9 Best Forex Brokers in Kenya With Mpesa

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Written By: Patrick Mahinge
Last Updated:
Category: Forex Brokers
best forex brokers in Kenya with Mpesa

There’s a world of opportunity in the foreign exchange (forex) market, but navigating it can be tricky without the right broker by your side. As a Kenyan trader, you need a broker that not only provides top-notch trading services but also caters specifically to your needs by accepting convenient Mpesa payments.

But with so many forex brokers touting their platforms, how do you separate the wheat from the chaff to find the truly best forex brokers in Kenya with Mpesa that suit your trading style?

We’ve rigorously analyzed numerous forex brokers to find the ones that deliver exceptional value to Kenyan traders through low fees, tight spreads, a selection of quality trading platforms and tools, as well as seamless Mpesa integration.

In this definitive guide, you’ll discover the 10 highest-rated forex brokers that accept Mpesa in Kenya right now.

9 Best Forex Brokers in Kenya With Mpesa

Here’s a list of the 9 best forex brokers in Kenya with Mpesa in 2024:

  1. XM: Overall best forex broker with Mpesa
  2. Exness: Best for beginners
  3. HFM: Best Copy Trading Forex Broker
  4. AvaTrade: Most Innovative Mpesa forex broker
  5. Pepperstone: Best ECN Forex Broker with Mpesa
  6. FBS: Best low minimum deposit
  7. JustMarkets: Best for instant deposits and withdrawals
  8. FxPesa: Best local forex broker
  9. LiteFinance: Best for crypto trading

When choosing a forex broker that accepts M-Pesa in Kenya, key factors to consider include regulation status, fees on M-Pesa transactions, minimum deposits, spreads, trading platforms offered and beginner friendliness.

Best Forex Brokers That Accept Mpesa
Forex
Broker
Minimum
Deposit
RegulationsTrading
Platforms
Open
Account

XM
$5FSC, CySECMT4, MT5, XM APPVisit Broker
Exness$10CMAExness Trade App, MT4, MT5, Exness Terminal
HFM
$5CMAHFM App, MT4, MT5
AvaTrade$100CMAMT5
Pepperstone$20CMAMT4, MT5, TradingView
FBS$5IFSCMT4, MT5, FBS Trader
JustMarkets$10FSA, CySEC, FSCAMT4, MT5
FxPesa$10CMAMT4, MT5, Equiti Trader App
LiteFinance$50CySECMT4, MT5, LiteFinance Mobile App

XM - Best Overall Forex Broker That Accepts Mpesa in Kenya

XM is one of the best forex brokers in kenya with mpesa
Editor Rating
4.9
4.49/5
XM Overview
💰 Min Deposit$5
📗 RegulationsASIC, CySEC,
💳 Trading FeesFrom 0.8 pips
⚖️ Max Leverage1000:1
💻 PlatformsMT4, MT5
A screenshot of XM which is one of the best forex brokers that accept Mpesa in Kenya
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XM is a well-regulated forex broker that has gained popularity among Kenyan traders for its seamless integration with Mpesa.

XM offers instant Mpesa deposits, ensuring that you can start trading without any delays. In addition, withdrawing profits from XM back into Mpesa is a smooth and fast process. You won’t have to wait the typical 3-5 days for bank transfers – withdrawals via Mpesa are usually processed within 24 hours by XM.

Furthermore, XM has strong security measures in place to keep traders’ funds safe when depositing and withdrawing via Mpesa. They utilize secure encryption technology and adhere to strict regulatory standards on segregating client funds. This gives traders confidence that their money is protected.

XM offers a wide range of trading platforms, including the popular MetaTrader 4 and MetaTrader 5, which provide advanced trading tools and features.

These platforms are available for various devices, including Windows, Mac, iPhone, iPad, and Android, allowing traders to access their accounts and trade from anywhere.

The broker also provides a comprehensive educational and research offering, including webinars, video tutorials, and market analysis, which can help beginner forex traders improve their skills and make informed decisions.

