- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
Forex trading is one of the most popular and lucrative ways to make money online in Kenya. However, choosing the right forex broker can be a daunting task, especially for beginners. There are many factors to consider, such as fees, regulations, platforms, payment methods (does it accept Mpesa), customer support, and more.
To help you find the best forex broker that accepts Mpesa in Kenya, we have compiled a list of the top 10 forex brokers in Kenya for 2023. We have evaluated each broker based on their features, reputation, and performance. We have also included some tips and tricks on how to start forex trading in Kenya and avoid common pitfalls.
How to Choose a Forex Broker in Kenya
Before you sign up with any forex broker, you should do some research and compare different options.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
Here are some of the most important criteria to look for when choosing a forex broker in Kenya:
-
Regulation
A regulated forex broker is one that follows the rules and standards set by a reputable authority, such as the Capital Markets Authority (CMA) of Kenya, the Financial Conduct Authority (FCA) of the UK, or the Australian Securities and Investments Commission (ASIC).
A regulated broker ensures that your funds are safe, your trades are fair, and your complaints are handled properly.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
-
Fees
Forex brokers charge different types of fees, such as spreads, commissions, swaps, and withdrawal fees.
You should look for a broker that offers low and transparent fees, so you can maximize your profits and minimize your costs.
-
Platforms
Forex brokers offer different trading platforms, such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, or their own proprietary platforms.
When choosing a broker you should look for a broker that offers a platform that suits your trading style, preferences, and devices.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
You should also check if the platform has advanced features, such as indicators, charts, signals, and automated trading tools. Most new brokers don’t have lots of trading tools.
-
Customer Support
Forex trading can be challenging and unpredictable, so you need a broker that provides reliable and responsive customer support.
When choosing a broker look for a broker that offers multiple channels of communication, such as phone, email, live chat, or social media.
You should also check if the broker has local support in Kenya or offers support in Swahili or other languages you speak.
-
Education and Research
Forex trading requires constant learning and analysis, so you need a broker that provides educational and research materials.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
Ensure the broker you settle for offers free webinars, tutorials, articles, ebooks, videos, or podcasts on various topics related to forex trading.
You should also check if the broker provides market news, analysis, forecasts, or signals to help you make informed trading decisions.
Here is a possible rewrite of the article with a new perspective for 2023:
Best Forex Brokers in Kenya with Mpesa in 2023
That said, here’s our list of the top 10 brokers in Kenya that accept Mpesa, are regulated, offer good customer support, and have an in-depth knowledge base that appeals to experienced and new traders.
| 💳 XM Broker | 📊 Hot Forex Markets | 📊 FX Pesa |
| Leverage: (1,000:1) | 1:1000 | 1:400 |
| Regulation: ( ASIC, CySec, DFSA, FSC) | FCA, CMA, FSCA, CySEC, DFSA, FSA, FCA, FSC | CMA |
| Platforms: (Mobile apps, Web Trading, MT4, and MT5) | Mobile apps, Web Trading, MT4, and MT5 | Mobile apps, Web Trading, MT4 |
| Account types: (Micro, Standard, Ultra Low, Shares) | Premium Account, HFcopy Account, Pro Account, Zero Spread Account | Executive, Premiere |
| Negative Balance Protection ☑️ Yes | ☑️ Yes | ☑️ Yes |
| Demo Options: (✅ Yes) | ✅ Yes | ✅ Yes |
| Islamic Option: (☪️ Yes) | ☪️ Yes | ☪️ Yes |
| Withdrawal options: (Wire/Bank transfer, E-Wallet, Mobile payments) | Wire/Bank transfer, E-Wallet, Mobile payments | Wire/Bank transfer, E-Wallet, Mobile payments |
| Tradable assets offered: Forex, Indices, Commodities, US Shares, UK Shares and EU Shares | Forex, Indices, Commodities, US Shares, UK Shares and EU Shares | Forex, Indices, Commodities, US Shares, UK Shares and EU Shares |
| Customer support languages: Multilingual | Multilingual | Multilingual |
| Minimum deposit: ($10) | $10 | $10 |
| Minimum spread: (0.6 pips) | 0.0 pips | spreads from 0.0 pips |
| Swap- Free: ✔️Yes | ✔️Yes on specific account types | ✔️Yes on currency majors, minors & precious metals |
| No deposit bonus: Available | NA | NA |
| Deposit bonus: Available | Available | Available |
| Commissions: No | NA | NA |
| Visit Hot Forex | Visit FXPesa |
1. XM Forex – Best Broker in Kenya That Accepts Mpesa Deposits
XM Forex is one of the most popular and reputable forex brokers in the world.
It is regulated by multiple authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission (IFSC) of Belize.
XM Forex offers over 1000 instruments to trade, including forex, stocks, commodities, indices, metals, and cryptocurrencies.
You can access the markets through the MetaTrader 4 and MetaTrader 5 platforms, as well as the XM WebTrader and the XM Mobile App.
XM Forex accepts Mpesa deposits and withdrawals in Kenya through iPay Africa, a local payment service provider.
