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Best Forex Brokers that accept MPesa in Kenya

We've ranked the forex brokers accepting MPesa after comparing their trading fees, regulations, ease of withdrawals & 5 other factors.

TradeForexKenya Editor

Trading forex in Kenya is legal & regulated. But there are only a few brokers that offer local deposit & withdrawal methods. Traders in Kenya must select only from among the very few highly regulated Forex brokers that offer MPesa.

Only a handful of reputed Forex brokers in Kenya accept MPesa payments. The majority of brokers offering MPesa option are either unsafe or unregulated.

We reviewed 18 brokers that accepted MPesa, and have chosen only those forex brokers that are highly regulated – having minimum 2 Tier-1 & Tier-2 Regulations. All these are also having an established track record and reputation.

We have also made a comparison for their diverse plus points including trading fees, platforms, and others.

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Comparison Table of Best Forex Brokers in Kenya that accept MPesa

Forex Broker Minimum Deposit Lowest EUR/USD Spread Regulation(s) Max. Leverage Available Instruments Visit
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.6 pips
Regulation(s): FCA, FSCA, CySEC
Max. Leverage:
1:1000 (with Micro account)
Available instruments: 49 currency pairs, and 100+ CFDs
Visit Broker
Minimum Deposit: $1
Lowest EUR/USD spread*: 0.3 pips
Regulation(s): CySEC, FCA
Max. Leverage:
1:2000 for FX
Available instruments: 104 currency pairs, 100+ CFDs
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Max. Leverage:
1:888
Available instruments: 57 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 1.6 pips
Regulation(s): CMA (Kenya)
Max. Leverage:
1:400 for FX, 1:100 for CFDs
Available instruments: 61 currency pairs, 28 CFDs
Visit Broker
Minimum Deposit: $10
Lowest EUR/USD spread*: 1.5 pips
Regulation(s): FSC of Mauritius, FCA, CySEC & FSCA
Max. Leverage:
1:2000 for FX with Standard Account
Available instruments: 59 currency pairs, 200+ CFDs
Visit Broker

Let’s compare all the pros & cons of each broker that accepts MPesa.

#1 Hotforex – Best Forex Broker accepting MPesa

Hotforex Kenya

Rating: 9.2/10

Regulations: FCA (UK), FSCA, FSA

Minimum Deposit: $5

Commission/Trading Fees (benchmark): On average, 1.2 pips for EUR/USD trade with Premium Account

HotForex is a legit forex broker successfully operating in the industry for 10 plus years. They are extremely well regulated – including with 1 Tier-1 & multiple Tier-2 Regulators. Their regulations include the FCA – Financial Conduct Authority and FSCA – Financial Security Conduct Authority (FSP No.46632). Thus Hotforex is considered safe for traders in Kenya.

Hotforex has competitive fees with the Premium Account. You are not charged for withdrawals or deposits through MPesa. The average USD/EUR spread with the Premium Account is 1.2 pips. This account needs a minimum deposit of $ 100. However, the Micro Account needs just a $ 5 deposit for activation.

Premium is free of commission – spread only trading account. The Zero Account meanwhile has a low spread + $6 per 100,000 units (1 standard lot). Trading on the latest MT4 and MT5 platforms for all devices are offered by HF.

There are 50 currency pairs available for trading at HotForex platform – that includes majors, minors, and exotic. Its trading assets also include 4 Cryptocurrencies, CFDs on 56 shares, 8 Commodities, leading 11 Indices globally, 3 top global Bonds, Energies such as Brent Oil, Crude Oil, US Natural Gas, and Spot Metals – Gold and Silver.

Hotforex has excellent customer support as per our tests. Live Chat is available 24 hours on weekdays. We did not experience a hold time of more than 60 seconds during our tests when connecting.

E-mail response to your queries is quite fair. We received a reply usually within 2 hours on weekdays. But Hotforex does not have local phone support for traders in Kenya. Nevertheless, overall Customer Support services are good.

Hotforex Pros

  • Hotforex is regulated with multiple regulators in different countries. So considered safe.
  • STP (Straight through Processor) forex broker, so there is no conflict of interest.
  • No fees are charged for your withdrawals or deposits, including no fees for MPesa.
  • Offers some of the most generous bonuses to new traders, especially 100% credit bonus.
  • Quick execution of trades.
  • Spreads are tight.
  • Excellent and very helpful Customer Support.

Hotforex Cons

  • Not regulated with CMA in Kenya.
  • Does not offer local phone support in Kenya.

#2 Exness – Low spread forex Trading using MPesa

Exness Kenya

Rating: 8.9/10

Regulations: FCA (UK), CySEC of Cyprus

Minimum Deposit: $1

Trading Fees: As low as 0.1 pips for EUR/USD

Exness has been operating from 2008 and is regulated by multiple Tier-1 and Tier-2 Regulators. These include the FCA (UK) and CYSEC – Cyprus Securities and Exchange Commission.

