Forex brokers with mpesa

So if you want to forex brokers that accept MTN MOMO in uganda, nigeria, ghana, guinea bissau, benin, ivory coast, cameroon, rwanda, and south africa, try exness, XM, and forextime (FXTM).

Huge forex bonuses

Forex brokers that accept mobile money and mpesa (2021), forex brokers with mpesa.

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

Forex brokers that accept mobile money and mpesa (2021)

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

Trading is stressful and risky enough; when you make the profits, you want a convenient way of withdrawing your forex trading profits.

The solution, mobile money: a convenient service by telecoms and finetechs driving financial inclusion in remote places beyond the reach of mainstream banking.

In this article are forex brokers that accept all the major mobile money services like MTN mobile money, airtel money, mpesa forex brokers, and ecocash forex brokers.

What is mobile money?

Mobile money is an electronic financial service using mobile devices to send and receive money.

It is widely popular in many african and asian countries with a low penetration of VISA and other online payment services.

Thanks to telecom companies, you can deposit to and withdraw money with forex brokers that accept mobile money and forex brokers using mpesa.

Forex brokers that accept mobile money and mpesa

Mobile money providers for funding A forex trading account

Forex brokers that accept MTN mobile money

MTN’s mobile money is arguably the most used mobile money service in africa.

So if you want to forex brokers that accept MTN MOMO in uganda, nigeria, ghana, guinea bissau, benin, ivory coast, cameroon, rwanda, and south africa, try exness, XM, and forextime (FXTM).

Forex brokers that accept airtel money.

Airtel provides a tremendous mobile money service for forex traders.

Exness, XM, and forextime (FXTM) are the forex brokers that accept airtel money from traders who live in any of these countries: uganda, kenya, burkina faso, democratic republic of congo (DRC), congo brazzaville, gabon, ghana, nigeria, malawi, chad, niger, rwanda, seychelles, sierra leone, tanzania, zambia, madagascar, bangladesh, india, and sri lanka.

Forex brokers using mpesa

The attraction of mpesa forex brokers is it enables locals use M-pesa – a popular mobile money payment service in kenya and tanzania.

Exness, XM, tickmill, and forextime (FXTM) are the best forex brokers that accept mpesa by safaricom in kenya and vodacom in tanzania

Forex brokers that accept ecocash

If you are a trader in zimbabwe, you are not left out; exness and XM are some of the forex brokers that accept ecocash.

Quick review of forex brokers that accept mobile money and mpesa

Exness

Exness is the best forex broker that accepts mobile money and mpesa. Withdrawals are instant 24/7.

Exness’ mobile money deposit and withdraw limit is $500

When you withdraw from XM, expect the money to land on your mobile wallet within 30 minutes to 2 hours. Once in awhile, withdrawals may take 24 hours.

XM’s mobile money deposit and withdraw limit is $500

FXTM – forextime

Forextime – FXTM accepts funding a forex trading account with mobile money wallets.

FXTM’s mobile money withdraw and deposit limit is $1,500

Advantages of trading with a broker that accepts mobile money.

Withdrawals and deposits are fast.

Mobile money is available 24 hours a day

A forex broker like exness provides instant withdrawals 24/7

Over to you – what is the best forex broker that accepts mobile money in your country?

Let me know which of these brokers provides the best mobile money experience? Is there a forex broker that accepts mobile money or a mobile money service we need to include on the list?

From the blog

Brokers in africa

Brokers in asia

Brokers in europe

Brokers in middle east

Brokers in south america

Candlestick patterns

Discipline

Emotion

Forex broker reviews

Forex brokers

Forex trading

Infographics

Trading articles

Trading journal

Trading platforms

Trading psychology

Trading tools

Verification

Learn more

Disclaimer

Forex and CFD trading are highly leveraged products. You may make a lot of money but, you risk losing your investment. Consider your investment options and choices wisely. Do not trade with money you are not comfortable to lose.

A to Z guide to how to trade with forex brokers using mpesa

Mpesa payment system for forex brokers is extremely popular right now. Over the past few years, it has become one of the most widely-used payment methods for forex, and has amassed quite a large number of traders who consider it to be the top payment system for forex trading.

Mpesa has managed to achieve this by offering a great solution to some of the central issues surrounding payment, such as simplicity, speed and convenience. By focusing on these key points and excelling at them majorly, mpesa has secured itself a top spot as a forex payment solution.

In this guide, we will be talking about what mpesa really is, how it works, what are its interesting quirks and features, and how to use it as a forex trader for maximum benefits. In the meantime, make sure to check out XM, one of the top brokers offering mpesa payments on their website.

