kenya

1. XM GLOBAL

2. Hotforex

3. Exness

4. Grand capital

5. EGM securities (fxpesa)

6. Liteforex

7. FXTM

8. Expertoption

9. IQ option

10. Superforex

11. Olymp trade

12. Iron trade

1. XM GLOBAL

One of most rated broker with 10 years in existence they accept M-pesa for depositing and withdrawals.

Apart from them accepting M-pesa transactions, XM global easily verify trading accounts. Unlike other forex brokers who have issues with proof of residence when opening an account, XM global just accepts a kenyan identity card (ID) only for kenyan clients. You can check our guide on how to verify an account here.

Once you open your account, you will have access to either the metatrader 4 or MT5 trading platforms that will allow you to trade hundreds of assets including forex currencies, cfds, equity indices, precious metals such as gold, and energy cfds that include crude oil.

XM offers different account types that are micro account, standard account, forex islamic accounts, and XM zero account. You can choose the type of account you’d like to use when opening your trading account. I’d highly recommend the standard account if you have a deposit above $100 and the micro account if your account opening balance is less than $100.

Spreads on all account types start from as low as 0.1 pips depending on the currency you are trading and the time at which you are trading. XM covers all funds transfer fees regardless of which payment processor you use. All withdrawals are processed and sent to your mpesa account on the same day as requested.

The minimum deposit XM accepts is $5.00 only while on withdrawals they accept a minimum withdrawal of of $5.

You can check our full review and tutorial on XM here.

2. Hotforex

Hotforex makes it in the list of the best forex brokers in kenya that accept M-pesa. But that’s not even why I have so much love for this broker.

The hotforex trading platform offers a lot of innovative trading tools. I particularly like their social trading feature that is christened hfcopy.

With hotforex’s hfcopy feature, you get to follow and copy trades of successful forex traders who are in the platform. This is the type of account that I would recommend you open if you want to trade with hotforex.

The account type will still let you deposit and withdraw money using mpesa, and you get the benefit of increased profitability by simply emulating successful traders on the platform. Click here to open an hfcopy account now.

You retain 100% control of your account – withdraw your funds when you want

Save time and energy by automatically copying trades of the most successful traders on the platform

Set the ratio at which you want to copy a strategy provider – don’t over-leverage

You can follow more than one strategy provider and increase your chances of turning a profit.

The process of depositing money into your hotforex account using mpesa is as straight forward as it gets. Check out my hotforex review on hotforex here

3. Exness

Exness is one of the other forex brokers that have a wide client base in kenya, partly because the broker accepts mpesa, and mostly because there is nothing to not like about exness. The broker has been serving traders since 2008. Instant trade executions and unlimited leverage on MT4 accounts makes this forex broker one of the best for retail traders.

Exness account types

Exness offers account types that cater for every type of trader (see the table below).

In any case you do not have trading experience and you’d like an account to learn and practice trading, the standard cent account with a minimum deposit of $1 and staggering unlimited leverage comes highly recommended.

Exness offers a social trading platform that allows you to copy successful forex traders. This is for if those who don’t have the necessary mastery to trade profitably but still desire to make money from trading,

If you want to trade for a decent profit that you can live off, the pro account with a minimum deposit of $200 and a maximum spread of $200 is what you’d want.

For traders whose only goal is to milk the market, the raw and zero account types are the way to go. These account types charge commissions to trade. If you trade heavily, this is the way to go.

4. Grand capital

Grand capital is an online forex broker that also offers CFD and cryptocurrency trading. It comprises two companies, both named grand capital ltd, based in st vincent and the grenadines and seychelles. The broker does not appear to have regulation from a major financial authority. However, it is a member of both serenity and the financial commission, which are dispute resolution and compensation bodies.

They offer up $500 no deposit bonus.

5. EGM securities (fxpesa)

EGM securities (fxpesa) is the first broker to regulated in kenya in 2018 by capital markets authority as a non-dealing online forex broker. The broker opened the first office in africa in nairobi kenya. EGM securities offer multiple deposit and withdrawal channels including mobile payment channels such as M-pesa.

