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 on weekdays.

But Hotforex does not have local phone support for traders in Kenya. Nevertheless, overall Customer Support services are good. 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. 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 with Exness is variable based on account type but generally they have tight spreads. The Spreads for Standard Cent Account begin from 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:. 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. Although it is not necessarily that the broker is charging this fees, it could be their gateway charging this conversion commission.

Also, there must be multi-device support, quick execution, no freezing, and multiple order types. These can significantly enhance your trading comfort. All the 4 regulated forex brokers in Kenya offer the MetaTrader platform. Look for all the features that you would need to actively manage your trading positions.

In generally, all the 6 regulated forex brokers have the same KYC procedure. And the trading account is normally approved within the same day, if all the documents are complete.

You must make sure to submit your genuine documents, otherwise you would face issues during withdrawal of funds from your trading account. Overall Trading Conditions: The execution of orders must be fast without slippage or re-quotes.

The best option is to choose a Broker offering Direct Market Access than Market Maker Brokers. You must also be offered negative balance protection so that the loss does not exceed the account balance. Availability of guaranteed stop-loss protection is also an advantage. The Broker must also offer funds segregation for the security of funds. You must also check if the instrument that you are looking to trade is offered for the lowest fees or not. How is the Customer Support: Customer Support must be accessible 24X5 through Live Chat, E-mail, and Phone.

The Chat Support must be helpful with minimal hold time. The E-mail revert to your queries must be quick and preferably within 1 or 2 hours max. The local phone number support in Kenya will be another plus point. The Knowledge base must provide instant solutions. Check if the broker has a Kenyan phone number on their website. Also, the local brokers will have an Office address where you can visit.

All the 6 regulated Non-dealing forex brokers in Kenya have these info on their website. They have listed their Kenyan phone no. on their contact page. Cards, mobile money, and e-wallets deposits are credited instantly while withdrawals to e-wallets are instant, it takes about 72 hours for card withdrawals to be credited.

Deposits and withdrawals made with cryptocurrencies are executed in 72 hours. Exness have support via email, phone number no local phone in Kenya and live chat.

Their live chat virtual assistant starts by showing you some answers to frequently asked questions FAQ and you can request to be transferred to a live agent. Response time was under 5 minutes. Scope Markets Kenya is a CMA regulated broker, that offers forex and CFDs trading on Futures Indices, Cash Indices, Commodities, and Shares.

They also hold a license to trade in derivatives. Scope Markets Kenya has two account types for traders, Gold and Silver. Their trading platforms are MT5 on the web, iOS, and Android. Payment methods accepted are cards, e-wallets, MPesa, and direct bank transfers. The app has calculators for pips, margin, swaps, and profit. There are no deposit or withdrawal fees on Scope Markets and all accounts are swap-free with maximum leverage of Deposits made via MPesa are credited instantly, while bank transfers take up to 24 hours.

Scope Markets Kenya has an office in Nairobi, offer support via email, a local phone number, and live chat that responds within 2 minutes on weekdays.

XM is licensed by CySEC and Financial Services Commission FSC , Belize, which makes them score moderate on trust and safety of funds for traders. XM account types are Micro, Standard, Ultra Low, and Shares, with an option for an Islamic account. Traders can hold more than one account type. All accounts have negative balance protection that prevents traders from losing more than the money in their trading account. There are no deposit or withdrawal fees.

Only the Shares account has commission fees. Spread is 0. If there is no free balance, then no fee is charged. You need to log in to your account to view the deposit methods. XM accept MPesa, and you need to select the Mobile payment method in the deposit methods in the XM panel to see it. Deposits made via bank transfers and MPesa can take up to 5 days to be credited, while cards and e-wallets deposits are credited instantly.

Withdrawals to MPesa, e-wallets, bank accounts, and cards are processed within 24 hours. XM has email, international phone and fast and responsive live chat support, that is available 24 hours Monday through Friday. They also have an educational section on their website for traders. FXTM is a leading online forex broker in Kenya that is regulated under the CMA as Exinity Group.

They are registered as ForexTime Limited in Cyprus and are well regulated by the CySEC, FCA and FSCA. FXTM offers a range of financial products and CFDs on currencies, cryptocurrencies, shares, and commodities. Trading accounts are categorized into Micro, Advantage, and Advantage plus. Also, offer demo accounts for new traders to learn. Micro and Advantage plus accounts attract zero commission and spread fees from 1.

Zero deposit fees apply. Withdrawals are processed within 1 day and funds are received in your bank account. And you need to have enough free margins on your account to cover your withdrawals.

FXTM has email and phone number support, with a live chat assistant that answers basic questions and you can request to be transferred to a live agent, typically responds in 1 minute on working days. HotForex is a well-regulated forex broker in Kenya that accept MPesa, licensed by one Tier 1 regulator FCA, DFSA, FSCA, CMA, and Financial Services Authority Seychelles.

