Xm forex kenya

High trading fees on forex & cfds. Also, fees for withdrawal and inactivity.
No local phone number dedicated for kenya.

Today forex bonuses

Best Forex Brokers that accept MPesa in Kenya, xm forex kenya.

We reviewed 18 brokers that accepted mpesa, and have chosen only those forex brokers that are highly regulated – having minimum 2 tier-1 & tier-2 regulations. All these are also having an established track record and reputation.

Best forex brokers that accept mpesa in kenya

We've ranked the forex brokers accepting mpesa after comparing their trading fees, regulations, ease of withdrawals & 5 other factors.

Last updated: december 30, 2020

Trading forex in kenya is legal & regulated. But there are only a few brokers that offer local deposit & withdrawal methods. 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.

We have also made a comparison for their diverse plus points including trading fees, platforms, and others.

Comparison table of best forex brokers in kenya that accept mpesa

6 best forex brokers that accept mpesa

These reputed forex brokers accept mpesa from traders in kenya:

Let’s compare all the pros & cons of each broker that accepts mpesa.

#1 fxpesa – best forex broker that accepts mpesa in kenya

Regulations: CMA kenya

Minimum deposit: ksh. 500 or $5

Trading fees: from 1.5 pips for EUR/USD with standard account

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. For a major currency pair like EUR/USD, the typical spread is 1.6 pips per standard lot. They offer trading on MT4, web trader, and mobile platforms.

Fxpesa offers only a single account type to traders. It is a no-commission – spread only account. The minimum deposit required is $5 and maximum leverage is 1:400. Deposits and withdrawals with fxpesa do not have fees.

66 pairs of currency are offered to trade on fxpesa’s platform. 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. 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. Fxpesa does offer support & sales through a phone number in kenya.

Fxpesa’s parent company EGN securities is CMA regulated. So, considered safe.

The fee structure is very simple.

Their support is very good. They also offer local phone number for support to traders in kenya.

Higher spreads of 1.6 pips and above.

Limited CFD instruments other than forex.

#2 XM forex – zero commission mpesa accepting broker

Regulations: ASIC, cysec of cyprus

Minimum deposit: $5

Trading fees: as low as 0.8 pips for EUR/USD with ultra low account

XM forex is also a highly regulated forex broker that is regulated with top-tier global financial authorities. These include the ASIC & CYSEC. XM broker is one of the largest forex brokers in the world & is well reputed. 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 ultra-low account as per our benchmark with the EUR/USD has average spread of as low as 0.8 pips.

The minimum deposit required for opening an XM account is $5. The leverage offered to traders is 1:888. Traders get to trade in 57 currency pairs and 1, 183 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. They offered us fast & accurate responses to all your queries on their fees, regulations, funding & withdrawals.

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.

Regulated by ASIC, and CYSEC

Ultra-low account offers very low standard spread for EUR/USD with 0.8 pips.

Quick execution of orders and nil re-quotes.

Negative balance protection offered.

Withdrawals and deposit fees are not charged.

Well-informed and quick support via live chat.

Phone number support in kenya not available.

Limited cfds other than forex.

XM does not offer CFD trading on cryptos.

#3 exness – low spread forex trading using mpesa

Regulations: FCA (UK), cysec of cyprus

Minimum deposit: $1

Trading fees: as low as 0.1 pips for EUR/USD

Exness has been operating from 2008 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 0.3 pips. There is no commission on the trading volume, other than spread. For standard account – the costs are based on tight spreads starting from 0.1 pips. The spreads overall are very low with exness.

You can open an account with exness with as less a $1. The professional account however requires a $ 200 deposit. 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 107 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.

Exness is regulated with multiple regulators.

Several types of accounts and methods of execution, suitable for both professionals and beginners.

Higher options of currency pairs available for trading forex.

MT4 & MT5 platforms, with advanced range of tools and analysis for research.

Limited account base currency options.

Limited cfds other than forex.

No local phone support in kenya.

#4 scope markets kenya – local forex broker that accepts mpesa

Regulations: CMA

Minimum deposit: $20

Commission/trading fees (benchmark): lowest, 1.1 pips for EUR/USD

#5 hotforex – low cost forex broker that accepts mpesa

Regulations: FCA (UK), FSCA, FSA

Minimum deposit: $5

Commission/trading fees (benchmark): on average, 1.2 pips for EUR/USD trade with premium account

Hotforex is a legit forex broker successfully operating in the industry for 10 plus years. They are extremely well regulated – including with 1 tier-1 & multiple tier-2 regulators. Their regulations include the FCA – financial conduct authority and FSCA – financial security conduct authority (FSP no.46632). 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. The average USD/EUR spread with the premium account is 1.2 pips. This account needs a minimum deposit of $ 100. However, the micro account needs just a $ 5 deposit for activation.

Premium is free of commission – spread only trading account. The zero account meanwhile has a low spread + $6 per 100,000 units (1 standard lot). Trading on the latest MT4 and MT5 platforms for all devices are offered by HF.