EGM securities is the company behind fxpesa. They rebranded the trading platform to fxpesa. You can open an account here.

The company has since established a fully-resourced staff complement of qualified and experienced professionals across various disciplines including compliance, finance, operations, IT in nairobi, kenya.

EGM securities is a local broker in kenya that provides a platform for trading both forex and cfds. EGM was the first forex company that is regulated in kenya under the capital markets authority.

To start trading in EGM you need to deposit at least $100 depending on if you want to start trading with an executive or a premium account.

Unlike its international competitors spreads in EGM are high at 1.6 with a maximum leverage of 1:400. EGM supports MT4 trading and it also accepts mpesa deposits.

6. Liteforex

If you’ve ever dreamed of trading with a customer-centric forex broker that accepts mpesa, liteforex is the way to go. No other broker offers customer support to the level that liteforex does. Opening an account is a breeze and funding it using mpesa is even easier. You will fall in love with the ease of doing business at liteforex.

One of the areas that create problems for most kenyans is account verification. Luckily, with liteforex, that’s an issue of the past. If you don’t have a utility bill that’s in your name, you will be able to verify your account using your KRA pin.

Liteforex offers mpesa deposits in kenya and tanzania. Any fees incurred when depositing money into this broker is instantly refunded.

It supports the two most popular forex trading platforms MT4 and MT5. Additionally, both android and ios apps are available for traders who prefer to trade forex on their mobile devices.

Liteforex is an old and well-established forex broker. At the time of writing this review, the company is clocking 15 years in operation. It is one of the best forex brokers and is constantly rated among the 100 top forex broker firms in the world.

7. FXTM

These forex brokers are particularly suited to kenyan traders as they accept mpesa as a means of depositing and withdrawing money from your forex account.

Depositing money into your FXTM account using mpesa is a walk in a park. Once you’re logged in, select african payment solutions as the mode of payment and walk through the next steps of depositing. On the final step, you’ll be prompted to enter your mpesa pin, and that’s it. Withdrawing your profits is also as easy.

8. Expertoption

9. IQ option

Over the few short years that it has been operational, IQ option has won numerous awards praising the quality of its services and its reliability. Today, it has been recognized as one of the leading brokers in the industry as well. IQ option is a regulated broker under the jurisdiction of the cyprus securities exchange commission (cysec) under the name of holding company IQ option europe.

10. Superforex

11. Olymp trade

Olymp trade is one of the most popular online brokers in the industry, with over 25,000 clients currently trading on its platform every day.

Olymp trade has been operational since 2014, and the firm has a reputation for continuing to improve their trading platform with each successive year.

In terms of fees, olymp trade charges a fixed rate overnight fee on overnight trades, which is limited to 15% of the total investment amount.

Olymp trade is regulated by the international financial commission (IFC) and headquartered in st. Vincent and the grenadines.

However, concern has been raised in the past about the legitimacy of the international financial commission, and users may want to conduct a little bit of research into this body before deciding whether to consider olymp trade as a completely trustworthy broker.

The reason for this is because funds are generally only considered safe when a broker is regulated by an official body such as the UK financial conduct authority (FCA), the cyprus securities & exchange commission (cysec), or the australian securities & investments commission (ASIC).

12. Iron trade

It is owned and operated by bartoli management S.A of address 306 premier building, albert street, victoria, mahe, republic of seychelles.

Iron trade offers forex and options trading with the lowest trading time in the market. You can open a trade that runs for 30 seconds and get 80% returns (or more) when you win.

The best thing about iron trade is, it operates 24 hours – 7 days a week. Take note that deals made during the weekend are over the counter deals (OTC). It is easy to open an iron trade account, navigate, and actually trade on the platform.

You can check out our fully review and tutorial on irontrade.

We will keep updating more forex brokers that accept mpesa in kenya with time.

I hope this article helped you to highlight forex brokers that accept mpesa in kenya. We will keep updating it once we come across new brokers that accept mpesa. You can also check our forex signals telegram channel. Finally, don’t forget to leave a comment below.

