Once you open your account, you will have access to either the MT4 or MT5 trading platforms that will allow you to trade hundreds of assets including forex currencies, CFDs, Equity Indices, Precious metals such as gold, and energy CFDs that include crude oil. Withdrawing your earnings from XM is also as easy as making the deposits. The broker offers instantaneous Mpesa withdrawals without any charges for the same.
Spreads at XM vary depending on your choice of an account. The broker offers the following account types:. Spreads on all account types start from as low as 0. To enjoy the lowest spreads, it is best to trade the major currencies during market hours. Only their XM Zero accounts attract a commission on trades.
All withdrawals are finalized on the same day as requested.
Why Forex Brokers accept M-Pesa?
The most convenient way to withdraw your forex profits in Kenya with this broker is using Mpesa. However, other funding and withdrawal methods are also available. These include Skrill, which is second easiest after Mpesa. You can withdraw funds from Skrill right into your Mpesa account in Kenya.
One of the reasons why I always recommend XM Forex Brokers to my forex proteges is because of the low amount of minimum deposits required to operate an account. Click on this link to open your account and claim your bonus right now.
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HotForex makes it in the list of the best forex brokers in Kenya that accept Mpesa. Funding your HotForex trading account using Mpesa is as easy as logging into the MyHf dashboard, going to the deposit options and selecting Mpesa. The HotForex trading platform offers a lot of innovative trading tools.
I particularly like their social trading feature that is christened HFCopy. This is the type of account that I would recommend you open if you want to trade with HotForex. The account type will still let you deposit and withdraw money using Mpesa, and you get the benefit of increased profitability by simply emulating successful traders on the platform.
Click here to open a HFCopy account Now. The process of depositing money into your HotForex account using Mpesa is as straight forward as it gets. Exness is one of the other trading apps that accept Mpesa that have a wide client base in Kenya, partly because the broker accepts Mpesa, and mostly because there is nothing to not like about Exness.
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The broker has been serving traders since Instant trade executions and unlimited Leverage on MT4 accounts makes this forex broker one of the best for retail traders. Read the Full Exness Review Here. The first company on our list of forex brokers that accept Mpesa needs no introduction to most Kenyans.
FxPesa , a locally licensed and regulated forex broker started offering its services to Kenyans in , but the parent company EGM Securities is not strange to the world of forex brokerage. Being a local broker and totally complaint with the regulations laid down by the Capital Markets Authority means that deposits and withdrawals using Mpesa are flawless and almost instantaneous. FxPesa is particularly suited to beginner forex traders since the account opening process is quite easy compared to the other brokers in this list.
FxPesa offers two account types with different trading conditions and minimum deposit requirements. The FxPesa Premier Account is an ECN account your orders are passed straight to liquidity providers, minimizing chances of the broker trading against you or manipulating spreads. This is the account that we highly recommend. Although some professional traders vow against forex brokers who offer deposit and no deposit bonuses, at Kenya Forex Firm, we encourage our students to take advantage of these kind of offers.
The bonus increases the funds and free margin available for trading. Check it out here. Founded in , the forex broker quickly spread operations across Europe, Asia and finally Africa. These forex brokers are particularly suited to Kenyan traders as they accept Mpesa as a means of depositing and withdrawing money from your forex account. TemplerFx is regarded by many forex traders in Kenya as the pioneer of Mpesa deposits in Kenya. The only reason it ranks third in our list of the best forex brokers that accept Mpesa is because of their unpredictable spreads at times of high market volatility.
Otherwise, if you want to start trading with a broker who makes it easy to open an account and start trading, Templerfx is the way to go. For starters, this forex trading app is not overly insistent on Proof of Residence as a requirement to start trading.
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So, you can as well go ahead and open a live account now. Spreads on all accounts start from as low as 0. Read a full TemplerFx Review. With Scope Markets you can trade stocks of popular companies such as Apple and Facebook. Additionally, Scope Markets lets you trade stocks, indices, and commodities. Forex brokers that use Mpesa allow you to trade the forex marketplace. They act as a middleman between you and the large banking institutions.
6 Best Forex Brokers that accept MPesa in Kenya - Fees Compared!
Your Mpesa forex broker will deal with multiple banks and allow you access to their liquidity. As you place a long buy trade, your broker should get you the best buy price from all of their available liquidity providers. There are 3 main types of Forex broker. When you are spreadbetting with a broker, you are betting on which way the market is likely to move, rather than actually trading the marketplace.
This means that your position never makes it to the marketplace. Your broker typically takes the other side of the trade, which means that when you win, they lose, and vice versa.
Forex Brokers that accept M-Pesa
Spreadbetters make money when you lose trades. They also profit from the entire spread as the trade is not going into the market.
The major benefit of spreadbetting is that it is tax free in the United Kingdom. CFD stands for contract for difference, and is actually a very similar method of trading to spreadbetting. CFD trading is not tax free and is a way of packaging an instrument for countries where the laws prohibit direct to market trading. Lots of countries support CFD trading. Direct to market trading ECN is when you are trading the actual Forex market. Your broker will put your positions to market at the best available rates, and take a small commission on each trade. Direct to market trading is the fairest method of Forex trading as your positions are being put into the marketplace.
They can only profit from their small commission on each trade. Demo accounts allow for a meaningful advantage since they can help you see how everything you read about a broker works in practice. Regulated in six different countries, transparency and security remain top priorities on top of excellent customer service. Traders have over assets to choose from and Hot Forex continues to implement technology and innovate with the markets. As with all highly-regulated brokers, HotForex takes the security of client funds seriously and uses segregated accounts to ensure that, in the unlikely event of broker bankruptcy, all clients can be refunded.
HotForex can provide clients with a choice of six account types, depending on location clients in Europe will only have access to three accounts , and trading conditions vary as the minimum deposit increases. A trader will be able to choose their account based on their trading strategy, level of funding, and the size of the trades they wish to make.
The spreads on all accounts are variable, where the Zero account has the tightest spreads on FX pairs, and an additional commission is charged based on the trading volume. Award-winning customer service and their client-focused approach to doing business means that beginner traders at HotForex can rely on excellent support.
Quality educational material in both a structured layout and market analysis format will benefit traders of all learning levels.
With a massive range of tradable currencies, low account minimums, and an impressive trading platform, FOREX. You can even add multiple indicators to a single chart for the most informed view possible.