The best M-Pesa Forex brokers, according to our research, are:
- Pepperstone
- XM
- LiteForex
- EGM Securities
- Exness
- Grand Capital
- Superforex
When compiling this ranking, we took the following factors into consideration:
- M-Pesa availability;
- Commissions on deposits and withdrawals;
- Transaction processing time;
- The currencies accepted by the brokers;
- The general trustworthiness of brokers.
What are the best M-Pesa forex brokers?
Below our curated list and review of the best forex brokers that accept M-Pesa as payment method, in particular for African forex traders.
Pepperstone
Best M-Pesa broker overall
Pepperstone does not charge fees for M-Pesa transactions. Users deposit with no minimum amount required and see instant processing for both deposits and withdrawals.
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About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- 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.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
XM
Best broker for beginners
XM processes M-Pesa deposits instantly and executes withdrawal requests within 24 hours. XM covers all transaction fees, including those from third-parties.
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- 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.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
LiteForex
Best broker for liquidity
LiteForex allows M-Pesa deposits in Tanzania and Kenya. LiteForex charges a flat fee for transactions and enables instant processing for deposits and withdrawals.
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About LiteForex
LiteForex, founded in 2005, is a global online forex and CFD broker offering trading on currencies, commodities, indices, and cryptocurrencies. LiteForex provides MetaTrader 4, MetaTrader 5, and a proprietary mobile platform. LiteForex is regulated by multiple authorities including CySEC. LiteForex is known for low spreads, fast execution, and extensive educational resources. LiteForex offers both classic and ECN account types. The LiteForex’s parent company “LiteFinance” CEO is Kristina Leonova.
LiteForex Features
The features of LiteForex are listed below.
- 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.
LiteForex Pros and Cons
Advantages of LiteForex
The advantages of LiteForex are listed below.
- User-Friendly Platforms
- Diverse Asset Range
- Strong Customer Support
Disadvantages of LiteForex
The disadvantages of LiteForex are listed below.
- High Spreads on Certain Accounts
- Withdrawal Issues Reported
- Lack of Top-Tier Regulation
EGM Securities
Wide range of supported currencies
EGM Securities accepts M-Pesa payments. EGM Securities ensures instant, fee-free deposits, but withdrawals take up to 3 hours, depending on the time of request.
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About EGM Securities
EGM Securities is a Kenyan-based online forex and CFD broker established in 2018. EGM Securities offers trading on over 2000 instruments including currencies, commodities, shares, indices, and ETFs. EGM Securities provides platforms like MT4, MT5, and the mobile app Equiti Trader. EGM Securities is regulated by the Capital Markets Authority (CMA) of Kenya. EGM Securities is part of the global Equiti Group. The CEO of EGM Securities is Samwel Kiraka.
EGM Securities Features
The features of EGM Securities are listed below.
- 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.
EGM Securities Pros and Cons
Advantages of EGM Securities
The advantages of EGM Securities are listed below.
- Regulation and Safety
- Diverse Trading Options
Disadvantages of EGM Securities
The disadvantages of EGM Securities are listed below.
- Limited Trading Platforms
- Higher Fees for Certain Accounts
- Customer Support Limitations
Exness
Best for professional traders
Exness supports fee-free deposits and withdrawals via M-Pesa for Kenyan and Tanzanian traders. Exness handles all transactions quickly, usually within 24 hours.
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About Exness
Exness is a global multi-asset broker founded in 2008, offering trading on forex, cryptocurrencies, stocks, indices, metals, and commodities. Exness operates in over 130 countries and is regulated by multiple authorities including FCA, CySEC, and FSA. Exness provides MetaTrader 4, MetaTrader 5, and a proprietary trading platform. Exness is known for low spreads, fast execution, and a proprietary copy-trading platform. The Exness CEO is Petr Valov.
Exness Features
The features of Exness are listed below.
- 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.
Exness Pros and Cons
Advantages of Exness
The advantages of Exness are listed below.
- Low Spreads
- Instant Withdrawals
- Multiple Trading Platforms
Disadvantages of Exness
The disadvantages of Exness are listed below.
- Limited Investment Offering
- Limited Educational Content
Grand Capital
Best for flexibility
Grand Capital facilitates KES deposits within 15 minutes and compensates transaction fees. Grand Capital requires Virtual Pay for M-Pesa withdrawals, with a 5% fee.
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About Grand Capital
Grand Capital is an international forex and CFD broker established in 2006, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. Grand Capital provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Grand Capital claims regulation by Finacom, but lacks recognized regulatory oversight. Grand Capital is known for low minimum deposits, diverse account types, and an affiliate program. Grand Capital offers copy trading and investment portfolios.
Grand Capital Features
The features of Grand Capital are listed below.
- 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.
Grand Capital Pros and Cons
Advantages of Grand Capital
The advantages of Grand Capital are listed below.
- Low Spreads
- Fast Execution
- Fund Protection
Disadvantages of Grand Capital
The disadvantages of Grand Capital are listed below.
- Offshore Regulation
- High Fees
- Slow Support Service
Superforex
Wide account types range
Superforex accepts M-Pesa deposits starting at $1 with no fee. Superforex levies a 3% fee on withdrawals, which can take up to 4 business days.
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About Superforex
SuperForex is a global forex and CFD broker established in 2013, offering trading on various financial instruments including currencies, commodities, indices, and cryptocurrencies. SuperForex is regulated by the International Financial Services Commission (IFSC). SuperForex provides trading services in over 150 countries. SuperForex offers competitive spreads, low minimum deposits, and multiple account types. However, there are conflicting reports about SuperForex’s reliability and regulatory compliance. The SuperForex CEO is Vladimir Syrov.
Superforex Features
The features of Superforex are listed below.
- 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.
Superforex Pros and Cons
Advantages of Superforex
The advantages of Superforex are listed below.
- Low Minimum Deposit
- Diverse Financial Instruments
Disadvantages of Superforex
The disadvantages of Superforex are listed below.
- Regulatory Concerns
- Variable Spreads
- Customer Support Issues
What is M-Pesa?
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.