There are 50 currency pairs available for trading at hotforex platform – that includes majors, minors, and exotic. Its trading assets also include 4 cryptocurrencies, 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 on weekdays. But hotforex does not have local phone support for traders in kenya. Nevertheless, overall customer support services are good.

Hotforex is regulated with multiple regulators in different countries. So considered safe.

STP (straight through processor) forex broker, so there is no conflict of interest.

No fees are charged for your withdrawals or deposits, including no fees for mpesa.

Offers some of the most generous bonuses to new traders, especially 100% credit bonus.

Quick execution of trades.

Spreads are tight.

Excellent and very helpful customer support.

Not regulated with CMA in kenya.

Does not offer local phone support in kenya.

#6 FXTM – CMA regulated forex broker accepting mpesa

Regulations: CMA, FCA, FSCA, cysec

Minimum deposit: $10

Trading fees: from 2.1 pips for EUR/USD with cent account

Forextime is regulated in diverse jurisdictions globally. Their top-tier financial regulations are with CMA, FCA, CYSEC, and FSCA (FSP no. 46614).

But a higher average spread is charged with FXTM’s standard accounts as per our benchmark test for EUR/USD. The standard account has an average of higher than 2.1 pips spread. The FXTM cent account has even higher spread.

FXTM charges commission for its ECN account. This is $2 for each side which adds to $ 4 per trade for 1 standard lot. All deposits are free of charge at FXTM, including for mpesa. However, there are fees for withdrawals depending on the method.

The minimum deposit to open an FXTM cent account is $10. The standard account requires $100.

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.

Well regulated with multiple regulators.

Account opening process is fast.

Good educational section on their website.

High trading fees on forex & cfds. Also, fees for withdrawal and inactivity.

No local phone number dedicated for kenya.

How we selected the best mpesa accepting forex brokers?

Here are the major factors that we have considered while reviewing the forex brokers accepting mpesa:

1. 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 broker is regulated in kenya then it is to be considered safe. There are just 3 brokers regulated with kenya’s CMA if you are looking to trade with only a local broker. One of them is fxpesa.

2. Overall fees: the factors considered here are spread, commissions, and charges on withdrawals and deposits.

Majority of the brokers charge fees for dormant/inactive accounts too. Some of them also levy extra fees on a few CFD instruments. So, it is vital to research the overall fees of the asset that you are seeking to trade.

3. Solid trading platform on mobile & desktop: the broker must offer a well-equipped and user-friendly trading platform.

Also, there must be multi-device support, quick execution, no freezing, and multiple order types. These can significantly enhance your trading comfort.

4. Easy & quick account opening: the account opening must be easy and fast. The approval of the account upon submission of documents (ID & address proof) must not take more than 48 hours.

5. 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. The number of available product classes/trading instruments is also a factor. You must also check if the instrument that you are looking to trade is offered for the lowest fees or not.

6. 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.

Frequently asked questions: forex brokers that accept mpesa

Which reputed forex brokers accept mpesa?

As per our research, hotforex & exness offer the best trading conditions for traders, and both of them accept mpesa with zero fees on funding & withdrawals.

If you are looking for a local broker that has office in kenya, then we recommend fxpesa, which is the brand of EGM securities – a CMA regulated broker.

What is the minimum deposit required for forex trading using mpesa?

Here is a brief overview for traders in kenya:

Hotforex – $5 deposit with micro account. $100 for lower spread premium account.

Exness – as low as $1 with standard account

XM forex – $5 minimum deposit for opening micro account. $50 for ultra low account

Fxpesa – $5 deposit required for standard account

How can you start trading forex in kenya using mpesa?

You should start by learning forex trading. If you are a beginner then start by reading our forex trading for beginners guide.

Once you have understanding of the concepts like technical analysis, risk management & fundamentals, then you can take then next step & open demo account with the broker of your choice.

Only when you are profitable on demo, you should open live account with a regulated broker that accepts mpesa & has low minimum deposit requirements. After trading, analyze all your trades & only scale if you have good understanding of all the risks & trading strategy.

Best forex brokers kenya for 2021

The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in kenya is popular among residents. While recommended, forex brokers are not required to become authorised by the capital markets authority (CMA) to accept residents of kenya as customers, unless based in kenya.

The capital markets authority is the financial regulatory body in kenya. Website: https://www.Cma.Or.Ke/. We also recommend that residents of kenya follow the CMA on twitter: https://twitter.Com/cmakenya.

The CMA was established in 1989 and is responsible for supervising, licensing, and monitoring the activities of market intermediaries. For a historical breakdown, here's a link to the capital markets authority webpage on wikipedia.

Best forex brokers kenya

To find the best forex brokers in kenya, we created a list of all brokers that list kenya as a country they accept new customers from. We then ranked brokers by their trust score ranking.

Here is our list of the best forex brokers in kenya.

IG - best overall broker 2021, most trusted

Saxo bank - best for research, trusted global brand

Interactive brokers - great for professionals and institutions

City index - excellent all-round offering

XTB - best customer service, great trading platform

FOREX.Com - great all-round offering

Etoro - best copy trading platform

Kenya forex brokers comparison

Compare kenya authorised forex and cfds brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's forexbrokers.Com trust score.

