As a writer of Forex content; one of the questions that I’m constantly asked is to recommend a good Forex broker that accepts Mpesa deposits in Kenya.
Of course they aren’t so many.
And just until recently the few brokers who provided mobile payment solutions were either unreliable or new.
In this post we list Forex brokers that accept Mpesa Deposits and withdrawals in Kenya.
Some of these brokers are strict to Forex trading. Others are diverse and also provide options trading on the side.
We begin with: –
1. Iron Trade
Updated on 8/13/2019 – before opening an account with Iron Trade or investing your money with the platform, know you can lose all your investments. Another thing, people who have invested with Iron trade in Kenya have reported trouble in withdrawing their money. Plus, Iron Trade customer service sucks. They don’t reply to messages or calls. Don’t fall a victim. Iron Trade Could be a Scam.
Iron trade is a credible Forex company now operating in Kenya.
It is owned and operated by Barrtoli Management S.A of address 306 Premier Building, Albert Street, Victoria, Mahe, Republic of Seychelles.
Iron trade offers Forex and Options Trading with the lowest trading time in the market.
You can open a trade that runs for 30 seconds and get 80% returns (or more) when you win.
The best thing about Iron Trade is, it operates 24 hours – 7 days a week.
Take note that deals made during the weekend are over the counter deals (OTC).
What’s the meaning of OTC?
Over the counter trade means a transaction made between two parties without publishing it anywhere. These types of deals are unique to Iron Trade and can be a source of income when Forex is off.
Is The Iron Trade Platform User Friendly?
It is easy to open an Iron Trade account, navigate and to actually trade on the platform.
To confirm that it is in fact easy to use and that the OTC option works just fine; I opened an Iron Trade account over the weekend;
Traded on the demo account, lost, recovered and made some profits.
See the image below: –
Does Iron Trade Accept Mpesa Deposits?
Yes, in fact; the system is so easy to use and very convenient.
Just click on the deposit button then on Visa/Mastercard.
You will be redirected to the dusu pay page with an option to choose your prefered payment choice.
Payments are localised such that if you are in Kenya you can use Mpesa; Cameroonians can use MTN Money to deposit to Iron trade; Ghanaians can use Mobile money; Nigerians to use Mastercard, Verve and Visa; Rwandese can use MTN mobile money to deposit; Tanzanians can use Mobile money and the people of Uganda can make a deposit to Iron Trade with either Airtel Money or MTN Mobile Money.
Payments in Iron Trade are Safe and Secure and you can deposit Ksh. 1,000 minimum.
TemplerFX is one of the most popular Forex brokers in Kenya. And a pioneer of Forex deposits via Mpesa.
Like most international brokers, TemplerFX is licensed to the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.
You can Trade Forex, Metals, Energies, CFDs and Spot Indices on TemplerFX.
How to Deposit Money to TemplerFX
Templer accepts deposits from different wallets from across the world.
People in Russia can use alfa-bank to make a quick deposit; Georgians, Kazakhstanis and Ukrainians can use self service terminals for instant deposits.
Kenyan and Tanzanians can use Mpesa for mobile wallet deposits. Nigerians, South Africans, Europeans and people of Aisa – can use: – Skrill, Perfect Money, Contact, Visa, Mastercard, Leader, OK pay, Paxum, name it..
The minimum deposit in Templer is Ksh. 100
Are Spreads in Templer Good Enough For Newbies?
Here’s a sneak peek of templer contract specifications
Learn more about TemplerFX here
3. Olymp Trade
Olymp Trade is so far the best Options trading broker in the world.
Those who trade with the platform say it is easy to use. And those who have won and withdrawn their winnings say it is easy to withdraw and you receive your money almost instantly.
If you don’t have an account with Olymp Trade, create one here.
Olymp Trade does not currently accept Mpesa deposits but I believe it is a service that they will soon make available to you.
At the moment though, you can deposit from Mpesa via Skrill to Olymp Trade.
It is also possible to deposit to Olymp Trade from Mpesa Via Neteller
4. EGM Securities Accepts Mpesa Deposits
EGM Securities is a local Broker in Kenya that provides a platform for trading both Forex and CFDs.
Hard as it is to believe, EGM is the only FX company that is regulated in Kenya under the Capital Markets Authority.
To start trading in EGM you need to deposit at least $200 or $5000 depending on if you want to start trading with an executive or a premium account.
Unlike it’s international competitors spreads in EGM are high at 1.6 with a maximum leverage of 1:400.
EGM supports MT4 trading and it also accepts Mpesa deposits.
When we talk about Options Trading, which trading platform comes to your mind?
- Expert Option?
To most of us, we think IQ option when we think trading.
And even though IQ Option isn’t currently as popular to Kenyans as the Wildebeest Migration is to the Serengeti; it is still a broker to recon with.
IQ Option doesn’t currently accept Mpesa deposits.
However, you can still deposit from Mpesa to IQ Option Via Skrill or Neteller.
6. FXTM Accepts Mpesa Deposits
Did you know that FXTM is now the only International and most reputable Forex Broker that offers almost all the local deposits solutions to almost all African countries?
- Nigerians can deposit to FXTM using Nigeria Local Bank Wire Transfer
- Indonesians can deposit using Indonesian Local Transfer
- Algerians can deposit with Algerian Local Transfers (Local currency supported)
- Kenyans can deposit to FXTM using Mpesa (Join FXTM)
- Pakistani can deposit to FXTM using Local transfer for India and Pakistan
- People of Malaysia can deposit using Online Banking Malaysia services
- Traders from Afghanistan can deposit with Afghani Local Transfers services
- Chinese Traders can deposit to FXTM using China Online Banking (P) services
- Traders from Tanzania can deposit using Tanzanian Local Transfers (BRK)
- FXTM traders from Vietnam, Thailand and Iraq can also deposit using local transfer services
FXTM also accepts all E- Wallets including dusupay which allow Rwanda and Ugandan traders to deposit using MTN Mobile Money.
P.s Mobile money deposits are instant.
7. Hot Forex Kenya
Hotforex is the latest Forex broker to accept Mpesa deposits in Kenya.
If offers different account types to different traders. Accounts which include: –
a. a micro account which only needs a $5 deposit to activate
b. a premium account which needs $100 to activate and an auto account.
You can trade over 47 different currency pairs, gold and metals, oil and energies, commodities, stocks and indices with Hotforex.
And even more interesting, you can deposit and withdraw money to the broker via all these methods
- Bank transfer
- Credit card
- Debit card
- China UnionPay
- Yandex Money