Users of the mobile banking service M-Pesa may save and transfer funds using their smartphones. In Kenya, M-Pesa was made available as an alternate method for people to access financial services. M-Pesa was introduced in 2007 by Safaricom, the leading mobile phone provider in Kenya.
Below we have indicated the best forex brokers accepting M-Pesa in Kenya.
Scope Markets
Overview
Scope Markets is one of the forex brokers accepting m-pesa and an excellent choice if you are a Kenyan trader who wishes to deal with a broker located in the nation, particularly in terms of local deposit and withdrawal payment options, such as M-Pesa.
M-Pesa deposits and withdrawals typically have a 50 USD, GBP, or EUR limit and can take up to 48 hours to process.
Pros
- Scope Markets is locally licensed and overseen by the CMA in Kenya.
- Kenyans can choose between MetaTrader 4 and MetaTrader 5 across mobile devices.
- Scope Markets offers traders dedicated customer support.
Cons
- The spreads offered are marked-up.
- There are only a handful of trading tools offered.
- There is a limited selection of tradable assets offered by Scope Markets.
Pepperstone Markets Kenya Limited
Overview
Pepperstone is a forex brokers in Kenya and has customers from all around the world, with Pepperstone Markets Kenya Limited serving all retail and institutional traders in Kenya. M-Pesa deposits and withdrawals can be done in AUD, USD, JPY, GBP, and several other currencies.
M-Pesa deposits with Pepperstone are instant while withdrawals are typically processed within 3 to 5 working days.
Pros
- Pepperstone is an exceptionally large and trusted STP and ECN broker in Kenya.
- The broker has won several industry awards for outstanding customer service.
- Kenyans have access to convenient, local funding options.
Cons
- Pepperstone does not support KES as a base currency or deposit/withdrawal currency.
- The fee schedule could be overwhelming to beginners.
- There are no instant withdrawals offered on M-Pesa.
FXPesa
Overview
FXPesa is one of the popular retail forex brokers in Kenya, and FXPesa does not charge fees for deposits, but there are some minimums enforced on funding and withdrawals.
The typical processing period for a bank transfer is one to three business days, but M-Pesa deposits are instantaneous.
Pros
- FXPesa is locally based in Kenya and well-regulated by the CMA.
- There is a demo account offered to Kenyans that never expires.
- Kenyans can deposit and withdraw in KES, which exempts them from currency conversion fees.
Cons
- The ECN Accounts do not have negative balance protection.
- The spreads on FXPesa accounts can be extremely wide.
- Withdrawal fees apply.
Exness
Overview
With its diverse account choices, Exness makes trading simple for all traders, from novices to seasoned experts. Over 30 payment methods are accepted for deposits and withdrawals at Exness, and most deposit and withdrawal options are likewise free.
M-Pesa deposits and withdrawals take up to 24 hours to process and there is a minimum deposit of 1,100 KES, with a 110 KES minimum withdrawal.
Pros
- Exness is a trusted option with regulatory oversight across the globe.
- Kenyans can choose to use MT4, MT5 or the Exness app to carry out trades.
- Exness offers a dedicated KES-denominated account and M-Pesa, along with other local funding options.
Cons
- Exness has an extremely limited product range.
- Beginner traders are not given a range of educational materials to get them started.
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LiteFinance
Overview
LiteFinance (prev. LiteForex) is a regulated broker that offers Kenyans instant withdrawals on some payment methods. Kenyans are not subject to any commissions when they use M-Pesa to deposit or withdraw, and the minimum deposit amount for M-Pesa is 110 KES.
Pros
- LiteFinance is well-regulated by CySEC and offers MT4, MT5, and a copy trading platform.
- Demo accounts are offered by LiteFinance.
- The mobile trading options include detailed market analysis.
Cons
- LiteFinance does not currently offer free VPS.
- The spreads that Kenyans can expect are wide.
- There is no option to open a KES-denominated account.
Conclusion
Africans are progressively becoming familiar with and accepting of M-Pesa, an African mobile payment service provider, in the forex market. This provides Kenyan traders with more flexibility when they choose their forex and CFD providers.
FAQ
Do you need a bank account to use M-Pesa?
No, to use M-Pesa you merely need a mobile phone number as the payment method is specifically designed for customers who have little or no access to traditional bank accounts.
Is M-Pesa a mobile wallet?
Yes, M-Pesa is what people classically refer to as mobile wallets. These wallets allow users to transfer mobile money to others who do not have a bank account.
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