Account types available on HotForex are Premium, Zero, Micro, Auto, PAMM, and HFCopy. Traders can use robots like Expert Advisors EAs on HotForex. HotForex provides technologies like Trading Calculator, Economic Calendar, VPS Hosting Services, Auto Trading, etc.

to make trading easy and friendly. They also have educational resources like courses, webinars, and video tutorials to help traders learn and understand the platform. HotForex fees are competitive with a Premium account, with no charges on deposits or withdrawals via MPesa. Typical spreads for Premium, Micro and Auto accounts is 1. While deposits through bank transfers are credited within days, cards and mobile money MPesa and WebMoney deposits are credited instantly and it can take up to 10 minutes for e-wallets deposits to be credited.

Both are processed within business days. HotForex offers 24 hours weekdays support via a phone helpline but does not have local phone support in Kenya. Overall support is good. M-Pesa was launched by Vodafone and Safaricom in Since its launch in Kenya, M-Pesa has expanded to other African countries like Tanzania, Mozambique, DRC, Lesotho, Ghana, and Egypt.

M-Pesa is a mobile-based money transfer service and is a branchless banking service. Choose a Regulated Forex Broker: Is the broker regulated with CMA? The first step to opening a forex trading account is to pick a broker. It is important that you trade with well-regulated brokers.

Currently, only 6 brokers are regulated by CMA. These include FXPesa, Scope Markets Kenya, FXTM, HotForex, Windsor Brokers, and PepperStone. Signup with the Broker: This generally involves a straightforward process.

We will breakdown the signup info 3 processes. You will be required to enter contact information including phone number, email, and full name. A 4 digits code will be sent to your phone, you will enter the code and continue. Next, you will be required to provide some information about your trading experience and to read and sign the legal declaration online.

Verify Your Account: A confirmation email will be sent to you, which will confirm that you have signed up with the broker. The email will also include the next steps which you need to follow.

And you will be required to verify your identity by uploading a government-issued ID and an address verification document like a water bill. Account Approved: Afterwards, if your account opening is approved, you will receive an email with your login details and a link to download the app.

On the app, you can make deposits and start trading. You can deposit via Mobile money MPesa. Generally, the deposits are instant a few minutes at most of the brokers using this method.

We've listed some Best Forex Brokers that accepts MPesa from Kenya traders. For you we have reviewed many forex brokers that accept MPesa from Kenya. Check and Compare all such brokers. Forex trading is one of the most important financial markets all over the world. If you are thinking about signing up for an account with a forex broker to trade on the Kenyan market, then this post is for you.

You could register with one of the six Kenyan forex brokers that accept M-Pesa and credit your account instantly. Many foreign brokers that accept MPesa are unregulated or not safe. FxPesa is a local forex broker in Kenya registered as EGM Securities Limited and is one of the only 6 forex brokers that is regulated in Kenya under the CMA. You can access the FxPesa trading platform on the web, MT4 trader and mobile applications on Android and iOS devices, from which you can trade Forex and CFDs on Indices, over 60 currencies pairs, Shares, Commodities, and they accept MPesa.

FxPesa offers traders two account types. FxPesa offers free deposits to traders. While direct wire bank transfers take days to credit to the trading account, payments through cards, e-wallets Skrill, Neteller , and mobile money MPesa are credited instantly.

Withdrawals to Kenyan bank accounts are received within days and have no fees. Withdrawals to MPesa is received in 3 hours and is free of charge. It is important to note that withdrawals are only sent to the same account from which the deposit was made and withdrawals initiated after PM EST are processed the next day.

FxPesa has email and toll-free phone number support for traders in Kenya. The Exness Group is a leading financial services provider founded in that offers trading in financial instruments and CFDs including stocks, currency pairs, cryptocurrencies, metals, energies, and indices. This makes them safe to trade with. Exness has MT4, MT5, and WebTerminal trading platforms, with mobile apps available on the App Store and Google Play Store.

Traders can choose either the standard account which has an average spread of 1. Exness also offers Islamic accounts with zero spreads and swaps.

Offers deposit and withdrawals via MPesa. Cards, mobile money, and e-wallets deposits are credited instantly while withdrawals to e-wallets are instant, it takes about 72 hours for card withdrawals to be credited. Deposits and withdrawals made with cryptocurrencies are executed in 72 hours. Exness have support via email, phone number no local phone in Kenya and live chat. Their live chat virtual assistant starts by showing you some answers to frequently asked questions FAQ and you can request to be transferred to a live agent.

Response time was under 5 minutes. Scope Markets Kenya is a CMA regulated broker, that offers forex and CFDs trading on Futures Indices, Cash Indices, Commodities, and Shares. They also hold a license to trade in derivatives. Scope Markets Kenya has two account types for traders, Gold and Silver. Their trading platforms are MT5 on the web, iOS, and Android. Payment methods accepted are cards, e-wallets, MPesa, and direct bank transfers. The app has calculators for pips, margin, swaps, and profit.