Spread with Exness is variable based on account type but generally they have tight spreads. The Spreads for Standard Cent Account begin from 0.3 pips. There is no commission on the trading volume, other than spread. For Standard Account – the costs are based on tight spreads starting from 0.1 pips. The spreads overall are very low with Exness.

You can open an account with Exness with as less a $1. The Professional Account however requires a $ 200 deposit. Professional ECN Account has raw spread with a commission for each trade.

A MetaTrader only broker, Exness offers you to trade on both MT5 and MT4 Platforms. Trade executions are almost instant. Like Hotforex, there are no fees for withdrawals and deposits.

Exness offers multiple instrument classes, including trading forex on 107 pairs of currencies. It also includes 7 Cryptocurrencies, Metals, Energies, and CFDs on Indices and Stocks.

Customer Support at Exness is available 24X5. This is via Live Chat and E-mail. Live Chat Support in the English language is offered 24X7. They offer quite good support to the traders as per our tests. However, they too do not offer support through a local phone in Kenya.

Exness Pros

  • Exness is regulated with multiple regulators.
  • Several types of accounts and methods of execution, suitable for both Professionals and beginners.
  • Higher options of currency pairs available for trading forex.
  • MT4 & MT5 platforms, with advanced range of tools and analysis for research.

Exness Cons

  • Limited account base currency options.
  • Limited CFDs other than forex.
  • No local phone support in Kenya.

#3 XM Forex – Zero Commission MPesa accepting Broker

XM Kenya

Rating: 8.5/10

Regulations: ASIC, CySEC of Cyprus

Minimum Deposit: $5

Trading Fees: As low as 0.8 pips for EUR/USD with Ultra Low account

XM Forex is also a highly regulated Forex broker that is regulated with top-tier global Financial Authorities. These include the ASIC & CYSEC. XM broker is one of the largest forex brokers in the world & is well reputed. It is thus regarded as quite secure for traders.

XM charges fees with their account only through the spread. They do not charge any additional commission per lot. The fees for XM Ultra-Low Account are among the lowest among leading Forex brokers.

The Ultra-Low Account as per our benchmark with the EUR/USD has average spread of as low as 0.8 pips.

The minimum deposit required for opening an XM Account is $5. The leverage offered to traders is 1:888. Traders get to trade in 57 Currency pairs and 1, 183 Stock CFDs. The other asset classes are 9 Equity indices CFDs, 5 CFDs on Energies, 10 Commodity CFDs, and 4 Precious Metals CFDs. XM however does not offer Crypto CFDs.

XM offers customer Support 24X7 via E-mail and Live Chat. We did not experience a hold time of more than 2 minutes when we tested their support with Live Chat at 3 different occasions. They offered us fast & accurate responses to all your queries on their fees, regulations, funding & withdrawals.

A local phone number support in Kenya is not offered by XM. You can however request a call back through E-mail or Live Chat.

XM Broker Pros

  • Regulated by ASIC, and CYSEC
  • Ultra-Low Account offers very low standard spread for EUR/USD with 0.8 pips.
  • Quick execution of orders and nil re-quotes.
  • Negative balance protection offered.
  • Withdrawals and deposit fees are not charged.
  • Well-informed and quick support via Live Chat.

XM Broker Cons

  • Phone number support in Kenya not available.
  • Limited CFDs other than forex.
  • XM does not offer CFD trading on Cryptos.

#4 FXPesa – CMA Regulated Forex Broker accepting MPesa

FXPesa Kenya

Rating: 8/10

Regulations: CMA Kenya

Minimum Deposit: $5

Trading Fees: From 1.5 pips for EUR/USD with Standard account

EGM Securities is the parent company of FXPesa. They are among the only three Brokers in Kenya regulated with the CMA – Capital Markets Authority. So, they are regulated and considered safe for traders in Kenya.

In comparison with other brokers, FXPesa charges a higher spread on standard currency pairs. For a major currency pair like EUR/USD, the typical spread is 1.6 pips per standard lot. They offer trading on MT4, Web Trader, and Mobile platforms.

FXPesa offers only a single account type to traders. It is a no-commission – spread only account. The minimum deposit required is $5 and maximum leverage is 1:400. Deposits and withdrawals with FXPesa do not have fees.

66 Pairs of Currency are offered to trade on FXPesa’s platform. Their other instruments are limited – include 12 global Indices, a wide variety of Share CFDs, and CFDs on 8 commodities including Platinum, Silver, Gold, and Oil.

Customer Support offered by FXPesa is good. During our test, the Live Chat response was a bit slow though with some holding at times. The E-mail response to our queries was in under 1 hour. FXPesa does offer support & sales through a phone number in Kenya.

FXPesa Pros

  • FXPesa’s parent company EGN Securities is CMA regulated.
  • The fee structure is very simple.
  • Offers local phone number for support to traders in Kenya.

FXPesa Cons

  • Higher spreads of 1.6 pips and above.
  • Limited CFD instruments other than forex.

