M-Pesa Brokers 2024
M-Pesa is an international mobile banking service set up in Kenya that allows users to store money and transfer it to others on the network. The payment method is now popular amongst traders in a range of countries across Africa and around the world, including Tanzania, Ghana, South Africa, Mozambique, Lesotho, DRC, Nigeria, Uganda, Rwanda, Zambia, Egypt and Ethiopia. This article explores what M-Pesa is, its history, meaning, how it works and how it revolutionised mobile payments, as well as the different fees, tariffs, withdrawal charges and rates in 2024.
We also rank and list the best brokers that support M-Pesa deposits and withdrawals.
Best M-Pesa Brokers
After thorough testing, these are the 7 highest-rated brokers that accept M-Pesa:
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1
XM$30 No Deposit Bonus When You Register A Real Account
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMFForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, FuturesMT4, MT5Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF -
2
CMTrading
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:200FSCA, FSAForex, CFDs, Indices, Shares, Energies, Metals, CryptosCMTrading Webtrader, MT4Neteller, UnionPay, FasaPay, Skrill, Wire Transfer, Visa, Mastercard, Bitcoin Payments, M-Pesa, Debit Card, Credit Card, FinraxUSD, EUR, GBP, ZAR -
3
LiteFinanceRebate on payment fees
$500.01 Lots1:500 (Crypto 1:50)CySECForex, CFDs, indices, shares, commodities, cryptocurrenciesMT4, MT5Visa, WebMoney, Mastercard, Perfect Money, Bitcoin Payments, M-Pesa, Alipay, Swift, Ethereum PaymentsUSD, EUR -
4
BDSwiss
$100.01 Lots1:30FSC, FSACFDs, Forex, Stocks, Indices, Commodities, CryptoBDSwiss Webtrader, MT4, MT5Sofort, Mastercard, Credit Card, Bitcoin Payments, Wire Transfer, M-Pesa, PIX Payment, Debit Card, Skrill, NetellerUSD, EUR, GBP, SEK, PLN -
5
TopFX Global100% Universal Bonus T&Cs Apply
$500.01 Lots1:1000CySEC, FCA, FSAForex, Indices, Shares, Metals, Energies, ETFs, CFDs, CryptocurrencyMT4, cTraderVisa, Mastercard, Debit Card, Credit Card, Wire Transfer, Swift, Apple Pay, Google Wallet, Skrill, Neteller, Bitcoin Payments, Ethereum Payments, Perfect Money, Dragonpay, M-Pesa, FasaPay, PIX Payment, Sticpay, BitwalletUSD, EUR -
6
Expert Option100% deposit bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10$1N/ASVGFSAOptions, Stocks, Commodities, Forex, Crypto, Futures,Expert Option Web PlatformVisa, Skrill, Neteller, FasaPay, Mastercard, UnionPay, WebMoney, Wire Transfer, Perfect Money, Bitcoin Payments, Maestro, M-Pesa, FlutterwaveUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, AED -
7
Vault Markets200% Account Opening Bonus
$50.01 Lots1:1000FSCAForex, Stocks, Indices, Commodities, CryptocurrenciesMT4, MT5Mastercard, Visa, M-Pesa, Wire Transfer, Debit Card, Bitcoin PaymentsUSD, ZAR
Here is a summary of why we recommend these brokers:
- XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
- CMTrading - CMTrading is one of South Africa's leading online day trading brokers, offering trades with leverage up to 1:1000 on the MetaTrader 4 and browser-based Sirix platforms as well as a bespoke copy trading service. The brokerage launched in 2012 and holds a license with South Africa’s Financial Sector Conduct Authority (FSCA).
- LiteFinance - LiteFinance is an offshore-regulated broker with 55 forex pairs and a range of international stocks as well as a smaller list of indices, commodities and cryptocurrencies. With support for the MetaTrader 4 and MetaTrader 5 platforms as well as a proprietary mobile app, there is a good selection of tools available. The broker offers a Classic commission-free account as well as an ECN account with spreads starting from zero and a commission per lot.
- BDSwiss - BDSwiss is an award-winning forex and CFD broker founded in 2012. The firm offers 250+ instruments to clients in over 180 countries. With spreads from zero pips and three powerful charting platforms, they offer a rounded day trading package for beginners and seasoned investors alike. The broker is regulated by the Mauritius FSC and Seychelles FSA.
- TopFX Global - TopFX Global is a multi-regulated CFD broker that offers traders fast and reliable access to global markets. It provides access to forex, indices, shares, metals, energies, ETFs, and crypto CFDs via the popular MT4 and cTrader platforms, with a competitive leverage range of up to 1:1000 (depending on the financial instrument traded, the regulatory jurisdiction and the platform). The spreads vary with the account type and market conditions.
