8 Best forex brokers accepting MPesa (January 2023)

Do not invest more money than you can afford to lose.

Forex brokers accept a wide variety of payment methods, including standard ones such as credit/debit cards, bank wires, cryptocurrencies, Skrill, Neteller or PayPal. The ones mentioned are available globally, but in recent times, brokers have added more and more payment solutions to make it easier for their customers to send and receive funds. One such payment method is the mobile money transfer system M-Pesa, provided by Vodacom & Safaricom, covering many countries in Africa, including Kenya, Egypt, Tanzania, Lesotho and others. It was launched 15 years ago and has become one of the largest fintech companies in Africa.

What is special about M-Pesa is that it allows unbanked customers to use financial services with their phones, with no bank accounts needed. Sending and receiving money is quick and affordable due to the low transaction costs. So, it shouldn’t be a surprise that according to the latest information available, M-Pesa has grown to serve more than 51 million customers and 465,000 businesses, processing 61 million transactions per day on average.

Safaricom and Visa have also developed a virtual card –  M-Pesa GlobalPay, which will enable customers to shop using mobile money accounts across 200 countries through Visa’s global network. And as M-Pesa expands, more and more brokers are now readily accepting this unconventional funding method.

But if you are here, you probably know that, so without further ado, let’s see some of the best Forex brokers accepting M-Pesa.

1. XM Group

The XM Group is a well-known brand in the foreign exchange market. Since its incorporation more than a decade ago, the company has consistently ranked among the most successful brokers in the sector. XM provides its customers with a large selection of trading instruments, low minimum deposit requirements, the market-leading trading platforms MetaTrader 4 and MetaTrader 5, as well as its very own mobile trading app. You can always trade or just check your opened positions on the go with this powerful app that also happens to be fully integrated with MetaTrader 4 and MetaTrader 5. It is also important to note that all MT distributions offer high customization and a wide variety of features, such as AutoChartist, Trading Central, and other analytical tools. Automated trading, Social trading, and Copy trading are also available through XM, so you should definitely consider XM, as the broker accepts M-Pesa deposits.

XM offers bonuses, too! To help you get started trading with more capital, XM is now offering a two-tier bonus on deposit that, when added together, amounts to $5,000!

2. FXTM

The next leading brokerage on our list is FXTM. It is subject to strict regulations and offers everything a new trader would need to get started. The spreads are extremely low, the platforms are among the very best (MetaTrader 4 and MetaTrader 5 are available), and the broker will allow you to take advantage of its bonus program (where available). M-Pesa is one of the many payment methods that are accepted by FXTM, which means that you can make deposits and withdrawals of money quickly and at no additional cost.

Another thing you can consider is the FXTM copy trading platform, where you can replicate master traders’ positions and hopefully profit from their experience. You need only determine how much capital you are willing to invest and then mimic everything that FXTM strategy managers do. And as soon as they make a trade, your account will immediately execute the same one, even if you are not actively monitoring.

3. HFM

HFM operates around the globe and is licensed on three continents. As a leading broker, it has excellent trading conditions, and just like many of a kind, it also allows M-Pesa deposits so that you can quickly and easily fund your trading accounts. Withdrawals through M-Pesa are also quicker, and as soon as your request is processed, you’ll hassle-free have your money in your mobile wallet. What’s worth mentioning about HFM is the variety of bonuses that are available for all African customers. 50% Welcome Bonus, 100% Credit Bonus and 100% Supercharged Bonus are just a few examples. However, note that additional Terms and Conditions apply!

HFM also has a very large selection of trading tools, available both online and as MetaTrader apps. The one that deserves the most attention is the Premium Trading Tools package, which includes MT4 and MT5 selection of sophisticated indicators, additional trading terminals, correlation analytical and so on.

4. Pepperstone

Pepperstone’s strongest feature is its regulation. It’s licensed in Europe, Asia and Australia, as recently, the broker obtained a license in Africa (CMA Kenya). Its obvious intention is to target more and more African clients, and for that reason, the broker quickly added the mobile payment system M-Pesa to its portfolio of accepted funding methods. The merit of Pepperstone is its educational section, where you can find many free courses, learning materials, webinars, trading guides and educational videos. It’s all free, so you don’t need to look for expensive online courses, paid materials and gurus. You should definitely have a look at Pepperstone.

5. FBS

FBS, the official partner of the English football club Leicester City, is also on the list of brokers pledging to offer M-Pesa deposits and withdrawals. It’s claimed that it takes from a few minutes to 24 hours to get the money transfers processed, and it usually depends on the broker alone, not on M-Pesa. FBS shines, as it is one of the few brokers offering crypto accounts supporting more than 100 instruments. For crypto, the leverage is massively reduced, but that’s due to the volatile nature of digital currencies. All in all, trading crypto can be rewarding but always keep in mind that Bitcoin and the rest of the coins are highly unpredictable, and their trading always carries enormous risks.

6. EGM Securities

EGM Securities is another broker accepting M-Pesa, and it’s regulated in Kenya, so some customers may consider it for trading. However, we placed it down on our list for a reason – it’s not regulated anywhere else except for Kenya. CMA is not a top-tier regulator, and it doesn’t provide significant customer protection, or simply put, you can find better brokers than EGM Securities. The first six brokers in this review are safer, provide more platforms, offer better trading conditions, and accept M-Pesa (which is why we included EGM securities on this list). So, with that being said, it’s obvious that EGM Securities is not our first choice.

7. LiteForex

LiteForex is regulated in the EU by CySEC, but the broker couldn’t climb our list, similar to EGM Securities. That’s for a reason. First of all, LiteForex is not multi-regulated, unlike many other brokers that will have 4 or 5 licenses issued by different authorities on different continents. But the real reason why we placed LiteForex at the end is because M-Pesa payments are available only through the offshore brand of the company – LiteFinance. In other words, you would sign a contract with a firm incorporated in St. Vincent and the Grenadines, which ultimately means that you’ll trade with an unregulated brokerage. Hence, we cannot recommend LiteForex to anyone. If looking for a broker accepting M-Pesa, go from 1 to 6 on this list, they are adequately regulated, and much safer than LiteForex.

8. Exness

Exness is the last broker we’ll talk about. You can deposit money via M-Pesa to your Exness account from the payment wallet linked to your phone number. There are no processing fees when funding your Exness account with M-Pesa, and withdrawals are free of charge, too, which is good news because other methods could cost you significantly more. Of course, it also depends on your country of residence, but generally, all deposits and withdrawals are usually free of charge.

As for Exness, it’s a tightly regulated broker and is one of the leaders in the FX market. Its trading conditions are among the most attractive ones, including affordable deposit requirements, increased leverage for risk-tolerant customers, ultra-tight spreads and a variety of bonuses. But before we continue, we should mention that bonuses are not available for all customers, and it all depends on the FX regulation in your country. But with that said, you should also know that countries where M-Pesa is available have no bonus restriction, so you can fully benefit of this option.