Top forex trading brokers working with mpesa

Before we talk about what mpesa is why it works so well with forex brokers and what are some of its most interesting features, we would like to give you a shortlist of what we believe to be the best brokers that accept mpesa. With the huge amount of so many brokers out there, and so many many more constantly being added, it can definitely be difficult to choose a good, trustworthy and reliable forex broker, especially for the beginners and especially when there’s so much conflicting info online. With that in mind, we hope that our list of top forex brokers accepting mpesa will prove to be useful to you!

What exactly is mpesa and how does it work?

Mpesa is an online payment system provider that is especially popular in africa, mainly kenya and tanzania but has recently made efforts to expand to afghanistan, south africa, india, and several other countries as well.

Mpesa is quickly gaining in popularity, with forex trading in kenya using mpesa becoming the norm, and more and more people see it as a viable option of payment for all sorts of different services. Mpesa is essentially a mobile-based money transfer service and is discerned by some of its main qualities of simplicity, speed, and accessibility.

As stated, forex brokers that have mpesa are predominantly popular in kenya, in part because of how easy it has made the payment process for many different services. With that being said, those interested in using it from the other countries should definitely not be discouraged, as it’s a great service that anyone can benefit from, whether or not they are from kenya.

High leverage, tier one liquidity, great ECN trading conditions and fast execution speeds

What are the advantages do mpesa forex traders gain?

The idea mpesa itself, and how it works, is a fairly similar concept to grasp. There’s not much into it. In fact, it seems to be fairly similar to all online payment methods like paypal and skrill. So, what’s the point? Why go with mpesa over the alternatives? Well, there’s no universal answer to that. The point is, while something may work the best for you, there are tons of other people for whom something else may be preferable. It all comes down to your specific requirements, and how they may be fulfilled. Having said that, we believe that the forex broker mpesa deposit definitely has its own strong advantages. Let’s discuss all of them below:

Simplicity and ease of use

One of the primary benefits of depositing with a forex broker with mpesa is how simple it can all be. It’s probably not a secret to many, that getting into forex is not simple. There are tons of steps that you have to go through. After finding a decent broker, which is a big task in and of itself, you then have to go through an oft-tedious process of signing up and going through all the verification trials and tribulations, which can sometimes be a very frustrating and time-stretched process. Even after that, sometimes, the hardest part may be the payment process. For some forex brokers, payment systems are a big pain, as not all of them are able to easily facilitate convenient payment due to a large number of reasons that are simply outside their control.

Forex brokers are fully aware of this, and that’s exactly why forex brokers that accept mpesa are becoming so common. Making payment systems easier and more accessible is one of the biggest priorities of any forex broker, no matter which market they are in. In a way, the very structure of mpesa allows for unparalleled simplicity. How exactly?

Mpesa works in a way that it basically lets you use your mobile phone as an e-wallet. You are essentially attaching your SIM card and mobile account to your banking account, and use it to pay for a large number of services. This means, that you have a very powerful and versatile method of payment in your pocket 24/7.

In some cases, transferring money from one account to another is as simple as sending a text message, which allows for unprecedented accessibility. In countries like kenya where for a lot of people the main access-point for internet connection and other computer activities are their mobile phones, this can be a game-changer.

As compared to other payment methods, which may sometimes require some needlessly-complicated extra steps, this kind of simplicity gives any broker a huge advantage.

Security and safety

Another advantage of using mpesa powered FX broker is the added benefit of security that you automatically gain. When it comes to investing your hard-earned money, your time and your energy, security is one of the things that you should consider to be of utmost importance.

Mpesa was built and developed by vodafone, which is one of the biggest mobile networks in the world. They have been on the market for decades, and have successfully managed to supply great mobile service for millions upon millions of people around the world. Needless to say, their experience and track record gives you an assurance that their service will be of impeccable standard, and so will be the security of their software. This is one of the very important aspects that many people don’t pay a lot of attention to when choosing their payment method, which is rather unfortunate, as when it comes down to investing your money, you have to make sure that you are covering all your bases on the security-side of the things.

What also aids in the security of forex trading brokers with mpesa is the fact your funds on your mpesa accounts are not actually in the hands of mpesa itself, but rather, they are stored in segregated accounts at safaricom headquarters. The latter is managed by the kenyan government, which supervises the money itself. During all of this, the money isn’t just laying around. Rather, they are used for the development and advancement of the kenyan economy by spreading across different banks and other commercial sectors. Kenyan government conducts full supervision and makes sure everything is accounted for, which means that the security and stability of your funds is in the very interests of the government of kenya, attesting to the security of mpesa forex trading even more. If you like what you’re seeing about mpesa so far, check out these welcome bonuses by XM, one of the top brokers accepting mpesa today.