- Expert Option - Expert Option is an offshore broker that offers a simple and intuitive trading experience through a bespoke, user-friendly platform. Short-term traders can access 100 popular assets via binary options contracts with payouts up to 95%, free educational resources, and market data available to upper-tier account holders.
- Vault Markets - Vault Markets is an award-winning brokerage headquartered in Namibia. It is an accessible direct-market-access CFD broker with affordable minimum deposits, flexible funding methods and high leverage. This broker offers a very large range of forex pairs as well as commodities and indices through MetaTrader 4 or MetaTrader 5.
M-Pesa Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
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$5 | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures | MT4, MT5 | 1:1000 |
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$100 | Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos | CMTrading Webtrader, MT4 | 1:200 |
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$50 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, MT5 | 1:500 (Crypto 1:50) |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | BDSwiss Webtrader, MT4, MT5 | 1:30 |
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$50 | Forex, Indices, Shares, Metals, Energies, ETFs, CFDs, Cryptocurrency | MT4, cTrader | 1:1000 |
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$10 | Options, Stocks, Commodities, Forex, Crypto, Futures, | Expert Option Web Platform | N/A |
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$5 | Forex, Stocks, Indices, Commodities, Cryptocurrencies | MT4, MT5 | 1:1000 |
XM
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
XM Quick Facts
| Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures |
| Regulator | ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF |
| Platforms | MT4, MT5 |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF |
Pros
- XM is a hugely respected broker authorized by tier-one regulators
- Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
- Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
Cons
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
CMTrading
"CMTrading is a great choice for traders based in South Africa looking to access highly leveraged forex and CFDs, plus copy trading tools and short-term signals."
CMTrading Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos |
| Regulator | FSCA, FSA |
| Platforms | CMTrading Webtrader, MT4 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, ZAR |
Pros
- The broker supports the powerful MetaTrader 4 platform plus a proprietary Webtrader and a bespoke social trading feature
- There's a decent array of educational resources for beginners on the online academy
- Clients can access free short-term forex signals from the broker's platform
Cons
- There are no additional third-party analysis tools such as AutoChartist
- The broker's market coverage is limited, including only 100+ stocks
- Spreads are uncompetitive across accounts compared to competitors
LiteFinance
"LiteFinance will suit traders seeking high leverage on forex, stocks, commodities, indices and cryptocurrencies. The social trading system will also suit newer investors looking to learn from seasoned traders."
Tobias Robinson, Reviewer
LiteFinance Quick Facts
| Bonus Offer | Rebate on payment fees |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies |
| Regulator | CySEC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 (Crypto 1:50) |
| Account Currencies | USD, EUR |
Pros
- Fast and reliable customer support based on testing
- Good range of forex pairs
- Social trading service
Cons
- Wide spreads on the Classic account
- Not overseen by any top-tier regulator
- Some complaints online about difficulties withdrawing funds
BDSwiss
"BDSwiss will suit active day traders looking for raw pricing, fast execution and powerful trading software with a range of pre-included analysis tools. That said, the range of 250+ assets is smaller than most top competitors."
BDSwiss Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | FSC, FSA |
| Platforms | BDSwiss Webtrader, MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, SEK, PLN |
Pros
- Choice of powerful day trading terminals, including an in-house app with 50+ technical tools, a Trend Analysis feature and an advanced Market Watch window
- The knowledgeable support team is available 24/5 in 20 languages and the live chat service is responsive based on tests
- There are several account types to suit different traders and budgets, with just a $10 minimum deposit and dynamic leverage up to 1:2000
Cons
- The range of 250+ assets is mediocre compared to most leading brokers which typically offer 1000+
- There's a $30 inactivity fee after 90 days which is higher than several top competitors, including XM which only charges $5
- VPS plans start from €30 per month, which is not the cheapest
TopFX Global
"TopFX Global's competitive pricing and fast execution will suit experienced forex traders looking for good value and ultra-fast trading via an STP model."
TopFX Global Quick Facts
| Bonus Offer | 100% Universal Bonus T&Cs Apply |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Indices, Shares, Metals, Energies, ETFs, CFDs, Cryptocurrency |
| Regulator | CySEC, FCA, FSA |
| Platforms | MT4, cTrader |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR |
Pros
- Raw spreads from 0.0 pips
- Hassle-free withdrawals and deposits
- Leverage of up to 1:1000
Cons
- Not available to traders in the US, Canada, EU countries, Iran, North Korea, and Myanmar. Additional restrictions may apply to individuals being a national or national of other countries as well.
Expert Option
"Expert Option will suit aspiring traders who want to access the financial markets through an options broker with a very easy-to-learn bespoke platform. The user-friendly day trading platform is clear and reliable."