Forex broker	accepts KE residents	average spread EUR/USD - standard	minimum initial deposit	trust score	overall	visit site
IG	yes	0.745	£250.00	99	5 stars	visit site
saxo bank	yes	0.800	$10,000.00	99	5 stars	visit site
interactive brokers	yes	N/A	$0	94	4.5 stars	visit site
city index	yes	1.100	£50.00	93	4.5 stars	visit site
XTB	yes	0.860	$0.00	92	4.5 stars	visit site
FOREX.Com	yes	1.400	$100.00	93	4.5 stars	visit site
etoro	yes	1.00	$200	91	4 stars	visit site
avatrade	yes	0.910	$100.00	93	4 stars	visit site
XM group	yes	1.600	$5-100	84	4 stars	visit site
FP markets	yes	1.140	$100 AUD	81	4 stars	visit site
pepperstone	yes	1.160	$200.00	90	4 stars	N/A
IC markets	yes	0.800	$200	83	4 stars	visit site
fxpro	yes	1.510	$100.00	89	4 stars	visit site
vantage FX	yes	1.350	$200	79	3.5 stars	N/A
moneta markets	yes	1.300	$200.00	79	3.5 stars	N/A
HYCM	yes	2.00	$100	84	3.5 stars	visit site
VT markets	yes	1.30	$200	79	3.5 stars	N/A
blackbull markets	yes	0.76	$200	70	3.5 stars	N/A
octafx	yes	1.100	$5	59	3.5 stars	N/A
hotforex	yes	1.20	$50	83	4 stars	N/A
easymarkets	yes	0.900	$100.00	81	3.5 stars	N/A

How to verify CMA authorisation

To find a list of authorized forex brokers, residents can download the list of licenses report from the capital markets authority website to verify the authorisation of a broker.

More forex guides

Methodology

For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex risk disclaimer

"there is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." learn more.

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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Advertiser disclosure: forexbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

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Top forex brokers that accept mpesa deposits in kenya

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

Regulated

:available on all devices

:101 trading tools

:demo account available

:trading signals available

:24/7 support

:trading community

12 trading platforms

:6 account types

:150+ trading platforms

:15+ funding methods

As a writer of forex content; one of the questions that I’m constantly asked is to recommend a good forex broker that accepts mpesa deposits in kenya.

Of course, they aren’t so many.

And just until recently, the few brokers who provided mobile payment solutions were either unreliable or new.

In this post, we list forex brokers that accept mpesa deposits and withdrawals in kenya.

Some of these brokers are strict to forex trading. Others are diverse and also provide options trading on the side.

1. XM forex.

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.

Confirm that you want to fund XM forex via dusupay.

You will see this message after clicking continue –

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.

2. Iron trade.

Updated on 8/13/2019 – before opening an account with iron trade or investing your money with the platform, know you can lose all your investments. Another thing, people who have invested in iron trade in kenya have reported trouble in withdrawing their money.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

It is owned and operated by bartoli management S.A of address 306 premier building, albert street, victoria, mahe, republic of seychelles .

Iron trade offers forex and options trading with the lowest trading time in the market.

You can open a trade that runs for 30 seconds and get 80% returns (or more) when you win.

The best thing about iron trade is, it operates 24 hours – 7 days a week.

Take note that deals made during the weekend are over the counter deals (OTC).

What’s the meaning of OTC?

Over the counter, trade means a transaction made between two parties without publishing it anywhere. These types of deals are unique to iron trade and can be a source of income when forex is off.

Is the iron trade platform user friendly?

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

It is easy to open an iron trade account, navigate, and to actually trade on the platform.

To confirm that it is, in fact, easy to use and that the OTC option works just fine; I opened an iron trade account over the weekend;

Traded on the demo account, lost, recovered, and made some profits.

Forex Brokers that accept Mpesa deposits

Does iron trade accept mpesa deposits?

Yes, in fact; the system is so easy to use and very convenient.

You will be redirected to the dusu pay page with an option to choose your preferred payment choice.

Payments are localized such that if you are in kenya you can use mpesa; cameroonians can use MTN money to deposit to iron trade; ghanaians can use mobile money; nigerians to use mastercard, verve, and visa; rwandan traders can use MTN mobile money to deposit; tanzanians can use mobile money and the people of uganda can make a deposit to iron trade with either airtel money or MTN mobile money.

Payments in iron trade are safe and secure and you can deposit ksh. 1,000 minimum.

3. Expert option.

How to fund your expert option account in kenya.

There are 11 easy ways to deposit money to your expert option account in kenya. You could use your visa card, mastercard, maestro, yandex money, qiwi, crypto, perfect money, fasapay, webmoney, neteller, or skrill. But perhaps the only method you’d want to learn how works is the newly introduced mpesa deposit method.

How to use mpesa to deposit money to your expert option account.

Login to your expert option account or register here if you are new to trading. Now click on the deposit button on the top right corner of your browser and choose mpesa.

Enter your mpesa number and click continue.