Less chance of any issues with processing payment

When it comes to forex payments, one of the most common problems that a lot of traders face is the fact that their charges have trouble going through. This happens when the bank decides to step in and decline the charge until it’s approved by the account-owner. This is usually done due to security reasons and is automatic in the vast majority of the cases. While the added security is always appreciated and welcome, it can definitely be a problem in some cases. A forex brokerage accepting mpesa rarely has this problem, and there’s a reason why.

Mpesa is one of the biggest money transfer services in the region, handling millions of dollars’ worth of transfers every single day. This means they need to have a very robust and effective payment processing system of world-class standards. Especially in countries on the african continent, where mpesa is so popular and so many transactions are made every single day, the chances of your bank declining their charge is almost no-existent.

This is a huge benefit for the broker as well, as it makes it much easier for them to facilitate the payment, and avoid losing any possible deposits because of a declined charge, giving a great advantage to trading platforms that accept mpesa.

Mpesa synergizes with forex very well

It’s not a coincidence that the number of forex brokers allowing mpesa payments. By design, mpesa is almost custom-made for forex. First off, we have to understand that the forex market is extremely volatile, it’s simply designed to be that way. The reason why people are able to make very large amounts of profit in such a short time and can multiply their investments manyfold is because of the fact that forex is so volatile. After all, it’s a currency-trading market, and currencies themselves are dependent on so many things, that they can change in a blink of an eye.

Due to this, speed and timing are some of the most important factors in being successful at forex. To be successful, you need to be able to maneuver around the events correctly, and most importantly, fast. Making last-minute decisions on the fly is extremely common, and you need to be able to make frequent transactions without wasting time. This is where benefits like forex broker top up mpesa come into play, and lets you stay ahead of things with its flexibility and versatility. This is coupled with the fact that mpesa has very low fees, which is great as you’ll be making a lot of microtransactions for quick redeposits.

Looking at the perspective of the brokers, they have a lot to gain from using mpesa too. By letting the traders pay via mpesa, they take a lot of load from their own shoulders. The payment will be handled by mpesa’s own secure server, which creates a win-win scenario for both parties and gives them some peace of mind. Additionally, since mpesa is so popular among forex traders, it allows them to create one unified ecosystem for transferring the money between different accounts. It’s not uncommon for experienced traders to be trading with multiple different websites at any given time, so this kind of cross-website flexibility can really come in handy with mpesa forex brokers.

So, is mpesa for you?

The global market for forex is very dynamic and ever-changing. As more and more people join with each passing year, the market changes accordingly. One of the main challenges for the forex brokers is to make the whole process, from start to finish, easier and more accessible for the general public. Payment is at the center of all this, as it is the beginning point for the whole trading process. It’s exactly because of this that forex trading via mpesa and other similar payment methods is gaining popularity, and they have proven to be one of the most effective methods to make trading more attractive to people.

Mpesa doesn’t offer anything extraordinary. Rather, it does an extraordinarily good job at ordinary things like speed, usability, and convenience. If these are what you are looking for, and feel that you are ready to go, click the link below to check out XM, one of the best brokers where you can make your first deposit with mpesa today!

Frequently asked questions

Contrary to popular belief, trading isn’t all that uncommon nowadays. People from all sorts of different backgrounds are finding it much easier and much more interesting to join trading. The thing is, the internet has opened up a lot of doors to a lot of things that were simply not open for a lot of people, and this includes trading as well. Gone are the days when you had to prepare thousands upon thousands of dollars of capital only to get started with trading. Nowadays, people investing very small amounts of money and getting started with smaller-scale trading endeavors is very common.

Without any doubt, one of the biggest reasons as to why we have been seeing this development today is forex. Forex has shown the world that trading doesn’t have to be hard, expensive and intimidating. It has shown us, that pretty much anyone can trade, and with enough time, dedication and patience, anyone can be successful at it. With that being said, since the popularity and demand for forex has been increasing so rapidly over the years, the number of brokers has been increasing as well, to the point where there are hundreds upon hundreds of forex brokers out there. With such fierce competition, companies are constantly challenged with coming up with newer and more effective ways to help them differentiate themselves from all the other competitors out there who are offering the same thing. One of the biggest focuses for forex companies who are looking to improve their service is the payment process. Payment is one of the key pieces of the whole forex puzzle, and by making it easier, faster and more accessible is a surefire way for forex companies to attract more customers, and that’s exactly the reason why mpesa is one of the fastest-growing and most preferred payment methods.

Benefit from high leveraged, full STP/ECN CFD trading through tier one liquidity

Meet the forex brokers that accept payments via M-pesa

Trading is a global service and foreign exchange (forex) brokers usually work with traders from different countries. It’s important for traders to work with brokers who accept major currencies, especially in their region of origin.

