Top 7 Forex Brokers that Accept M-Pesa in 2023

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

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

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)