Enter your mpesa number again and click pay. Your number must not have a (+) sign at the beginning. In case of any difficulty in payment, just reply to the live chat pop up on your computer and you will get instant help.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

You will get a push notification (on your phone) asking if you want to pay the specified amount to flutterwave account number expertoti… enter your mpesa pin to complete the transaction.

Your account will be updated instantly.

Remember, after your first deposit you won’t be able to change your deposit and withdrawal method.

4. Templerfx.

Templerfx is one of the most popular forex brokers in kenya. And a pioneer of forex deposits via mpesa.

Like most international brokers, templerfx is licensed to the financial services authority (FSA) of saint vincent and the grenadines.

You can trade forex, metals, energies, cfds and spot indices on templerfx.

How to deposit money to templerfx.

Templer accepts deposits from different wallets from across the world.

People in russia can use alfa-bank to make a quick deposit; georgians, kazakhstanis, and ukrainians can use self-service terminals for instant deposits.

Kenyan and tanzanians can use mpesa for mobile wallet deposits. Nigerians, south africans, europeans, and people of aisa – can use: – skrill, perfect money, contact, visa, mastercard, leader, OK pay, paxum, name it..

The minimum deposit in templer is ksh. 100.

Are spreads in templer good enough for newbies?

Here’s a sneak peek of templer contract specifications.

Learn more about templerfx here.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

5. Olymp trade.

Olymp trade is so far the best option trading broker in the world.

If you don’t have an account with olymp trade already, register.

Olymp trade does not currently accept mpesa deposits but I believe it is a service that they will soon integrate.

At the moment though, you can deposit from mpesa via skrill to olymp trade.

It is also possible to deposit to olymp trade from mpesa via neteller.

6. EGM securities accepts mpesa deposits.

EGM securities is a local broker in kenya that provides a platform for trading both forex and cfds.

Hard as it is to believe, EGM is the only FX company that is regulated in kenya under the capital markets authority.

To start trading in EGM you need to deposit at least $200 or $5000 depending on if you want to start trading with an executive or a premium account.

Unlike it’s international competitors spreads in EGM are high at 1.6 with a maximum leverage of 1:400.

EGM supports MT4 trading and it also accepts mpesa deposits.

7. IQ option.

When we talk about options trading, which trading platform comes to your mind?

Expert option?

Binomo?

Avatrade?

To most of us, we think IQ option when we think trading.

And even though IQ option isn’t currently as popular to kenyans as the wildebeest migration is to the serengeti; it is still a broker to recon with.

IQ option doesn’t currently accept mpesa deposits.

However, you can still deposit from mpesa to IQ option via skrill or neteller.

8. FXTM accepts mpesa deposits


MT4	✓
MT5	✓
minimum deposit	$10
ECN (minimum deposit	$200
mpesa deposit kenya	available
start trading	register

Did you know that FXTM is now the only international and most reputable forex broker that offers almost all the local deposits solutions to almost all african countries?

Nigerians can deposit to FXTM using nigeria local bank wire transfer

Indonesians can deposit using indonesian local transfer

Algerians can deposit with algerian local transfers (local currency supported)

Kenyans can deposit to FXTM using mpesa ( join FXTM )

Pakistani can deposit to FXTM using local transfer for india and pakistan

People of malaysia can deposit using online banking malaysia services

Traders from afghanistan can deposit with afghani local transfers services

Chinese traders can deposit to FXTM using china online banking (P) services

Traders from tanzania can deposit using tanzanian local transfers (BRK)

FXTM traders from vietnam, thailand, and iraq can also deposit using local transfer services

FXTM also accepts all E-wallets including dusupay which allows rwanda and ugandan traders to deposit using MTN mobile money.

P.S mobile money deposits are instant.

9. Hot forex kenya

Hotforex is the latest forex broker to accept mpesa deposits in kenya.

If offers different account types to different traders. Accounts which include: –

A. A micro account which only needs a $5 deposit to activate

B. A premium account that needs $100 to activate and an auto account.

You can trade over 47 different currency pairs, gold, and metals, oil and energies, commodities, stocks and indices with hotforex.

And even more interesting, you can deposit and withdraw money to the broker via all these methods

Bank transfer

Credit card

Debit card

Boleto

China unionpay

Fasapay

NETELLER

Mpesa

Skrill

Webmoney

Yandex money

Lesson 3 | how to make money trading forex in kenya | XM forex

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

So far we have learnt that in order to place an order in forex, one has to sell a currency and buy another. Or buy a currency and sell the other.

Simply put, selling and buying of currencies go in hand. And when done well, you should start making money in forex without brakes.

Is this something you really yearn for?

Are you ready to execute your first trade and start making money in forex?

If you answered YES to both questions then this post is for you.

All you have to do is, exchange one currency for another expecting that the price will change.

It make sense if the your prediction is correct because then you will make money off your forecasts.

The example below shows how to make money trading forex in kenya.

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

Wondering how we got to $700 in profits?

This is how we reached at the $700 weekly profits.

We took advantage of the exchange rates.

In scenario 1 we bought 10,000 euros at an exchange rate of 1.1800.

EUR 10,000 x 1.18 = $11,800 (spent).

In scenario 2 we sold 10,000 euros at an exchange rate of 1.2500.

