With the increasing popularity of online trading in Kenya and other parts of Africa, more forex traders are looking for convenient ways to deposit and withdraw money. MPesa, a mobile payment service that allows users to transfer money through their phones, has become a preferred option for many traders. It’s fast, secure, and widely available.
In this guide, we’ll look into the top forex brokers that accept MPesa for deposits and withdrawals. If you’re a Kenyan trader or simply prefer MPesa for its convenience, this list will help you choose the best broker for your needs.
If you are in a hurry, then take a quick look at our top ten expert picks to make a decision.
| Broker | MPesa Availability | Minimum Deposit | Regulation | Key Features | |
|---|---|---|---|---|---|
| XM | Yes | $5 | CySEC, ASIC, IFSC | Low spreads, over 1,000 instruments | VISIT |
| Deriv | Yes | $5 | MFSA, VFSC, Labuan FSA | Beginner-friendly, automated trading (Dbot) | VISIT |
| HFM | Yes | $5 | FCA, CySEC, DFSA, CMA | Tight spreads, advanced tools (MT4, MT5) | VISIT |
| Exness | Yes | $1 | FCA, CySEC, CMA | Leverage up to 1:2000, tight spreads | VISIT |
| FBS | Yes | $1 | IFSC, CySEC | Low deposit, social trading, leverage 1:3000 | VISIT |
| FXPesa | Yes | $5 | CMA | Local support, MetaTrader 4 and 5 | VISIT |
| Pepperstone | Yes | $1 | CySEC, FSC, CMA | Quick setup, leverage up to 1:400 | VISIT |
| IC Markets | Yes | $200 | ASIC, CySEC | Spreads from 0.0 pips, ideal for scalpers | VISIT |
| AvaTrade | Yes | $100 | FCA, ASIC, FSCA | Multiple platforms (MT4, MT5, AvaOptions) | VISIT |
| FXPro | Yes | $100 | FCA, CySEC | Advanced tools, spreads from 0.1 pips | VISIT |
Why Choose a Broker that Accepts MPesa?
Before diving into the list, let’s understand why MPesa is such a great option for forex traders:
- Convenience: MPesa allows you to transfer funds directly from your mobile phone without the need for a bank account or debit/credit card.
- Instant Transfers: Deposits made via MPesa are often instant, allowing traders to fund their accounts quickly and take advantage of market opportunities.
- Low Fees: MPesa transactions tend to have lower fees compared to other international payment options.
- Security: Since MPesa transactions are secured through mobile networks, they offer an added layer of safety compared to some other payment methods.
Now that we’ve highlighted why MPesa is advantageous, let’s dive into the best forex brokers that accept MPesa.
1. XM
XM ranks as our top choice for MPesa users, offering an outstanding platform for forex trading. This broker is well-known for its tight spreads, low fees, and excellent customer support, which includes local assistance for MPesa users in Kenya.
- MPesa Availability: Yes
- Minimum Deposit: $5
- Account Types: Micro, Standard, XM Ultra Low
- Regulation: CySEC, ASIC, IFSC
- Key Features:
- Low spread from 0.6 pips
- Over 1,000 trading instruments
- Fast execution with no requotes
XM has built a strong reputation for supporting African traders, making it a top choice for those looking to deposit via MPesa. The platform’s intuitive interface and mobile app make it accessible for all traders.
We have a fully review of the broker you visit here to learn more.
2. Deriv
Deriv is another highly recommended broker that supports MPesa transactions. This platform is particularly well-suited for beginner traders, thanks to its simple interface, educational resources, and a demo account with virtual money for practice.
- MPesa Availability: Yes
- Minimum Deposit: $5
- Account Types: Standard, MT5, Deriv X
- Regulation: MFSA, VFSC, Labuan FSA
- Key Features:
- Low minimum deposit
- User-friendly interface
- Automated trading with Deriv’s Dbot platform
Deriv also offers tight spreads and no hidden fees, making it an excellent option for new traders seeking to enter the forex market with ease.
3. HFM
HFM, formerly known as HotForex, is a broker that offers a wide range of account types and trading tools for more advanced traders. They accept MPesa as a deposit and withdrawal method, making it easy for Kenyan traders to manage their funds.
