Best Forex Brokers with MPesa 2024

MPesa is a pioneering mobile money transfer service that has revolutionized financial inclusion across Africa and beyond. Launched in 2007 by Vodafone and Safaricom in Kenya, MPesa (M for mobile, Pesa is Swahili for money) has transformed how millions of people store, transfer, and access money.

If you’re looking for the best forex brokers that accept MPesa, you’ve come to the right place. In this article, we’ll provide you with a comprehensive list of the top-rated brokers that support this payment method. Forex brokers that accept MPesa in Kenya include HotForex, FXPrimus, and Naga.

What is MPesa?

MPesa is a mobile phone-based money transfer and microfinancing service. It allows users to deposit, withdraw, and transfer money securely using a mobile device. MPesa money is stored in an account on your mobile phone, which acts like a mobile wallet.

How Does MPesa Work?

To use MPesa, users register at an agent outlet and are assigned an individual electronic money account linked to their phone number. They can then deposit cash to this account by exchanging cash for electronic money at any MPesa agent. This e-money can be transferred to other MPesa users by entering their phone numbers or withdrawn as cash by visiting another agent.

The Meaning and History of MPesa

The ‘M’ stands for mobile, while ‘Pesa’ means money in Swahili. MPesa was first launched in Kenya in 2007 as a person-to-person money transfer service by Vodafone and Safaricom. Its initial aim was to allow microfinance borrowers to receive and repay loans conveniently. However, MPesa’s usability, affordability, and reach led to its widespread adoption for sending remittances, paying bills, salaries, and more.

MPesa Fees, Tariffs, and Charges in 2024

MPESA charges vary based on the transaction type (sending money, withdrawals, ATM withdrawals) and the amount transacted, ranging from Kshs 11 to Kshs 309 for most transactions. However, basic services like registration, deposits, balance inquiries, and changing PINs are free. The maximum account balance is Kshs 500,000, with a daily transaction limit of Kshs 500,000 and a maximum of Kshs 250,000 per transaction.

Transaction	Charges
Send Money (Transfer to MPESA users and businesses)	Kshs 11 – 309 (based on amount)
Withdraw from Agent	Kshs 11 – 309 (based on amount)
ATM Withdrawal	Kshs 35 – 203 (based on amount)
Deposits	Free
Registration	Free
Buy Airtime	Free
Balance Enquiry	Free
Change PIN	Free
Max Account Balance	Kshs 500,000
Max Daily Transactions	Kshs 500,000
Max Per Transaction	Kshs 250,000

Benefits of Using MPesa to Deposit or Withdraw Funds

The main advantages of trading with a forex broker with MPesa are:

1. Convenience: MPesa allows for convenient mobile money transfers and payments directly from your phone.
2. Low Minimum Deposits: Forex brokers typically have very low minimum deposit requirements when funding via MPesa, making it accessible.
3. Fast Processing: MPesa deposits and withdrawals are processed almost instantly, with funds quickly reflected in your trading account.
4. Wide Availability: MPesa is available across many countries in Africa, making it a popular funding method for local traders.
5. Easy Access: No need for a bank account, as MPesa operates through mobile money accounts linked to your phone number.
6. Security: MPesa uses robust security measures like PINs and encryption to protect transactions and user funds.
7. Ease of Use: The simple MPesa mobile interface and agent network make funding and withdrawing from your Forex account hassle-free.

Overall, the combination of accessibility, speed, low costs, and widespread availability make MPesa an advantageous payment solution for forex trading in Kenya and other African nations.

Comparison Of The Best Forex Brokers in Kenya with MPesa

Many top-rated forex brokers accept MPesa. Some of our recommended providers for forex traders in Kenya include HotForex, FXPrimus, and Naga.

1. HotForex

Why We Chose HotForex

HotForex is a globally recognized forex broker with 3.5+ million clients worldwide. Since 2010, this trusted broker has been known for its tight spreads, low commissions, and fast trade execution. HotForex is regulated by multiple financial bodies, including CySEC and FSC. Get a $30 no-deposit bonus.

“HotForex offers excellent trading conditions with tight spreads, low commissions and fast trade execution. The diverse account options and leading trading platforms make it a great choice for traders of all levels.”

