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 Best Forex Brokers that accept M-Pesa - TradingBeasts 10 rows · Some FX Brokers offer M-Pesa in a co-operation with DusuPay or iPay, which are
Forex brokers that accept mobile money and mpesa () » The Trader In you
Last Updated: February 11, Traders in Kenya must select only from among the very few highly regulated Forex brokers that offer MPesa. Only a handful of reputed Forex brokers in Kenya accept MPesa payments. The majority of brokers offering MPesa option are either unsafe or unregulated.
All these are also having an established track record and reputation. We have also made a comparison for their diverse plus points including trading fees, platforms, and others. EGM Securities is the parent company of FXPesa. They are among the only 4 Forex Brokers in Kenya regulated by CMA — Capital Markets Authority. So, they are regulated and considered safe for traders in Kenya.
In comparison with other brokers, FXPesa charges a higher spread on standard currency pairs. They offer trading on MT4, Web Trader, and Mobile platforms. FXPesa offers only a single account type to traders, forex brokers that accept mpesa. It is a no-commission — spread only account. Deposits and withdrawals with FXPesa do not have fees. Their other instruments are limited — include 12 global Indices, a wide variety of Share CFDs, and CFDs on 8 commodities including Platinum, Silver, Gold, and Oil.
Customer Support offered by FXPesa is good, forex brokers that accept mpesa. During our test, the Live Chat response was a bit slow though with some holding at times. The E-mail response to our queries was in under 1 hour. HotForex is a CMA licensed Non-dealing forex broker, and they were authorized in HotForex is a legit forex broker successfully operating in the industry for 10 plus years.
Their regulations include the FCA — Financial Conduct Authority and FSCA — Financial Security Conduct Authority FSP No. Thus HotForex is considered safe for traders in Kenya. HotForex has competitive fees with the Premium Account. You are not charged for withdrawals or deposits through MPesa.
Premium is free of commission — spread only trading account. There are 53 currency pairs available for trading at HotForex platform — that includes majors, minors, and exotic. Its trading assets also include 4 Cryptocurrencies, forex brokers that accept mpesa, CFDs on 56 shares, 8 Commodities, leading 11 Indices globally, 3 top global Bonds, Energies such as Brent Oil, Crude Oil, US Natural Gas, and Spot Metals — Gold and Silver.
Hotforex has excellent customer support as per our tests. Live Chat is available 24 hours on weekdays. We did not experience a hold time of more than 60 seconds during our tests when connecting.
E-mail response to your queries is quite fair. We received a reply usually within 2 hours forex brokers that accept mpesa weekdays. But Hotforex forex brokers that accept mpesa not have local phone support for traders in Kenya.
Nevertheless, overall Customer Support services are good, forex brokers that accept mpesa. XM Forex is also a highly regulated Forex broker that is regulated with top-tier global Financial Authorities. It is thus regarded as quite secure for traders.
XM charges fees with their account only through the spread, forex brokers that accept mpesa. They do not charge any additional commission per lot. The fees for XM Ultra-Low Account are among the lowest among leading Forex brokers. The leverage offered to traders is Traders get to trade in 57 Currency pairs and 1, Stock CFDs. The other asset classes are 9 Equity indices CFDs, 5 CFDs on Energies, 10 Commodity CFDs, and 4 Precious Metals CFDs.
XM however does not offer Crypto CFDs. XM offers customer Support 24X7 via E-mail and Live Chat. We did not experience a hold time of more than 2 minutes when we tested their support with Live Chat at 3 different occasions. A local phone number support in Kenya is not offered by XM. You can however request a call back through E-mail or Live Chat. Exness has been operating from and is regulated by multiple Tier-1 and Tier-2 Regulators.
These include the FCA UK and CYSEC — Cyprus Securities and Exchange Commission. Spread forex brokers that accept mpesa Exness is variable based on account type but generally they have forex brokers that accept mpesa spreads. The Spreads for Standard Cent Account begin forex brokers that accept mpesa 0.
There is no commission on the trading volume, other than spread. For Standard Account — the costs are based on tight spreads starting from 0.
The spreads overall are very low with Exness. Professional ECN Account has raw spread with a commission for each trade. A MetaTrader only broker, Exness offers you to trade on both MT5 and MT4 Platforms. Trade executions are almost instant. Like Hotforex, there are no fees for withdrawals and deposits. Exness offers multiple instrument classes, including trading forex on pairs of currencies.
It also includes 7 Cryptocurrencies, Metals, Energies, and CFDs on Indices and Stocks. Customer Support at Exness is available 24X5.
This is via Live Chat and E-mail. Live Chat Support in the English language is offered 24X7. They offer quite good support to the traders as per our tests. However, they too do not offer support through a local phone in Kenya. ForexTime is regulated in diverse jurisdictions globally. Their top-tier Financial Regulations are with CMA, FCA, CYSEC, and FSCA FSP No. The Standard Account has an average of higher than 2.
The FXTM Cent Account has even higher spread. FXTM charges commission for its ECN Account. All deposits are free of charge at FXTM, including for MPesa. However, there are fees for withdrawals depending on the method.
You can trade with FXTM through the MetaTrader 4 and 5 platforms. Their financial instruments include Forex Currency Pairs, Cryptocurrencies, Stocks, CFDs, Commodities, and Precious metals.
FXTM offers fair customer support. Live Chat offers a quick response and we did not find any hold times of over a minute during our test. We got a response to our queries within 3 hours through E-mail on a weekday.
They do not have a local phone number in Kenya. Here are the major factors that we have considered while reviewing the Forex Brokers accepting MPesa:, forex brokers that accept mpesa.
Top-tier Regulation s : The most crucial factor is the number of Tier-1 Regulators that regulate the Forex Broker. FCA, ASIC, NFA are considered as Tier-1 by the Forex industry. FSCA and CYSEC are Tier-2 Regulators. If the Forex Broker is listed publicly in a major Stock Exchange, then it is an extra trust factor. Also, if the forex broker is regulated by CMA in Kenya then it is considered safe.
This is most important to check in your forex broker. This makes them a well-regulated forex broker with low risk. One of them is FXPesa. Once you have the license no. There is a high risk that you could lose your deposits with such broker. Overall Fees: The factors considered here are spread, commissions, and charges on withdrawals and deposits. Some of them also levy extra fees where you are trading other CFD instruments.
So, it is vital to research the overall fees of the asset that you are seeking to trade. All regulated CFD brokers have spread comparison table. Make sure to check the fees for the instrument that you want to trade, and see if there is any other regulated broker offering the same instrument at lower fees.
Like, the broker in the below table has 0. There are other brokers with lower fees also. For ex. But if your account is in another base currency like USD, then your funds may be converted into KES at a lower exchange rates than the actual rates. So, you need to consider this commission too.
How to Fund Your XM Forex Account With Mpesa in Kenya
, time: 2:08Top 7 Best M-Pesa Forex Brokers [Forex Brokers with M-Pesa]
10 rows · Some FX Brokers offer M-Pesa in a co-operation with DusuPay or iPay, which are 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 Best Forex Brokers that accept M-Pesa - TradingBeasts
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