- MPesa Availability: Yes
- Minimum Deposit: $5
- Account Types: Micro, Premium, Zero Spread, HFcopy
- Regulation: FCA, CySEC, DFSA
- Key Features:
- Spreads starting from 0.1 pips
- Access to a range of CFDs and forex pairs
- Advanced tools and trading platforms (MetaTrader 4 & 5)
HFM is an excellent choice for traders who want access to a variety of markets and tools, coupled with the ease of using MPesa for transactions.
4. Exness
Exness is a popular broker offering competitive spreads and quick trade execution. This platform allows traders to use MPesa for fast and secure transactions.
- MPesa Availability: Yes
- Minimum Deposit: $1
- Account Types: Standard, Professional, Raw Spread
- Regulation: FCA, CySEC
- Key Features:
- Leverage up to 1:2000
- Tight spreads, starting from 0.1 pips
- 24/7 customer support
5. FBS
FBS is another broker that stands out for its social trading features, allowing traders to copy strategies of top-performing traders. It also accepts MPesa, ensuring seamless deposits and withdrawals for Kenyan users.
- MPesa Availability: Yes
- Minimum Deposit: $1
- Account Types: Cent, Standard, Zero Spread, ECN
- Regulation: IFSC, CySEC
- Key Features:
- Low deposit requirement
- Copy trading feature
- Leverage up to 1:3000
6. BD Swiss
BD Swiss is renowned for its comprehensive research and trading tools, making it an excellent choice for traders who rely on analysis. BD Swiss accepts MPesa deposits, allowing Kenyan traders easy access to its robust platform.
- MPesa Availability: Yes
- Minimum Deposit: $100
- Account Types: Classic, VIP, Raw
- Regulation: CySEC, FSC
- Key Features:
- Advanced research tools and market analysis
- Tight spreads from 0.3 pips
- Wide range of trading instruments (Forex, CFDs, commodities)
7. Tickmill
Tickmill offers some of the lowest trading fees in the industry, combined with the convenience of MPesa. It’s perfect for traders looking to minimize costs while trading on an advanced platform.
- MPesa Availability: Yes
- Minimum Deposit: $100
- Account Types: Classic, Pro, VIP
- Regulation: FCA, CySEC, FSA
- Key Features:
- Low commissions on pro accounts
- Spreads from 0.0 pips
- Educational resources and webinars
8. FXPesa
FXPesa is a homegrown forex broker offering excellent local support for Kenyan traders. With MPesa integrated into its platform, FXPesa provides quick and secure transactions, making it a go-to choice for many Kenyan traders.
- MPesa Availability: Yes
- Minimum Deposit: $5
- Account Types: Executive, Premiere
- Regulation: CMA (Kenya)
- Key Features:
- Low deposit requirements
- Local customer support
- Access to MetaTrader 4 and 5
9. OctaFX
OctaFX is well known for its bonus offers and promotions, alongside its support for MPesa. Traders can take advantage of these promotions while enjoying fast deposits and withdrawals through MPesa.
- MPesa Availability: Yes
- Minimum Deposit: $50
- Account Types: Micro, Pro, ECN
- Regulation: CySEC
- Key Features:
- Generous bonus offers
- Tight spreads and fast execution
- Supports MetaTrader and cTrader platforms
10. Pepperstone
Pepperstone is a well-respected broker that offers access to ECN trading, with low latency and tight spreads. MPesa is accepted for deposits and withdrawals, making it a great option for Kenyan traders who want ECN trading.
- MPesa Availability: Yes
- Minimum Deposit: $200
- Account Types: Standard, Razor
- Regulation: FCA, ASIC, CMA
- Key Features:
- ECN access with tight spreads
- Leverage up to 1:500
- Award-winning customer support
11. FXTM
FXTM is known for offering some of the highest leverage in the industry, combined with support for MPesa. It’s ideal for traders who prefer using leverage to maximize potential profits.