There are no deposit or withdrawal fees on Scope Markets and all accounts are swap-free with maximum leverage of Deposits made via MPesa are credited instantly, while bank transfers take up to 24 hours. Scope Markets Kenya has an office in Nairobi, offer support via email, a local phone number, and live chat that responds within 2 minutes on weekdays. XM is licensed by CySEC and Financial Services Commission FSC , Belize, which makes them score moderate on trust and safety of funds for traders.

XM account types are Micro, Standard, Ultra Low, and Shares, with an option for an Islamic account. Traders can hold more than one account type. All accounts have negative balance protection that prevents traders from losing more than the money in their trading account. There are no deposit or withdrawal fees. Only the Shares account has commission fees. Spread is 0.

If there is no free balance, then no fee is charged. You need to log in to your account to view the deposit methods. XM accept MPesa, and you need to select the Mobile payment method in the deposit methods in the XM panel to see it. Deposits made via bank transfers and MPesa can take up to 5 days to be credited, while cards and e-wallets deposits are credited instantly.

Withdrawals to MPesa, e-wallets, bank accounts, and cards are processed within 24 hours. XM has email, international phone and fast and responsive live chat support, that is available 24 hours Monday through Friday. They also have an educational section on their website for traders. FXTM is a leading online forex broker in Kenya that is regulated under the CMA as Exinity Group. They are registered as ForexTime Limited in Cyprus and are well regulated by the CySEC, FCA and FSCA.

FXTM offers a range of financial products and CFDs on currencies, cryptocurrencies, shares, and commodities. Trading accounts are categorized into Micro, Advantage, and Advantage plus. Also, offer demo accounts for new traders to learn. Micro and Advantage plus accounts attract zero commission and spread fees from 1. Zero deposit fees apply. Withdrawals are processed within 1 day and funds are received in your bank account.

And you need to have enough free margins on your account to cover your withdrawals. FXTM has email and phone number support, with a live chat assistant that answers basic questions and you can request to be transferred to a live agent, typically responds in 1 minute on working days. HotForex is a well-regulated forex broker in Kenya that accept MPesa, licensed by one Tier 1 regulator FCA, DFSA, FSCA, CMA, and Financial Services Authority Seychelles. Account types available on HotForex are Premium, Zero, Micro, Auto, PAMM, and HFCopy.

Traders can use robots like Expert Advisors EAs on HotForex. HotForex provides technologies like Trading Calculator, Economic Calendar, VPS Hosting Services, Auto Trading, etc. to make trading easy and friendly.

They also have educational resources like courses, webinars, and video tutorials to help traders learn and understand the platform. HotForex fees are competitive with a Premium account, with no charges on deposits or withdrawals via MPesa. Typical spreads for Premium, Micro and Auto accounts is 1. While deposits through bank transfers are credited within days, cards and mobile money MPesa and WebMoney deposits are credited instantly and it can take up to 10 minutes for e-wallets deposits to be credited.

Both are processed within business days. HotForex offers 24 hours weekdays support via a phone helpline but does not have local phone support in Kenya. Overall support is good. M-Pesa was launched by Vodafone and Safaricom in Since its launch in Kenya, M-Pesa has expanded to other African countries like Tanzania, Mozambique, DRC, Lesotho, Ghana, and Egypt. M-Pesa is a mobile-based money transfer service and is a branchless banking service.

Choose a Regulated Forex Broker: Is the broker regulated with CMA? The first step to opening a forex trading account is to pick a broker. It is important that you trade with well-regulated brokers. Currently, only 6 brokers are regulated by CMA. These include FXPesa, Scope Markets Kenya, FXTM, HotForex, Windsor Brokers, and PepperStone. Signup with the Broker: This generally involves a straightforward process. We will breakdown the signup info 3 processes. You will be required to enter contact information including phone number, email, and full name.

A 4 digits code will be sent to your phone, you will enter the code and continue. Next, you will be required to provide some information about your trading experience and to read and sign the legal declaration online. Verify Your Account: A confirmation email will be sent to you, which will confirm that you have signed up with the broker.

The email will also include the next steps which you need to follow. And you will be required to verify your identity by uploading a government-issued ID and an address verification document like a water bill. Account Approved: Afterwards, if your account opening is approved, you will receive an email with your login details and a link to download the app. On the app, you can make deposits and start trading. You can deposit via Mobile money MPesa. Generally, the deposits are instant a few minutes at most of the brokers using this method.

Apart from CMA regulation, there are other important factors to consider when choosing a broker that accepts MPesa. Here, we will be looking at other factors. Putting all of these factors together is important for a wholesome trading experience.

Here are some of them. However, there are other trading fees like spread, commissions, and swaps. Most brokers charge spread and swaps. Commissions might or might not be charged based on account types.

He strives to showcase the best forex brokers in Africa. Unlike other forex brokers who have issues with proof of residence when opening an account. Exinity offers clients trading opportunities in assets like Indices, Stocks, Forex, and Commodities. New traders can learn via a variety of formats since the broker providers educational videos and articles. ExpertOptions also pledges to deliver the fastest possible trading in the industry via its own dedicated platform. Your capital is at risk. Among the factors to consider are spreads, commissions, and charges on withdrawals and deposits.

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