Some forex brokers do not accept major currencies. But to stay relevant internationally, they accept payment methods for in-demand currencies. One of the most popular examples of these payment platforms is M-pesa, a mobile money system that uses the SIM card’s USSD feature.

M-pesa started as a mobile payment and money sending tool for person-to-person transactions in kenya, but it has grown to include consumer-to-business and B2B transactions, including payment of salaries to workers in very remote areas. It works by allowing individuals to deposit their cash to an account electronically through one of the M-pesa shops. Today, it’s a successful mobile money service in africa.

Forex brokers that accept M-pesa

Many well-regarded international forex brokerage companies use M-pesa, including fair forex. The widely accessible and easy to use platform guarantees big opportunities for businesses to expand their operations in african markets. Apart from fair forex, here are other brokers that accept payments via M-pesa.

The XM group is one of the global brokers that provide easy M-pesa deposits and withdrawals. The company’s account approval process is simple and handy, which makes the broker an appealing choice for traders. Unlike other brokers that deal with proof of residence issues upon opening an account, XM gets the approval without such issues.

All you need is an ID or any document validating your identity. If you encounter problems with the registration process, get in touch with their customer service team for swift support.

Liteforex

Another brokerage company accepting M-pesa is liteforex, a customer-oriented broker that allows deposits for the residents of tanzania and kenya. Its minimum deposit requirement is 1070, which, if you convert to USD, amounts to $10.

Their unique selling point is their customer-oriented policy, which simplifies the account opening process. They do not use any complex platform; just the common ones, such as the MT4 and MT5 trading platforms.

Templerfx

This company is known as the pioneer of the M-pesa deposits in kenya. Opening an account with templerfx is straightforward. Simply provide a document proving your residence in kenya plus an ID. Also, the company offers many payment methods, including electronic wallet, debit card, and bank wire.

If you wish to learn more about other brokers who accept M-pesa deposits, how M-pesa payment works, or how fair forex can help, get in touch with us today.

Forex brokers that accept mobile money and mpesa (2021)

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

Trading is stressful and risky enough; when you make the profits, you want a convenient way of withdrawing your forex trading profits.

The solution, mobile money: a convenient service by telecoms and finetechs driving financial inclusion in remote places beyond the reach of mainstream banking.

In this article are forex brokers that accept all the major mobile money services like MTN mobile money, airtel money, mpesa forex brokers, and ecocash forex brokers.

What is mobile money?

Mobile money is an electronic financial service using mobile devices to send and receive money.

It is widely popular in many african and asian countries with a low penetration of VISA and other online payment services.

Thanks to telecom companies, you can deposit to and withdraw money with forex brokers that accept mobile money and forex brokers using mpesa.

Mobile money providers for funding A forex trading account

Forex brokers that accept MTN mobile money

MTN’s mobile money is arguably the most used mobile money service in africa.

So if you want to forex brokers that accept MTN MOMO in uganda, nigeria, ghana, guinea bissau, benin, ivory coast, cameroon, rwanda, and south africa, try exness, XM, and forextime (FXTM).

Forex brokers that accept airtel money.

Airtel provides a tremendous mobile money service for forex traders.

Forex brokers using mpesa

The attraction of mpesa forex brokers is it enables locals use M-pesa – a popular mobile money payment service in kenya and tanzania.

Exness, XM, tickmill, and forextime (FXTM) are the best forex brokers that accept mpesa by safaricom in kenya and vodacom in tanzania

Forex brokers that accept ecocash

If you are a trader in zimbabwe, you are not left out; exness and XM are some of the forex brokers that accept ecocash.

Quick review of forex brokers that accept mobile money and mpesa

Exness

Exness is the best forex broker that accepts mobile money and mpesa. Withdrawals are instant 24/7.

Exness’ mobile money deposit and withdraw limit is $500

When you withdraw from XM, expect the money to land on your mobile wallet within 30 minutes to 2 hours. Once in awhile, withdrawals may take 24 hours.

XM’s mobile money deposit and withdraw limit is $500

FXTM – forextime

Forextime – FXTM accepts funding a forex trading account with mobile money wallets.

FXTM’s mobile money withdraw and deposit limit is $1,500

Advantages of trading with a broker that accepts mobile money.

Withdrawals and deposits are fast.

Mobile money is available 24 hours a day

A forex broker like exness provides instant withdrawals 24/7

Over to you – what is the best forex broker that accepts mobile money in your country?

Let me know which of these brokers provides the best mobile money experience? Is there a forex broker that accepts mobile money or a mobile money service we need to include on the list?

