Top 7 Forex Brokers that Accept M-Pesa in 2022

filippo ucchino Filippo Ucchino calendar Last Updated: May 2022 timer 4 Min Read

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M-Pesa, an African mobile payment service provider, is gradually gaining recognition and acceptance among Africans in the Forex industry.

We took the following factors into consideration when compiling this ranking:

  • M-Pesa availability;
  • Commissions on deposits and withdrawals;
  • Transaction processing time;
  • The currencies accepted by the brokers;
  • The general trustworthiness of brokers.
Table of Content

Round-up

  1. Pepperstone: Best M-Pesa broker overall
  2. XM: Best broker for beginners
  3. Liteforex: Best broker for liquidity
  4. EGM Securities: Wide range of supported currencies
  5. Exness: Best for professional traders
  6. Grand Capital: Best for flexibility
  7. SuperForex: Wide account types range

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Top 7 forex brokers that accept M-Pesa: 2022 review

Here are 7 of the best forex brokers that accept the mobile banking service for African Forex traders:

1. Pepperstone

  • When using M-Pesa, Pepperstone doesn’t charge fees to process withdrawals or deposits.
  • No minimum deposit amount is required when making a deposit with M-Pesa.
  • The processing time is instant for both withdrawals and deposits. Withdrawals received before 21:00 (GMT) will be processed the next day.
  • You will be able to deposit in KES or TZS currencies.
  • Since Pepperstone doesn’t offer these account currencies, you may be charged small conversion fees.

Visit Pepperstone
(75.9% of retail CFD accounts lose money)

2. XM

  • M-Pesa deposits are instant, while withdrawal requests are processed and executed within 24 hours of placing the request.
  • The broker does not charge payment fees and covers all the transaction fees charged by third-parties.
  • If you face any issue with M-Pesa, please note that XM doesn’t offer phone support in Kenya. However, you can still message them via email.

Visit XM
73.57% of retail CFD accounts lose money

3. LiteForex

  • You can deposit with M-Pesa if you live in Tanzania or Kenya.
  • Deposits and withdrawals are available via mobile, and they are processed instantly.
  • The broker charges a flat fee of 100 KES or 2000 TZS when depositing or withdrawing with M-Pesa.
  • The first minimum deposit is $50. After that the minimum amount you can fund or withdraw is just $1.
  • Even though KES and TZS are accepted, a conversion fee may be charged because EUR and USD are the only account base currencies available at LiteForex.

Visit LiteForex
(74-89% of retail CFD accounts lose money)

4. EGM Securities

  • EGM Securities, also known as FXPesa, accepts M-Pesa payments and withdrawals via mobile.
  • Deposits are instant and fee-free.
  • Withdrawals require up to 3 hours. However, withdrawal requests made after 3PM EST will be processed the next day.
  • FXPesa supports a good number of deposit currencies including KES, TZS, UGX and USD.
  • The broker may require a copy of your ID to deposit with M-Pesa.

Visit EGM Securities
(72% of retail CFD accounts lose money)

5. Exness

  • Exness made M-Pesa available for both Kenyan and Tanzanian traders.
  • Both deposits and withdrawals are fee-free.
  • The maximum deposit and withdrawal per transaction is quite high. TZS 1.000.000 (or 895 USD), and TZS 500.000 (or 895 USD) respectively.
  • The processing time is generally fast. Within 24 hours for withdrawals.

Visit Exness

54.3% of retail CFD accounts lose money

6. Grand Capital

  • You can deposit in KES with a transfer period of 15 minutes.
  • Fees will be compensated by Grand Capital.
  • The broker does not support M-Pesa withdrawals.It is necessary to use Virtual Pay.
  • With this withdrawal method it is possible to withdraw a minimum of 10 USD (converted in KES), with a 5% fee. The withdrawal processing time can take up to 24 hours.

Visit Grand Capital
(74-89% of retail CFD accounts lose money)

7. Superforex

  • SuperForex allows minimum deposits of $1 via M-Pesa.
  • The broker does not charge deposit commissions.
  • There is a 3% commission on withdrawals.
  • The processing time changes depending on the operation requested. Deposits are instant, while withdrawals take up to 4 business days.
  • KES currency is made available.

Visit Superforex
(74-89% of retail CFD accounts lose money)


About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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