Expert Option Quick Facts
| Bonus Offer | 100% deposit bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Options, Stocks, Commodities, Forex, Crypto, Futures, |
| Regulator | SVGFSA |
| Platforms | Expert Option Web Platform |
| Minimum Deposit | $10 |
| Minimum Trade | $1 |
| Leverage | N/A |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, AED |
Pros
- There's a decent range of educational resources, including trading strategies, webinars and platform tutorials
- There are no deposit and withdrawal fees which is ideal for active traders
- The broker offers an easy to use, beginner-friendly proprietary trading platform with 4 chart types and social trading features
Cons
- There's a very small list of binary assets with just 100 on offer compared to 1000+ offered by some competitors
- The broker doesn't offer any popular leveraged products such as CFDs
- Expert Option isn't available in several countries, including the EU, Australia and the US
Vault Markets
"Vault Markets is geared toward African traders who want to access forex markets with highly leveraged trades and low minimum deposits. The list of 200+ currency pairs outperforms most rivals. On the negative side, some poor user reviews raise security concerns."
Vault Markets Quick Facts
| Bonus Offer | 200% Account Opening Bonus |
|---|---|
| Demo Account | No |
| Instruments | Forex, Stocks, Indices, Commodities, Cryptocurrencies |
| Regulator | FSCA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, ZAR |
Pros
- DMA broker with tight raw spreads available
- Very wide range of forex pairs
- Leverage up to 1:1000 is higher than most competitors
Cons
- Trader reviews flag some scam concerns
- No top-tier regulatory oversight raises safety issues
- No demo account makes it difficult for traders to test broker's services
How Did We Choose The Best M-Pesa Brokers?
To uncover the top M-Pesa brokers, we:
- Leveraged our directory of 500 online brokers and platforms, prioritizing all those that support M-Pesa payments
- Checked that they accept M-Pesa deposits and withdrawals for online trading
- Ranked them by their total score, using 100+ data points and findings from our extensive tests
What Is M-Pesa?
M-Pesa launched in Kenya in 2007 as an Africa joint venture between Vodafone (Vodacom) and Safaricom, the largest mobile phone operator in Kenya. Under the ownership of these two companies, M-Pesa has experienced large growth and now boasts a variety of operating areas and countries. The drive behind the venture was to provide financial services to the underbanked or unbanked. This drive for financial inclusion in Kenya and across Africa seeks to include residents that cannot access banks or afford the required minimum deposits to conduct online digital banking. The definition of M-Pesa is simply M-Money (in Swahili).
M-Pesa’s headquarters are in Nairobi, Kenya. The company directly operates in Kenya, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa and Ethiopia. On top of this, it has several users in Zambia, Nigeria, Uganda, Rwanda, Zimbabwe, Malawi, Qatar and many more countries. Using the system is simple, customers simply insert a SIM card into their mobile device and are then able to complete transactions, make payments and transfer money to vendors.
M-Pesa is very popular across Africa as it provides an easy and efficient way for customers to transfer money without having to jump through hoops to open bank accounts. Generally, people use it as a wallet where they store money and send it to vendors and other users. There are more than 100 million users globally and the company’s revenue exceeds half a billion USD. M-Pesa is very popular among African traders, offering an easy way to deposit funds. Many international brokers, such as XM and Plus500, accept M-Pesa as a form of payment.
Fees
The fees charged by M-Pesa vary depending on the amount of money being transferred. All charges are calculated in Kenyan shillings (KES). When funding a trading account, transfers are free up to 100 KES, after which costs start to be incurred. To transfer 3000 KES, for example, you are charged 53 KES. Generally, the fee is a small percentage of what you are transferring. The service is essentially free, you only pay for the airtime purchased. Check the website for any new charges, tariffs and updates in 2024.
M-Pesa does have a daily deposit limit of 250,000 KES. This is also the maximum amount allowed in an account and the maximum daily transaction value. The maximum individual transaction limit is 500,000 KES. Users cannot withdraw less than 50 KES. Typically, brokers do not charge any fees for deposits and withdrawals made using this method, though this varies by broker as some charge blanket fees for all deposits and withdrawals, regardless of payment method. Check your broker’s website to confirm whether or not additional fees will be charged when making a deposit or withdrawal.
Speed
M-Pesa tends to be a very fast method for payments, often instant. M-Pesa provides quicker deposit times compared to bank transfers, which can take up to 1-2 business days for a deposit to come through. This is ideal for customers as it means that they can deposit funds and start trading cryptocurrency and other assets almost instantly. Customers can also use the M-Pesa super business app to make deposits, which is available to download on the Google Play Store (APK) and Apple App Store (iOS). Once this is done you can add M-Pesa express as a billing method, making it simple and easy to make payments to brokers from your phone.