From the blog

Brokers in africa

Brokers in asia

Brokers in europe

Brokers in middle east

Brokers in south america

Candlestick patterns

Discipline

Emotion

Forex broker reviews

Forex brokers

Forex trading

Infographics

Trading articles

Trading journal

Trading platforms

Trading psychology

Trading tools

Verification

Learn more

Disclaimer

Is hotforex A good forex broker for kenyans?: find out in our detailed review

If you are looking for a reputable forex broker in kenya, hotforex is the way to go. I will break it down for you in a nutshell.

Hotforex is one of the few online forex brokers that accept mpesa, which means ease of deposits and withdrawals for forex traders in kenya

You can open a micro trading account with as little as $5 (not that I recommend you start trading with only five dollars, but you know…)

Hotforex is an STP (straight through processor) broker which means your order is passed straight on to the liqudity providers and your bet is not hedged or manipulated like on using a market maker broker

And to top it up, hotforex offers some of the most generous bonuses to new traders. I particularly like the 100% credit bonus, which I shall be discussing shortly.

If you’re not the kind of person that likes lengthy discussions after the point has been made, this is the chance for you. Go open an account at hotforex. Use this link to claim your 100% credit bonus.

Does hotforex accept mpesa?

Yes. Hotforex accepts mpesa deposits and withdrawals. To deposit money into your hotforex account using mpesa, you’ll first need to log into your account at my.Hotforex.Com and then proceed to follow the instructions provided by the broker. The minimum deposit using mpesa is kes 1,000 ($10) and it takes less than 10 minutes for the money to be reflected in your trading account.

Open a live trading account

Hotforex review summary

feature	hotforex
minimum initial deposit	$50
forex: spot trading	yes
currency pairs (total forex pairs)	49
cfds - total offered	104
social trading / copy-trading	yes
cryptocurrency traded as actual	no
cryptocurrency traded as CFD	yes
average spread	1.2 pips on EUR/USD

Is hotforex regulated in kenya?

Hotforex is a legitimate forex broker that has been in the industry for more than 10 years. The broker is regulated by more than 3 reputable regulatory authorities including the financial conduct authority (FCA), which is one of the best regulatory authorities in the world.

This is one of the forex brokers that we highly recommend to kenyans as the they accept mpesa as a means of depositing and withdrawing money from your trading account.

We insist on trading with forex brokers that accept mpesa as the ease of depositing and withdrawing money into your forex account plays a major role on your journey to becoming a successful forex trader. Here is an up to date list of the best forex brokers that accept mpesa.

Hotforex account types

Hot forex offers 6 account types namely:

Micro account from only $5

Premium account from just $100

PAMM account for fund managers

Hotforex ZERO spread account

Unlimited risk free demo account

Which account type is right for you is a matter of personal choice. If you just trading for hobby, you’ll probably want to go with the micro account. Day traders and swing traders go for the premium account while scalpers are best suited with the hotforex zero spread account.

Is hotforex an ECN provider?

How long does it take to withdraw from hotforex?

One of the areas where hotforex fails miserably is on withdrawals. While many other brokers offer instant withdrawals, hotforex makes you wait anywhere from 3-24 hours to process withdrawal requests.

M-pesa forex brokers: what you need to know

When it comes to forex trading, at the end of the day, it is all about being able to transfer money to the account easily and safely. Without money on your trading account, you cannot start trading at all. Makes sense, right? Therefore, the rise of the forex market led to the emergence of more and more payment systems that offer their services to brokers everywhere around the globe, and unsurprisingly so. This has provided a great benefit for all sides of trading – brokers, traders, and the service providers themselves.

We have already discussed several main payment systems that have already taken their niche in the global trading market. But today we will focus on the very specific one – M-pesa. It is specific because it is mostly accepted in african countries like uganda, ghana, and kenya. Thus, the majority of forex brokers using M-pesa can be found there. In fact, we have witnessed a significant rise in forex trading in kenya using M-pesa. As the forex market is still not fully developed there, neither is the payment system that operated there. However, it is slowly but surely getting more streamlined and commonly accepted.

Trade with exceptional trading conditions on every type of live account!

Forex brokers that accept M-pesa

A number of well-regarded international forex brokerages have started accepting M-pesa payments. The ease of use of M-pesa system and the accessibility it provides for its users promises a great opportunity for these companies to expand their operations in the african markets.

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 understand how cfds work and whether you can afford to take the high risk of losing your money.

M-pesa payment system general overview

M-pesa is an africa-based payment system that was launched by vodafone in 2007. Currently, that is the largest mobile transfer network in kenya and tanzania. However, as it is continually expanding and growing, it is now available in south africa, afghanistan, india, romania, and albania, with the exponentially growing number of F orex brokers that accept M-pesa.

