It is a highly trustworthy broker. HotForex offers six different account types for traders to choose from. They are named Premium, Zero, Micro, PAMM, HF Copy and Auto. All account has a spread of 1. The leverage limit is for the premium, zero and auto accounts. The micro account has a leverage of All accounts have negative balance protection. The minimum contract size is 0. Minimum deposit varies across the different accounts.

Only the zero spread account has a commission on trades. The account currencies are USD, EUR, NGN and JPY. Deposits and withdrawals are carried out across different platforms. HotForex offers a large variety of instruments such as forex, metals, energies, indices, shares, commodities, stock DMA, ETF and bonds.

Trading on HotForex is carried out on the MT4, web and MT5 platforms which are available on different devices. Scope Markets is a Kenya based forex and CFD broker that is regulated by CMA accepts deposits and withdrawal through mPesa.

Scope Markets is regulated by the Capital Markets Authority CMA of Kenya with license number The legal entity of Scope Markets is registered as SCFM Limited for the clients residing in Kenya. Scope Markets is an international forex brokers that accepts clients from multiple nations and is also regulated by CySEC of EU and FSCA of South Africa. The spreads start from 0. Clients can trade with more than CFD instruments including 44 currency pairs at Scope Markets.

They support the most widely used MT4 and MT5 trading platform with the same account account type and pricing structure. The customer support services at Scope Markets is excellent for the Kenyan clients. Support staff can be reached out through phone, live chat, and email. For Kenyans looking forward to trading in the global forex market, one of the requirements you need is a broker.

In this guide, we have curated factors to be considered when choosing a forex broker. In Kenya, the regulatory authority is the Capital Market Authority CMA. Only six brokers are registered and regulated by the CMA. They are FXPesa, Pepperstone, Scope Market Kenya, and FXTM. Note: In the event, that a broker is not registered by the CMA, a search result of its name on the CMA website will be zero results found.

Exness was used as an example here. Or you can check the list of Licensees under CMA, and there you can check the list of all the approved Online Forex Brokers.

Refer to the following screenshot. You can download the document, and there you will find the list of all the updated CMA Licensed Forex Brokers in Kenya. There are 6 Licensed Forex brokers currently, and 4 of these forex brokers accept MPesa currently as per our check including FXPesa, Scope Markets, PepperStone, and HotForex. Some brokers have found a way to levy charges using spreads.

High spreads are used as a cover for zero fees. A trader should check properly for the spread on different instruments. Not only on currency pairs do these charges differ, some brokers do charge special commissions on CFDs, stocks, indices, and even for dormant accounts.

Hence, it is important a trader conducts thorough research on the broker and fees on the instruments he wishes to trade.

Suitability of Trading Platform: For trading to go on with ease, the trading platform should be suitable for the device of the trader. Most brokers use the MT4 and MT5 trading platforms. The trading platform should also have instant execution and multiple order types to facilitate quick execution. Quick withdrawals and fast KYC verification are attributes of a very good trading platform. On FXPesa for example, withdrawals via mobile payment options like MPesa are free and take three hours.

A trader should also look for negative balance protection. Brokers who offer negative balance protection should be considered. Finally, the number and classes of instruments on offer together with their fees should be properly researched before deciding on the broker to trade with. Which MPesa accepting Forex Brokers are regulated in Kenya? All brokers that accepts MPesa are regulated with top tier regulatory.

Which Forex Brokers with MPesa have the lowest fees? Review Summary These are the top 3 brokers. Affiliate Disclosure: We are a community run broker comparison website. We may earn a commission when you visit the broker via a link on our website, which helps us cover expenses to run this website. FxPesa is 1 FX Broker in Kenya that accepts MPesa Visit Broker. Home Forex Trading in Kenya using MPesa Best Forex Brokers that Accept MPesa in Kenya We have ranked the best forex brokers in Kenya that accepts M-Pesa from traders.

The Exness Group is a leading financial services provider founded in that offers trading in financial instruments and CFDs including stocks, currency pairs, cryptocurrencies, metals, energies, and indices. This makes them safe to trade with. Exness has MT4, MT5, and WebTerminal trading platforms, with mobile apps available on the App Store and Google Play Store. Traders can choose either the standard account which has an average spread of 1.

Exness also offers Islamic accounts with zero spreads and swaps. Offers deposit and withdrawals via MPesa. Cards, mobile money, and e-wallets deposits are credited instantly while withdrawals to e-wallets are instant, it takes about 72 hours for card withdrawals to be credited.

Deposits and withdrawals made with cryptocurrencies are executed in 72 hours. Exness have support via email, phone number no local phone in Kenya and live chat.

Their live chat virtual assistant starts by showing you some answers to frequently asked questions FAQ and you can request to be transferred to a live agent. Response time was under 5 minutes. Scope Markets Kenya is a CMA regulated broker, that offers forex and CFDs trading on Futures Indices, Cash Indices, Commodities, and Shares. They also hold a license to trade in derivatives.

Scope Markets Kenya has two account types for traders, Gold and Silver. Their trading platforms are MT5 on the web, iOS, and Android. Payment methods accepted are cards, e-wallets, MPesa, and direct bank transfers.

The app has calculators for pips, margin, swaps, and profit. There are no deposit or withdrawal fees on Scope Markets and all accounts are swap-free with maximum leverage of Deposits made via MPesa are credited instantly, while bank transfers take up to 24 hours. Scope Markets Kenya has an office in Nairobi, offer support via email, a local phone number, and live chat that responds within 2 minutes on weekdays.

