Top 9 Forex Brokers that Accept M-Pesa in 2022

logomark Filippo Ucchino calendar Last Updated: January 2022 timer 9 min read
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M-Pesa, an African mobile payment service provider, is gradually gaining recognition and acceptance among some Africans in the Forex industry. However, not every Forex broker accepts the mobile banking service but some of the best forex brokers do.

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Top 9 Forex Brokers that Accept M-Pesa

Here are 9 of the best forex brokers that accept the mobile banking service for African Forex traders:

Pepperstone is regulated by CMA (No. 128) and other regulatory bodies such as CySEC, FCA, and ASIC as proof of its credibility in the Forex trading industry.

The broker’s very low spreads start from 0 pips and it doesn’t require a minimum deposit to use the broker. This allows users of every financial status to join the broker and showcase their Forex trading skills.

Pepperstone is many scalpers; preferred trading platform, thanks to its attractive features such as fast execution speed of 30 minutes on average, low spreads, and ECN liquidity.

The broker accepts M-Pesa and doesn’t charge a withdrawal or deposit fee.

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LiteForex is regulated by SVG and CySEC. The registration process on the broker is pretty simple and straightforward. The smooth verification process only requires your KRA PIN. Once you provide that, you’ll become a member of the broker’s trading community in no time.

You will also enjoy super customer support, making the entire process superbly simple and stress-free.

MT4 and MT5 are the available trading platforms where you can deposit with M-Pesa if you live in Tanzania or Kenya. It is fee-free by the broker side. Also, any fee charged by M-Pesa will be refunded.

The minimum deposit is $50 and spreads start from 1 pips.

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CMA Kenya and other bodies such as FCA, CySEC, and the South Africa-based FSCA regulate the broker to ensure it meets the international industry standard. All deposits, including those made through M-Pesa, are charge-free on FXTM.

In 2018, FXTM was awarded the Best Forex Education Provider Africa by the International Business Magazine and the Best Trading Conditions by World Finance.

To pay through M-Pesa on the broker, select African Payment Solutions as the mode of payment. You’ll be prompted to enter your M-Pesa PIN. Enter the PIN and you’re good to go.

The minimum deposit is $10 and the spreads start from 0 pips.

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XM is another highly regulated broker with ASIC, CySEC, DFSA, and IFSC regulating its activities. Note, though, that XM doesn’t offer local phone number support in Kenya.

The broker also doesn’t charge deposits and withdrawals fee, one of the several incentives it offers its users.

M-Pesa withdrawal and deposit requests are processed and executed within 24 hours of placing the request. The fast execution speed ensures that traders won’t waste their valuable time waiting for their requests’ approval.

The minimum deposit is $5 and spreads start from 0 pips. The low financial entry requirement attracts many Forex traders to the broker.

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HotForex is regulated by the top regulators in the Forex community such as FCA, CySEC, FSA, DFSA, and FSCA for South Africa.

When you make deposits or withdrawals through M-Pesa, you won’t be charged any fee. The broker doesn’t have local support for Kenya-based traders and no CMA regulation in the country as well.

The minimum deposit is $5 and spreads start from 0 pips when trading on the broker’s HF Copy, its proprietary trading platform for copy trading.

You can choose M-Pesa from the deposit option and confirm the transaction via phone notification, making the entire process smooth and fast.

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FCA, CySEC, FSA, and FSCA are some of the renowned international regulatory bodies that regulate TickMill’s activities. The broker offers M-Pesa only in manual mode in alliance with DusuPay.

Although deposit and withdrawal are available on the broker, you must notify the customer service through an email and specify the deposit/withdrawal details for your requests to be processed and granted.

TickMill offers access to 80 markets to allow traders choose and invest in a market that meets their requirements.

The broker places a minimum deposit of $100 requirement on prospective trades  while its spread starts 0.1 pips. You can leverage up to 1:500 on the broker.

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EGM Securities is the subsidiary of Equiti Capital, a UK brokerage that accepts a minimum deposit of $100 and spreads starting from 0.4 pips. The affordable monetary requirement is one of the reasons behind the broker’s popularity.

The non-dealing desk Forex broker is regulated in Kenya by CMA since 2018 and offers maximum leverage up to 1:400.