XM Pros
XM Cons
Editor Rating
4.8
4.8/5
Exness Kenya Review
💰 Minimum Deposit$10
📱 Mpesa AvailableYes
⚖️ RegulationsCMA, CySEC, FCA
🔥 Maximum Leverage2000:1
💵 Trading CostUSD 7 per lot
🖥️ Trading PlatformsMT4, MT5
Exness screenshot as Exness is one of the best trading apps with mpesa

Founded in 2008, Exness has grown to become a leading online forex and CFD broker with a strong focus on technology and innovation.

Apart from being a CMA-regulated forex broker, Exness holds multiple other licenses from renowned regulatory bodies like the FCA, CySEC, FSCA, and FSA. This ensures oversight and compliance with strict standards to protect trader funds and data. Exness segregates client funds from its operational funds for added security.

Depositing money via Mpesa to Exness is straightforward. After logging into your Exness account, you select “M-Pesa” under the “Deposit” icon, fill in your M-Pesa details, and confirm the payment. The process is instant, and your deposit will be reflected in your Exness account within a few minutes.

Similarly, withdrawing money via M-Pesa from Exness is simple and quick. You just need to select “M-Pesa” under the “Withdrawal” icon in your Exness account. The minimum deposit and withdrawal amount via M-Pesa is USD 1, and there are no processing fees.

Exness Pros
XM Cons
Editor Rating
4.8
4.8/5
HF Markets Kenya Overview
Broker's NameHF Markets (HFM)
Minimum Initial Deposit$5
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)50+
CFDs - Total Offered100+
Copy Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes
Average Spread1.2 pips on EUR/USD
A screenshot of HFM website - one of the best trading platforms that accept mpesa in Kenya

HFM (formerly known as HotForex) has emerged as one of the top choices for Kenyan traders looking for a forex broker that accepts Mpesa. The minimum deposit and withdrawal via Mpesa is just 300 KES, making it very accessible. Withdrawals are processed within 24 hours.

Depositing and withdrawing funds with HFM using Mpesa is quick and convenient. There are no fees or charges applied by the broker for Mpesa transactions, and the minimum deposit is only $5, one of the lowest in the industry. With HFM, Mpesa deposits are credited instantly so you can start trading right away. Withdrawals via Mpesa are also processed rapidly within 24 hours.

Importantly for Kenyan traders, HFM is regulated locally by the Capital Markets Authority (CMA) of Kenya under license number 155. Local regulation provides oversight and security when dealing with a forex broker.

HFM offers a multi-asset trading platform, providing trading services to both retail and institutional clients. It offers a wide selection of over 1,000 CFDs and 47 forex pairs.

HFM also offers a proprietary copy trading platform, HFcopy, allowing you to follow and replicate the strategies of successful traders. This feature can be particularly useful if you’re new to Forex trading or if you’re looking to diversify your trading strategies.

HFM also has an education center with trading courses, video tutorials, e-books, and webinars for beginner to advanced traders. The also broker also provides daily market news and analysis from its team of experts. 

HFM Pros
HFM Cons
Editor Rating
4.8
4.8/5
HF Markets Kenya Overview
Broker's NameHF Markets (HFM)
Minimum Initial Deposit$5
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)50+
CFDs - Total Offered100+
Copy Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes
Average Spread1.2 pips on EUR/USD

AvaTrade is one of the leading online forex and CFD brokers that provides trading services to clients globally.

Founded in 2006, AvaTrade has over 16 years of experience in the brokerage industry. The broker is regulated by top-tier financial authorities like the Central Bank of Ireland, ASIC in Australia, FSCA in South Africa, and FSA in Japan. This ensures client funds safety and proper regulation of trading activities.

AvaTrade accepts Mpesa payments in Kenya. Deposits and withdrawals via Mpesa are processed instantly by AvaTrade with no delays. This enables traders to quickly fund their accounts and withdraw profits. The quick processing eliminates the long wait times associated with bank transfers or card payments.

Additionally, AvaTrade does not charge any fees for Mpesa deposits or withdrawals. This helps you avoid the deposit and withdrawal fees common with other payment methods.

AvaTrade offers a wide range of trading instruments, including forex, stocks, commodities, cryptocurrencies, and indices. The broker provides various trading platforms such as MetaTrader 4, MetaTrader 5, Ava Social, and Ava Protect, catering to different trading needs.