XM is licensed by CySEC and Financial Services Commission FSC , Belize, which makes them score moderate on trust and safety of funds for traders. XM account types are Micro, Standard, Ultra Low, and Shares, with an option for an Islamic account. Traders can hold more than one account type. All accounts have negative balance protection that prevents traders from losing more than the money in their trading account. There are no deposit or withdrawal fees. Only the Shares account has commission fees.

Spread is 0. If there is no free balance, then no fee is charged. You need to log in to your account to view the deposit methods. XM accept MPesa, and you need to select the Mobile payment method in the deposit methods in the XM panel to see it.

Deposits made via bank transfers and MPesa can take up to 5 days to be credited, while cards and e-wallets deposits are credited instantly. Withdrawals to MPesa, e-wallets, bank accounts, and cards are processed within 24 hours. XM has email, international phone and fast and responsive live chat support, that is available 24 hours Monday through Friday.

They also have an educational section on their website for traders. FXTM is a leading online forex broker in Kenya that is regulated under the CMA as Exinity Group. They are registered as ForexTime Limited in Cyprus and are well regulated by the CySEC, FCA and FSCA. FXTM offers a range of financial products and CFDs on currencies, cryptocurrencies, shares, and commodities. Trading accounts are categorized into Micro, Advantage, and Advantage plus.

Also, offer demo accounts for new traders to learn. Micro and Advantage plus accounts attract zero commission and spread fees from 1. Zero deposit fees apply. Withdrawals are processed within 1 day and funds are received in your bank account. And you need to have enough free margins on your account to cover your withdrawals. FXTM has email and phone number support, with a live chat assistant that answers basic questions and you can request to be transferred to a live agent, typically responds in 1 minute on working days.

HotForex is a well-regulated forex broker in Kenya that accept MPesa, licensed by one Tier 1 regulator FCA, DFSA, FSCA, CMA, and Financial Services Authority Seychelles. Account types available on HotForex are Premium, Zero, Micro, Auto, PAMM, and HFCopy.

Traders can use robots like Expert Advisors EAs on HotForex. HotForex provides technologies like Trading Calculator, Economic Calendar, VPS Hosting Services, Auto Trading, etc. to make trading easy and friendly. They also have educational resources like courses, webinars, and video tutorials to help traders learn and understand the platform.

HotForex fees are competitive with a Premium account, with no charges on deposits or withdrawals via MPesa. Typical spreads for Premium, Micro and Auto accounts is 1. While deposits through bank transfers are credited within days, cards and mobile money MPesa and WebMoney deposits are credited instantly and it can take up to 10 minutes for e-wallets deposits to be credited.

Both are processed within business days. HotForex offers 24 hours weekdays support via a phone helpline but does not have local phone support in Kenya. Overall support is good. M-Pesa was launched by Vodafone and Safaricom in Since its launch in Kenya, M-Pesa has expanded to other African countries like Tanzania, Mozambique, DRC, Lesotho, Ghana, and Egypt. M-Pesa is a mobile-based money transfer service and is a branchless banking service.

Choose a Regulated Forex Broker: Is the broker regulated with CMA? The first step to opening a forex trading account is to pick a broker. It is important that you trade with well-regulated brokers. Currently, only 6 brokers are regulated by CMA. These include FXPesa, Scope Markets Kenya, FXTM, HotForex, Windsor Brokers, and PepperStone.

Signup with the Broker: This generally involves a straightforward process. We will breakdown the signup info 3 processes. You will be required to enter contact information including phone number, email, and full name. A 4 digits code will be sent to your phone, you will enter the code and continue.

Next, you will be required to provide some information about your trading experience and to read and sign the legal declaration online. Verify Your Account: A confirmation email will be sent to you, which will confirm that you have signed up with the broker.

Forex trading in Kenya using MPesa has skyrocketed the past few years and the easiest deposit and withdrawal option at the best brokers. Forex brokers that accept MPesa in Kenya include, HotForex , FXPrimus and Naga. Hot Forex Review. FX Primus Review. NAGA Review. XM Review. eurotrader Review. MPesa is a mobile money transfer service that has been introduced in Kenya as an alternative to the traditional banking system. MPesa is popular in Kenya and allows users to send and receive money using their mobile phones.

The service is also available in Tanzania and Uganda. MPesa is convenient, fast, and secure, making it a great option for online forex trading.

Mpesa is a mobile phone-based money transfer service launched in by Safaricom, the biggest telecommunication company in Kenya. The service allows users to send money directly from their phones to another person with an Mpesa account. It has over 17 million subscribers and has been growing rapidly.

The service, which has been introduced as an alternative to the traditional banking system, has various features that make it easy for customers to use. Mpesa allows customers to deposit and withdraw cash from their mobile phones, send money to others, pay bills, buy goods and services, and make payments for goods on behalf of others. There are also plans for an online version of MPesa, but this has not yet been launched. The basic idea behind Mpesa is that it is not only easier for customers to access their accounts from a mobile device but also safer from fraudsters.

You will need to link your MPesa account with your forex account. This means you will be able to deposit or withdraw money from either end. The best part about this feature is that it can be accessed anywhere in Kenya. All of this will happen through a single phone number, making things even easier for you.

Facebook Twitter Instagram. Facebook Twitter Instagram Telegram. Home » Best Forex Brokers with MPesa. Visit 4XC. Visit HotForex. Visit FXPrimus. Visit Naga. Visit XM. Visit eurotrader. Submit Type above and press Enter to search. Press Esc to cancel.

The E-mail response to our queries was in under 1 hour. We received a reply usually within 2 hours on weekdays. Filed in: Forex Articles Tags: forex , M-Pesa. We have also made a comparison for their diverse plus points including trading fees, platforms, and others. FXPesa, Scope Markets, and HotForex are the forex brokers that accept MPesa and are regulated in Kenya by the CMA.

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