EUR 10,000 x 1.25 = $12,500 (received).

Demo account

:regulated

:MT4 integration

:supports all devices

:fast payouts

:instant deposits

Profits = $12,500 (received) – $11,800 (spent) = $700.

In perspective, the exchange rates are there to guide you on how many of the second currency (quote currency) you need to buy the first currency. And how many of the second currency you’ll get if you sell the first currency (base currency).

Beginners guide to reading forex quotes.

I will begin by reiterating what we learnt in lesson 2 and 1 simultaneously.

Currencies traded in forex are always quoted in pairs.

Because in every exchange transaction you do in forex, you will have to buy and sell two currencies at one and the same time.

The table below shows examples of commonly traded currency pairs.

PAIR	COUNTRY OF ORIGIN	MEANING
EUR/USD	eurozone/USA	euro – US dollar
USD/JPY	USA/japan	US dollar – yen
GBP/USD	united kingdom/USA	pound sterling – US dollar
USD/CHF	USA/switzerland	US dollar – swiss franc
USD/CAD	USA/canada	US dollar – canadian dollar
AUD/USD	australia/USA	australian dollar – US dollar
NZD/USD	new zealand/USA	new zealand dollar – US dollar

The image above shows the EUR/USD pair with an exchange rate of 1.11400 .

The first currency is the base currency (EUR) while the second currency (USD) is the quote currency.

The exchange rate guides you on how much of the the quote currency you need to purchase one base currency.

From the example above, you will pay 1.11400 (USD) to get 1 EUR.

On the flip side, the exchange rates guide traders on how many units of the quote currency to expect if you sell 1 base currency.

Still using the example above, you will get 1.11400 (USD) for every single EURO you sell.

That said, how can you make money trading forex?

Place an order on price rise if you believe that the base currency will become more expensive in relation to the quote currency.

2. Sell the currency you are holding if you believe that the price of the base currency will fall lower than what’s currently shown as the quote price.

Common terms used when buying or selling currencies.

Going long vs going short .

Going long means buying the base currency and selling the quote currency — going short on the other hand means selling the base currency and buying the quote currency.

When you go long, you are predicting that the base currency will increase in value.

Best forex brokers in kenya 2021 (TOP 10 list) CMA licensed

Read the comparison of TOP 10 list containing the best forex brokers in kenya for year of 2020.

CM TRADING

One of the best and most trusted forex trading brokers on african continent. Fully regulated. They are 100% secure and with a robust and stable trading platform that comes with metatrader 4.

Welcome BONUS up to $150 for new forex traders from kenya

You can deposit to trading account directly in local currency

Local kenya deposit methods

First minimum deposit required $250

Maximum leverage is 1:200

24/5 support

Quality education for traders

Metatrader 4

Scalping and hedging is allowed

Who regulates forex brokers in kenya ?

More and more middle class kenyans invest in forex trading. Therefore the local finance market cleanup from unscrupulous companies was inevitable.

Capital market authority (CMA) is the state finance markets watchdog located in the capital nairobi established in 1989 by ministry of finance. If anyone opens up a new local forex company, they must get the local license from CMA office. In order to obtain a CMA license a company must have a minimum capital of sh50 million. Maybe due to this, or given the fact that kenyan market is relatively small, there are hardly any CMA regulated fx brokerages, but the situation is quite different when we compare to other african countries where market is more mature like south africa or nigeria where local people have much wider choice.

Perhaps due to fact that the final regulatory framework existing in kenya is not yet finalised (for example capital markets act signed in 80’s) like in other african countries, there are many shady brokerages fishing for newbie kenyan traders who can easily fall victims to a ponzi scam scheme. Recently in 2017 the CMA has cracked down on thousands of illegal forex companies in kenya which is a good sign indeed. We strongly advise you to trade with regulated forex brokers , just as an example all companies which you can find in our comparison review table on this page are 100% secure and trusted by thousands of kenyan forex traders.

The most trusted regulatory agencies are british FCA, cyprus cysec and australian ASIC. These government agencies force forex companies to implement strict security standards such as segregated accounts (where your money is safe in a first class bank account like barclays, completely separated from the funds that broker’s own money that they use to fund the operations) some even force to offer negative balance protection (meaning you will never owe more money than you deposit) to protect even those clients who are from outside of the E.U. That being said, if you open a forex trading account with forex brokerage regulated by any of these agencies, there is a high chance that your money will be safe.

CMA licensed forex brokers

Pepperstone is one of recommended CMA licensed forex brokers. With offices around the world, tight spreads on currency pairs starting at 0.0 pips, pepperstone is one of the most popular brands across the world and now also regulated in kenya.

How to choose a forex brokerage as a kenyan trader

First of all, you need to asses your current knowledge and trading style. If you are a beginner and know nothing about currency trading, we encourage you to stay away of metatrader4 and just start out with some webtrader that doesnt need to be downloaded.