#5 FXTM – Good ECN Broker accepting MPesa

FXTM Kenya

Rating: 8/10

Regulations: FCA, FSCA, CySEC

Minimum Deposit: $10

Trading Fees: From 2.1 pips for EUR/USD with Cent account

ForexTime is regulated in diverse jurisdictions globally. Their top-tier Financial Regulations are with FCA, CYSEC, and FSCA (FSP No. 46614).

But a higher average spread is charged with FXTM’s Standard accounts as per our benchmark test for EUR/USD. The Standard Account has an average of higher than 2.1 pips spread. The FXTM Cent Account has even higher spread.

FXTM charges commission for its ECN Account. This is $2 for each side which adds to $ 4 per trade for 1 Standard lot. All deposits are free of charge at FXTM, including for MPesa. However, there are fees for withdrawals depending on the method.

The minimum deposit to open an FXTM Cent Account is $10. The Standard Account requires $100.

You can trade with FXTM through the MetaTrader 4 and 5 platforms. Their financial instruments include Forex Currency Pairs, Cryptocurrencies, Stocks, CFDs, Commodities, and Precious metals.

FXTM offers fair customer support. Live Chat offers a quick response and we did not find any hold times of over a minute during our test. We got a response to our queries within 3 hours through E-mail on a weekday. They do not have a local phone number in Kenya.

FXTM Pros

  • Well regulated with multiple regulators.
  • Account opening process is fast.
  • Good educational section on their website.

FXTM Cons

  • High trading fees on forex & CFDs. Also, fees for Withdrawal and Inactivity.
  • No local phone number dedicated for Kenya.

How we selected the Best MPesa Accepting Forex Brokers?

Here are the major factors that we have considered while reviewing the Forex Brokers accepting MPesa:

1. Top-tier Regulation(s): The most crucial factor is the number of Tier-1 Regulators that regulate the Forex Broker. FCA, ASIC, NFA are considered as Tier-1 by the Forex industry. FSCA and CYSEC are Tier-2 Regulators. If the Forex Broker is listed publicly in a major Stock Exchange, then it is an extra trust factor.

Also, if the broker is regulated in Kenya then it is to be considered safe. There are just 3 Brokers regulated with Kenya’s CMA if you are looking to trade with only a local broker. One of them is FXPesa.

2. Overall Fees: The factors considered here are spread, commissions, and charges on withdrawals and deposits.

Majority of the brokers charge fees for Dormant/Inactive Accounts too. Some of them also levy extra fees on a few CFD instruments. So, it is vital to research the overall fees of the asset that you are seeking to trade.

3. Solid Trading Platform on Mobile & Desktop: The Broker must offer a well-equipped and user-friendly trading platform.

Also, there must be multi-device support, quick execution, no freezing, and multiple order types. These can significantly enhance your trading comfort.

4. Easy & Quick Account Opening: The Account opening must be easy and fast. The approval of the account upon submission of documents (ID & Address proof) must not take more than 48 hours.

5. Overall Trading Conditions: The execution of orders must be fast without slippage or re-quotes. The best option is to choose a Broker offering Direct Market Access than Market Maker Brokers.

You must also be offered negative balance protection so that the loss does not exceed the account balance. Availability of guaranteed stop-loss protection is also an advantage.

The Broker must also offer funds segregation for the security of funds. The number of available product classes/trading instruments is also a factor. You must also check if the instrument that you are looking to trade is offered for the lowest fees or not.

6. How is the Customer Support: Customer Support must be accessible 24X5 through Live Chat, E-mail, and Phone. The Chat Support must be helpful with minimal hold time. The E-mail revert to your queries must be quick and preferably within 1 or 2 hours max.

The local phone number support in Kenya will be another plus point. The Knowledge base must provide instant solutions.

Frequently asked questions: Forex Brokers that accept MPesa

Which reputed forex brokers accept MPesa?

As per our research, Hotforex & Exness offer the best trading conditions for traders, and both of them accept MPesa with zero fees on funding & withdrawals.

If you are looking for a local broker that has office in Kenya, then we recommend FXPesa, which is the brand of EGM Securities – a CMA regulated broker.

What is the minimum deposit required for Forex Trading using MPesa?

This depends on the broker that you are choosing. We have listed brokers that have deposit requirements of as low as $1.

Here is a brief overview for traders in Kenya:

  1. Hotforex – $5 deposit with Micro Account. $100 for lower spread Premium Account.
  2. Exness – As low as $1 with Standard Account
  3. XM Forex – $5 minimum deposit for opening Micro account. $50 for Ultra Low account
  4. FXPesa – $5 deposit required for Standard Account

How can you start trading forex in Kenya using MPesa?

You should start by learning forex trading. If you are a beginner then start by reading our Forex Trading for Beginners guide.

Once you have understanding of the concepts like Technical analysis, risk management & Fundamentals, then you can take then next step & open demo account with the broker of your choice.

Only when you are profitable on demo, you should open live account with a regulated broker that accepts MPesa & has low minimum deposit requirements. After trading, analyze all your trades & only scale if you have good understanding of all the risks & trading strategy.

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