- MPesa Availability: Yes
- Minimum Deposit: $10
- Account Types: Micro, Advantage, Advantage Plus
- Regulation: CySEC, FCA, FSCA
- Key Features:
- Leverage up to 1:2000
- User-friendly interface
- Various bonus and promotion offers
12. InstaForex
InstaForex is a well-established broker that offers MPesa as a payment option for its Kenyan traders. Known for its user-friendly interface and quick account setup, InstaForex provides a seamless experience for both beginner and experienced traders.
- MPesa Availability: Yes
- Minimum Deposit: $1
- Account Types: Standard, Eurica, ECN
- Regulation: CySEC, FSC
- Key Features:
- Low minimum deposit
- Leverage up to 1:1000
- Free access to educational materials
13. IC Markets
IC Markets is a popular choice for scalpers and high-frequency traders due to its extremely low spreads and fast trade execution. MPesa deposits make it easier for Kenyan traders to fund their accounts quickly and start trading.
- MPesa Availability: Yes
- Minimum Deposit: $200
- Account Types: Standard, Raw Spread
- Regulation: ASIC, CySEC
- Key Features:
- Spreads from 0.0 pips
- Leverage up to 1:500
- Ideal for scalping and day trading strategies
14. AvaTrade
AvaTrade stands out for offering multiple trading platforms, including MetaTrader 4 and 5, AvaOptions, and more. This broker supports MPesa deposits, making it accessible to Kenyan traders who value flexibility.
- MPesa Availability: Yes
- Minimum Deposit: $100
- Account Types: Standard, Professional
- Regulation: FCA, ASIC, FSCA
- Key Features:
- Wide range of trading platforms
- 24/5 customer support
- Competitive spreads and no commission on standard accounts
15. FXPro
FXPro is known for its advanced trading tools and platforms, offering a rich trading experience for more sophisticated traders. With MPesa support, FXPro caters to Kenyan traders who need advanced analysis and charting tools.
- MPesa Availability: Yes
- Minimum Deposit: $100
- Account Types: MT4, MT5, cTrader
- Regulation: FCA, CySEC
- Key Features:
- Spreads from 0.1 pips
- Access to multiple trading platforms
- 24/7 multilingual customer support
16. IronFX
IronFX is a globally recognized broker known for offering attractive bonus promotions and a wide range of trading accounts. Kenyan traders can easily deposit through MPesa and take advantage of various bonus offers.
- MPesa Availability: Yes
- Minimum Deposit: $100
- Account Types: Standard, Premium, VIP
- Regulation: CySEC, FCA
- Key Features:
- Generous bonuses and promotions
- Spreads from 0.7 pips
- Personal account manager for VIP clients
Conclusion
Choosing the right forex broker that accepts MPesa depends on your trading style, experience, and specific needs. Whether you’re a beginner looking for a low-deposit option like Deriv, or an advanced trader needing the tight spreads of XM or HFM, the brokers listed here all provide a seamless trading experience with MPesa support.
By selecting one of these trusted brokers, you can enjoy the convenience and speed of MPesa, allowing you to focus on what matters most—trading and growing your portfolio.
FAQ About Forex Brokers that Accept MPesa
Forex brokers that accept MPesa provide a convenient, fast, and secure way for Kenyan traders to deposit and withdraw funds without needing a bank account or credit card.
Some of the top forex brokers that accept MPesa include XM, Deriv, HFM, Exness, FBS, FXPesa, and Pepperstone. These brokers offer various account types and trading features.
Most brokers do not charge extra fees for deposits made via MPesa, but it’s advisable to check with your broker for specific fees. MPesa may charge a small transaction fee. You can check the Mpesa charges here.
Yes, most forex brokers that accept MPesa are regulated by reputable bodies such as CySEC, FCA, or the CMA (Kenya). Always check the regulation of a broker before opening an account.
MPesa is primarily available to users in Kenya and a few other African countries. International traders may not have access to this service unless they are in a country where MPesa operates.
MPesa deposits are usually instant, allowing you to start trading quickly. Withdrawals can take a few hours to a couple of days, depending on the broker’s processing time.
The minimum deposit varies by broker. For instance, brokers like Exness and FBS have minimum deposits as low as $1, while others like IC Markets may require up to $200.
Yes, most brokers that accept MPesa for deposits also allow withdrawals through MPesa, making it easy to access your funds securely and quickly
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