Among the services provided by the company you may find:

Deposit and withdrawal of funds

Transfer of funds to other users

Payment of bills

Purchase of airtime

Save of funds in a virtual account called mshwari

Transfer of funds between the M-pesa account and a bank account

The platform itself is similar to the safaricom of kenya and vodacom of tanzania as it was created as a subsidiary of those. However, there are still some minor differences to it.

The system is basically using your mobile device as an e-wallet. Just by tying your SIM card and mobile account to the banking one, you can easily pay for services, products, utilities, as well as charge your forex trading account with money. With M-pesa sending money from one account to another is actually as easy as sending text messages, making M-pesa trade extremely accessible.

One thing to note would be, that the funds kept on M-pesa accounts are not actually controlled by the company itself, it is stored in safaricom headquarters. Which are, in turn, managed by the kenyan government that keeps this money in a vault. And it doesn’t just store this money, no. Those funds are going for the development of the economy as they are spread among different commercial banks and sectors. That is exactly what we mean when we say that the establishment of M-pesa benefits the whole economy. Therefore, if you are using its services, you become part of the process as well.

Moreover, everything about M-pesa operations is fully transparent. Meaning that the kenyan government closely manages the actions of the safaricom company in order not to allow it to affect the distribution of the funds raised by the M-pesa payment system in any way.

Transaction limitations and fees charged

The main factor that dictates for much the users of the M-pesa forex trading account will be charged depends on whether the user is registered or not. For instance, traders within kenya will be charged with the 66 kshs fee for transfer to any of unregistered traders in case if the amount of the transfer is between 101-500 kshs. But if the transfer is going to the registered user, then the fee will be 27 kshs for the same transfer amount. Meanwhile, the maximum amount of the transfer can be 35,000 kshs with a fee of 275 kshs for unregistered users. Through a number of corporate agreements, however, transaction to a number of platforms was made extremely easy, such as transaction from S krill to M-pesa that can be done in microseconds.

Different locations of M-pesa forex brokers

As noticed previously, the forex trading brokers working with M-pesa are usually located in african countries. But let’s take a look at where exactly those brokers are based.

Kenya

The sizable portion of brokerage companies from the list of best M-pesa forex brokers are located in kenya. Notably, the payment system came to kenya in 2007 when the local company, safaricom, decided to establish its own money transfer network. Once the government saw the growth of the company’s share, the kenyan finance minister decided to check up on the company in order to find some fraudulent actions. However, it failed to do so and the company continued to attract even more loyal customers. Thus, the overall amount of estimated cash flow of all transfers managed reached KES. 2.1 trillion in 2014, which, in turn, showed a 28% growth since 2013. Also, hotforex is among the latest forex brokers that accept mpesa deposits in kenya.

Afghanistan

Yet another country with dozens of licensed FX brokers allowing M-pesa payments is afghanistan. The company was brought here in 2008 by the local mobile service provider, roshan. Interestingly, the company is responsible not only for controlling the forex brokers‘ transactions but also for salary payment to policemen, control over merchant payments, peer-to-peer transfers, loan disbursements, and other types of payments.

Tanzania

The service was launched here in 2007 by vodacom. The service was showing impressive growth ever since it was launched. Thus, by 2013, M-pesa already had five million subscribers to its platform, and a certain portion of those are traders who are signed with the forex trading brokers working with M-pesa.

India

Another country that witnessed a rise in the number of forex brokers using M-pesa is india. The company was launched in india a bit later, in 2011, as a direct partner of ICICI bank.

South africa

The service was launched here in 2010 as there were millions of potential forex traders and simple users that did not have a bank account where they could store their funds. Therefore, in the next three years, approximately 10 million users were successfully registered. However, the growth stopped at some point because of several arguments with governmental policies. So now there are only 1 million subscribers that are transferring funds from an account to account with M-pesa. Thus, we may logically come to the conclusion that there are not many CFD brokers with M-pesa payment method available there, yet there is still hope that the number of F orex brokers accepting M-pesa will likely increase over time.

Regulations of brokerages from the M-pesa brokers list

As M-pesa seeks to reach a high level of transparency and reliability in operations for its users, it was regulated by a couple of regulators. Those are the UK’s financial conduct authority (FCA) and the payment card industry (PCI). The company also follows the KYC (know your customer) principle and, thus, requires all of its users to provide them with data that will be kept confidential but will help them to make sure that you are a real person who does not have any bad intentions for forex trading.

The first steps

Notably, one of the first-ever forex trading brokers with M-pesa withdrawal option was EGM securities. The brokerage was the pioneer of the african market that took a risk of using a young payment system and was not disappointed. That actually was a huge step for the whole forex market in african countries. As it gave those direct access to the rest of the global trading market. It advanced the depth of the financial market and improved economic growth, and acted as an incentive for the rising number of F orex broker with M-pesa deposit options.