The minimum deposit is $10 (about Ksh. 1500) and the maximum deposit depends on how much Mpesa allows you to deposit per transaction. Deposits are instant and free of charge. Withdrawals are also FREE. However, withdrawals are not instant. They are processed within 24 hours.
XM Forex also offers a generous welcome bonus of $30 (about Ksh. 3,500) to new clients who open a real account and verify their identity.
You can also get a 50% deposit bonus up to $500 (about Ksh. 58,000) and a 20% deposit bonus up to $5,000 (over Ksh. 500,000). Visit Xm for bonuses, promo codes, and offers.
2. FX Pesa
FX Pesa is a local forex broker that is licensed and regulated by the Capital Markets Authority (CMA) of Kenya.
It is operated by EGM Securities Limited, a subsidiary of Equiti Group Limited, a global financial services company.
FX Pesa offers over 60 instruments to trade, including forex, indices, commodities, metals, and cryptocurrencies. You can trade on the MetaTrader 4 platform or the FX Pesa WebTrader or Mobile App.
FX Pesa accepts Mpesa deposits and withdrawals directly from your phone. The minimum deposit is $10 (about Ksh. 1500) and there is no maximum limit. The deposits are instant and free of charge. The withdrawals are also free and processed within one business day.
FX Pesa offers a 30% bonus for all new clients who make their first deposit of at least $150 (about Ksh. 15,000).
Once registered, you will get access to free educational resources, market analysis, webinars, and trading signals.
3. Exness – New Broker in Kenya That Accepts Mpesa Deposits
Exness is another global forex broker that has a strong presence in Africa.
It is regulated by the Capital Markets Authority of Kenya (CMA), and the Financial Sector Conduct Authority (FSCA) of South Africa.
Exness offers over 120 instruments to trade, including forex, stocks, commodities, indices, metals, and cryptocurrencies.
You can trade on the MetaTrader 4 and MetaTrader 5 platforms or the Exness Terminal or Exness Trader App.
Exness accepts Mpesa deposits and withdrawals in Kenya through DusuPay, another local payment service provider.
The minimum deposit is $10 (about Ksh. 1,500) and there is no maximum limit. The deposits are instant and free of charge. The withdrawals are also free and processed within one business day.
Exness does not offer any bonuses or promotions at the moment, but it has a loyalty program that allows you to make more money online.
4. IC Markets
IC Markets is an Australian forex broker that is regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA).
The IC Markets platform offers over 230 instruments to trade, including forex, stocks, commodities, indices, metals, bonds, futures, and cryptocurrencies. You can trade on the MetaTrader 4 and MetaTrader 5 platforms or the cTrader platform or Mobile App.
IC Markets accepts Mpesa deposits and withdrawals in Kenya through iPay Africa as well.
The minimum deposit is $200 (about Ksh. 23,200) and there is no maximum limit. The deposits are instant and free of charge.
Withdrawals are also free and processed within one business day.
IC Markets does not offer any bonuses or promotions either, but it has a referral program that allows you to earn commissions for every client you refer to the broker.
5. Pepperstone – CMA Broker in Kenya That Accepts Mpesa Deposits
- Deposit with bank card
- :Demo account provided
- :Inactivity fee charged - NO
- :Deposit with electronic wallet
- :Number of base currencies supported - 9
Pepperstone is another Australian forex broker that is regulated by the CMA in Kenya, ASIC, and the FCA.
Pepperstone offers over 150 instruments to trade, including forex, stocks, commodities, indices, metals, and cryptocurrencies.
Depending on the platform you prefer, you can use Pepperstone to trade on the MetaTrader 4 and MetaTrader 5 platforms or the cTrader platform or Mobile App.
Pepperstone accepts Mpesa deposits and withdrawals in Kenya through DusuPay as well.
The minimum deposit is $10 (about Ksh. 1,500) and there is no maximum limit. Pepperstone deposits are instant and free of charge.
Withdrawals are also free and processed within one business day.
Pepperstone does not offer any bonuses or promotions either.
6. Hot Forex – Global Broker in Kenya That Accepts Mpesa Deposits
- 12 Trading Platforms
- :6 Account Types
- :150+ Trading Platforms
- :15+ Funding Methods
Hot Forex is a global forex broker that is regulated by the FSCA, the FCA, the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), and the Financial Services Commission (FSC) of Mauritius.
Recently, it also got a license by Capital Markets Authority of Kenya allowing it to offer its services in the country.
Hot Forex offers over 150 instruments to trade, including forex, stocks, commodities, indices, metals, and cryptocurrencies. You can trade on the MetaTrader 4 and MetaTrader 5 platforms or the HF App.
Hot Forex accepts Mpesa deposits and withdrawals in Kenya through iPay Africa as well.
The minimum deposit is $10 (about Ksh. 1500) and there is no maximum limit.
Hot Forex also offers a 50% welcome bonus for all new clients who activate their real accounts. You can also get access to free educational resources, market analysis, webinars, and trading signals on the HFM platform.
