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74-89% of retail investor accounts lose money when trading CFDs
7 Best Forex Brokers that Accept M-Pesa for 2023
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M-Pesa (M for mobile, Pesa is Swahili for money) is a mobile phone-based money transfer service, payments, and micro-financing service, launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania. It has since expanded to several other countries in Africa, Asia, and Europe.
M-Pesa allows users to deposit, withdraw, transfer money, and pay for goods and services (Lipa na M-Pesa) easily with a mobile device. It’s a safe, secure, and innovative way to manage your money and make financial transactions, without the need for a traditional bank account.
The rise of M-Pesa and its widespread adoption, especially in regions where traditional banking services are not as accessible, has made it a viable option for various online financial platforms, including forex brokerage firms.
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
What are the best M-Pesa forex brokers?
Below our curated list of the best forex brokers that accept M-Pesa as payment method, in particular for African forex traders.
Pepperstone : Best M-Pesa broker overall
- 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.
74-89% of retail investor accounts lose money when trading CFDs
XM : Best broker for beginners
- 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.
LiteForex : Best broker for liquidity
- 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.
83% of retail investor accounts lose money
EGM Securities : Wide range of supported currencies
- 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.
73.07% of retail CFD accounts lose money
Exness : Best for professional traders
- 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.
71.67% of retail investor accounts lose money
Grand Capital : Best for flexibility
- 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.
74-89% of retail CFD accounts lose money
Superforex : Wide account types range
- 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.
(Your money is at risk)
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.
7 Best Forex Brokers that Accept M-Pesa for 2023
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