– Tradeforex Review Team

• Instruments: Forex, Shares, Indices, Commodities, Metals, Energies, Cryptocurrencies
• Regulator: CySEC, FSC
• Platforms: MT4, MT5
• Minimum Deposit: $5
• Minimum Trade: 0.01 Lots
• Leverage: Up to 1:1000

2. FXPRIMUS

Why We Chose FXPRIMUS

FXPRIMUS is a regulated forex broker established in 2009, with over 1 million clients worldwide. This CySEC-licensed broker is known for providing a secure trading environment, tight spreads, low commissions, and fast trade execution across 1000+ instruments. Get up to 100% deposit bonus or 30% FXPRIMUS bonus.

“FXPRIMUS stands out with its diverse account options, top trading platforms like MT4/MT5/cTrader, and excellent trading resources including educational materials and premium analysis tools.”

– TradeForex Review Team

• Instruments: Forex, Shares, Indices, Metals, Energies, Commodities
• Regulator: CySEC
• Platforms: cTrader, MT4, MT5
• Minimum Deposit: $100
• Minimum Trade: 0.01 Lots
• Leverage: Up to 1:500
• Payment Methods: Credit/Debit Cards, Bank Wire, MPesa, Skrill, Neteller

3. NAGA

Why We Chose NAGA

NAGA is an innovative online broker founded in 2015, offering access to trade over 800 assets through its cutting-edge social trading platforms. Headquartered in Germany, NAGA provides an excellent service with tight spreads, low commissions, and fast execution. No minimum deposit required

“NAGA stands out with its focus on social/copy trading, diverse asset offering of CFDs on forex, shares, indices, crypto and more, while providing a great all-round trading experience.”

– TradeForex Review Team

• Instruments: Forex, Shares, Indices, Commodities, Cryptocurrencies
• Regulator: BaFin, CySEC, FSC
• Platforms: NAGA Web, Mobile Apps
• Minimum Deposit: None
• Average Spread: 0.6 Pips (EUR/USD)
• Leverage: Up to 1:30 (Retail)

Key Features

• Proprietary social/copy trading platforms
• Trade over 800 CFD instruments
• Tight spreads from 0.6 pips on FX majors
• No minimum deposit required
• Regulated by top-tier authorities

4. FXPesa

Why We Chose FXPesa

FXPesa is a regulated online forex broker launched in 2016, serving the East African market. This rapidly growing broker is known for providing excellent trading conditions, fast execution, low costs, and a great educational experience. Get a 30% deposit bonus up to $150*

“FXPesa offers a compelling trading experience with competitive pricing, top-notch support and a focus on forex education to help traders succeed.”

– TradeForex Review Team

• Instruments: Forex Majors, Minors, Exotics
• Regulator: Capital Markets Authority of Kenya
• Platform: MetaTrader 4
• Minimum Deposit: $10
• Average Spread: 0.8 Pips
• Leverage: Up to 1:500

Key Features

• Tight spreads from 0.8 pips on major FX pairs
• Low $10 minimum deposit requirement
• Extensive forex education – webinars, ebooks, guides
• Fast and reliable trade execution
• 24/7 multilingual customer support

5. Pepperstone

Why We Chose Pepperstone

Pepperstone is an award-winning forex broker established in 2010, serving over 300,000 clients globally. This regulated broker offers tight spreads, fast execution, and a secure trading environment across 1000+ instruments including forex, crypto, shares, and more.

“Pepperstone delivers an exceptional trading experience with top platforms like MT4/MT5/cTrader, diverse products, and excellent pricing – making it a great choice for traders worldwide.”

– TradeForex Review Team

• Instruments: Forex, Cryptocurrencies, Shares, Indices, Commodities, Metals
• Regulators: FCA, ASIC, CySEC, BaFin, CMA, DFSA, SCB
• Platforms: MT4, MT5, cTrader
• Minimum Deposit: $200
• Average Spread: 0.0 Pips (Razor accounts)
• Leverage: Up to 1:500

Key Features

• Razor-sharp pricing from 0.0 pips on Razor accounts
• Choice of top platforms – MT4, MT5, cTrader
• Multi-asset offering of 1000+ tradable instruments
• Powerful trading tools like VPS services
• Robust regulation across multiple jurisdictions

Pepperstone does not currently offer deposit bonuses or welcome bonuses

6. IC Markets

Why We Chose IC Markets

IC Markets is a trusted ECN broker established in 2007, serving retail and institutional traders worldwide. This multi-regulated broker provides ultra-low spreads, fast execution, and a great selection of trading platforms across forex, CFDs, and more.