Now that you wet your toes, we are ready to start swimming lessons… let’s jump right in. We will now read more

Having met mr. Fibonacci, it’s time to get to know some other popular technical indicators. The indicators you are about read more

In this chapter we will show you which trading strategies you can combine to get the best results (two is read more

In will discuss how to maximize your profits while minimizing your risk, using one of the most important tools of read more

Vincent nyagaka is a professional trader, analyst &. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Checkout vincent’s professional trading course here.

Is hotforex A good forex broker for kenyans?: find out in our detailed review

If you are looking for a reputable forex broker in kenya, hotforex is the way to go. I will break it down for you in a nutshell.

Hotforex is one of the few online forex brokers that accept mpesa, which means ease of deposits and withdrawals for forex traders in kenya

You can open a micro trading account with as little as $5 (not that I recommend you start trading with only five dollars, but you know…)

Hotforex is an STP (straight through processor) broker which means your order is passed straight on to the liqudity providers and your bet is not hedged or manipulated like on using a market maker broker

And to top it up, hotforex offers some of the most generous bonuses to new traders. I particularly like the 100% credit bonus, which I shall be discussing shortly.

If you’re not the kind of person that likes lengthy discussions after the point has been made, this is the chance for you. Go open an account at hotforex. Use this link to claim your 100% credit bonus.

Does hotforex accept mpesa?

Yes. Hotforex accepts mpesa deposits and withdrawals. To deposit money into your hotforex account using mpesa, you’ll first need to log into your account at my.Hotforex.Com and then proceed to follow the instructions provided by the broker. The minimum deposit using mpesa is kes 1,000 ($10) and it takes less than 10 minutes for the money to be reflected in your trading account.

Open a live trading account

Hotforex review summary

feature	hotforex
minimum initial deposit	$50
forex: spot trading	yes
currency pairs (total forex pairs)	49
cfds - total offered	104
social trading / copy-trading	yes
cryptocurrency traded as actual	no
cryptocurrency traded as CFD	yes
average spread	1.2 pips on EUR/USD

Is hotforex regulated in kenya?

Hotforex is a legitimate forex broker that has been in the industry for more than 10 years. The broker is regulated by more than 3 reputable regulatory authorities including the financial conduct authority (FCA), which is one of the best regulatory authorities in the world.

This is one of the forex brokers that we highly recommend to kenyans as the they accept mpesa as a means of depositing and withdrawing money from your trading account.

We insist on trading with forex brokers that accept mpesa as the ease of depositing and withdrawing money into your forex account plays a major role on your journey to becoming a successful forex trader. Here is an up to date list of the best forex brokers that accept mpesa.

Hotforex account types

Hot forex offers 6 account types namely:

Micro account from only $5

Premium account from just $100

PAMM account for fund managers

Hotforex ZERO spread account

Unlimited risk free demo account

Which account type is right for you is a matter of personal choice. If you just trading for hobby, you’ll probably want to go with the micro account. Day traders and swing traders go for the premium account while scalpers are best suited with the hotforex zero spread account.

Is hotforex an ECN provider?

How long does it take to withdraw from hotforex?

One of the areas where hotforex fails miserably is on withdrawals. While many other brokers offer instant withdrawals, hotforex makes you wait anywhere from 3-24 hours to process withdrawal requests.

Forex brokers that accept M-pesa

Compare brokers that accept M-pesa for deposits and withdrawals to and from your trading account.

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You can fund your 4XC account 24 hours a day, 7 days a week. When you fund your account through M-pesa, 4XC will instantly credit your balance. In comparison, it can take anywhere between 2 and 3 business days for bank transfers to complete. 4XC (4xc.Com) is the only broker in our panel to accept deposits through M-pesa.

At the time of writing, 4XC will credit your first deposit with a 50% bonus (capped at US$ 2,500) when you deposit through M-pesa. This offer is only available to new customers who have a kenyan phone number. Enquire about the bonus through 4xc.Com.

Please note that a flat 35 KES fee applies for deposits up to 1,500 KES. A 2.9% fee applies when you deposit over 1,500 KES.

Best execution

MT4 floating - instant execution

Trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant . More trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant execution. All eas are allowed.