Why is the number of forex brokers accepting M-pesa growing?

That phenomenon in countries like kenya might be explained by the fact that forex brokerage accepting M-pesa receives a number of benefits provided by the local payment system rather than paying larger fees for using foreign ones.

Meanwhile, M-pesa is truly a convenient tool for low-cost, fast and safe payment, transfer, and storage of money. Moreover, as everyone knows how tough and depressing is the economic situation in african countries, especially in countrysides. Thus, there is a common thing that relatives living in urban centers are often sending money to other family members who live in villages. And as it might be simply complicated and time-consuming to send money via post or in any other way, the M-pesa transfers of money comes in handy. Also if you are using M-pesa for forex trading purposes only, it still is a great option. As the transaction and administration fees are not as high as with other global payment systems.

Yet another bright side is that there is no minimum transfer amount. That means that everyone can use the service. All in all, M-pesa provides not only benefits for the ones who are into forex trading, but to all citizens. Cause the creation of such a financial platform leads to the development of the whole financial market as a result.

Even bill gates once said: „ kenya’s M-pesa proves that when people are empowered, they will use digital tech to innovate on their own behalf.“

Moreover, we would like to notice how the establishment of M-pesa leads to a decrease in corruption levels in such countries as south africa and afghanistan. As all transactions become transparent and traceable, that is easier for governmental institutions to control money laundering and find the scams easily.

How to fund your XM trader account with safaricom-mpesa in kenya

XM broker is one of the oldest forex brokers in the kenyan financial market. It was founded in 2009 and it has since grown to be a globally recognized brand with millions of traders registered in over 196 countries.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

The platform offers 1,000+ trading instruments spread across 6 financial assets: – forex, indices, commodities, stocks, metals, and energies.

And, it also features spreads as low as 0.6 pips, leverage as high as 888:1 with up to $5,000 bonus.

Other benefits in XM forex include: –

Personal account managers for account holders.

Free access to forex market research.

Free access to daily forex webinars.

Unlimited access to video tutorials.

Daily access to forex trading signals.

16 platforms to choose from. Any device, anywhere.

Free daily technical analysis.

Daily forex market outlook.

24/5 hour live help.

Enjoy exclusive offers in kenya with joon online & XM forex.

Get whatsapp updates of free educational seminars – register here.

Watch nairobi, kempinski seminar here .

Get free VPS services for seamless trading.

50% deposit bonus of up to $500 or currency equivalent.

How to trade with XM forex in kenya.

Trading is easy. At least if in the past you have tried exchanging one currency for another with the aim of making profits.

But if this is your first time reading about forex, then perhaps I’ll excuse you more time to learn before I can advise you to trade.

Or better, take some time and go through the steps involved in forex trading as outlined in the guide below.

Step 1 – define currency pairs.

Do you know the difference between the base and quote currency in currency pairs?

As money control puts it, the first currency in the pair is the base currency.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

The base currency is the currency against which exchange rates are quoted in a given country. Examples: USD/JPY, the US dollar is the base currency; in EUR/USD, the EURO is the base currency.

Quote currency on the other hand is the second currency in a currency pair.

It is the currency you are paying with.

For example, in the EUR/USD pair; the quote currency is the USD.

Note: – the base currency is always equal to one unit. And the price of a currency pair determines how much of the quote currency is needed to buy 1 base currency.

Example: – if a currency pair (EUR/USD) has a bid price for 1.04372, it means you will buy USD 1.04372 for every EUR you sell.

Step 2 – when is the best time to buy or sell a currency?

You should buy a currency if you believe the base currency will become more expensive.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

On the flip side, you should sell that currency pair if you think the price of the currency will fall.

Trading with metatrader 5 android mobile app.

Trading with XM forex is easy. After creating an account and validating it, the next step is to download either an MT4 (metatrader 4) or a metatrader 5 (MT5) trading software.

These are electronic trading platforms widely used by traders – globally. While MT4 is popularly used, its successor MT5 is better and this is why: –

MT5 is a multi-asset platform for over 1000 instruments.

You can view 100 charts simultaneously in MT5.

MT5 supports all order types, including market, pending, stop orders, and trailing stop.

Has over 80 technical indicators and over 40 analytical objects.

You can use it to trade on android & IOS phones.

Allows web trading for windows, mac, linux operating systems.

How to trade in XM with metatrader 5 android mobile app.

First, you need to login to your XM trader account or register here if you are new to trading. You can either register for a demo or a real account .

Next, download the MT5 trading software in play store and add your XM trading account by clicking on the plus sign on the menu bar.