“IC Markets delivers an exceptional trading experience through its razor-sharp pricing, top-tier liquidity and choice of platforms like MT4, MT5 and cTrader.”

– TradeForex Review Team

• Instruments: Forex, Indices, Energies, Metals, Shares, Crypto
• Regulators: ASIC, CySEC, FSA, FSCA
• Platforms: MT4, MT5, cTrader
• Minimum Deposit: $200
• Average Spread: 0.0 Pips
• Leverage: Up to 1:500

Key Features

• True ECN environment with raw spreads from 0.0 pips
• Choice of elite platforms – MT4, MT5, cTrader
• Excellent funding options including MPesa
• Powerful tools like VPS services and trading calculators
• Robust regulation across multiple top-tier jurisdictions

IC Markets does not currently offer any deposit bonuses or promotional offers.

7. FXTM

Why We Chose FXTM

FXTM (ForexTime) is a rapidly growing global forex broker established in 2011, now serving over 4 million clients across 180 countries. This multi-regulated broker provides a diverse range of tradable instruments, tight spreads, high leverage, and top trading platforms.

“FXTM delivers an excellent all-round trading experience with its diverse market access, competitive pricing, powerful platforms and quality market research tools.”

– TradeForex Review Team

• Instruments: Forex, Stocks, Indices, Commodities, Precious Metals
• Regulators: CySEC, FSC, IFSC, FSCA
• Platforms: MT4, MT5, FXTM Trader
• Minimum Deposit: $10
• Average Spread: 0.9 Pips (EUR/USD)
• Leverage: Up to 1:1000

Key Features

• Wide range of 180+ tradable instruments
• Powerful MT4 and MT5 platforms available
• Dedicated research and analysis tools
• Flexible account types for all traders
• Supports funding via MPesa and other methods

How to Deposit Using MPesa

Follow these simple steps to make deposits and withdrawals at forex brokers through MPesa:

1. Download the MPesa app from the Google Play Store or Apple App Store.
2. Launch the app and register for a new account. Provide all required information and documents.
3. Ensure you have a Safaricom SIM card inserted into your phone and link it to your new MPesa account.
4. You can now deposit funds into your MPesa account using cash through an MPesa agent or via bank transfer/card payment.
5. Log in to your Forex trading account, go to the deposits page, and select MPesa as the payment option. Enter the amount you want to transfer.
6. For withdrawals, go to the withdrawals page, select MPesa, and enter the desired withdrawal amount. Check the broker’s website for typical withdrawal processing times.

Pros of Using MPesa for Trading	Cons of Using MPesa for Trading
Low Cost: MPesa offers secure transfers with very low fees, only requiring airtime charges.	Geographic Restrictions: While popular in Africa, MPesa is accepted by only a few brokers outside the continent.
Reliability: Transfers are almost instant, and the system is rarely down, with robust security features.	Limited Broker Support: Many brokers still opt for payment methods like PayPal over MPesa.
High Transfer Limits: The daily transfer limit of 150,000 KES allows for substantial deposits into trading accounts.
Accessibility: MPesa is open to anyone, regardless of financial background or proximity to banks.

Is MPesa Good for Trading?

MPesa is an excellent choice for funding and withdrawing from trading accounts, offering fast, secure, and low-cost transfers. Its quick verification and processing times make it a convenient option for day traders looking to deposit funds seamlessly.

Summary

Forex trading in Kenya with MPesa is easy. The main advantage of using MPesa to fund your account is easy access. The minimum deposit amount is usually very low and there are no transaction fees. What’s more, the money is transferred very quickly and the funds are reflected in your account almost instantly. The same applies to withdrawing funds.

Some of the best forex brokers in Kenya with MPesa include HotForex, IC Markets, NAGA, FXPrimus, FXTM, and Pepperstone.

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