At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
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.
Round-up
- Pepperstone: Best M-Pesa broker overall
- XM: Best broker for beginners
- Liteforex: Best broker for liquidity
- EGM Securities: Wide range of supported currencies
- Exness: Best for professional traders
- Grand Capital: Best for flexibility
- 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
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.
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)
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