$500 deposit

1:500 leverage ?

1.71 pips EUR/USD

Best conditions

Avatrade account [BVI]

Trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and. More trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and commodities. Avatrade accepts all metatrader eas except those with a focus on arbitrage.

$100 deposit

1:400 leverage ?

0.9 pips EUR/USD

Best platform

Standard ECN account [MT4]

Trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT4 . More trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT4 with this ECN account. Get fast execution speed over dedicated fibre optic links to new york.

$100 deposit

1:500 leverage ?

1.19 pips EUR/USD

Pro account

Professional account [EU]

$100 deposit

1:400 leverage ?

0.6 pips EUR/USD

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 66-89% 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.

Meet the forex brokers that accept payments via M-pesa

Trading is a global service and foreign exchange (forex) brokers usually work with traders from different countries. It’s important for traders to work with brokers who accept major currencies, especially in their region of origin.

Some forex brokers do not accept major currencies. But to stay relevant internationally, they accept payment methods for in-demand currencies. One of the most popular examples of these payment platforms is M-pesa, a mobile money system that uses the SIM card’s USSD feature.

M-pesa started as a mobile payment and money sending tool for person-to-person transactions in kenya, but it has grown to include consumer-to-business and B2B transactions, including payment of salaries to workers in very remote areas. It works by allowing individuals to deposit their cash to an account electronically through one of the M-pesa shops. Today, it’s a successful mobile money service in africa.

Forex brokers that accept M-pesa

Many well-regarded international forex brokerage companies use M-pesa, including fair forex. The widely accessible and easy to use platform guarantees big opportunities for businesses to expand their operations in african markets. Apart from fair forex, here are other brokers that accept payments via M-pesa.

The XM group is one of the global brokers that provide easy M-pesa deposits and withdrawals. The company’s account approval process is simple and handy, which makes the broker an appealing choice for traders. Unlike other brokers that deal with proof of residence issues upon opening an account, XM gets the approval without such issues.

All you need is an ID or any document validating your identity. If you encounter problems with the registration process, get in touch with their customer service team for swift support.

Liteforex

Another brokerage company accepting M-pesa is liteforex, a customer-oriented broker that allows deposits for the residents of tanzania and kenya. Its minimum deposit requirement is 1070, which, if you convert to USD, amounts to $10.

Their unique selling point is their customer-oriented policy, which simplifies the account opening process. They do not use any complex platform; just the common ones, such as the MT4 and MT5 trading platforms.

Templerfx

This company is known as the pioneer of the M-pesa deposits in kenya. Opening an account with templerfx is straightforward. Simply provide a document proving your residence in kenya plus an ID. Also, the company offers many payment methods, including electronic wallet, debit card, and bank wire.

If you wish to learn more about other brokers who accept M-pesa deposits, how M-pesa payment works, or how fair forex can help, get in touch with us today.

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Retail FX

Regulation

Kenyan regulator bans unlicensed brokers from using M-pesa

Kenyan regulator bans unlicensed brokers from using M-pesa

The move came after multiple warnings to the unlicensed entities to cease and desist operations.

The central bank of kenya has issued a notice to all payment service providers in the country to cease offering services to unregulated brokers, finance magnates has learned.

Though the regulator is yet to publically notify anything on the ban, at least one of the unlicensed brokers with services in kenya has ceased taking deposits using the widely used M-pesa.

Additionally, the brokerage is requesting its customers to withdraw all funds from the live accounts using M-pesa and then using bitcoin or skrill for further deposits and withdrawals.

Finance magnates reached out to both the central bank of kenya and the capital markets authority of kenya to confirm the move but did not receive any reply as of press time. We will update the story accordingly.

The final nail on the coffin

The kenyan regulators are continuously warning against all online FX brokers or money managers that are operating in the country without a proper license and ordering them to cease and desist from trading and onboarding clients from kenya. However, many are still offering services.

At present, there are only three regulated brokers in kenya: EGM securities, which is the kenya-based operations of equiti group and locally trading as fxpesa; SCFM limited, trading as scope markets; and pepperstone markets kenya limited.