Deposits and withdrawals via M-Pesa are fee-free and instantaneous so you won’t spend a substantial portion of your money on fees or waste valuable time awaiting your request’s approval. However, you need a copy of your ID card and your M-Pesa statement for verification.

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FCA, CySEC, and FSA regulate Exness to ensure that the broker operates within the confines of international Forex trading standards.

The broker doesn’t charge deposit or withdrawal fees, even on M-Pesa. Traders on the broker are ensured that they will have access to their entire funds and won’t spend more than necessary funding their trading accounts with the fees out of the way.

Exness doesn’t offer support through a local phone for its Kenya audience.

You need a minimum deposit of $1 to use the broker on its MT4 and MT5 trading platforms and enjoy its spreads that start from 0.3 pips.

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71.67% of retail investor accounts lose money

Grand Capital is a member of the Financial Commission and Serenity, a guarantee of the security of clients’ funds.

The minimum deposit on this broker is $10, one of the lowest in the industry. Its spread starts from 0.4 pips, another attractive feature that most Forex traders are leveraging to increase their profits.

Withdrawals and deposits via M-Pesa are available for KES with a swift transfer period of 15 minutes. No fees are included for M-Pesa.

Some of the outstanding qualities of this stable broker include a flexible premium program, a wide range of trading tools, and offers cryptocurrency, spot metals, stocks, spot metals, indices, energies, and CFD trading.

Grand Capital’s clients can trade over 330 trading instruments.

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What are the fees with M-Pesa Forex Brokers?

Although some brokers offer fee-free services, M-Pesa may charge some fees. The fee is determined by several factors such as the transaction size, country, currency, and whether the user is registered with the mobile service company or not.

Most often, brokers require a minimum deposit between $5 and $200.

The deposit fees are shown in the table below:

Country Equivalent of 5 USD Equivalent of 10 USD Equivalent of 100 USD Equivalent of 200 USD
Kenya 12 Kshs 22 Kshs 97 Kshs 105 Kshs
Tanzania 574 TSh 1.052 TSh 3.258 TSh 5.840 TSh
India 10 20 80 80

Below are the withdrawal fees:

Country Equivalent of 5 USD Equivalent of 10 USD Equivalent of 100 USD Equivalent of 200 USD
Kenya 12 Kshs 22 Kshs 97 Kshs 105 Kshs
Tanzania 574 TSh 1.052 TSh 3.258 TSh 5.840 TSh
India 10 20 80 80

What is M-Pesa?

M-Pesa is an Africa-based payment system launched by Vodafone’s Mobile Money service and Safaricom in 2007. A year later, it extended its operations to Tanzania. The “M” in the name stands for “mobile” while “Pesa” is Swahili’s official currency.

M-Pesa is officially the largest mobile transfer network in Tanzania and Kenya. The company keeps growing and expanding, with its services currently covering South Africa, Afghanistan, Romania, India, and Albania.

M-Pesa doesn’t store funds in a personal account but stores them in segregated accounts at Safaricom’s headquarters and managed by the Kenyan government.

Through its mobile money operations, M-Pesa helps the development and advancement of the Kenyan economy by spreading funds across different banks and other commercial sectors in the country.

How does M-Pesa Work?

To use the mobile payment service, use your mobile service as an e-wallet. Your mobile account and SIM card are linked to the banking account to ease the message-sending process.

You can pay for products and services through the company. You can also perform the following financial transactions:

  • Deposit and withdraw funds.
  • Transfer funds to other users.
  • Pay bills.
  • Purchase airtime.
  • Save funds in Mshwari, a virtual account.
  • Transfer funds between the M-Pesa account and a bank account.

Benefits and Downsides of M-Pesa Forex Brokers

Some of the benefits of using M-Pesa on Forex brokers are:

  • It is low cost.
  • No minimum/maximum transfer amount.
  • It is great for African customers.

Some of its downsides are:

  • M-Pesa is available in very few countries.
  • It is not accepted by many brokers.
  • Withdrawal fees are charged.

If you are an African Forex trader and are looking for a Forex broker that accepts M-Pesa, check the ones listed above out. You may find a broker that meets your requirements and will be a perfect fit for your Forex trading journey.

About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of 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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