AvaTrade Pros
AvaTrade Cons
Editor Rating
4.8
4.8/5
Pepperstone Overview
Min Deposit$10
Trading PlatformsMT4, MT5, cTrader, TradingView
Trading FeesLow
Islamic AccountNo
CMA Regulated?Yes
Screen Shot of Pepperstone website which is one of the best trading brokers in kenya with Mpesa

Founded in 2010, Pepperstone has quickly grown to become one of the largest forex brokers in the world.

Apart from being a CMA-regulated forex broker, Pepperstone is also regulated by top-tier financial authorities like the UK’s Financial Conduct Authority (FCA), Australia’s Securities and Investments Commission (ASIC), and Germany’s Federal Financial Supervisory Authority (BaFin). This ensures that client funds are kept in segregated accounts and provides recourse in case of any disputes. Traders can feel confident their money is safe with Pepperstone.

Pepperstone accepts Mpesa for both deposits and withdrawals. This makes it convenient for Kenyan traders to fund and withdraw money from their trading accounts.

The broker provides the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. For advanced traders, Pepperstone also offers the institutional-grade cTrader platform with advanced charting, trading analytics, and algorithmic trading options.

With Pepperstone, you can trade over 700 instruments across a large range of asset classes, including FX, CFDs, and commodities. This provides you with more trading opportunities and the flexibility to diversify your trading portfolio.

Overall, Pepperstone is considered one of the top forex brokers globally and is a great option for Kenyan traders looking to use Mpesa. The company provides a well-regulated and secure trading environment, competitive spreads and fees, fast execution speeds, and good customer service.

However, Pepperstone also has some limitations around educational resources, risk management tools, withdrawal fees in some cases, and negative balance protection coverage.

Pepperstone Pros
Pepperstone Cons
Editor Rating
4.4
4.4/5
FBS Overview
💰 Min Deposit1 USD
⚖️ Max Leverage3000:1
📗 Regulated ByASIC, CySEC, FCSA, FCS
💳 SpreadFrom 0.5 Pips
💻 PlatformsMT4, MT5
💹 InstrumentsCrypto, Energies, Stock CFDs, Forex, Indices, Metals
📅 Year Founded2009
🇰🇪 Mpesa Accepted
👤 Copy Trading
screen grab of FBS website which is one of the top brokers in kenya with Mpesa

FBS is an international forex broker founded in 2009 and headquartered in Belize. It has regional offices in Cyprus, Malaysia, Indonesia and China. FBS is regulated by several top-tier financial regulators including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) of South Africa.

With over 27 million registered traders across 150 countries, FBS is one of the largest retail forex brokers globally.

One of the biggest advantages of using FBS for Kenyans is the ability to deposit and withdraw funds using Mpesa. Depositing via Mpesa is instantaneous, allowing Kenyans to quickly fund their trading accounts. Withdrawals are also processed faster compared to traditional bank wire transfers.

In addition to Mpesa, FBS offers competitive trading conditions to attract Kenyan traders. The minimum deposit is only $5, one of the lowest in the industry. The maximum leverage of up to 1:3000 allows traders to enter larger positions for potentially higher returns.

For Kenyan traders still learning the ropes, FBS offers a treasure trove of educational resources. These resources provide valuable information to help you trade confidently.

FBS Pros
FBS Cons
Editor Rating
4.4
4.4/5
Screen shot of JustMarkets which is one of the forex brokers accepting mpesa deposits

There are several key reasons why JustMarkets stands out, but a major advantage is their acceptance of Mpesa for deposits and withdrawals.

This makes funding trading accounts incredibly convenient for Kenyans, as Mpesa is widely used across the country. JustMarkets offers flexible leverage up to 1:3000, tight spreads starting from 0 pips, and over 90 tradable assets including forex, metals, indices, energies, and cryptocurrencies.

Additionally, JustMarkets is regulated by tier-1 authorities like CySEC, FSC Mauritius, and FSCA South Africa, ensuring the safety of your funds.

JustMarkets’ acceptance of Mpesa reflects their dedication to meeting the unique needs of Kenyan traders. They have recognized that traditional payment methods may not always be the most practical or convenient for their local clientele. 

They provide a choice between ECN and Standard accounts to suit different trading styles and offer swap-free Islamic accounts.

JustMarkets Pros
JustMarkets Cons

Using M-Pesa as a payment method on forex brokers in Kenya comes with several advantages and disadvantages:

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