Withdrawals are a little different. They tend to take a little longer and vary from broker to broker. The time taken is not limited on M-Pesa’s end, it is usually the time it takes for the broker to process the transaction. Typically, this can take anywhere from 24 hours to two business days at different brokers. For example, XM takes around 24 hours to process transactions. Once processed by the broker, you should receive your funds almost instantly.
Security
M-Pesa is built around customer care and keeping your data safe. Once you have completed registration online and signed in with your login details, M-Pesa assures the highest levels of security. Registration is completed through an authorised agent administrator. Following this, M-Pesa requires know-your-customer (KYC) checks to be completed before you can deposit funds into your M-Pesa account using Mastercard, Visa or another method.
When sending funds from the M-Pesa web portal, as you would when depositing funds to a brokerage account, M-Pesa verifies each transaction before it is completed. This ensures that you have the right to send the money and that it is going to a legitimate source. M-Pesa has conducted a case study in a variety of places, including Kenya, to check they were providing high levels of security. These studies were designed to ensure that they are implementing the right solutions and protecting all customer personal data like emails and passwords.
Overall, M-Pesa is a reputable and secure method for transferring money. When using the system in Africa, the UK or anywhere around the world, you can trust that your payments are safe and the money will be properly received.
How To Deposit Using M-Pesa
This section will provide a quick step-by-step guide so that you know how to make M-Pesa deposits and withdrawals at brokers like XM:
- Download the M-Pesa app from either the Google Play Store or Apple App Store.
- Next, launch the application and start your registration for a portal login. Fill in all the required information and provide the necessary documents.
- Ensure that you have inserted a Safaricom sim card into your phone. Connect this sim card with your new account.
- Once this is done, you are ready to deposit funds into your account. This can be done using cash through an M-Pesa agent or via a bank transfer or card payment.
- Now you are ready to send funds to your broker. Log in to your trading account and go to the deposits menu page.
- Select M-Pesa from the payments options list, log in and enter the amount you want to transfer.
Similarly, when you wish to make a withdrawal, head to the withdrawals page, select M-Pesa as the withdrawal method and enter the amount you wish to withdraw. Check the broker’s website to see how long withdrawals usually take and wait for your funds to appear.
Pros Of Using M-Pesa For Traders
Low Cost
The system is a safe and secure method of transfer with very low fees. There are next to no transaction and administration charges, users merely pay for the airtime.
Reliability
M-Pesa is a very reliable form of payment. Transfers are verified almost instantly and the system rarely goes down. Moreover, there are many security features in place to ensure your funds are stored safely and transferred safely.
High Maximum Transfer Amount
The daily transfer limit for the system is quite high at 500,000 KES, giving users the freedom to deposit large quantities into their trading accounts every day.
Accessible For Many Customers
Many of the platform’s users do not have access to banks or cannot afford high minimum deposits. The system offers an efficient and simple payment method that is open to anyone, regardless of financial background and proximity to banks.
Cons Of Using M-Pesa For Traders
Geographic Restrictions
One of the key issues with M-Pesa is the geographic restrictions. While it is incredibly popular within Africa, covering 70% of the continent’s countries, only a few external countries accept the payment method, making it difficult for users to trade through foreign brokers.
Lack Of Brokers
Another drawback is the lack of brokers accepting it as a form of payment. A lot of brokers still opt for other options like PayPal, even though they are more expensive.
Is M-Pesa Good For Day Trading?
M-Pesa is a Kenyan payment method designed to bring financial services and solutions to underbanked and unbanked customers throughout Africa and beyond. The platform is great for funding and emptying trading accounts, with quick verification and processing times alongside low-cost transfers. If you are looking to deposit funds to a trading account, M-Pesa provides a fast, secure and cheap option.
FAQ
How Do I Use M-Pesa To Deposit To My Live Trading Account?
M-Pesa works through a mobile app which acts as an online wallet. Once you have set up your app, you can then connect it your live trading account to make deposits.
Do All Brokers Accept M-Pesa?
No, they do not. Many international brokers do but you need to check each to see whether the one you are considering does. Alternatively, see our list of top brokers accepting M-Pesa here.
Is M-Pesa Available For US Traders?
Yes, M-Pesa has a partnership with Global Western Union, which allows traders to send and receive money from any part of the world. The platform has also recently launched in India.
Is It Cheap To Deposit To My Trading Account Using M-Pesa?
Yes, the platform has lower transaction fees for users and businesses compared to other methods like PayPal. Note, though, that some brokers may charge their own processing fees.