Now, after many warnings, the regulator’s attempt to curb the payment companies’ services seems to be an effective move.

“…fraudulent unregulated entities styling themselves as online foreign exchange (forex) brokers and traders have also emerged,” the central bank stated in a notice published on august 25, 2020. “these entities promise customers huge returns and are not licensed as required…these rogue entities seek to exploit kenyans and pose money laundering and financing of terrorism risks to the financial sector.”

Forex trading big

Reap big in currency trading

What you need to know about using M-pesa to trade forex

You probably already know that M-pesa is the king of mobile money services. What you might not be aware of is that in the third quarter of 2019 alone, 655.95 million of kenya’s 810.9 million mobile money transactions happened via the nation’s leading mobile finance app.

Indeed, M-pesa has become such a crucial part of developing the global transition towards using digital cash. In order to fully understand the current role of this game-changing app in the foreign exchange market, we first need to take a closer look at how it fits into the disruptive fintech sector.

The rise of digital payment apps

In the last couple of years, mobile and digital payment channels have been growing in popularity throughout the world.

In the western world, apps like paypal one touch and apple pay have set consumer standards and raised expectations for both security and convenience in mobile payments. The resulting surge in confidence with digital payment methods has, in turn, spurred newcomers to join the digital currency game.

For instance, petal card is a new credit card and financing app that wants to make it easier for consumers with zero credit history to raise their scores. Meanwhile, other apps like venmo and zelle are designed for sending money to family and friends—a more social approach to fintech compared to most other prominent digital payment platforms.

In kenya, M-pesa had already achieved mainstream popularity even before most of the aforementioned apps and platforms saw mass use.

The global financial impact of M-pesa

Through M-pesa, kenya became the world leader in mobile payments back in 2015. Despite the nation’s low ranking in the world economy, at the time, it was already easier to pay for a taxi through a mobile phone in nairobi, the country’s capital, than in places like london, hong kong, or new york.

While the world’s fintech developers have since caught up to M-pesa, kenya’s mobile payments king has already made an indelible mark on world finance.

In 2018, kenya’s first regulated online forex broker—EGM securities—allowed kenyans to use M-pesa and other mobile payment channels to participate in the global forex market.

Today, apart from the few locally registered forex brokers, many other brokerage firms now accept transactions through M-pesa. This includes some of the most prominent names in the forex trading industry, such as XM group, tickmill, octafx, plus500, and many others.

How do I use M-pesa to start forex trading?

Aspiring traders can start by picking a forex broker or brokerage firm, which can connect them to the rest of the market. In this article on how to choose the right tools for forex trading, we explained that you need to select the right platform for trading currencies online.

Nowadays, nearly all brokerage firms offer mobile platforms for making trades, which will make it easier to integrate your M-pesa with your new brokerage account. Using M-pesa and managing all your trading through one mobile device can greatly simplify the way you trade, which in turn may improve your chances of success.

The more you can simplify your trading and eliminate complicated transactions, the better you can focus on gleaning trading insights from the news, charts, signals, or indicators from which you can develop your trading strategies.

On the other hand, if you prefer the flexibility of trading via a web-based platform that’s not confined to one device, you can choose to do so and still integrate your M-pesa account for managing money transfers to and from your brokerage account.

By using M-pesa as a forex trading tool, you’ll be joining the growing number of forex traders from kenya, afghanistan, tanzania, india, south africa, and other countries throughout the world who are realizing the convenience of streamlining brokerage payments through the innovative east africa’s mobile payments technology.

Your forex broker of choice can tell you more about the specific steps you need to take to pay for your account via M-pesa.

M-pesa beyond forex

Recently, kenyan telecom company safaricom and south africa’s vodacom gained full ownership of M-pesa from the UK’s vodafone—one of its original developers.

In a statement explaining the acquisition, the two african companies said that the joint venture is aimed at having full control over the M-pesa brand and accelerate the development of the tech for new local markets.

For the foreseeable future, it’s safe to say that M-pesa will continue to be a leading disruptor not just in the forex markets, but also in the global development of fintech itself.

So, let's see, what we have: if you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money. At forex broker with mpesa