Kenyan forex traders have to decide, whether they choose CMA regulated fx company or go with some of the world’s most trusted currency brokerage. Unfortunately as stated in the section about regulation there are currently no big brands phycically located in kenya. If you go with CMA licensed, you will have to deposit only through broker’s ledger (not via skrill), which allows the kenyan government to track capital flows in and out of country, and kenya revenue authority (KRA) would be able to tax trader based on their income from currency trading.

Trading fees & commisions

Whether you are an intermediate trader or just a newbie you need to carefully inspect the fees structure, because that will make you or break you. The lower the fees, the better.

Spreads – the difference between SELL and BUY price in points (pips) anything over 3 pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.

Swaps – the fee you pay in order to keep the contract open over night.

Commisions per LOT – you don’t see this very often, usually only with the top class.

Other fees:

Deposit fees, withdrawal fees, fees for inactivity.

Account types

Depending on your budget and your own trading style, you can choose between micro (trading micro lots), mini and standard accounts for the most serious trading activity. We encourage you to start small with micro or mini if possible.

Xm forex kenya

The ultimate beginners guide to making money with forex in kenya

Learning to become a successful forex trader in kenya is a difficult goal to achieve.

Like any other profession, it will take time to learn the basics of forex trading and even longer to successfully apply the different trading methodologies to the live market.

Kenya forex firm was created as a practical, no-nonsense forex education resource to help beginner forex traders in kenya achieve their goal of financial success.

Our approach to forex trading education is different in that we teach straightforward, precise forex trading strategies that are nearly always applicable to the market.

Our goal is to create a free forex education center to help new traders get their feet wet. Feel free to browse the various sections of our forex resource center. If you have any questions, feel free to contact us using the details provided here.

Why trade online forex in kenya?

Is forex trading really that profitable?

Everybody seems to be talking about this spectacular investment opportunity. There was even a guy who flew all the way from london to nairobi to hold a seminar for beginner forex traders in kenya!

But is forex trading really that profitable? Is it worth it?

Yes. It is…. Let me explain.

Online forex trading is easily one of the best ways to make money in your own time from the comfort of your own home. The forex market is the largest marketplace in the world, with more than $6.5 billion dollars worth of trades being placed every day.

And it is totally legal to trade forex in kenya. You do not need any special licenses or government authorization if you’re just trading for your own profit. However, forex brokers and money managers are supposed to get a license from the capital markets authority (CMA).

Currently, there are 3 CMA licensed forex brokers in kenya and one money management company called mansax.

The 3 CMA regulated forex brokers include:

There are many advantages to trading forex for profit, but perhaps the largest benefit is the ability to continue making profits no matter whether the market is going up or down.

Regardless of how deceptively simple forex trading looks, it is important that newer traders take time to invest in adequate education about the market and forex specifically.

The forex market is incredible, and if you have not yet made up your mind about investing in forex trading, there was never a better time than this.

Before I show you how you can start investing in online forex trading, allow me to first show you why this is the best place to put your money. Investing in online forex trading is the real definition of having your money work for you.

Largest financial market: for starters, the forex market is the largest financial market in the world with a daily turnover of around $4 trillion. With such a vast amount of money traded daily, it becomes increasingly easy for you to make a tidy sum of profit each trading day.

No middle men: if you’ve tried to invest in stocks (especially on the nairobi stock exchange), you know how cumbersome the whole process of opening a CDS account, buying and selling shares can be. You’ve to make a call to your broker every time you want to buy or sell stocks. Online forex trading does not have this cumbersome process. You open an account with a reputable forex broker, deposit funds into the account, and you are on your way to profs. You can do all this on your smartphone or laptop, without ever leaving your house.

Low startup capital: you can start trading forex in kenya with as low as 1,000 ksh! Yes, that’s not an exaggeration. Some forex brokers such as fxpesa and XM forex will even give you a little bonus on your account. With such a low initial capital, there is no reason why you shouldn’t invest in the forex market.

Leverage: remember my explanation of how you can start trading forex with ridiculously low amounts of money? That is because of leverage; an exclusive characteristic of the forex market that allows you to control huge amounts of money with very little deposited capital. Some brokers offer leverage as high as 1:1000 meaning that with a deposit of 100 USD, you can control trades worth 100,000 USD!

There are many more incredible reasons why you should invest in forex. Did you, for instance, know that there are more free stuff to help you become a better forex trader? An example is this website and my 7-day free crash course on forex investing. Plus all forex brokers available online offer demo accounts that you can use to practice what you’ve been reading.

Next, I’ll be showing you how you can start trading online forex. See you in the next chapter.

Chapter 1

What is forex trading and how does it work?

Investing in currencies is similar to investing in stocks. When you purchase stock in a company, you are buying ownership in the value of the company. When you trade currency, you are simply investing in the economy of a certain country.

The most commonly traded currencies in the forex markets are those of countries with stable governments, stable banks and low inflation. Most transactions each day are in the major currencies including the united states dollar, the japanese yen, the euro, UK sterling, the swiss franc and the canadian and australian dollars.

The currency exchange rates for these and all other currencies are driven by a number of factors and require investors to be armed with a good deal of insight, up to the minute info and an aptitude for crystal-ball gazing.

While variables such as the global economy and political climate exert an influence, the main factors tend to be interest rates, inflation and political stability.