7. IQ Option – Forex and Binary Options Broker in Kenya That Accepts Mpesa Deposits
- Available on all devices
- Demo Account Available
- Trading Signals Available
IQ Option is a global online trading platform that offers various financial instruments, including forex, stocks, commodities, indices, ETFs, options, and cryptocurrencies. Though not regulated in Kenya, the IQ Option website works fine in the country and it accepts Kenyan Traders.
How many financial instruments do they offer?
IQ Option offers over 250 instruments to trade on its proprietary platform or Mobile App.
Like all the other broker’s names here, it accepts Mpesa deposits and withdrawals in Kenya through.
The minimum deposit is $10 (about Ksh. 1,500) and the maximum deposit is relatively dependent on the method you use.
IQ Option deposits are instant and free of charge. Withdrawals are also free and processed within one business day.
IQ Option offers a free demo account with $10,000 in virtual funds for practice. You can also get access to free educational resources, market analysis, webinars, and trading tournaments on the platform.
8. Pocket Option – New Binary Options Broker in Kenya That Accepts Mpesa Deposits
Pocket Option is an online trading platform that specializes in Fore and binary options trading.
Interestingly, it offers over 100 instruments to trade on its proprietary platform or Mobile App. It is regulated by the International Financial Market Relations Regulation Center (IFMRRC) but not by the Capital Markets Authority (CMA) Kenya.
Pocket Option accepts Mpesa deposits and withdrawals in Kenya and the minimum deposit is $50 (about Ksh. 5,800).
Deposits in the Pocket Option platform are instant and free of charge. Withdrawals are also free and processed within one business day.
Pocket Option offers a 50% bonus (WELCOME50 bonus code) for all new clients who make their first deposit of at least $50 (about Ksh. 5,800).
You can also get access to free educational resources, market analysis, webinars, and trading tournaments after you create an account.
9. Olymp Trade
Olymp Trade is another online trading platform that specializes in binary options trading. It offers over 70 instruments to trade on its proprietary platform or Mobile App. And, it is regulated by the International Financial Commission (IFC) and not the Capital Markets Authority of Kenya (CMA).
The Olymp Trade platform accepts Mpesa deposits and withdrawals in Kenya and withdrawals are also fast.
The minimum deposit in Olymp Trade is $10 (about Ksh. 1,500) and there is no maximum limit.
Olymp Trade deposits are instant and free of charge.
If you create an account in Olymp Trade you will get a free demo account with $10,000 virtual funds for practice.
10. TickMill
The TickMill platform is a global forex broker that is regulated by the FCA, the CySEC, the FSA of Seychelles, and the Financial Services Authority (FSA) of South Africa.
TickMill offers over 80 instruments to trade, including forex, commodities, indices, metals, bonds, and CFDs. You can trade on the MetaTrader 4 platform or the TickMill WebTrader or Mobile App. And, it accepts Mpesa deposits and withdrawals in Kenya.
The minimum deposit is $100 (about Ksh. 11,600) and there is no maximum limit.
Like most brokers in this list, TickMill offers a welcome bonus for all new clients who open a real account and verify their accounts.
Conclusion.
These are the best forex brokers in Kenya with M-Pesa in 2023. We hope this article has helped you find the right broker for your trading needs.
Remember to always do your own research and practice with a demo account before investing real money. Happy trading!
- Offers 1000+ Trading Instruments
- Spreads as low as 0.6 pips
- 888:1 Leverage
- Bonus up to $5,000
- Licensed and Regulated
- 12 Trading Platforms
- :6 Account Types
- :150+ Trading Platforms
- :15+ Funding Methods
- $10,000 DEMO account
- User friendly
- Fast deposits
- Quick withdrawals
- FREE Signals
- Deposit with bank card
- :Demo account provided
- :Inactivity fee charged - NO
- :Deposit with electronic wallet
- :Number of base currencies supported - 9
- Instant withdrawal of funds.
- It provides 24/7 technical support in 13 languages
- Instant and market execution
- Leverage up to 1: unlimited
- Permits all trading strategies.
- Get $10,000 in your DEMO account
- Minimum trading amount is $1
- Get up to 92% Rate on Return
- Fast deposits and withdrawals
- $10 minimum deposit
- $10 minimum withdrawal
- Available on all devices
- Demo Account Available
- Trading Signals Available
- Competitive Fixed & Variable Spreads
- :Seamless Execution & Access to Tier-1 banks
- :Fast Deposits & Withdrawals Online
- :24/5 Multilingual Customer Service
- :Fully Licensed and Regulated Broker
- : Understandable Platform
- : Competitive Spreads
- : No Commissions
- : Authorised and Regulated
- : Negative Balance Protection
- : 24/7 Online Support
- FREE Demo Account
- :Step-by step tutorials & articles
- :Tight spreads
- :Superfast trade execution
- :Hi-tech forex trading tools
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Thank you for this post. I did not knew that Olymp Trade accepts M-Pesa deposits. Let me open an account with them now.