Now that you are logged in to your metatrader 5 account for android, start trading.

To open the list of pairs available to trade, click on the two arrows at the bottom left in your trading app. Or click on the menu and select t the quotes tab to open the list.

Now click on your currency pair of choice then on new order to access the trade execution options (BUY or SELL),

Trading on a real XM trader account.

In order to trade on a real account and make real profits in XM forex, you’ll first need to validate your account then fund it. If you are in kenya, there are only two viable ways to verify/validate your forex account: –

By uploading your bank statements – should have your residential address in it.

By uploading your utility bills (water/electricity bills).

Knowing our country, I wouldn’t put too much emphases on uploading utility bills. The majority of kenyans are on prepaid subscriptions. Rather, I will show you how to validate your forex account with bank statements or KRA receipt in place of bills.

How to validate your XM forex account with KRA PIN/ID card.

Print either of the receipts that resonate with your recent KRA activities or apply for a tax compliance certificate.

Download the acknowledgment receipt sent to your email address.

Login to your XM account, click on the arrow next to your name, navigate to upload documents, scan and upload national ID. That’s it.

How to fund your XM broker account with safaricom – mpesa.

To deposit money to your XM account with mpesa,

Click on the quick deposit button on top of your trading chart.

You can fund XM with VISA, mastercard, skrill, neteller, astropay, bitcoin, webmoney, and dusupay. But for the purpose of this blog, click on dusupay.

Scroll down to the mobile payment method and click on safaricom mpesa.

Enter your phone number and the amount you wish to deposit (in your base currency).

Confirm that you want to fund XM forex via dusupay.

You will see this message on your computer –

Payment pending.

If you have followed the steps correctly, your account will be credited soon.

8. Check your phone for push notification from dusupay and enter your mpesa pin to complete the transaction.

M-pesa forex brokers: what you need to know

Trade with exceptional trading conditions on every type of live account!

Forex brokers that accept M-pesa

M-pesa payment system general overview

Among the services provided by the company you may find:

Deposit and withdrawal of funds

Transfer of funds to other users

Payment of bills

Purchase of airtime

Save of funds in a virtual account called mshwari

Transfer of funds between the M-pesa account and a bank account

The platform itself is similar to the safaricom of kenya and vodacom of tanzania as it was created as a subsidiary of those. However, there are still some minor differences to it.

Transaction limitations and fees charged

Different locations of M-pesa forex brokers

As noticed previously, the forex trading brokers working with M-pesa are usually located in african countries. But let’s take a look at where exactly those brokers are based.

Kenya

Afghanistan

Tanzania

India

Another country that witnessed a rise in the number of forex brokers using M-pesa is india. The company was launched in india a bit later, in 2011, as a direct partner of ICICI bank.

South africa

Regulations of brokerages from the M-pesa brokers list

The first steps

Why is the number of forex brokers accepting M-pesa growing?

Even bill gates once said: „ kenya’s M-pesa proves that when people are empowered, they will use digital tech to innovate on their own behalf.“

Forex brokers that accept M-pesa

Compare brokers that accept M-pesa for deposits and withdrawals to and from your trading account.

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You can fund your 4XC account 24 hours a day, 7 days a week. When you fund your account through M-pesa, 4XC will instantly credit your balance. In comparison, it can take anywhere between 2 and 3 business days for bank transfers to complete. 4XC (4xc.Com) is the only broker in our panel to accept deposits through M-pesa.

At the time of writing, 4XC will credit your first deposit with a 50% bonus (capped at US$ 2,500) when you deposit through M-pesa. This offer is only available to new customers who have a kenyan phone number. Enquire about the bonus through 4xc.Com.

Please note that a flat 35 KES fee applies for deposits up to 1,500 KES. A 2.9% fee applies when you deposit over 1,500 KES.

Best execution

Standard ECN account [MT4]

Trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT4 . More trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT4 with this ECN account. Get fast execution speed over dedicated fibre optic links to new york.

$100 deposit

1:500 leverage ?

1.19 pips EUR/USD

Best conditions

Avatrade account [BVI]

Trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and. More trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and commodities. Avatrade accepts all metatrader eas except those with a focus on arbitrage.

$100 deposit

1:400 leverage ?

0.9 pips EUR/USD

Best platform

Standard ECN account [MT5]

Trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT5 . More trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT5 with this ECN account. Get fast execution speeds over dedicated fibre optic links to new york.

$100 deposit

1:500 leverage ?

1.19 pips EUR/USD

Pro account

Professional account [EU]

$100 deposit

1:400 leverage ?

0.6 pips EUR/USD

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 66-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

So, let's see, what we have: if you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money. At forex brokers with mpesa