Money markets are jumpy and this is why governments often trade in the forex market in order to affect the value of their currencies.

By buying up currency or alternatively upping the supply of their currency – in similar fashion to oil producers – governments can raise or lower the price of their currency. This kind of intervention tends to be a short-lived quick fix approach due to the sheer scale of the forex market. Highly volatile shifts in values simply cannot be sustained in the long term.

Online forex trading is done through what is called a margin account. A margin account is set up through forex brokers who will place your trade on the interbank network and oversees your account.

A margin account is like a bond account that works similar to a savings account. These margin accounts ensure that you get paid when you exit a profitable trade and ensure the banks and other traders that you can pay when you lose on a trade. Brokers also monitor your account equity and insure that you do not risk more on a trade than you have in an account.

Types of forex accounts

There are 3 different types of forex accounts offered by forex brokers when setting up your forex trading account.

Forex micro account

Forex mini account

Forex standard account

Each account has different funding requirements and leverage. Each also produces different risk reward ratios. Fore more information on the types of accounts, please click on the links above.

Lots and leverage

Currency trading is done buy purchasing lots through your margin account. Trading 1 lot is sort of like trading 1 share of stock in a company other than in forex a lot has a fixed amount of money that it is worth at the moment you buy or sell it.

A lot is a pre determined amount of currency that a bank allows you to trade based on your margin account. For example, if you are trading (1) lot on a standard account, you are typically trading 100,000 US dollars worth of currency with a leverage of 1:100.

In other words 1 lot = control of 100,000 US dollars.

By entering a trade buying 1 lot, $1000 US dollars is set aside in your margin account allowing you to control 100,000 US dollars worth of the currency you are trading.

If you are trading on a mini forex account, 100 US dollars allows you to control 10,000 US dollars worth of a currency at 100:1 leverage. This leverage is part of the reason that trading currency is so appealing to many forex traders.

What is A pip?

A pip or point interest spread, is the term used in the currency market to represent the smallest incremental move an exchange rate can make.

Depending on context, normally one basis point (0.0001 in the case of EUR/USD, GBD/USD, USD/CHF and .01 in the case of USD/JPY). Why is this important?

Pips are how forex traders get paid! If you are trading 100,000 US dollars worth of a currency, and the value of that currency goes up by 1 pip or , 100000 x 1.0001 = $10 for the trader.

Chapter

There are 3 types of charts most commonly used by forex traders when trading forex. The bar line chart, the bar chart and the candlestick chart.

Out of the three, we will concentrate on candlestick charts as they are the most common.

Japanese candle stick charts

Japanese candlestick charts have been used in various forms for analysis since before the seventeenth century.

Today this form of displaying technical information is a very popular tool among traders. This is because japanese candlesticks make it easy to identify price action. Candlestick charts are also incredibly easy on the eyes.

How do japanese candlesticks charts work?

Japanese candlestick charts display price movement versus time in a very simple and easy to read form. Each candle represents a specific amount of time. In other words, if you were looking at a 30 minute chart, each candle on the chart would represent what price did during each 30 minutes. There are 4 major parts of the candlestick.

The opening

The body

The wick

The close

The opening
the opening, or price opening, part of a japanese candle stick indicates the exact price of the currency pair at the exact start of the time frame that your japanese candlestick chart is set up to display. For example, if your chart were set up to show 30 minute candles, the opening of a candlestick at 7:30 am would show the price of that currency pair at that exact moment.

The body
the body of a candle stick then is dictated by the direction the price moves in after it opens. If the price goes up, a body will be created to indicate the difference between current price and the price at opening. A body that demonstrates that price has moved above where it opened is called a “bullish” candle, meaning the price is moving upwards.

The wick
A wick is created when a price opens and moves in one direction, only to reverse and move in the opposite direction. For example if the price opened at 10, moved up to 15, and closed out at 5, a wick would represent the path the price took before creating a bearish body and closing a bear candle.

The close
at the end of the specified time for a candlestick, a second horizontal line appears to indicate the last price that currency reached before starting a new candle.

Japanese candlestick formations
A japanese candlestick chart is then made up of several of these price vrs time candlesticks that together created different patterns and signals. All of this creates a sort of story board that tell the trader what the market has been doing. As the market can only do 1 of 3 things, move up, move down, or move sideways, there are many different looking candlsticks that fit into those 3 catagories. We will focus on a few of the most usefull formations.

Chapter

Basic forex trading strategies

Technical vs fundamental analysis

There are two different strategies to trading the forex markets that are very different from each other. Technical analysis and fundamental analysis. Although most of the strategies taught by kenya forex firm are considered technical analysis, there is a lot of merit in understanding both strategies.

Technical analysis

Technical analysis traders take trades based on the information provided to them by the charts. They consider trends, past performance, candlestick formations, resistance and support and other mathematical equations and build a case for why to or why not to make a trade.

Although technical traders do take into consideration when a fundamental economic announcement might be released in order to time market entry, for the most part they assume that the state of a countries economy, political stability, and currency demand is already reflected in the charts.

Fundamental analysis

On the other hand, fundamental traders consider economic data, political stability, supply and demand, and current events and base their entry and exit strategies off of that information.

Instead of spending their time working with and analyzing charts, fundamental traders study economic reports and stay in tune with global news. There are hundreds of economic reports released from many countries on a daily basis.

Support and resistance

Understanding support and resistance is critical to becoming a successful forex trader. One of the great advantages to trading forex is that it tends to react similarly at price highs and lows.

Highs are areas in price movement where a currency runs out of steam and a price retracement or reversal is eminent.

Lows are the same thing accept in the opposite direction.

When the market reaches a certain high and cannot break through it, that price becomes market resistance. Likewise when the market reaches a low price and can not break through it it becomes price support.

The more times the price hits a certain high or low and fails to break through it, the stronger the resistance or support of that price. Often times when price finally breaks through the support or resistance, that past support becomes future resistance and likewise the past resistance becomes future support.

Foreign currency trading, or forex, is easily one of the best ways to make money in your own time from the comfort of your own home. The forex market is the largest marketplace in the world, with more than $6.5 billion dollars worth of trades being placed every day.

It is totally legal to trade forex in kenya. You do not need any special licenses or government authorization if you’re just trading for your own profit. However, forex brokers and money managers are supposed to get a license from the capital markets authority (CMA).

The industry is regulated by the capital markets authority (CMA), making sure that retail traders like you are me are safeguarded from unfair trade practices by forex brokers. Currently, there are 3 CMA licensed forex brokers in kenya.

There are many advantages to trading forex for profit, but perhaps the largest benefit is the ability to continue making profits no matter whether the market is going up or down.

Regardless of how deceptively simple forex trading looks, it is important that newer traders take time to invest in adequate education about the market and forex specifically.

Currency trading for profit is the act of exchanging your base currency for a foreign currency. As the values of each currency change, it’s possible to exchange the foreign amount back for your base currency again and receive more than you originally paid for the trade. You get to keep the profits.

Each foreign currency is given a value that is shown down to four decimal places, with the exception of the japanese yen, which is shown to two decimal places. These pricing increments are called pips. The value of each currency shown within your forex currency trading account is likely to change several times daily.

To someone unfamiliar with forex currency trading, watching the value of a currency change by a few pips seems barely worth the effort. However, each pip of change could potentially mean hundreds of thousands of dollars in profits or losses.

Online currency trading can give traders the advantage of being able to trade at any time of the day or night from anywhere in the world, using only a computer and an internet connection.

The ability to add specific automated forex trading software to an online currency trading account also allows investors the ability to automate many areas of their trading activities.

This kind of software is able to monitor and track the minute changes in currency values even when you’re away from your computer. It can recognize pricing trends and analyze the likelihood of a profitable trade.

It’s also possible to allow automated currency trading software to place trades on your behalf. Once a potentially winning trade has been identified, the software can place a trade immediately. It can also close out that same trade once a profit has been realized. All of this can be done even while you’re away from the computer.

Currency trading on margin, or using leverage, can be a great way to magnify your profits. The vast majority of forex brokers will offer traders the ability to trade using leverage of up to 200:1.

Effectively, this means you’re able to control vast sums of money and reap the profits of much bigger trades while only using a relatively small amount of your own capital.

Of course, just as leverage has the ability to magnify your profits, it can also mean increasing your losses if you’re not careful about creating a currency trading strategy to help reduce that risk.

Forex educational products and seminars can be found just about anywhere these days. The aim of this site is to simply provide as much as we can to our visitors for FREE. Yes, we do not ask for a single cent from you. We are a group of successful forex traders in kenya who have muscled our way through the markets over the years with sheer and unrestrained resilience.

But the truth is, it shouldn’t be this hard. Trading forex, or anything else, for that matter, shouldn’t be such a mystery.

The key to becoming a successful trader is not to embrace the market with some magical system that never fails. (no such thing exists.) the key to success in the forex markets is to enter the career as a trader (it can be a side job as well… one of our team members simply trades swing approaches because he loves running his other business on the side).

You don’t need to be a mathematician of the highest regard to trade forex successfully.

You don’t need to be a computer programmer to trade forex successfully.

All you need is to be proficient as a learner (with a capacity for learning from your mistakes), disciplined, disciplined, (note the repeated use), and willing to work on your emotional state to firm up any of the weaknesses or tendencies that will keep you from performing consistently.

The online forex market is a place where currency is either bought or sold. Trades are placed through a forex broker, and the mechanics of the trade are managed just as they are with other markets. Traders have four option when making a trading:

A market order

A buy limit

A sell limit

A buy stop

And a sell stop

The object for any trader is to trade in the direction of the currency the trader feels the market will move. The challenges that face all traders, particularly forex traders in kenya, are the challenges of entering a trade and reaching a target before the market goes against the said entry.

Both fundamental and technical traders are challenged by this obstacle, and many approaches for managing this challenge have been construed.

So, let's see, what was the most valuable thing of this article: we've ranked the best forex brokers that accept mpesa for forex trading in kenya. Our comparison metrics include fees, platforms, ease of withdrawals & more. At xm forex kenya